WAX-IT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
WAX-IT
Largest movements
- Stocks and contracts -€554,510
down €554,510 (-45.2%), from €1.2m to €672,999
- Tangible fixed assets +€24,247
up €24,247 (+16.3%), from €148,353 to €172,600
of which Other tangible fixed assets: +€40,183
- Cash +€21,525
up €21,525 (+30.2%), from €71,252 to €92,777
mainly Stocks and contracts (+€554,510) and Net result for the year (+€77,234)
- Trade debts -€604,416
down €604,416 (-58.1%), from €1.0m to €435,279
- Profit (loss) carried forward +€45,236
up €45,236, from -€45,236 to €0
- Short-term financial debts +€34,633
up €34,633 (+9.9%), from €350,000 to €384,633
- Reserves +€31,998
up €31,998 (+254.8%), from €12,559 to €44,557
- Current portion of long-term debt -€26,640
down €26,640 (-49.7%), from €53,654 to €27,014
- Staff costs +€37,570
up €37,570 (+13.0%), from €289,695 to €327,264
- Gross operating margin +€27,310
up €27,310 (+5.8%), from €473,382 to €500,692
- Financial income +€22,905
up €22,905 (+197.7%), from €11,584 to €34,489
- Financial charges +€7,050
up €7,050 (+13.1%), from €53,954 to €61,004
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,643,560 | €1,122,303 | -€521,257 | -31.7% |
| Fixed assets | 21/28 | €174,276 | €202,085 | +€27,809 | +16.0% |
| Intangible fixed assets | 21 | €10,532 | €14,094 | +€3,562 | +33.8% |
| Tangible fixed assets | 22/27 | €148,353 | €172,600 | +€24,247 | +16.3% |
| Land and buildings | 22 | €34,098 | €27,707 | -€6,392 | -18.7% |
| Plant, machinery and equipment | 23 | €19,629 | €13,114 | -€6,515 | -33.2% |
| Furniture and vehicles | 24 | €13,118 | €11,038 | -€2,080 | -15.9% |
| Leasing and similar rights | 25 | €44,634 | €43,684 | -€949 | -2.1% |
| Other tangible fixed assets | 26 | €36,873 | €77,056 | +€40,183 | +109.0% |
| Financial fixed assets | 28 | €15,391 | €15,391 | = | 0.0% |
| Current assets | 29/58 | €1,469,284 | €920,217 | -€549,067 | -37.4% |
| Stocks and contracts in progress | 3 | €1,227,510 | €672,999 | -€554,510 | -45.2% |
| Stocks | 30/36 | €1,227,510 | €672,999 | -€554,510 | -45.2% |
| Amounts receivable within one year | 40/41 | €149,863 | €148,814 | -€1,049 | -0.7% |
| Trade receivables | 40 | €142,428 | €148,814 | +€6,386 | +4.5% |
| Other amounts receivable | 41 | €7,435 | €0 | -€7,435 | -100.0% |
| Cash at bank and in hand | 54/58 | €71,252 | €92,777 | +€21,525 | +30.2% |
| Deferred charges and accrued income | 490/1 | €20,659 | €5,627 | -€15,032 | -72.8% |
| Total equity and liabilities | 10/49 | €1,643,560 | €1,122,303 | -€521,257 | -31.7% |
| Equity | 10/15 | €54,723 | €131,957 | +€77,234 | +141.1% |
| Contributions | 10/11 | €87,400 | €87,400 | = | 0.0% |
| Reserves | 13 | €12,559 | €44,557 | +€31,998 | +254.8% |
| Distributable reserves | 133 | €12,559 | €44,557 | +€31,998 | +254.8% |
| Profit (loss) carried forward | 14 | -€45,236 | €0 | +€45,236 | |
| Amounts payable | 17/49 | €1,588,837 | €990,345 | -€598,492 | -37.7% |
| Amounts payable after more than one year | 17 | €46,853 | €41,384 | -€5,468 | -11.7% |
| Financial debts | 170/4 | €46,853 | €41,384 | -€5,468 | -11.7% |
| Amounts payable within one year | 42/48 | €1,541,985 | €948,961 | -€593,023 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €53,654 | €27,014 | -€26,640 | -49.7% |
| Financial debts | 43 | €350,000 | €384,633 | +€34,633 | +9.9% |
| Credit institutions | 430/8 | €350,000 | €384,633 | +€34,633 | +9.9% |
| Trade debts | 44 | €1,039,695 | €435,279 | -€604,416 | -58.1% |
| Suppliers | 440/4 | €1,039,695 | €435,279 | -€604,416 | -58.1% |
| Taxes, remuneration and social security | 45 | €63,904 | €65,542 | +€1,638 | +2.6% |
| Taxes | 450/3 | €13,475 | €20,765 | +€7,290 | +54.1% |
| Remuneration and social security | 454/9 | €50,429 | €44,777 | -€5,652 | -11.2% |
| Other amounts payable | 47/48 | €34,732 | €36,493 | +€1,761 | +5.1% |
| Non-recurring operating income | 76A | €3,078 | €15,982 | +€12,904 | +419.2% |
| Remuneration, social security and pensions | 62 | €289,695 | €327,264 | +€37,570 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,313 | €57,271 | -€1,042 | -1.8% |
| Other operating charges | 640/8 | €10,726 | €12,231 | +€1,504 | +14.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €473,382 | €500,692 | +€27,310 | +5.8% |
| Operating profit (loss) | 9901 | €114,648 | €103,925 | -€10,722 | -9.4% |
| Financial income | 75/76B | €11,584 | €34,489 | +€22,905 | +197.7% |
| Recurring financial income | 75 | €11,584 | €34,489 | +€22,905 | +197.7% |
| Financial charges | 65/66B | €53,954 | €61,004 | +€7,050 | +13.1% |
| Recurring financial charges | 65 | €53,954 | €61,004 | +€7,050 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €72,278 | €77,411 | +€5,133 | +7.1% |
| Income taxes | 67/77 | €194 | €176 | -€18 | -9.2% |
| Profit (loss) for the period | 9904 | €72,084 | €77,234 | +€5,151 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,084 | €77,234 | +€5,151 | +7.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.