WAX ON: 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 ON
Largest movements
- Tangible fixed assets +€20,308
up €20,308 (+24,252%), from €84 to €20,392
of which Plant, machinery and equipment: +€20,308
- Receivables within one year +€14,106
up €14,106 (+27.1%), from €52,099 to €66,205
of which Trade receivables: +€13,280
- Deferred charges and accrued income -€2,388
no longer reported in 2025 (was €2,388)
- Trade debts +€23,863
up €23,863 (+58.7%), from €40,645 to €64,508
- Tax, wage and social debts +€7,295
up €7,295 (+396%), from €1,840 to €9,135
- Staff costs +€25,861
up €25,861 (+167%), from €15,487 to €41,347
- Gross operating margin +€25,130
up €25,130 (+113%), from €22,323 to €47,453
- Depreciation -€3,044
down €3,044 (-53.0%), from €5,744 to €2,701
- Financial charges +€841
up €841 (+118%), from €710 to €1,551
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.
Derived cash bridge
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 | €65,921 | €97,960 | +€32,038 | +48.6% |
| Fixed assets | 21/28 | €84 | €20,392 | +€20,308 | +24,252% |
| Tangible fixed assets | 22/27 | €84 | €20,392 | +€20,308 | +24,252% |
| Plant, machinery and equipment | 23 | €84 | €20,392 | +€20,308 | +24,255% |
| Furniture and vehicles | 24 | €0 | - | -€0 | |
| Current assets | 29/58 | €65,838 | €77,568 | +€11,730 | +17.8% |
| Amounts receivable within one year | 40/41 | €52,099 | €66,205 | +€14,106 | +27.1% |
| Trade receivables | 40 | €52,099 | €65,379 | +€13,280 | +25.5% |
| Other amounts receivable | 41 | - | €826 | +€826 | |
| Cash at bank and in hand | 54/58 | €11,351 | €11,363 | +€12 | +0.1% |
| Deferred charges and accrued income | 490/1 | €2,388 | - | -€2,388 | |
| Total equity and liabilities | 10/49 | €65,921 | €97,960 | +€32,038 | +48.6% |
| Equity | 10/15 | €23,436 | €24,317 | +€881 | +3.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €17,236 | €18,117 | +€881 | +5.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,376 | €16,257 | +€881 | +5.7% |
| Amounts payable | 17/49 | €42,485 | €73,643 | +€31,158 | +73.3% |
| Amounts payable within one year | 42/48 | €42,485 | €73,643 | +€31,158 | +73.3% |
| Trade debts | 44 | €40,645 | €64,508 | +€23,863 | +58.7% |
| Suppliers | 440/4 | €40,645 | €64,508 | +€23,863 | +58.7% |
| Taxes, remuneration and social security | 45 | €1,840 | €9,135 | +€7,295 | +396% |
| Taxes | 450/3 | €1,840 | €9,135 | +€7,295 | +396% |
| Remuneration, social security and pensions | 62 | €15,487 | €41,347 | +€25,861 | +167% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,744 | €2,701 | -€3,044 | -53.0% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €22,323 | €47,453 | +€25,130 | +113% |
| Operating profit (loss) | 9901 | €1,092 | €3,005 | +€1,914 | +175% |
| Financial charges | 65/66B | €710 | €1,551 | +€841 | +118% |
| Recurring financial charges | 65 | €710 | €1,551 | +€841 | +118% |
| Profit (loss) for the period before taxes | 9903 | €381 | €1,454 | +€1,073 | +281% |
| Income taxes | 67/77 | €368 | €573 | +€205 | +55.9% |
| Profit (loss) for the period | 9904 | €14 | €881 | +€867 | +6,325% |
| Profit (loss) for the period to be appropriated | 9905 | €14 | €881 | +€867 | +6,325% |
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 24 October 2026 via checked.be.