WAXAN: 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.
WAXAN
Largest movements
- Cash +€242,302
up €242,302 (+1,256%), from €19,292 to €261,594
mainly Net result for the year (+€212,102) and Depreciation (+€203,089)
- Tangible fixed assets +€46,151
up €46,151 (+2.2%), from €2.1m to €2.1m
- Reserves +€173,102
up €173,102 (+42.9%), from €403,810 to €576,912
of which Distributable reserves: +€199,055
- Tax, wage and social debts +€76,996
new in 2025: €76,996
- Other debts +€38,483
up €38,483 (+489%), from €7,866 to €46,350
- Debts after one year -€24,965
down €24,965 (-9.2%), from €270,345 to €245,380
- Gross operating margin +€146,678
up €146,678 (+42.2%), from €347,495 to €494,174
- Taxes +€76,984
up €76,984 (+655,183%), from €12 to €76,996
- Depreciation +€44,817
up €44,817 (+28.3%), from €158,272 to €203,089
- Staff costs -€5,057
down €5,057 (-68.8%), from €7,353 to €2,296
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 | €2,144,720 | €2,415,771 | +€271,051 | +12.6% |
| Fixed assets | 21/28 | €2,101,989 | €2,148,140 | +€46,151 | +2.2% |
| Tangible fixed assets | 22/27 | €2,101,989 | €2,148,140 | +€46,151 | +2.2% |
| Land and buildings | 22 | €2,101,989 | €2,148,140 | +€46,151 | +2.2% |
| Current assets | 29/58 | €42,731 | €267,631 | +€224,900 | +526% |
| Amounts receivable within one year | 40/41 | €23,438 | €3,283 | -€20,156 | -86.0% |
| Trade receivables | 40 | €8,051 | €0 | -€8,051 | -100% |
| Other amounts receivable | 41 | €15,388 | €3,283 | -€12,105 | -78.7% |
| Cash at bank and in hand | 54/58 | €19,292 | €261,594 | +€242,302 | +1,256% |
| Deferred charges and accrued income | 490/1 | - | €2,754 | +€2,754 | |
| Total equity and liabilities | 10/49 | €2,144,720 | €2,415,771 | +€271,051 | +12.6% |
| Equity | 10/15 | €1,753,639 | €1,926,740 | +€173,102 | +9.9% |
| Contributions | 10/11 | €1,450,000 | €1,450,000 | = | 0.0% |
| Reserves | 13 | €403,810 | €576,912 | +€173,102 | +42.9% |
| Tax-exempt reserves | 132 | €258,810 | €232,857 | -€25,953 | -10.0% |
| Distributable reserves | 133 | €145,000 | €344,055 | +€199,055 | +137% |
| Profit (loss) carried forward | 14 | -€100,172 | -€100,172 | = | 0.0% |
| Provisions and deferred taxes | 16 | €86,270 | €77,619 | -€8,651 | -10.0% |
| Deferred taxes | 168 | €86,270 | €77,619 | -€8,651 | -10.0% |
| Amounts payable | 17/49 | €304,811 | €411,411 | +€106,600 | +35.0% |
| Amounts payable after more than one year | 17 | €270,345 | €245,380 | -€24,965 | -9.2% |
| Financial debts | 170/4 | €270,345 | €245,380 | -€24,965 | -9.2% |
| Amounts payable within one year | 42/48 | €34,467 | €166,031 | +€131,565 | +382% |
| Current portion of amounts payable after more than one year | 42 | €24,673 | €24,965 | +€292 | +1.2% |
| Trade debts | 44 | €1,927 | €17,721 | +€15,794 | +819% |
| Suppliers | 440/4 | €1,927 | €17,721 | +€15,794 | +819% |
| Taxes, remuneration and social security | 45 | - | €76,996 | +€76,996 | |
| Taxes | 450/3 | - | €76,996 | +€76,996 | |
| Other amounts payable | 47/48 | €7,866 | €46,350 | +€38,483 | +489% |
| Non-recurring operating income | 76A | €308,253 | €489,661 | +€181,408 | +58.9% |
| Remuneration, social security and pensions | 62 | €7,353 | €2,296 | -€5,057 | -68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,272 | €203,089 | +€44,817 | +28.3% |
| Other operating charges | 640/8 | €6,921 | €5,348 | -€1,574 | -22.7% |
| Gross operating margin | 9900 | €347,495 | €494,174 | +€146,678 | +42.2% |
| Operating profit (loss) | 9901 | €174,949 | €283,440 | +€108,492 | +62.0% |
| Financial income | 75/76B | €848 | €537 | -€312 | -36.8% |
| Recurring financial income | 75 | €848 | €537 | -€312 | -36.8% |
| Financial charges | 65/66B | €3,853 | €3,530 | -€323 | -8.4% |
| Recurring financial charges | 65 | €3,853 | €3,530 | -€323 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €171,944 | €280,447 | +€108,503 | +63.1% |
| Transfer from deferred taxes | 780 | €2,044 | €8,651 | +€6,607 | +323% |
| Transfer to deferred taxes | 680 | €71,964 | €0 | -€71,964 | -100% |
| Income taxes | 67/77 | €12 | €76,996 | +€76,984 | +655,183% |
| Profit (loss) for the period | 9904 | €102,012 | €212,102 | +€110,090 | +108% |
| Transfer from tax-exempt reserves | 789 | €6,131 | €25,953 | +€19,822 | +323% |
| Transfer to tax-exempt reserves | 689 | €215,891 | €0 | -€215,891 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€107,748 | €238,055 | +€345,804 |
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 25 October 2026 via checked.be.