ZE WAVE: 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.
ZE WAVE
Largest movements
- Current investments +€56,171
up €56,171 (+9.3%), from €604,308 to €660,479
- Receivables within one year -€50,426
down €50,426 (-73.2%), from €68,881 to €18,455
of which Trade receivables: -€50,330
- Cash +€38,918
up €38,918 (+49.1%), from €79,279 to €118,197
mainly Net result for the year (+€98,351) and Receivables within one year (+€50,426)
- Tangible fixed assets -€25,729
down €25,729 (-36.6%), from €70,380 to €44,651
of which Land and buildings: -€16,072
- Debts after one year -€64,573
down €64,573 (-29.8%), from €216,943 to €152,370
- Reserves +€63,931
up €63,931 (+11.3%), from €566,633 to €630,564
of which Distributable reserves: +€63,931
- Other debts +€33,100
up €33,100 (+842%), from €3,931 to €37,031
- Tax, wage and social debts -€10,273
down €10,273 (-53.7%), from €19,131 to €8,858
- Financial income +€27,412
up €27,412 (+347%), from €7,891 to €35,303
- Gross operating margin -€20,363
down €20,363 (-14.4%), from €141,214 to €120,852
- Taxes -€14,136
down €14,136 (-41.9%), from €33,738 to €19,601
- Financial charges -€1,766
down €1,766 (-46.5%), from €3,797 to €2,031
- Other operating charges -€1,717
down €1,717 (-27.9%), from €6,164 to €4,447
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 | €831,778 | €850,712 | +€18,934 | +2.3% |
| Fixed assets | 21/28 | €79,125 | €53,396 | -€25,729 | -32.5% |
| Tangible fixed assets | 22/27 | €70,380 | €44,651 | -€25,729 | -36.6% |
| Land and buildings | 22 | €46,596 | €30,524 | -€16,072 | -34.5% |
| Plant, machinery and equipment | 23 | €347 | - | -€347 | |
| Furniture and vehicles | 24 | €23,437 | €12,411 | -€11,026 | -47.0% |
| Other tangible fixed assets | 26 | - | €1,716 | +€1,716 | |
| Financial fixed assets | 28 | €8,745 | €8,745 | = | 0.0% |
| Current assets | 29/58 | €752,653 | €797,316 | +€44,663 | +5.9% |
| Amounts receivable within one year | 40/41 | €68,881 | €18,455 | -€50,426 | -73.2% |
| Trade receivables | 40 | €53,160 | €2,830 | -€50,330 | -94.7% |
| Other amounts receivable | 41 | €15,722 | €15,626 | -€96 | -0.6% |
| Current investments | 50/53 | €604,308 | €660,479 | +€56,171 | +9.3% |
| Cash at bank and in hand | 54/58 | €79,279 | €118,197 | +€38,918 | +49.1% |
| Deferred charges and accrued income | 490/1 | €185 | €185 | = | 0.0% |
| Total equity and liabilities | 10/49 | €831,778 | €850,712 | +€18,934 | +2.3% |
| Equity | 10/15 | €579,033 | €642,964 | +€63,931 | +11.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €566,633 | €630,564 | +€63,931 | +11.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €564,773 | €628,704 | +€63,931 | +11.3% |
| Amounts payable | 17/49 | €252,745 | €207,748 | -€44,997 | -17.8% |
| Amounts payable after more than one year | 17 | €216,943 | €152,370 | -€64,573 | -29.8% |
| Other amounts payable | 178/9 | €216,943 | €152,370 | -€64,573 | -29.8% |
| Amounts payable within one year | 42/48 | €31,088 | €51,153 | +€20,065 | +64.5% |
| Trade debts | 44 | €8,026 | €5,264 | -€2,762 | -34.4% |
| Suppliers | 440/4 | €8,026 | €5,264 | -€2,762 | -34.4% |
| Taxes, remuneration and social security | 45 | €19,131 | €8,858 | -€10,273 | -53.7% |
| Taxes | 450/3 | €19,131 | €8,858 | -€10,273 | -53.7% |
| Other amounts payable | 47/48 | €3,931 | €37,031 | +€33,100 | +842% |
| Accrued charges and deferred income | 492/3 | €4,715 | €4,226 | -€489 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,890 | €31,724 | +€834 | +2.7% |
| Other operating charges | 640/8 | €6,164 | €4,447 | -€1,717 | -27.9% |
| Gross operating margin | 9900 | €141,214 | €120,852 | -€20,363 | -14.4% |
| Operating profit (loss) | 9901 | €104,160 | €84,680 | -€19,480 | -18.7% |
| Financial income | 75/76B | €7,891 | €35,303 | +€27,412 | +347% |
| Recurring financial income | 75 | €7,891 | €35,303 | +€27,412 | +347% |
| Financial charges | 65/66B | €3,797 | €2,031 | -€1,766 | -46.5% |
| Recurring financial charges | 65 | €3,797 | €2,031 | -€1,766 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €108,254 | €117,953 | +€9,699 | +9.0% |
| Income taxes | 67/77 | €33,738 | €19,601 | -€14,136 | -41.9% |
| Profit (loss) for the period | 9904 | €74,516 | €98,351 | +€23,835 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,516 | €98,351 | +€23,835 | +32.0% |
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 26 October 2026 via checked.be.