WAAR: 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.
WAAR
Largest movements
- Cash +€538,468
up €538,468 (+3,742%), from €14,388 to €552,856
mainly Current investments (+€428,303) and Net result for the year (+€248,238)
- Current investments -€428,303
down €428,303 (-77.4%), from €553,675 to €125,371
- Receivables within one year +€28,081
up €28,081 (+32.8%), from €85,593 to €113,675
- Tangible fixed assets +€17,767
up €17,767 (+5.0%), from €357,015 to €374,782
of which Land and buildings: +€43,612
- Deferred charges and accrued income -€12,408
down €12,408 (-54.9%), from €22,590 to €10,181
- Reserves +€136,714
up €136,714 (+14.2%), from €965,650 to €1.1m
of which Distributable reserves: +€136,714
- Financial income -€41,245
down €41,245 (-40.3%), from €102,468 to €61,222
- Taxes -€19,395
down €19,395 (-14.5%), from €133,762 to €114,367
- Gross operating margin -€9,918
down €9,918 (-2.7%), from €364,894 to €354,976
- Depreciation +€7,888
up €7,888 (+19.0%), from €41,432 to €49,320
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 | €1,033,261 | €1,176,866 | +€143,605 | +13.9% |
| Fixed assets | 21/28 | €357,015 | €374,782 | +€17,767 | +5.0% |
| Tangible fixed assets | 22/27 | €357,015 | €374,782 | +€17,767 | +5.0% |
| Land and buildings | 22 | €304,824 | €348,436 | +€43,612 | +14.3% |
| Plant, machinery and equipment | 23 | €794 | €413 | -€381 | -48.0% |
| Furniture and vehicles | 24 | €51,398 | €25,933 | -€25,464 | -49.5% |
| Current assets | 29/58 | €676,246 | €802,083 | +€125,837 | +18.6% |
| Amounts receivable within one year | 40/41 | €85,593 | €113,675 | +€28,081 | +32.8% |
| Trade receivables | 40 | €85,593 | €113,675 | +€28,081 | +32.8% |
| Current investments | 50/53 | €553,675 | €125,371 | -€428,303 | -77.4% |
| Cash at bank and in hand | 54/58 | €14,388 | €552,856 | +€538,468 | +3,742% |
| Deferred charges and accrued income | 490/1 | €22,590 | €10,181 | -€12,408 | -54.9% |
| Total equity and liabilities | 10/49 | €1,033,261 | €1,176,866 | +€143,605 | +13.9% |
| Equity | 10/15 | €965,650 | €1,102,365 | +€136,714 | +14.2% |
| Reserves | 13 | €965,650 | €1,102,365 | +€136,714 | +14.2% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €946,900 | €1,083,615 | +€136,714 | +14.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,611 | €74,501 | +€6,891 | +10.2% |
| Amounts payable within one year | 42/48 | €66,672 | €73,586 | +€6,914 | +10.4% |
| Trade debts | 44 | €3,431 | €4,101 | +€669 | +19.5% |
| Suppliers | 440/4 | €3,431 | €4,101 | +€669 | +19.5% |
| Taxes, remuneration and social security | 45 | €63,241 | €69,486 | +€6,245 | +9.9% |
| Taxes | 450/3 | €63,241 | €69,486 | +€6,245 | +9.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €938 | €915 | -€24 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,432 | €49,320 | +€7,888 | +19.0% |
| Other operating charges | 640/8 | €1,599 | €1,929 | +€330 | +20.6% |
| Gross operating margin | 9900 | €364,894 | €354,976 | -€9,918 | -2.7% |
| Operating profit (loss) | 9901 | €321,863 | €303,727 | -€18,136 | -5.6% |
| Financial income | 75/76B | €102,468 | €61,222 | -€41,245 | -40.3% |
| Recurring financial income | 75 | €102,468 | €61,222 | -€41,245 | -40.3% |
| Financial charges | 65/66B | €1,352 | €2,344 | +€992 | +73.3% |
| Recurring financial charges | 65 | €1,352 | €2,344 | +€992 | +73.3% |
| Profit (loss) for the period before taxes | 9903 | €422,978 | €362,605 | -€60,373 | -14.3% |
| Income taxes | 67/77 | €133,762 | €114,367 | -€19,395 | -14.5% |
| Profit (loss) for the period | 9904 | €289,216 | €248,238 | -€40,978 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €289,216 | €248,238 | -€40,978 | -14.2% |
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 27 October 2026 via checked.be.