WOLFS

Active Risk: not assessed Public limited companyfounded 1995active for 31 yearsChemin du Bois du Roi 72, 4608 DalhemKBO/BCE: BE 0454.920.694

WOLFS

Financial year 2025

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Annual accounts 2025

full format, filed on 13-07-2026, 18 days before the deadline

Equity

€192,863

▲ 9.6%

Balance sheet total

€1.2m

▲ 18.7%

Profit

€16,836

▲ 115%

Solvency

16.0%

▼ 1.3 percentage points

Return on equity

8.7%

▲ 4.3 percentage points

Return on assets

1.4%

▲ 0.6 percentage points

The turnover shown is an estimate from the gross margin.

Money flows

no detail for 2025

Balance sheet

balance sheet total €1.2m on 31-12-2025

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Position in the sector

Compare with sector

Solvency16.0%

Higher than 24% of 613 companies in 2025.

Return on assets1.4%

Higher than 30% of 612 companies in 2025.

WOLFS Middle half of the sector 80% of the sector Full accounts in auxiliary financial services (NACE 66)

Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Staff: middle half

Staff

Staff cost per FTE€37,168

Staff costs divided by the average number of full-time equivalents.

Joined and left+3

Training hours in 2025: 5,528.

Staff figure correction

2024 The accounts state 46 FTE. That amounts to ten times the staff at the balance sheet date, at low staff costs. The figure shown is 5.1 FTE (source: social balance report).

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2014	2013	2012	2011	2010	2009	2007	2006
Balance sheet: assets
Total assets`20/58`	1.2m	1.0m	1.2m	1.0m	789,680	742,226	883,076	454,644	436,749	380,712	385,730	408,986	474,498	421,246	522,026	449,463	552,380	515,914
Fixed assets`21/28`	449,070	310,675	467,719	449,380	341,910	284,282	294,495	169,037	169,927	184,619	230,250	218,699	263,335	148,964	171,398	205,463	136,903	152,543
Intangible fixed assets`21`	10,208	13,834	17,460	14,573	8,744	10,240	11,737	9,393	1,050	1,575	221	442	-	341	989	3,997	3,894	9,732
Tangible fixed assets`22/27`	437,428	295,407	448,825	433,373	331,732	272,608	281,324	156,903	166,137	180,303	226,847	215,075	260,153	144,473	157,853	192,835	126,900	141,682
Plant, machinery and equipment`23`	35,150	45,156	51,133	47,312	43,646	46,210	46,565	48,497	46,675	43,613	51,899	17,410	21,377	24,627	27,875	25,778	3,329	4,469
Furniture and vehicles`24`	39,951	59,386	218,924	256,864	191,329	125,488	158,131	35,256	42,686	56,288	92,406	112,114	146,051	58,822	91,979	134,234	74,213	76,625
Other tangible fixed assets`26`	362,327	190,865	178,768	129,197	96,757	100,910	76,628	73,150	76,776	80,402	82,541	85,552	92,725	17,776	24,339	32,824	49,358	54,643
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	-	-	-	-	-	-	43,248	13,660	-	-	-
Financial fixed assets`28`	1,434	1,434	1,434	1,434	1,434	1,434	1,434	2,741	2,741	2,741	3,182	3,182	3,182	4,150	12,555	8,631	6,110	1,128
Current assets`29/58`	754,199	703,355	742,920	581,860	447,771	457,944	588,581	285,607	266,822	196,093	155,480	190,287	211,163	272,282	350,628	244,000	415,477	363,371
Amounts receivable after more than one year`29`	1,835	1,835	52,149	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other amounts receivable`291`	1,835	1,835	52,149	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	503,716	426,620	304,386	276,781	157,089	67,810	129,404	172,733	120,798	115,817	134,789	156,524	100,557	84,849	175,316	112,220	253,248	266,946
Trade receivables`40`	495,885	425,681	303,954	263,099	155,329	57,948	129,392	172,733	120,787	103,967	134,789	156,502	97,394	68,609	168,549	98,696	135,468	161,677
Other amounts receivable`41`	7,831	940	432	13,682	1,760	9,862	12	-	11	11,850	-	21	3,163	16,240	6,767	13,524	117,779	105,269
Cash at bank and in hand`54/58`	233,060	264,633	372,140	290,710	274,182	380,097	439,883	101,215	146,024	75,652	16,870	25,532	104,986	173,301	175,312	117,225	150,876	85,785
Deferred charges and accrued income`490/1`	15,588	10,267	14,245	14,368	16,500	10,038	19,294	11,658	-	4,623	3,821	8,232	5,620	14,132	-	14,555	11,353	10,640
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.2m	1.0m	1.2m	1.0m	789,680	742,226	883,076	454,644	436,749	380,712	385,730	408,986	474,498	421,246	522,026	449,463	552,380	515,914
Equity`10/15`	192,863	176,027	168,206	154,760	144,275	103,173	94,960	23,984	4,015	-43,810	51,884	89,791	-20,418	26,533	96,000	116,001	186,804	235,705
Contributions`10/11`	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	62,000	62,000	62,000	62,000	62,000	62,000
Capital`10`	202,000	202,000	202,000	202,000	202,000	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	202,000	62,000	62,000	62,000	62,000	62,000	62,000
Reserves`13`	6,200	6,200	6,200	6,200	6,200	6,200	48,744	48,744	48,744	48,744	48,744	48,744	48,744	48,744	48,744	48,744	48,744	48,744
Non-distributable reserves`130/1`	6,200	6,200	6,200	6,200	6,200	6,200	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Tax-exempt reserves`132`	-	-	-	-	-	-	42,544	42,544	42,544	42,544	42,544	42,544	42,544	42,544	42,544	42,544	42,544	42,544
Profit (loss) carried forward`14`	-15,337	-32,173	-39,994	-53,440	-63,925	-105,027	-155,784	-226,759	-246,728	-294,554	-198,860	-160,953	-131,162	-84,211	-14,744	5,258	76,061	124,961
Amounts payable`17/49`	1.0m	838,003	1.0m	876,479	645,405	639,054	788,116	430,660	432,734	424,522	333,847	319,195	494,917	394,713	426,026	333,462	365,576	280,209
Amounts payable after more than one year`17`	51,376	7,848	51,234	81,698	43,228	40,722	70,786	-	-	-	9,068	30,410	51,117	-	-	-	-	9,909
Financial debts`170/4`	51,376	7,848	51,234	81,698	43,228	40,722	70,786	-	-	-	9,068	30,410	51,117	-	-	-	-	9,909
Amounts payable within one year`42/48`	959,030	830,155	983,155	793,792	602,177	598,332	717,330	430,660	432,734	424,522	324,778	288,786	442,275	394,713	426,026	333,462	365,576	270,300
Current portion of amounts payable after more than one year`42`	19,185	6,170	30,464	42,842	42,138	32,551	32,115	-	-	-	20,702	20,702	20,702	-	-	-	-	-
Trade debts`44`	136,016	81,465	99,722	58,634	22,623	32,541	17,477	10,842	20,825	32,031	45,361	30,215	51,912	57,920	60,394	43,494	64,022	19,085
Suppliers`440/4`	136,016	81,465	99,722	58,634	22,623	32,541	17,477	10,842	20,825	32,031	45,361	30,215	51,912	57,920	60,394	43,494	64,022	19,085
Advances received on contracts in progress`46`	781,116	710,465	825,361	658,424	513,886	470,887	593,239	357,940	378,112	356,961	152,812	208,774	341,969	310,551	344,595	261,021	266,234	217,961
Taxes, remuneration and social security`45`	22,713	32,055	27,608	33,891	10,206	46,014	57,479	42,481	13,844	14,942	46,940	16,835	12,363	26,242	21,038	28,946	35,321	33,255
Taxes`450/3`	4,628	10,525	5,568	13,456	4,585	41,170	54,018	42,481	13,844	6,600	39,860	12,609	9,541	20,886	4,304	5,295	5,042	2,012
Remuneration and social security`454/9`	18,085	21,530	22,040	20,435	5,622	4,843	3,461	-	-	8,343	7,080	4,227	2,822	5,356	16,734	23,651	30,278	31,242
Other amounts payable`47/48`	-	-	-	-	13,324	16,340	17,021	19,396	19,953	20,587	58,963	12,258	15,328	-	-	-	-	-
Accrued charges and deferred income`492/3`	-	-	8,044	990	-	-	-	-	-	-	-	-	1,525	-	-	-	-	-
Income statement
Turnover`70`	-	-	-	-	-	-	-	757,682	735,039	919,480	657,343	670,503	813,386	1.0m	969,842	1.0m	1.0m	987,302
Gross operating margin`9900`	299,124	337,802	277,861	213,375	223,099	153,200	329,157	120,274	144,644	89,545	70,658	84,649	103,114	83,110	235,896	307,912	297,788	319,375
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	656,682	608,598	880,283	621,541	623,195	782,641	940,025	756,174	733,204	776,764	711,772
Remuneration, social security and pensions`62`	185,838	197,673	142,450	106,824	81,964	44,850	84,008	45,569	49,694	111,869	57,887	50,214	51,464	89,470	163,497	185,295	304,968	259,700
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	52,172	58,253	92,913	71,139	63,648	53,157	90,072	27,500	36,395	58,081	40,060	52,202	70,816	50,349	63,655	60,762	43,048	31,906
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	7,204	-	-	20,614	8,264	-	-	-	-	-	-	-	13,620	-2,000	-	2,000
Other operating charges`640/8`	15,250	51,619	5,722	12,441	10,844	9,025	27,245	6,438	8,961	13,655	8,685	7,132	18,671	12,157	8,200	15,189	12,543	8,783
Operating profit (loss)`9901`	45,865	30,257	29,572	22,971	66,644	25,554	119,567	40,768	49,595	-94,059	-35,974	-24,899	-37,837	-68,867	-13,077	48,666	-62,771	16,985
Financial income`75/76B`	20	1,870	2,149	1	10	1	174	313	222	571	1,242	560	380	4,005	490	3,181	7,025	4,332
Recurring financial income`75`	20	1,870	2,149	1	10	1	174	313	222	571	1,242	560	380	4,005	490	3,181	7,025	4,332
Financial charges`65/66B`	4,574	3,321	3,297	2,169	1,600	1,371	2,257	660	1,145	849	1,700	3,955	4,718	4,672	3,453	734	1,124	2,312
Recurring financial charges`65`	4,574	3,321	3,297	2,169	1,600	1,371	2,257	660	1,145	849	1,700	3,955	4,718	4,672	3,453	734	1,124	2,312
Profit (loss) for the period before taxes`9903`	41,311	28,807	28,424	20,803	65,054	24,184	117,483	40,421	48,672	-94,338	-36,433	-28,295	-42,174	-69,534	-16,040	51,113	-56,871	19,005
Income taxes`67/77`	24,475	20,985	14,978	10,318	23,951	15,971	46,507	20,017	847	1,356	1,475	1,496	4,777	-67	3,961	-16	-9,321	20,000
Profit (loss) for the period`9904`	16,836	7,822	13,446	10,485	41,102	8,213	70,976	20,404	47,825	-95,694	-37,907	-29,791	-46,951	-69,467	-20,001	51,130	-47,549	-995
Transfer from tax-exempt reserves`789`	-	-	-	-	-	42,544	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	16,836	7,822	13,446	10,485	41,102	50,756	70,976	20,404	47,825	-95,694	-37,907	-29,791	-46,951	-69,467	-20,001	51,130	-47,549	-995
Appropriation of the result
Profit (loss) to be appropriated`9906`	-15,337	-32,173	-39,994	-53,440	-63,925	-105,027	-155,784	-226,759	-246,728	-294,554	-198,860	-160,953	-131,162	-84,211	-14,744	26,438	76,061	124,961
Profit (loss) brought forward from the previous period`14P`	-32,173	-39,994	-53,440	-63,925	-105,027	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21,180	-	-
Return on contributions (dividend)`694`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21,180	-	-
Social balance sheet
Average staff (FTE)`9087`	5	5.1	4.4	3.2	3.6	3.8	2	3.1	3.3	4.8	4.3	5	3.8	5.6	4.8	5.1	6.6	7.8
Hours worked`1013`	8,962	10,042	8,366	6,227	6,075	4,365	8,937	3,902	4,790	11,414	6,480	5,824	5,597	8,899	8,848	9,085	11,907	11,817
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The accounts for 11 older financial years (1995-2005) were filed as documents without figures as data, scans for example.

The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 13-07-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	13-07-2026	2026-00293442	PDF
31-12-2024	full format	29-07-2025	2025-00343534	PDF
31-12-2023	full format	30-07-2024	2024-00331774	PDF
31-12-2022	full format	25-07-2023	2023-00281286	PDF
31-12-2021	full format	30-06-2022	2022-20149268	PDF
31-12-2020	full format	20-07-2021	2021-38200059	PDF
31-12-2019	full format	13-11-2020	2020-70400595	PDF
30-06-2018	micro format	22-11-2018	2018-72600050	PDF
30-06-2017	micro format	01-09-2017	2017-54900446	PDF
30-06-2016	full format	06-01-2017	2017-00300393	PDF
31-12-2014	full format	24-08-2015	2015-44800023	PDF
31-12-2013	full format	28-08-2014	2014-48300293	PDF
31-12-2012	full format	16-08-2013	2013-42300263	PDF
31-12-2011	full format	27-08-2012	2012-44600042	PDF
31-12-2010	full format	23-08-2011	2011-41900457	PDF
31-12-2009	full format	31-08-2010	2010-48000503	PDF
31-12-2007	full format	30-09-2008	2008-75200024	PDF
31-12-2006	full format	28-08-2007	2007-61200196	PDF
31-12-2005	full format	29-08-2006	2006-68401608	PDF
31-12-2004	full format	05-10-2005	2005-81504480	PDF
31-12-2003	full format	24-11-2004	2004-80801766	PDF
31-12-2002	full format	07-01-2004	2004-00504114	PDF
31-12-2001	full format	07-01-2004	2004-00504088	PDF
31-12-2000	full format	23-08-2001	2001-51801555	PDF
31-12-1999	full format	05-10-2000	2000-62200535	PDF
31-12-1998	full format	20-03-2000	2000-06804440	PDF
31-12-1997	full format	19-11-1998	1998-58104776	PDF
31-12-1996	full format	19-11-1998	1998-58104763	PDF
31-12-1995	full format	19-11-1998	1998-58104751	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2014	2013	2012	2011	2010	2009	2007	2006
Investment in fixed assets	210,043	49,288	111,252	223,169	121,275	42,944	228,916	26,609	21,703	12,891	51,611	7,566	186,643	36,320	30,557	127,766	48,593	78,812
Change in cash	-31,573	-107,506	81,429	16,529	-105,915	-59,786	338,667	-44,809	70,372	-	-8,662	-79,454	-68,315	-2,010	58,087	-	65,091	-
EBIT margin	-	-	-	-	-	-	-	5.4%	6.7%	-10.2%	-5.5%	-3.7%	-4.7%	-6.8%	-1.3%	4.8%	-6.1%	1.7%
Solvency	16.0%	17.4%	13.9%	15.0%	18.3%	13.9%	10.8%	5.3%	0.9%	-11.5%	13.5%	22.0%	-4.3%	6.3%	18.4%	25.8%	33.8%	45.7%
ROE	8.7%	4.4%	8.0%	6.8%	28.5%	8.0%	74.7%	85.1%	-	-	-73.1%	-33.2%	-	-261.8%	-20.8%	44.1%	-25.5%	-0.4%
ROA	1.4%	0.8%	1.1%	1.0%	5.2%	1.1%	8.0%	4.5%	11.0%	-25.1%	-9.8%	-7.3%	-9.9%	-16.5%	-3.8%	11.4%	-8.6%	-0.2%

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	8	5	6	4	3
full-time	5	4	5	3	3
part-time	3	1	1	1	-
in full-time equivalents	6.8	4.6	5.6	3.6	3
Average over the year, in full-time equivalents	5	5.1	4.4	3.2	3.6
On a permanent contract	2	2	2	2	1
Joined	11	5	2	2	2
Left	8	6	0	1	4
Training hours	5,528	2,528	5,156	3,854	5,114

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€210,043	€49,288	€105,502	€215,695	€121,275
Intangible fixed assets	-	-	€5,750	€7,474	-
Depreciation and write-downs of the year	€52,172	€58,253	€92,913	€71,139	€63,648

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on WOLFS

The operating result for 2025 is 52% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.

Debt's share of the balance-sheet total rises from 82.6% to 84.0%. Equity and debt are higher.

Next steps

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