ADVIESGROEP DEWULF: what changed
What changed
ADVIESGROEP DEWULF
filed annual accounts (NBB)
Net result for the year
€1,803
2024 · €24,655-€22,851
Equity
€1.8m
2024 · €1.9m-€52,002
Cash
€52,226
2024 · €97,424-€45,198
Balance sheet total
€2.1m
2024 · €1.9m+€198,903
Largest movements
Assets
- Tangible fixed assets +€247,956
up €247,956 (+24.7%), from €1.0m to €1.3m
of which Land and buildings: +€267,644
- Cash -€45,198
down €45,198 (-46.4%), from €97,424 to €52,226
mainly Investment in fixed assets (net) (-€304,022) and Contributions, distributions and other (-€53,805)
Equity and liabilities
- Other debts +€244,296
new in 2025: €244,296
- Reserves -€52,002
down €52,002 (-2.9%), from €1.8m to €1.8m
of which Distributable reserves: -€46,236
Income statement
- Financial income -€29,305
down €29,305 (-46.8%), from €62,559 to €33,254
- Financial charges -€24,507
down €24,507 (-59.5%), from €41,213 to €16,706
- Depreciation +€15,180
up €15,180 (+37.1%), from €40,886 to €56,065
- Gross operating margin -€12,406
down €12,406 (-18.6%), from €66,574 to €54,167
- Taxes -€10,851
down €10,851 (-93.5%), from €11,607 to €757
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€24,655
Gross operating margin
-€12,406
Depreciation
-€15,180
Other operating charges
-€1,318
Financial income
-€29,305
Financial charges
+€24,507
Taxes
+€10,851
Result 2025
€1,803
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€299,895
Investment
-€291,288
Financing
-€53,805
Cash 2024
€97,424
From operations (derived)
+€299,895
Net result for the year
+€1,803
Depreciation
+€56,065
Receivables within one year
-€8,879
Provisions
-€1,922
Trade debts
-€49
Other debts
+€244,296
Accrued charges and deferred income
+€8,580
Investment (derived)
-€291,288
Investment in fixed assets (net)
-€304,022
Current investments
+€12,734
Financing
-€53,805
Contributions, distributions and other
-€53,805
Cash 2025
€52,226
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,939,792 | €2,138,695 | +€198,903 | +10.3% |
| Fixed assets | 21/28 | €1,003,901 | €1,251,858 | +€247,956 | +24.7% |
| Tangible fixed assets | 22/27 | €1,003,901 | €1,251,858 | +€247,956 | +24.7% |
| Land and buildings | 22 | €664,470 | €932,114 | +€267,644 | +40.3% |
| Leasing and similar rights | 25 | €339,431 | €319,743 | -€19,688 | -5.8% |
| Current assets | 29/58 | €935,890 | €886,837 | -€49,053 | -5.2% |
| Amounts receivable within one year | 40/41 | €19,708 | €28,587 | +€8,879 | +45.1% |
| Trade receivables | 40 | €444 | €1,413 | +€969 | +218% |
| Other amounts receivable | 41 | €19,265 | €27,174 | +€7,910 | +41.1% |
| Current investments | 50/53 | €818,758 | €806,024 | -€12,734 | -1.6% |
| Cash at bank and in hand | 54/58 | €97,424 | €52,226 | -€45,198 | -46.4% |
| Total equity and liabilities | 10/49 | €1,939,792 | €2,138,695 | +€198,903 | +10.3% |
| Equity | 10/15 | €1,864,874 | €1,812,873 | -€52,002 | -2.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,802,874 | €1,750,873 | -€52,002 | -2.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €213,349 | €207,583 | -€5,766 | -2.7% |
| Distributable reserves | 133 | €1,583,325 | €1,537,090 | -€46,236 | -2.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €71,116 | €69,194 | -€1,922 | -2.7% |
| Deferred taxes | 168 | €71,116 | €69,194 | -€1,922 | -2.7% |
| Amounts payable | 17/49 | €3,801 | €256,628 | +€252,827 | +6,652% |
| Amounts payable within one year | 42/48 | €1,811 | €246,057 | +€244,247 | +13,489% |
| Trade debts | 44 | €1,811 | €1,761 | -€49 | -2.7% |
| Suppliers | 440/4 | €1,811 | €1,761 | -€49 | -2.7% |
| Other amounts payable | 47/48 | - | €244,296 | +€244,296 | |
| Accrued charges and deferred income | 492/3 | €1,990 | €10,570 | +€8,580 | +431% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,886 | €56,065 | +€15,180 | +37.1% |
| Other operating charges | 640/8 | €12,694 | €14,011 | +€1,318 | +10.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €66,574 | €54,167 | -€12,406 | -18.6% |
| Operating profit (loss) | 9901 | €12,994 | -€15,910 | -€28,904 | |
| Financial income | 75/76B | €62,559 | €33,254 | -€29,305 | -46.8% |
| Recurring financial income | 75 | €62,559 | €33,254 | -€29,305 | -46.8% |
| Financial charges | 65/66B | €41,213 | €16,706 | -€24,507 | -59.5% |
| Recurring financial charges | 65 | €41,213 | €16,706 | -€24,507 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €34,340 | €638 | -€33,702 | -98.1% |
| Transfer from deferred taxes | 780 | €1,922 | €1,922 | = | 0.0% |
| Income taxes | 67/77 | €11,607 | €757 | -€10,851 | -93.5% |
| Profit (loss) for the period | 9904 | €24,655 | €1,803 | -€22,851 | -92.7% |
| Transfer from tax-exempt reserves | 789 | €5,766 | €5,766 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,421 | €7,569 | -€22,851 | -75.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.