BRUNO DE WULF: what changed
BRUNO DE WULF
Largest movements
- Tangible fixed assets +€44,651
up €44,651 (+6.9%), from €646,489 to €691,140
of which Plant, machinery and equipment: +€75,634
- Stocks and contracts -€17,515
down €17,515 (-44.8%), from €39,066 to €21,551
- Receivables within one year +€13,109
up €13,109 (+94.1%), from €13,933 to €27,041
of which Trade receivables: +€12,795
- Cash -€9,049
down €9,049 (-72.5%), from €12,481 to €3,431
mainly Provisions (-€148,265) and Investment in fixed assets (net) (-€132,626)
- Profit (loss) carried forward +€482,225
up €482,225, from -€433,637 to €48,588
- Reserves -€402,969
down €402,969 (-78.0%), from €516,378 to €113,409
of which Tax-exempt reserves: -€352,969
- Provisions -€148,265
no longer reported in 2025 (was €148,265)
- Debts after one year +€111,508
up €111,508 (+26.0%), from €428,721 to €540,229
of which Other amounts payable: +€141,508
- Current portion of long-term debt -€20,000
down €20,000 (-57.1%), from €35,000 to €15,000
- Depreciation -€173,381
down €173,381 (-66.1%), from €262,188 to €88,806
- Staff costs -€30,982
down €30,982 (-83.4%), from €37,167 to €6,184
- Gross operating margin -€28,023
down €28,023 (-23.6%), from €118,537 to €90,514
- Other operating charges -€17,414
down €17,414 (-85.1%), from €20,455 to €3,041
- Financial charges -€17,290
down €17,290 (-57.4%), from €30,124 to €12,833
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €718,218 | €750,269 | +€32,051 | +4.5% |
| Fixed assets | 21/28 | €648,288 | €692,108 | +€43,820 | +6.8% |
| Intangible fixed assets | 21 | €1,800 | €968 | -€832 | -46.2% |
| Tangible fixed assets | 22/27 | €646,489 | €691,140 | +€44,651 | +6.9% |
| Land and buildings | 22 | €355,012 | €375,511 | +€20,499 | +5.8% |
| Plant, machinery and equipment | 23 | €104,672 | €180,306 | +€75,634 | +72.3% |
| Furniture and vehicles | 24 | €184,446 | €135,323 | -€49,123 | -26.6% |
| Other tangible fixed assets | 26 | €2,358 | - | -€2,358 | |
| Current assets | 29/58 | €69,930 | €58,161 | -€11,769 | -16.8% |
| Stocks and contracts in progress | 3 | €39,066 | €21,551 | -€17,515 | -44.8% |
| Stocks | 30/36 | €39,066 | €21,551 | -€17,515 | -44.8% |
| Amounts receivable within one year | 40/41 | €13,933 | €27,041 | +€13,109 | +94.1% |
| Trade receivables | 40 | €13,933 | €26,727 | +€12,795 | +91.8% |
| Other amounts receivable | 41 | - | €314 | +€314 | |
| Current investments | 50/53 | €1 | - | -€1 | |
| Cash at bank and in hand | 54/58 | €12,481 | €3,431 | -€9,049 | -72.5% |
| Deferred charges and accrued income | 490/1 | €4,450 | €6,138 | +€1,688 | +37.9% |
| Total equity and liabilities | 10/49 | €718,218 | €750,269 | +€32,051 | +4.5% |
| Equity | 10/15 | €101,333 | €180,589 | +€79,256 | +78.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €516,378 | €113,409 | -€402,969 | -78.0% |
| Tax-exempt reserves | 132 | €464,519 | €111,550 | -€352,969 | -76.0% |
| Distributable reserves | 133 | €51,859 | €1,859 | -€50,000 | -96.4% |
| Profit (loss) carried forward | 14 | -€433,637 | €48,588 | +€482,225 | |
| Provisions and deferred taxes | 16 | €148,265 | - | -€148,265 | |
| Deferred taxes | 168 | €148,265 | - | -€148,265 | |
| Amounts payable | 17/49 | €468,620 | €569,680 | +€101,060 | +21.6% |
| Amounts payable after more than one year | 17 | €428,721 | €540,229 | +€111,508 | +26.0% |
| Financial debts | 170/4 | €70,000 | €40,000 | -€30,000 | -42.9% |
| Other amounts payable | 178/9 | €358,721 | €500,229 | +€141,508 | +39.4% |
| Amounts payable within one year | 42/48 | €39,899 | €24,266 | -€15,633 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €35,000 | €15,000 | -€20,000 | -57.1% |
| Trade debts | 44 | €1,728 | €4,171 | +€2,443 | +141% |
| Suppliers | 440/4 | €1,728 | €4,171 | +€2,443 | +141% |
| Taxes, remuneration and social security | 45 | €3,171 | €5,094 | +€1,924 | +60.7% |
| Taxes | 450/3 | €1,088 | €5,082 | +€3,994 | +367% |
| Remuneration and social security | 454/9 | €2,083 | €12 | -€2,071 | -99.4% |
| Accrued charges and deferred income | 492/3 | - | €5,186 | +€5,186 | |
| Non-recurring operating income | 76A | €83 | - | -€83 | |
| Remuneration, social security and pensions | 62 | €37,167 | €6,184 | -€30,982 | -83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €262,188 | €88,806 | -€173,381 | -66.1% |
| Other operating charges | 640/8 | €20,455 | €3,041 | -€17,414 | -85.1% |
| Gross operating margin | 9900 | €118,537 | €90,514 | -€28,023 | -23.6% |
| Operating profit (loss) | 9901 | -€201,273 | -€7,518 | +€193,755 | +96.3% |
| Financial income | 75/76B | €982 | €1,342 | +€360 | +36.6% |
| Recurring financial income | 75 | €982 | €1,342 | +€360 | +36.6% |
| Financial charges | 65/66B | €30,124 | €12,833 | -€17,290 | -57.4% |
| Recurring financial charges | 65 | €30,124 | €12,833 | -€17,290 | -57.4% |
| Profit (loss) for the period before taxes | 9903 | -€230,414 | -€19,009 | +€211,405 | +91.7% |
| Transfer from deferred taxes | 780 | €10,088 | €148,265 | +€138,177 | +1,370% |
| Income taxes | 67/77 | €1,349 | - | -€1,349 | |
| Profit (loss) for the period | 9904 | -€221,675 | €129,256 | +€350,931 | |
| Transfer from tax-exempt reserves | 789 | €24,016 | €352,969 | +€328,954 | +1,370% |
| Profit (loss) for the period to be appropriated | 9905 | -€197,660 | €482,225 | +€679,885 |
Next steps
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 5 November 2026 via checked.be.