CARLOS DE WOLF: 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.
CARLOS DE WOLF
Largest movements
- Tangible fixed assets -€38,600
down €38,600 (-13.7%), from €280,901 to €242,300
of which Land and buildings: -€43,760
- Current investments +€31,565
up €31,565 (+48,346%), from €65 to €31,630
- Cash +€7,341
up €7,341 (+34.0%), from €21,560 to €28,901
mainly Depreciation (+€48,523) and Other debts (+€43,801)
- Deferred charges and accrued income +€5,063
up €5,063 (+71.7%), from €7,064 to €12,127
- Reserves -€48,805
down €48,805 (-13.4%), from €364,132 to €315,327
- Other debts +€43,801
up €43,801 (+373%), from €11,750 to €55,550
- Trade debts +€14,480
up €14,480 (+88.0%), from €16,452 to €30,931
- Tax, wage and social debts -€6,753
down €6,753 (-17.3%), from €38,934 to €32,181
of which Taxes: -€10,601
- Current portion of long-term debt +€5,341
up €5,341 (+85.8%), from €6,225 to €11,566
- Gross operating margin +€11,652
up €11,652 (+7.1%), from €163,934 to €175,586
- Depreciation +€3,054
up €3,054 (+6.7%), from €45,470 to €48,523
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 | €475,350 | €483,269 | +€7,919 | +1.7% |
| Fixed assets | 21/28 | €284,272 | €244,754 | -€39,518 | -13.9% |
| Intangible fixed assets | 21 | €3,371 | €2,453 | -€918 | -27.2% |
| Tangible fixed assets | 22/27 | €280,901 | €242,300 | -€38,600 | -13.7% |
| Land and buildings | 22 | €238,523 | €194,763 | -€43,760 | -18.3% |
| Plant, machinery and equipment | 23 | €2,406 | €1,884 | -€522 | -21.7% |
| Furniture and vehicles | 24 | €6,700 | €12,382 | +€5,682 | +84.8% |
| Other tangible fixed assets | 26 | €13,225 | €13,225 | = | 0.0% |
| Assets under construction and advance payments | 27 | €20,046 | €20,046 | = | 0.0% |
| Current assets | 29/58 | €191,078 | €238,515 | +€47,437 | +24.8% |
| Amounts receivable within one year | 40/41 | €162,388 | €165,857 | +€3,468 | +2.1% |
| Trade receivables | 40 | €162,100 | €138,576 | -€23,525 | -14.5% |
| Other amounts receivable | 41 | €288 | €27,281 | +€26,993 | +9,369% |
| Current investments | 50/53 | €65 | €31,630 | +€31,565 | +48,346% |
| Cash at bank and in hand | 54/58 | €21,560 | €28,901 | +€7,341 | +34.0% |
| Deferred charges and accrued income | 490/1 | €7,064 | €12,127 | +€5,063 | +71.7% |
| Total equity and liabilities | 10/49 | €475,350 | €483,269 | +€7,919 | +1.7% |
| Equity | 10/15 | €388,921 | €340,116 | -€48,805 | -12.5% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €364,132 | €315,327 | -€48,805 | -13.4% |
| Distributable reserves | 133 | €364,132 | €315,327 | -€48,805 | -13.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €86,429 | €143,153 | +€56,724 | +65.6% |
| Amounts payable after more than one year | 17 | €12,491 | €12,925 | +€434 | +3.5% |
| Financial debts | 170/4 | €12,491 | €12,925 | +€434 | +3.5% |
| Amounts payable within one year | 42/48 | €73,938 | €130,228 | +€56,290 | +76.1% |
| Current portion of amounts payable after more than one year | 42 | €6,225 | €11,566 | +€5,341 | +85.8% |
| Trade debts | 44 | €16,452 | €30,931 | +€14,480 | +88.0% |
| Suppliers | 440/4 | €16,452 | €30,931 | +€14,480 | +88.0% |
| Advances received on contracts in progress | 46 | €578 | €0 | -€578 | -100% |
| Taxes, remuneration and social security | 45 | €38,934 | €32,181 | -€6,753 | -17.3% |
| Taxes | 450/3 | €27,756 | €17,155 | -€10,601 | -38.2% |
| Remuneration and social security | 454/9 | €11,178 | €15,026 | +€3,848 | +34.4% |
| Other amounts payable | 47/48 | €11,750 | €55,550 | +€43,801 | +373% |
| Remuneration, social security and pensions | 62 | €120,311 | €121,226 | +€914 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,470 | €48,523 | +€3,054 | +6.7% |
| Other operating charges | 640/8 | €2,929 | €2,623 | -€305 | -10.4% |
| Gross operating margin | 9900 | €163,934 | €175,586 | +€11,652 | +7.1% |
| Operating profit (loss) | 9901 | -€4,776 | €3,213 | +€7,989 | |
| Financial income | 75/76B | €20 | €154 | +€134 | +665% |
| Recurring financial income | 75 | €20 | €154 | +€134 | +665% |
| Financial charges | 65/66B | €2,250 | €2,005 | -€245 | -10.9% |
| Recurring financial charges | 65 | €2,250 | €2,005 | -€245 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,005 | €1,362 | +€8,367 | |
| Income taxes | 67/77 | €183 | €167 | -€15 | -8.4% |
| Profit (loss) for the period | 9904 | -€7,188 | €1,195 | +€8,383 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,188 | €1,195 | +€8,383 |
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 22 October 2026 via checked.be.