DE GULDEN WAL: 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.
DE GULDEN WAL
Largest movements
- Tangible fixed assets -€202,964
down €202,964 (-11.9%), from €1.7m to €1.5m
of which Land and buildings: -€202,964
- Receivables within one year -€132,866
down €132,866 (-79.7%), from €166,617 to €33,751
of which Other amounts receivable: -€151,423
- Contributions -€551,130
down €551,130 (-90.0%), from €612,630 to €61,500
- Other debts +€306,295
up €306,295 (+590.2%), from €51,898 to €358,193
- Revaluation surpluses -€208,426
down €208,426 (-18.4%), from €1.1m to €921,610
- Reserves +€86,795
up €86,795 (+129.3%), from €67,149 to €153,944
of which Distributable reserves: +€87,899
- Gross operating margin +€176,098
up €176,098 (+3518.2%), from €5,005 to €181,103
- Taxes +€45,226
up €45,226, from €0 to €45,226
- Financial charges +€15,216
up €15,216 (+5197.7%), from €293 to €15,509
- Other operating charges +€13,775
up €13,775 (+197.9%), from €6,960 to €20,735
- Financial income -€1,854
down €1,854 (-58.2%), from €3,184 to €1,330
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.
Cash bridge derived
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 | €1,883,688 | €1,558,157 | -€325,530 | -17.3% |
| Fixed assets | 21/28 | €1,711,786 | €1,508,822 | -€202,964 | -11.9% |
| Tangible fixed assets | 22/27 | €1,711,786 | €1,508,822 | -€202,964 | -11.9% |
| Land and buildings | 22 | €1,533,302 | €1,330,338 | -€202,964 | -13.2% |
| Other tangible fixed assets | 26 | €178,484 | €178,484 | = | 0.0% |
| Current assets | 29/58 | €171,902 | €49,335 | -€122,567 | -71.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €166,617 | €33,751 | -€132,866 | -79.7% |
| Trade receivables | 40 | €420 | €18,976 | +€18,557 | +4421.3% |
| Other amounts receivable | 41 | €166,197 | €14,774 | -€151,423 | -91.1% |
| Cash at bank and in hand | 54/58 | €2,422 | €12,880 | +€10,458 | +431.7% |
| Deferred charges and accrued income | 490/1 | €2,863 | €2,705 | -€158 | -5.5% |
| Total equity and liabilities | 10/49 | €1,883,688 | €1,558,157 | -€325,530 | -17.3% |
| Equity | 10/15 | €1,803,750 | €1,137,054 | -€666,696 | -37.0% |
| Contributions | 10/11 | €612,630 | €61,500 | -€551,130 | -90.0% |
| Capital | 10 | €612,630 | €61,500 | -€551,130 | -90.0% |
| Issued capital | 100 | €612,630 | €61,500 | -€551,130 | -90.0% |
| Revaluation surpluses | 12 | €1,130,035 | €921,610 | -€208,426 | -18.4% |
| Reserves | 13 | €67,149 | €153,944 | +€86,795 | +129.3% |
| Non-distributable reserves | 130/1 | €61,263 | €61,263 | = | 0.0% |
| Legal reserve | 130 | €61,263 | €61,263 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,886 | €4,782 | -€1,104 | -18.7% |
| Distributable reserves | 133 | - | €87,899 | +€87,899 | |
| Profit (loss) carried forward | 14 | -€6,064 | €0 | +€6,064 | |
| Provisions and deferred taxes | 16 | €1,962 | €1,594 | -€368 | -18.7% |
| Deferred taxes | 168 | €1,962 | €1,594 | -€368 | -18.7% |
| Amounts payable | 17/49 | €77,975 | €419,509 | +€341,534 | +438.0% |
| Amounts payable within one year | 42/48 | €77,975 | €400,719 | +€322,743 | +413.9% |
| Trade debts | 44 | €26,077 | €42,526 | +€16,449 | +63.1% |
| Suppliers | 440/4 | €26,077 | €42,526 | +€16,449 | +63.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €51,898 | €358,193 | +€306,295 | +590.2% |
| Accrued charges and deferred income | 492/3 | - | €18,790 | +€18,790 | |
| Non-recurring operating income | 76A | €1,335 | €181,426 | +€180,090 | +13485.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,472 | €8,472 | = | 0.0% |
| Other operating charges | 640/8 | €6,960 | €20,735 | +€13,775 | +197.9% |
| Gross operating margin | 9900 | €5,005 | €181,103 | +€176,098 | +3518.2% |
| Operating profit (loss) | 9901 | -€10,427 | €151,896 | +€162,323 | |
| Financial income | 75/76B | €3,184 | €1,330 | -€1,854 | -58.2% |
| Recurring financial income | 75 | €3,184 | €1,330 | -€1,854 | -58.2% |
| Financial charges | 65/66B | €293 | €15,509 | +€15,216 | +5197.7% |
| Recurring financial charges | 65 | €293 | €15,509 | +€15,216 | +5197.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,535 | €137,717 | +€145,252 | |
| Transfer from deferred taxes | 780 | €368 | €368 | = | 0.0% |
| Income taxes | 67/77 | €0 | €45,226 | +€45,226 | |
| Profit (loss) for the period | 9904 | -€7,167 | €92,859 | +€100,027 | |
| Transfer from tax-exempt reserves | 789 | €1,104 | €1,104 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,064 | €93,963 | +€100,027 |
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 10 October 2026 via checked.be.