DE 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 WAL
Largest movements
- Current investments +€998,195
new in 2025: €998,195
- Cash -€709,608
down €709,608 (-86.6%), from €819,592 to €109,983
- Tangible fixed assets +€120,826
up €120,826 (+21.7%), from €557,177 to €678,003
of which Land and buildings: +€171,057
- Receivables after one year -€42,000
down €42,000 (-14.0%), from €300,000 to €258,000
- Receivables within one year +€23,491
up €23,491 (+30.3%), from €77,617 to €101,108
of which Trade receivables: +€27,052
- Other debts +€481,482
up €481,482 (+2761.5%), from €17,436 to €498,917
- Debts after one year -€113,090
down €113,090 (-31.7%), from €356,356 to €243,266
- Reserves +€70,975
up €70,975 (+7.0%), from €1.0m to €1.1m
of which Distributable reserves: +€148,344
- Trade debts -€28,172
down €28,172 (-87.9%), from €32,034 to €3,862
- Provisions -€25,790
down €25,790 (-18.2%), from €141,878 to €116,088
- Financial income -€207,726
down €207,726 (-89.5%), from €232,017 to €24,291
- Gross operating margin +€56,601
up €56,601 (+34.1%), from €165,998 to €222,599
- Depreciation +€11,210
up €11,210 (+18.3%), from €61,231 to €72,440
- Staff costs -€6,014
down €6,014, from €5,960 to -€54
- Taxes +€5,342
up €5,342 (+9.1%), from €58,978 to €64,321
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,856,143 | €2,248,450 | +€392,307 | +21.1% |
| Fixed assets | 21/28 | €658,935 | €779,608 | +€120,673 | +18.3% |
| Tangible fixed assets | 22/27 | €557,177 | €678,003 | +€120,826 | +21.7% |
| Land and buildings | 22 | €477,636 | €648,694 | +€171,057 | +35.8% |
| Plant, machinery and equipment | 23 | €3,211 | €883 | -€2,328 | -72.5% |
| Furniture and vehicles | 24 | €68,077 | €20,745 | -€47,332 | -69.5% |
| Other tangible fixed assets | 26 | €8,253 | €7,681 | -€572 | -6.9% |
| Financial fixed assets | 28 | €101,758 | €101,605 | -€153 | -0.2% |
| Current assets | 29/58 | €1,197,208 | €1,468,842 | +€271,634 | +22.7% |
| Amounts receivable after more than one year | 29 | €300,000 | €258,000 | -€42,000 | -14.0% |
| Other amounts receivable | 291 | €300,000 | €258,000 | -€42,000 | -14.0% |
| Amounts receivable within one year | 40/41 | €77,617 | €101,108 | +€23,491 | +30.3% |
| Trade receivables | 40 | €72,079 | €99,131 | +€27,052 | +37.5% |
| Other amounts receivable | 41 | €5,537 | €1,977 | -€3,561 | -64.3% |
| Current investments | 50/53 | - | €998,195 | +€998,195 | |
| Cash at bank and in hand | 54/58 | €819,592 | €109,983 | -€709,608 | -86.6% |
| Deferred charges and accrued income | 490/1 | €0 | €1,556 | +€1,556 | |
| Total equity and liabilities | 10/49 | €1,856,143 | €2,248,450 | +€392,307 | +21.1% |
| Equity | 10/15 | €1,207,475 | €1,278,450 | +€70,975 | +5.9% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Reserves | 13 | €1,009,160 | €1,080,135 | +€70,975 | +7.0% |
| Tax-exempt reserves | 132 | €425,633 | €348,265 | -€77,369 | -18.2% |
| Distributable reserves | 133 | €583,527 | €731,871 | +€148,344 | +25.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €141,878 | €116,088 | -€25,790 | -18.2% |
| Deferred taxes | 168 | €141,878 | €116,088 | -€25,790 | -18.2% |
| Amounts payable | 17/49 | €506,791 | €853,912 | +€347,121 | +68.5% |
| Amounts payable after more than one year | 17 | €356,356 | €243,266 | -€113,090 | -31.7% |
| Financial debts | 170/4 | €356,356 | €243,266 | -€113,090 | -31.7% |
| Amounts payable within one year | 42/48 | €150,434 | €592,834 | +€442,399 | +294.1% |
| Current portion of amounts payable after more than one year | 42 | €55,490 | €56,900 | +€1,410 | +2.5% |
| Financial debts | 43 | €5,000 | €11,667 | +€6,667 | +133.3% |
| Credit institutions | 430/8 | €5,000 | €11,667 | +€6,667 | +133.3% |
| Trade debts | 44 | €32,034 | €3,862 | -€28,172 | -87.9% |
| Suppliers | 440/4 | €32,034 | €3,862 | -€28,172 | -87.9% |
| Taxes, remuneration and social security | 45 | €40,475 | €21,488 | -€18,987 | -46.9% |
| Taxes | 450/3 | €39,979 | €21,488 | -€18,490 | -46.3% |
| Remuneration and social security | 454/9 | €497 | €0 | -€497 | -100.0% |
| Other amounts payable | 47/48 | €17,436 | €498,917 | +€481,482 | +2761.5% |
| Accrued charges and deferred income | 492/3 | €0 | €17,812 | +€17,812 | |
| Non-recurring operating income | 76A | - | €54 | +€54 | |
| Remuneration, social security and pensions | 62 | €5,960 | -€54 | -€6,014 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,231 | €72,440 | +€11,210 | +18.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €8,198 | €11,354 | +€3,157 | +38.5% |
| Non-recurring operating charges | 66A | €2,092 | - | -€2,092 | |
| Gross operating margin | 9900 | €165,998 | €222,599 | +€56,601 | +34.1% |
| Operating profit (loss) | 9901 | €88,518 | €138,859 | +€50,341 | +56.9% |
| Financial income | 75/76B | €232,017 | €24,291 | -€207,726 | -89.5% |
| Recurring financial income | 75 | €232,017 | €24,291 | -€207,726 | -89.5% |
| Financial charges | 65/66B | €7,711 | €12,635 | +€4,923 | +63.8% |
| Recurring financial charges | 65 | €7,711 | €12,635 | +€4,923 | +63.8% |
| Profit (loss) for the period before taxes | 9903 | €312,823 | €150,515 | -€162,308 | -51.9% |
| Transfer from deferred taxes | 780 | €9,939 | €12,895 | +€2,956 | +29.7% |
| Income taxes | 67/77 | €58,978 | €64,321 | +€5,342 | +9.1% |
| Profit (loss) for the period | 9904 | €263,783 | €99,089 | -€164,694 | -62.4% |
| Transfer from tax-exempt reserves | 789 | €29,816 | €38,684 | +€8,869 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €293,599 | €137,774 | -€155,826 | -53.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.