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.
DE WOLF
Largest movements
- Cash +€157,675
up €157,675 (+57.2%), from €275,705 to €433,380
mainly Net result for the year (+€165,384) and Depreciation (+€63,635)
- Tangible fixed assets -€61,236
down €61,236 (-7.2%), from €849,021 to €787,785
of which Furniture and vehicles: -€61,002
- Receivables within one year +€25,932
up €25,932 (+13.7%), from €189,201 to €215,133
of which Trade receivables: +€20,371
- Profit (loss) carried forward +€165,384
up €165,384 (+31.0%), from €534,024 to €699,408
- Trade debts -€21,582
down €21,582 (-33.8%), from €63,869 to €42,287
- Gross operating margin +€162,417
up €162,417 (+55.5%), from €292,711 to €455,128
- Other operating charges -€59,937
down €59,937 (-88.4%), from €67,773 to €7,836
- Taxes +€54,507
up €54,507 (+397%), from €13,716 to €68,223
- Depreciation +€10,269
up €10,269 (+19.2%), from €53,365 to €63,635
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 | €1,323,421 | €1,449,147 | +€125,726 | +9.5% |
| Fixed assets | 21/28 | €849,744 | €788,509 | -€61,236 | -7.2% |
| Tangible fixed assets | 22/27 | €849,021 | €787,785 | -€61,236 | -7.2% |
| Plant, machinery and equipment | 23 | €2,105 | €1,871 | -€234 | -11.1% |
| Furniture and vehicles | 24 | €196,566 | €135,564 | -€61,002 | -31.0% |
| Other tangible fixed assets | 26 | €650,350 | €650,350 | = | 0.0% |
| Financial fixed assets | 28 | €723 | €723 | = | 0.0% |
| Current assets | 29/58 | €473,676 | €660,638 | +€186,962 | +39.5% |
| Amounts receivable within one year | 40/41 | €189,201 | €215,133 | +€25,932 | +13.7% |
| Trade receivables | 40 | €180,845 | €201,216 | +€20,371 | +11.3% |
| Other amounts receivable | 41 | €8,356 | €13,917 | +€5,561 | +66.5% |
| Cash at bank and in hand | 54/58 | €275,705 | €433,380 | +€157,675 | +57.2% |
| Deferred charges and accrued income | 490/1 | €8,770 | €12,125 | +€3,355 | +38.3% |
| Total equity and liabilities | 10/49 | €1,323,421 | €1,449,147 | +€125,726 | +9.5% |
| Equity | 10/15 | €1,097,923 | €1,263,307 | +€165,384 | +15.1% |
| Contributions | 10/11 | €230,092 | €230,092 | = | 0.0% |
| Reserves | 13 | €333,807 | €333,807 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,500 | €48,500 | = | 0.0% |
| Distributable reserves | 133 | €285,307 | €285,307 | = | 0.0% |
| Profit (loss) carried forward | 14 | €534,024 | €699,408 | +€165,384 | +31.0% |
| Amounts payable | 17/49 | €225,498 | €185,840 | -€39,658 | -17.6% |
| Amounts payable after more than one year | 17 | €122,397 | €110,060 | -€12,336 | -10.1% |
| Financial debts | 170/4 | €122,397 | €110,060 | -€12,336 | -10.1% |
| Amounts payable within one year | 42/48 | €103,101 | €75,779 | -€27,322 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €11,853 | €12,336 | +€484 | +4.1% |
| Trade debts | 44 | €63,869 | €42,287 | -€21,582 | -33.8% |
| Suppliers | 440/4 | €63,869 | €42,287 | -€21,582 | -33.8% |
| Taxes, remuneration and social security | 45 | €23,361 | €21,156 | -€2,205 | -9.4% |
| Taxes | 450/3 | €13,077 | €7,520 | -€5,557 | -42.5% |
| Remuneration and social security | 454/9 | €10,284 | €13,636 | +€3,352 | +32.6% |
| Other amounts payable | 47/48 | €4,018 | - | -€4,018 | |
| Non-recurring operating income | 76A | €71,650 | - | -€71,650 | |
| Remuneration, social security and pensions | 62 | €146,091 | €146,342 | +€251 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,365 | €63,635 | +€10,269 | +19.2% |
| Other operating charges | 640/8 | €67,773 | €7,836 | -€59,937 | -88.4% |
| Gross operating margin | 9900 | €292,711 | €455,128 | +€162,417 | +55.5% |
| Operating profit (loss) | 9901 | €25,481 | €237,316 | +€211,835 | +831% |
| Financial income | 75/76B | €3,960 | €2,780 | -€1,181 | -29.8% |
| Recurring financial income | 75 | €3,960 | €2,780 | -€1,181 | -29.8% |
| Financial charges | 65/66B | €8,211 | €6,488 | -€1,723 | -21.0% |
| Recurring financial charges | 65 | €8,211 | €6,488 | -€1,723 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €21,230 | €233,607 | +€212,377 | +1,000% |
| Income taxes | 67/77 | €13,716 | €68,223 | +€54,507 | +397% |
| Profit (loss) for the period | 9904 | €7,514 | €165,384 | +€157,870 | +2,101% |
| Profit (loss) for the period to be appropriated | 9905 | €7,514 | €165,384 | +€157,870 | +2,101% |
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 13 October 2026 via checked.be.