de Wolf: what changed
Two fiscal 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
- Receivables within one year -€87,741
down €87,741 (-19.1%), from €458,949 to €371,208
of which Trade receivables: -€90,707
- Cash -€38,114
down €38,114 (-4.0%), from €950,474 to €912,360
mainly Contributions, distributions and other (-€300,000) and Other debts (-€295,709)
- Tangible fixed assets -€15,247
down €15,247 (-25.9%), from €58,823 to €43,576
of which Furniture and vehicles: -€15,602
- Other debts -€295,709
down €295,709 (-49.3%), from €600,000 to €304,291
- Trade debts +€81,589
up €81,589 (+103.2%), from €79,050 to €160,639
- Tax, wage and social debts +€76,729
up €76,729 (+60.4%), from €127,102 to €203,831
of which Taxes: +€82,587
- Current portion of long-term debt -€15,436
no longer reported in 2025 (was €15,436)
- Taxes -€132,280
down €132,280 (-48.5%), from €272,584 to €140,304
- Other operating charges -€64,500
down €64,500 (-98.1%), from €65,763 to €1,263
- Write-downs +€14,124
new in 2025: €14,124
- Staff costs -€13,328
down €13,328 (-25.9%), from €51,500 to €38,172
- Depreciation -€7,076
down €7,076 (-29.4%), from €24,094 to €17,018
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 | €1,504,267 | €1,361,879 | -€142,388 | -9.5% |
| Fixed assets | 21/28 | €58,823 | €43,576 | -€15,247 | -25.9% |
| Tangible fixed assets | 22/27 | €58,823 | €43,576 | -€15,247 | -25.9% |
| Plant, machinery and equipment | 23 | €4,160 | €4,514 | +€355 | +8.5% |
| Furniture and vehicles | 24 | €54,664 | €39,062 | -€15,602 | -28.5% |
| Current assets | 29/58 | €1,445,444 | €1,318,303 | -€127,142 | -8.8% |
| Stocks and contracts in progress | 3 | €27,563 | €25,405 | -€2,159 | -7.8% |
| Stocks | 30/36 | €27,563 | €25,405 | -€2,159 | -7.8% |
| Amounts receivable within one year | 40/41 | €458,949 | €371,208 | -€87,741 | -19.1% |
| Trade receivables | 40 | €458,949 | €368,242 | -€90,707 | -19.8% |
| Other amounts receivable | 41 | - | €2,966 | +€2,966 | |
| Cash at bank and in hand | 54/58 | €950,474 | €912,360 | -€38,114 | -4.0% |
| Deferred charges and accrued income | 490/1 | €8,458 | €9,330 | +€872 | +10.3% |
| Total equity and liabilities | 10/49 | €1,504,267 | €1,361,879 | -€142,388 | -9.5% |
| Equity | 10/15 | €682,679 | €683,021 | +€341 | +0.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €510,246 | €510,587 | +€341 | +0.1% |
| Distributable reserves | 133 | €510,246 | €510,587 | +€341 | +0.1% |
| Profit (loss) carried forward | 14 | €153,841 | €153,841 | = | 0.0% |
| Amounts payable | 17/49 | €821,588 | €678,858 | -€142,730 | -17.4% |
| Amounts payable within one year | 42/48 | €821,588 | €678,858 | -€142,730 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €15,436 | - | -€15,436 | |
| Financial debts | 43 | - | €10,097 | +€10,097 | |
| Credit institutions | 430/8 | - | €10,097 | +€10,097 | |
| Trade debts | 44 | €79,050 | €160,639 | +€81,589 | +103.2% |
| Suppliers | 440/4 | €79,050 | €160,639 | +€81,589 | +103.2% |
| Taxes, remuneration and social security | 45 | €127,102 | €203,831 | +€76,729 | +60.4% |
| Taxes | 450/3 | €121,244 | €203,831 | +€82,587 | +68.1% |
| Remuneration and social security | 454/9 | €5,858 | - | -€5,858 | |
| Other amounts payable | 47/48 | €600,000 | €304,291 | -€295,709 | -49.3% |
| Non-recurring operating income | 76A | €41,323 | - | -€41,323 | |
| Remuneration, social security and pensions | 62 | €51,500 | €38,172 | -€13,328 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,094 | €17,018 | -€7,076 | -29.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,124 | +€14,124 | |
| Other operating charges | 640/8 | €65,763 | €1,263 | -€64,500 | -98.1% |
| Gross operating margin | 9900 | €514,053 | €510,235 | -€3,819 | -0.7% |
| Operating profit (loss) | 9901 | €372,696 | €439,657 | +€66,961 | +18.0% |
| Financial income | 75/76B | €1,638 | €1,643 | +€5 | +0.3% |
| Recurring financial income | 75 | €1,638 | €1,643 | +€5 | +0.3% |
| Financial charges | 65/66B | €730 | €655 | -€76 | -10.3% |
| Recurring financial charges | 65 | €730 | €655 | -€76 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €373,604 | €440,646 | +€67,042 | +17.9% |
| Income taxes | 67/77 | €272,584 | €140,304 | -€132,280 | -48.5% |
| Profit (loss) for the period | 9904 | €101,020 | €300,341 | +€199,322 | +197.3% |
| Profit (loss) for the period to be appropriated | 9905 | €101,020 | €300,341 | +€199,322 | +197.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.