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
- Cash +€10,885
up €10,885 (+116.0%), from €9,387 to €20,272
mainly Receivables within one year (+€5,943) and Stocks and contracts (+€3,384)
- Receivables within one year -€5,943
no longer reported in 2025 (was €5,943)
- Stocks and contracts -€3,384
down €3,384 (-12.7%), from €26,710 to €23,326
- Trade debts +€2,395
up €2,395 (+403.2%), from €594 to €2,989
- Other debts -€1,832
down €1,832 (-15.4%), from €11,906 to €10,074
- Tax, wage and social debts +€1,359
up €1,359 (+24.0%), from €5,660 to €7,019
- Gross operating margin -€5,465
down €5,465 (-77.3%), from €7,071 to €1,606
- Financial income +€800
new in 2025: €800
- Financial charges -€346
down €346 (-88.5%), from €391 to €45
- Other operating charges -€119
down €119 (-4.2%), from €2,844 to €2,725
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 | €44,640 | €46,198 | +€1,558 | +3.5% |
| Fixed assets | 21/28 | €2,600 | €2,600 | = | 0.0% |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €42,040 | €43,598 | +€1,558 | +3.7% |
| Stocks and contracts in progress | 3 | €26,710 | €23,326 | -€3,384 | -12.7% |
| Stocks | 30/36 | €26,710 | €23,326 | -€3,384 | -12.7% |
| Amounts receivable within one year | 40/41 | €5,943 | - | -€5,943 | |
| Trade receivables | 40 | €5,943 | - | -€5,943 | |
| Cash at bank and in hand | 54/58 | €9,387 | €20,272 | +€10,885 | +116.0% |
| Total equity and liabilities | 10/49 | €44,640 | €46,198 | +€1,558 | +3.5% |
| Equity | 10/15 | €26,480 | €26,116 | -€364 | -1.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €69 | €69 | = | 0.0% |
| Non-distributable reserves | 130/1 | €69 | €69 | = | 0.0% |
| Reserves not available under the articles | 1311 | €69 | €69 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,411 | €16,047 | -€364 | -2.2% |
| Amounts payable | 17/49 | €18,160 | €20,082 | +€1,922 | +10.6% |
| Amounts payable within one year | 42/48 | €18,160 | €20,082 | +€1,922 | +10.6% |
| Trade debts | 44 | €594 | €2,989 | +€2,395 | +403.2% |
| Suppliers | 440/4 | €594 | €2,989 | +€2,395 | +403.2% |
| Taxes, remuneration and social security | 45 | €5,660 | €7,019 | +€1,359 | +24.0% |
| Taxes | 450/3 | €5,660 | €7,019 | +€1,359 | +24.0% |
| Other amounts payable | 47/48 | €11,906 | €10,074 | -€1,832 | -15.4% |
| Other operating charges | 640/8 | €2,844 | €2,725 | -€119 | -4.2% |
| Gross operating margin | 9900 | €7,071 | €1,606 | -€5,465 | -77.3% |
| Operating profit (loss) | 9901 | €4,227 | -€1,119 | -€5,346 | |
| Financial income | 75/76B | - | €800 | +€800 | |
| Recurring financial income | 75 | - | €800 | +€800 | |
| Financial charges | 65/66B | €391 | €45 | -€346 | -88.5% |
| Recurring financial charges | 65 | €391 | €45 | -€346 | -88.5% |
| Profit (loss) for the period before taxes | 9903 | €3,836 | -€364 | -€4,200 | |
| Profit (loss) for the period | 9904 | €3,836 | -€364 | -€4,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,836 | -€364 | -€4,200 |
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 30 September 2026 via checked.be.