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
- Deferred charges and accrued income -€53,941
down €53,941 (-40.7%), from €132,666 to €78,725
- Cash +€50,479
up €50,479 (+171.1%), from €29,509 to €79,988
mainly Deferred charges and accrued income (+€53,941) and Depreciation (+€15,155)
- Tangible fixed assets +€8,255
up €8,255 (+43.1%), from €19,148 to €27,403
of which Furniture and vehicles: +€8,197
- Receivables within one year +€7,574
up €7,574 (+26.4%), from €28,709 to €36,283
of which Trade receivables: +€7,986
- Reserves +€11,675
up €11,675 (+9.6%), from €121,444 to €133,119
of which Distributable reserves: +€11,675
- Trade debts +€6,027
up €6,027 (+12.6%), from €47,744 to €53,770
- Debts after one year -€5,059
down €5,059 (-48.8%), from €10,361 to €5,303
- Depreciation +€4,207
up €4,207 (+38.4%), from €10,948 to €15,155
- Gross operating margin +€3,089
up €3,089 (+7.9%), from €39,151 to €42,240
- Taxes -€1,486
down €1,486 (-17.3%), from €8,577 to €7,091
- Financial charges -€1,412
down €1,412 (-17.9%), from €7,872 to €6,460
- Other operating charges +€594
up €594 (+42.6%), from €1,396 to €1,991
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 | €219,715 | €230,445 | +€10,730 | +4.9% |
| Fixed assets | 21/28 | €28,831 | €35,449 | +€6,618 | +23.0% |
| Intangible fixed assets | 21 | €9,683 | €8,046 | -€1,636 | -16.9% |
| Tangible fixed assets | 22/27 | €19,148 | €27,403 | +€8,255 | +43.1% |
| Land and buildings | 22 | €1,264 | €1,205 | -€60 | -4.7% |
| Plant, machinery and equipment | 23 | €6,840 | €6,957 | +€117 | +1.7% |
| Furniture and vehicles | 24 | €11,044 | €19,242 | +€8,197 | +74.2% |
| Current assets | 29/58 | €190,884 | €194,996 | +€4,112 | +2.2% |
| Amounts receivable within one year | 40/41 | €28,709 | €36,283 | +€7,574 | +26.4% |
| Trade receivables | 40 | €25,389 | €33,374 | +€7,986 | +31.5% |
| Other amounts receivable | 41 | €3,320 | €2,909 | -€412 | -12.4% |
| Cash at bank and in hand | 54/58 | €29,509 | €79,988 | +€50,479 | +171.1% |
| Deferred charges and accrued income | 490/1 | €132,666 | €78,725 | -€53,941 | -40.7% |
| Total equity and liabilities | 10/49 | €219,715 | €230,445 | +€10,730 | +4.9% |
| Equity | 10/15 | €140,044 | €151,719 | +€11,675 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €121,444 | €133,119 | +€11,675 | +9.6% |
| Tax-exempt reserves | 132 | €18,009 | €18,009 | = | 0.0% |
| Distributable reserves | 133 | €103,435 | €115,110 | +€11,675 | +11.3% |
| Amounts payable | 17/49 | €79,671 | €78,726 | -€945 | -1.2% |
| Amounts payable after more than one year | 17 | €10,361 | €5,303 | -€5,059 | -48.8% |
| Financial debts | 170/4 | €10,361 | €5,303 | -€5,059 | -48.8% |
| Amounts payable within one year | 42/48 | €69,310 | €71,504 | +€2,193 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €5,873 | €5,059 | -€814 | -13.9% |
| Trade debts | 44 | €47,744 | €53,770 | +€6,027 | +12.6% |
| Suppliers | 440/4 | €47,744 | €53,770 | +€6,027 | +12.6% |
| Taxes, remuneration and social security | 45 | €4,865 | €2,601 | -€2,263 | -46.5% |
| Taxes | 450/3 | €4,865 | €2,601 | -€2,263 | -46.5% |
| Other amounts payable | 47/48 | €10,829 | €10,073 | -€756 | -7.0% |
| Accrued charges and deferred income | 492/3 | - | €1,920 | +€1,920 | |
| Non-recurring operating income | 76A | €10,436 | - | -€10,436 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,948 | €15,155 | +€4,207 | +38.4% |
| Other operating charges | 640/8 | €1,396 | €1,991 | +€594 | +42.6% |
| Gross operating margin | 9900 | €39,151 | €42,240 | +€3,089 | +7.9% |
| Operating profit (loss) | 9901 | €26,806 | €25,094 | -€1,712 | -6.4% |
| Financial income | 75/76B | €347 | €132 | -€214 | -61.8% |
| Recurring financial income | 75 | €347 | €132 | -€214 | -61.8% |
| Financial charges | 65/66B | €7,872 | €6,460 | -€1,412 | -17.9% |
| Recurring financial charges | 65 | €7,872 | €6,460 | -€1,412 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €19,281 | €18,767 | -€514 | -2.7% |
| Income taxes | 67/77 | €8,577 | €7,091 | -€1,486 | -17.3% |
| Profit (loss) for the period | 9904 | €10,703 | €11,675 | +€972 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,703 | €11,675 | +€972 | +9.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.