DE WOLF C.: 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 C.
Largest movements
- Receivables within one year -€28,591
down €28,591 (-73.6%), from €38,855 to €10,264
of which Trade receivables: -€29,078
- Tangible fixed assets -€26,220
down €26,220 (-36.2%), from €72,468 to €46,248
of which Plant, machinery and equipment: -€19,344
- Cash +€23,646
up €23,646 (+35.0%), from €67,623 to €91,269
mainly Depreciation (+€32,398) and Receivables within one year (+€28,591)
- Stocks and contracts -€6,218
down €6,218 (-23.3%), from €26,673 to €20,455
- Other debts -€26,731
down €26,731 (-45.5%), from €58,736 to €32,005
- Reserves +€18,000
up €18,000 (+26.3%), from €68,400 to €86,400
- Debts after one year -€14,014
down €14,014 (-45.0%), from €31,161 to €17,147
- Tax, wage and social debts -€7,596
down €7,596 (-51.6%), from €14,718 to €7,123
- Trade debts -€5,021
down €5,021 (-32.5%), from €15,450 to €10,430
- Gross operating margin -€27,788
down €27,788 (-31.8%), from €87,449 to €59,661
- Taxes -€7,603
down €7,603 (-51.7%), from €14,706 to €7,103
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 | €205,769 | €168,237 | -€37,533 | -18.2% |
| Fixed assets | 21/28 | €72,468 | €46,248 | -€26,220 | -36.2% |
| Tangible fixed assets | 22/27 | €72,468 | €46,248 | -€26,220 | -36.2% |
| Plant, machinery and equipment | 23 | €63,898 | €44,554 | -€19,344 | -30.3% |
| Furniture and vehicles | 24 | €8,570 | €1,694 | -€6,876 | -80.2% |
| Current assets | 29/58 | €133,301 | €121,988 | -€11,313 | -8.5% |
| Stocks and contracts in progress | 3 | €26,673 | €20,455 | -€6,218 | -23.3% |
| Stocks | 30/36 | €26,673 | €20,455 | -€6,218 | -23.3% |
| Amounts receivable within one year | 40/41 | €38,855 | €10,264 | -€28,591 | -73.6% |
| Trade receivables | 40 | €35,483 | €6,405 | -€29,078 | -81.9% |
| Other amounts receivable | 41 | €3,372 | €3,859 | +€487 | +14.4% |
| Cash at bank and in hand | 54/58 | €67,623 | €91,269 | +€23,646 | +35.0% |
| Deferred charges and accrued income | 490/1 | €150 | €0 | -€150 | -100.0% |
| Total equity and liabilities | 10/49 | €205,769 | €168,237 | -€37,533 | -18.2% |
| Equity | 10/15 | €69,442 | €87,518 | +€18,076 | +26.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €68,400 | €86,400 | +€18,000 | +26.3% |
| Distributable reserves | 133 | €68,400 | €86,400 | +€18,000 | +26.3% |
| Profit (loss) carried forward | 14 | €42 | €118 | +€76 | +181.3% |
| Amounts payable | 17/49 | €136,327 | €80,719 | -€55,608 | -40.8% |
| Amounts payable after more than one year | 17 | €31,161 | €17,147 | -€14,014 | -45.0% |
| Financial debts | 170/4 | €31,161 | €17,147 | -€14,014 | -45.0% |
| Amounts payable within one year | 42/48 | €102,316 | €63,572 | -€38,745 | -37.9% |
| Current portion of amounts payable after more than one year | 42 | €13,411 | €14,014 | +€603 | +4.5% |
| Trade debts | 44 | €15,450 | €10,430 | -€5,021 | -32.5% |
| Suppliers | 440/4 | €15,450 | €10,430 | -€5,021 | -32.5% |
| Taxes, remuneration and social security | 45 | €14,718 | €7,123 | -€7,596 | -51.6% |
| Taxes | 450/3 | €14,718 | €7,123 | -€7,596 | -51.6% |
| Other amounts payable | 47/48 | €58,736 | €32,005 | -€26,731 | -45.5% |
| Accrued charges and deferred income | 492/3 | €2,850 | €0 | -€2,850 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,843 | €32,398 | +€555 | +1.7% |
| Other operating charges | 640/8 | €465 | €411 | -€55 | -11.8% |
| Gross operating margin | 9900 | €87,449 | €59,661 | -€27,788 | -31.8% |
| Operating profit (loss) | 9901 | €55,141 | €26,853 | -€28,288 | -51.3% |
| Financial income | 75/76B | €2,582 | €1,759 | -€823 | -31.9% |
| Recurring financial income | 75 | €2,582 | €1,759 | -€823 | -31.9% |
| Financial charges | 65/66B | €4,085 | €3,434 | -€652 | -16.0% |
| Recurring financial charges | 65 | €4,085 | €3,434 | -€652 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €53,638 | €25,179 | -€28,459 | -53.1% |
| Income taxes | 67/77 | €14,706 | €7,103 | -€7,603 | -51.7% |
| Profit (loss) for the period | 9904 | €38,932 | €18,076 | -€20,856 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,932 | €18,076 | -€20,856 | -53.6% |
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.