De Wolf Davy: 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 Davy
Largest movements
- Receivables within one year +€43,454
up €43,454 (+391.9%), from €11,089 to €54,544
of which Other amounts receivable: +€44,939
- Tangible fixed assets -€24,069
down €24,069 (-4.9%), from €488,749 to €464,680
of which Land and buildings: -€22,006
- Stocks and contracts -€10,897
down €10,897 (-66.6%), from €16,370 to €5,473
- Reserves +€42,508
up €42,508 (+472.3%), from €9,000 to €51,508
- Debts after one year -€20,819
down €20,819 (-5.5%), from €381,782 to €360,963
- Trade debts -€13,639
down €13,639 (-44.7%), from €30,480 to €16,841
- Tax, wage and social debts +€7,033
up €7,033 (+68.6%), from €10,258 to €17,291
of which Taxes: +€4,053
- Gross operating margin +€25,377
up €25,377 (+22.0%), from €115,475 to €140,852
- Taxes +€8,138
up €8,138 (+90.0%), from €9,044 to €17,182
- Staff costs +€5,228
up €5,228 (+15.7%), from €33,321 to €38,549
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 | €599,379 | €612,859 | +€13,480 | +2.2% |
| Fixed assets | 21/28 | €488,749 | €464,680 | -€24,069 | -4.9% |
| Tangible fixed assets | 22/27 | €488,749 | €464,680 | -€24,069 | -4.9% |
| Land and buildings | 22 | €465,318 | €443,312 | -€22,006 | -4.7% |
| Plant, machinery and equipment | 23 | €18,604 | €18,561 | -€44 | -0.2% |
| Furniture and vehicles | 24 | €4,828 | €2,808 | -€2,020 | -41.8% |
| Current assets | 29/58 | €110,630 | €148,179 | +€37,549 | +33.9% |
| Stocks and contracts in progress | 3 | €16,370 | €5,473 | -€10,897 | -66.6% |
| Stocks | 30/36 | €16,370 | €5,473 | -€10,897 | -66.6% |
| Amounts receivable within one year | 40/41 | €11,089 | €54,544 | +€43,454 | +391.9% |
| Trade receivables | 40 | €9,073 | €7,589 | -€1,485 | -16.4% |
| Other amounts receivable | 41 | €2,016 | €46,955 | +€44,939 | +2229.3% |
| Cash at bank and in hand | 54/58 | €78,830 | €83,819 | +€4,989 | +6.3% |
| Deferred charges and accrued income | 490/1 | €4,342 | €4,344 | +€2 | 0.0% |
| Total equity and liabilities | 10/49 | €599,379 | €612,859 | +€13,480 | +2.2% |
| Equity | 10/15 | €154,437 | €196,946 | +€42,508 | +27.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,000 | €51,508 | +€42,508 | +472.3% |
| Distributable reserves | 133 | €9,000 | €51,508 | +€42,508 | +472.3% |
| Profit (loss) carried forward | 14 | €140,437 | €140,437 | = | 0.0% |
| Amounts payable | 17/49 | €444,942 | €415,914 | -€29,028 | -6.5% |
| Amounts payable after more than one year | 17 | €381,782 | €360,963 | -€20,819 | -5.5% |
| Financial debts | 170/4 | €381,782 | €360,963 | -€20,819 | -5.5% |
| Amounts payable within one year | 42/48 | €63,160 | €54,951 | -€8,210 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €20,468 | €20,819 | +€351 | +1.7% |
| Trade debts | 44 | €30,480 | €16,841 | -€13,639 | -44.7% |
| Suppliers | 440/4 | €30,480 | €16,841 | -€13,639 | -44.7% |
| Taxes, remuneration and social security | 45 | €10,258 | €17,291 | +€7,033 | +68.6% |
| Taxes | 450/3 | €3,230 | €7,284 | +€4,053 | +125.5% |
| Remuneration and social security | 454/9 | €7,028 | €10,007 | +€2,979 | +42.4% |
| Other amounts payable | 47/48 | €1,954 | - | -€1,954 | |
| Remuneration, social security and pensions | 62 | €33,321 | €38,549 | +€5,228 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,881 | €27,450 | +€569 | +2.1% |
| Other operating charges | 640/8 | €4,707 | €5,105 | +€398 | +8.5% |
| Gross operating margin | 9900 | €115,475 | €140,852 | +€25,377 | +22.0% |
| Operating profit (loss) | 9901 | €50,566 | €69,749 | +€19,182 | +37.9% |
| Financial charges | 65/66B | €10,175 | €10,059 | -€117 | -1.1% |
| Recurring financial charges | 65 | €10,175 | €10,059 | -€117 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €40,391 | €59,690 | +€19,299 | +47.8% |
| Income taxes | 67/77 | €9,044 | €17,182 | +€8,138 | +90.0% |
| Profit (loss) for the period | 9904 | €31,347 | €42,508 | +€11,161 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,347 | €42,508 | +€11,161 | +35.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.