DE WOLF NICO: what changed
What changed
DE WOLF NICO
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€28,887
2024 · €40,954-€12,067
Equity
€160,121
2024 · €152,734+€7,387
Cash
€33,979
2024 · -+€33,979
Balance sheet total
€272,544
2024 · €392,801-€120,258
Largest movements
Assets
- Receivables within one year -€108,449
down €108,449 (-49.6%), from €218,795 to €110,346
of which Trade receivables: -€124,399
- Tangible fixed assets -€34,365
down €34,365 (-31.1%), from €110,491 to €76,125
- Cash +€33,979
new in 2025: €33,979
mainly Receivables within one year (+€108,449) and Depreciation (+€36,875)
- Stocks and contracts -€12,797
down €12,797 (-21.5%), from €59,557 to €46,760
Equity and liabilities
- Trade debts -€38,265
down €38,265 (-61.0%), from €62,679 to €24,415
- Debts after one year -€37,877
down €37,877 (-82.1%), from €46,117 to €8,240
- Short-term financial debts -€27,191
no longer reported in 2025 (was €27,191)
- Reserves +€16,997
up €16,997 (+13.7%), from €124,524 to €141,521
of which Distributable reserves: +€16,997
- Other debts -€14,214
down €14,214 (-39.8%), from €35,714 to €21,500
Income statement
- Staff costs +€18,209
up €18,209 (+15.4%), from €117,960 to €136,169
- Taxes -€5,508
down €5,508 (-34.0%), from €16,215 to €10,706
- Gross operating margin +€2,399
up €2,399 (+1.1%), from €218,713 to €221,112
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€40,954
Gross operating margin
+€2,399
Staff costs
-€18,209
Depreciation
+€146
Other operating charges
-€646
Financial income
-€613
Financial charges
-€653
Taxes
+€5,508
Result 2025
€28,887
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€128,773
Investment
-€2,509
Financing
-€92,285
Cash 2024
€0
From operations (derived)
+€128,773
Net result for the year
+€28,887
Depreciation
+€36,875
Stocks and contracts
+€12,797
Receivables within one year
+€108,449
Deferred charges and accrued income
-€1,375
Trade debts
-€38,265
Tax, wage and social debts
-€4,381
Other debts
-€14,214
Investment (derived)
-€2,509
Investment in fixed assets (net)
-€2,509
Financing
-€92,285
Debts after one year
-€37,877
Current portion of long-term debt
-€5,717
Short-term financial debts
-€27,191
Contributions, distributions and other
-€21,500
Cash 2025
€33,979
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €392,801 | €272,544 | -€120,258 | -30.6% |
| Fixed assets | 21/28 | €110,640 | €76,274 | -€34,365 | -31.1% |
| Tangible fixed assets | 22/27 | €110,491 | €76,125 | -€34,365 | -31.1% |
| Land and buildings | 22 | €44,734 | €28,263 | -€16,471 | -36.8% |
| Plant, machinery and equipment | 23 | €9,304 | €6,131 | -€3,173 | -34.1% |
| Furniture and vehicles | 24 | €52,818 | €38,097 | -€14,721 | -27.9% |
| Other tangible fixed assets | 26 | €3,635 | €3,635 | = | 0.0% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €282,161 | €196,269 | -€85,892 | -30.4% |
| Stocks and contracts in progress | 3 | €59,557 | €46,760 | -€12,797 | -21.5% |
| Stocks | 30/36 | €59,557 | €46,760 | -€12,797 | -21.5% |
| Amounts receivable within one year | 40/41 | €218,795 | €110,346 | -€108,449 | -49.6% |
| Trade receivables | 40 | €166,450 | €42,051 | -€124,399 | -74.7% |
| Other amounts receivable | 41 | €52,345 | €68,295 | +€15,950 | +30.5% |
| Cash at bank and in hand | 54/58 | - | €33,979 | +€33,979 | |
| Deferred charges and accrued income | 490/1 | €3,810 | €5,185 | +€1,375 | +36.1% |
| Total equity and liabilities | 10/49 | €392,801 | €272,544 | -€120,258 | -30.6% |
| Equity | 10/15 | €152,734 | €160,121 | +€7,387 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €124,524 | €141,521 | +€16,997 | +13.7% |
| Tax-exempt reserves | 132 | €16,297 | €16,297 | = | 0.0% |
| Distributable reserves | 133 | €108,227 | €125,224 | +€16,997 | +15.7% |
| Profit (loss) carried forward | 14 | €9,610 | - | -€9,610 | |
| Amounts payable | 17/49 | €240,067 | €112,423 | -€127,645 | -53.2% |
| Amounts payable after more than one year | 17 | €46,117 | €8,240 | -€37,877 | -82.1% |
| Financial debts | 170/4 | €46,117 | €8,240 | -€37,877 | -82.1% |
| Amounts payable within one year | 42/48 | €193,950 | €104,182 | -€89,768 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €43,594 | €37,877 | -€5,717 | -13.1% |
| Financial debts | 43 | €27,191 | - | -€27,191 | |
| Credit institutions | 430/8 | €27,191 | - | -€27,191 | |
| Trade debts | 44 | €62,679 | €24,415 | -€38,265 | -61.0% |
| Suppliers | 440/4 | €62,679 | €24,415 | -€38,265 | -61.0% |
| Taxes, remuneration and social security | 45 | €24,772 | €20,391 | -€4,381 | -17.7% |
| Taxes | 450/3 | €17,826 | €1,932 | -€15,894 | -89.2% |
| Remuneration and social security | 454/9 | €6,946 | €18,459 | +€11,513 | +166% |
| Other amounts payable | 47/48 | €35,714 | €21,500 | -€14,214 | -39.8% |
| Remuneration, social security and pensions | 62 | €117,960 | €136,169 | +€18,209 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,021 | €36,875 | -€146 | -0.4% |
| Other operating charges | 640/8 | €1,964 | €2,611 | +€646 | +32.9% |
| Gross operating margin | 9900 | €218,713 | €221,112 | +€2,399 | +1.1% |
| Operating profit (loss) | 9901 | €61,767 | €45,457 | -€16,310 | -26.4% |
| Financial income | 75/76B | €2,573 | €1,961 | -€613 | -23.8% |
| Recurring financial income | 75 | €2,573 | €1,961 | -€613 | -23.8% |
| Financial charges | 65/66B | €7,172 | €7,824 | +€653 | +9.1% |
| Recurring financial charges | 65 | €7,172 | €7,824 | +€653 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €57,169 | €39,593 | -€17,576 | -30.7% |
| Income taxes | 67/77 | €16,215 | €10,706 | -€5,508 | -34.0% |
| Profit (loss) for the period | 9904 | €40,954 | €28,887 | -€12,067 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,954 | €28,887 | -€12,067 | -29.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.