DE WULF: 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 WULF
Largest movements
- Tangible fixed assets -€5,543
down €5,543 (-42.3%), from €13,100 to €7,556
- Receivables within one year +€1,646
up €1,646 (+40.0%), from €4,114 to €5,760
of which Trade receivables: +€2,968
- Cash +€1,370
up €1,370 (+29.3%), from €4,672 to €6,042
mainly Depreciation (+€5,543) and Tax, wage and social debts (+€918)
- Other debts -€2,454
down €2,454 (-81.9%), from €2,996 to €543
- Reserves -€1,132
no longer reported in 2025 (was €1,132)
- Tax, wage and social debts +€918
new in 2025: €918
- Gross operating margin -€1,095
down €1,095 (-15.2%), from €7,212 to €6,117
- Depreciation +€296
up €296 (+5.6%), from €5,247 to €5,543
- Taxes -€259
down €259 (-22.0%), from €1,177 to €918
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.
Derived cash bridge
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 | €23,926 | €21,398 | -€2,528 | -10.6% |
| Fixed assets | 21/28 | €15,140 | €9,596 | -€5,543 | -36.6% |
| Tangible fixed assets | 22/27 | €13,100 | €7,556 | -€5,543 | -42.3% |
| Furniture and vehicles | 24 | €13,100 | €7,556 | -€5,543 | -42.3% |
| Financial fixed assets | 28 | €2,040 | €2,040 | = | 0.0% |
| Current assets | 29/58 | €8,786 | €11,802 | +€3,016 | +34.3% |
| Amounts receivable within one year | 40/41 | €4,114 | €5,760 | +€1,646 | +40.0% |
| Trade receivables | 40 | €2,791 | €5,760 | +€2,968 | +106% |
| Other amounts receivable | 41 | €1,323 | - | -€1,323 | |
| Cash at bank and in hand | 54/58 | €4,672 | €6,042 | +€1,370 | +29.3% |
| Total equity and liabilities | 10/49 | €23,926 | €21,398 | -€2,528 | -10.6% |
| Equity | 10/15 | €19,732 | €18,563 | -€1,169 | -5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,132 | - | -€1,132 | |
| Distributable reserves | 133 | €1,132 | - | -€1,132 | |
| Profit (loss) carried forward | 14 | - | -€37 | -€37 | |
| Amounts payable | 17/49 | €4,194 | €2,835 | -€1,359 | -32.4% |
| Amounts payable within one year | 42/48 | €3,619 | €2,260 | -€1,359 | -37.5% |
| Trade debts | 44 | €623 | €800 | +€177 | +28.5% |
| Suppliers | 440/4 | €623 | €800 | +€177 | +28.5% |
| Taxes, remuneration and social security | 45 | - | €918 | +€918 | |
| Taxes | 450/3 | - | €918 | +€918 | |
| Other amounts payable | 47/48 | €2,996 | €543 | -€2,454 | -81.9% |
| Accrued charges and deferred income | 492/3 | €575 | €575 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,247 | €5,543 | +€296 | +5.6% |
| Other operating charges | 640/8 | €674 | €687 | +€13 | +1.9% |
| Gross operating margin | 9900 | €7,212 | €6,117 | -€1,095 | -15.2% |
| Operating profit (loss) | 9901 | €1,290 | -€113 | -€1,403 | |
| Financial charges | 65/66B | €113 | €138 | +€25 | +22.6% |
| Recurring financial charges | 65 | €113 | €138 | +€25 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €1,177 | -€251 | -€1,428 | |
| Income taxes | 67/77 | €1,177 | €918 | -€259 | -22.0% |
| Profit (loss) for the period | 9904 | -€0 | -€1,169 | -€1,169 | -5,845,250% |
| Profit (loss) for the period to be appropriated | 9905 | -€0 | -€1,169 | -€1,169 | -5,845,250% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.