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
- Receivables within one year -€8,280
down €8,280 (-74.9%), from €11,058 to €2,778
of which Trade receivables: -€8,259
- Cash +€4,120
up €4,120 (+115.1%), from €3,578 to €7,698
mainly Receivables within one year (+€8,280) and Other debts (+€3,569)
- Deferred charges and accrued income -€1,139
down €1,139 (-88.2%), from €1,292 to €153
- Tangible fixed assets -€1,082
down €1,082 (-39.7%), from €2,723 to €1,641
of which Furniture and vehicles: -€780
- Profit (loss) carried forward -€11,507
down €11,507 (-72.0%), from -€15,985 to -€27,492
- Other debts +€3,569
up €3,569 (+35.3%), from €10,119 to €13,688
- Trade debts +€1,144
up €1,144 (+31.0%), from €3,692 to €4,836
- Tax, wage and social debts +€413
up €413 (+113.2%), from €365 to €778
- Gross operating margin -€28,044
down €28,044, from €18,214 to -€9,830
- Depreciation -€840
down €840 (-43.7%), from €1,922 to €1,082
- Other operating charges -€318
down €318 (-47.5%), from €670 to €352
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 | €18,651 | €12,270 | -€6,381 | -34.2% |
| Fixed assets | 21/28 | €2,723 | €1,641 | -€1,082 | -39.7% |
| Tangible fixed assets | 22/27 | €2,723 | €1,641 | -€1,082 | -39.7% |
| Furniture and vehicles | 24 | €780 | - | -€780 | |
| Other tangible fixed assets | 26 | €1,943 | €1,641 | -€302 | -15.5% |
| Current assets | 29/58 | €15,928 | €10,629 | -€5,299 | -33.3% |
| Amounts receivable within one year | 40/41 | €11,058 | €2,778 | -€8,280 | -74.9% |
| Trade receivables | 40 | €11,037 | €2,778 | -€8,259 | -74.8% |
| Other amounts receivable | 41 | €21 | - | -€21 | |
| Cash at bank and in hand | 54/58 | €3,578 | €7,698 | +€4,120 | +115.1% |
| Deferred charges and accrued income | 490/1 | €1,292 | €153 | -€1,139 | -88.2% |
| Total equity and liabilities | 10/49 | €18,651 | €12,270 | -€6,381 | -34.2% |
| Equity | 10/15 | €4,475 | -€7,032 | -€11,507 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,985 | -€27,492 | -€11,507 | -72.0% |
| Amounts payable | 17/49 | €14,176 | €19,302 | +€5,126 | +36.2% |
| Amounts payable within one year | 42/48 | €14,176 | €19,302 | +€5,126 | +36.2% |
| Trade debts | 44 | €3,692 | €4,836 | +€1,144 | +31.0% |
| Suppliers | 440/4 | €3,692 | €4,836 | +€1,144 | +31.0% |
| Taxes, remuneration and social security | 45 | €365 | €778 | +€413 | +113.2% |
| Taxes | 450/3 | €365 | €778 | +€413 | +113.2% |
| Other amounts payable | 47/48 | €10,119 | €13,688 | +€3,569 | +35.3% |
| Non-recurring operating income | 76A | - | €554 | +€554 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,922 | €1,082 | -€840 | -43.7% |
| Other operating charges | 640/8 | €670 | €352 | -€318 | -47.5% |
| Gross operating margin | 9900 | €18,214 | -€9,830 | -€28,044 | |
| Operating profit (loss) | 9901 | €15,622 | -€11,264 | -€26,886 | |
| Financial charges | 65/66B | €199 | €99 | -€100 | -50.3% |
| Recurring financial charges | 65 | €199 | €99 | -€100 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €15,423 | -€11,363 | -€26,786 | |
| Income taxes | 67/77 | €207 | €144 | -€63 | -30.4% |
| Profit (loss) for the period | 9904 | €15,216 | -€11,507 | -€26,723 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,216 | -€11,507 | -€26,723 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.