DE WULF C.: 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 C.
Largest movements
- Cash +€73,496
up €73,496 (+107%), from €69,006 to €142,502
mainly Depreciation (+€73,546) and Receivables within one year (+€29,396)
- Tangible fixed assets -€70,380
down €70,380 (-52.7%), from €133,627 to €63,247
of which Furniture and vehicles: -€65,793
- Receivables within one year -€29,396
down €29,396 (-8.9%), from €331,839 to €302,443
of which Trade receivables: -€96,718
- Trade debts -€35,472
down €35,472 (-76.7%), from €46,266 to €10,794
- Profit (loss) carried forward +€18,730
up €18,730 (+8.3%), from €226,199 to €244,929
- Tax, wage and social debts -€5,766
down €5,766 (-14.7%), from €39,160 to €33,394
of which Remuneration and social security: -€14,835
- Gross operating margin -€128,893
down €128,893 (-34.2%), from €376,406 to €247,513
- Staff costs -€121,235
down €121,235 (-43.4%), from €279,446 to €158,210
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 | €552,061 | €521,760 | -€30,301 | -5.5% |
| Fixed assets | 21/28 | €148,766 | €75,386 | -€73,380 | -49.3% |
| Tangible fixed assets | 22/27 | €133,627 | €63,247 | -€70,380 | -52.7% |
| Plant, machinery and equipment | 23 | €2,452 | €271 | -€2,181 | -88.9% |
| Furniture and vehicles | 24 | €119,789 | €53,996 | -€65,793 | -54.9% |
| Other tangible fixed assets | 26 | €11,386 | €8,980 | -€2,406 | -21.1% |
| Financial fixed assets | 28 | €15,139 | €12,139 | -€3,000 | -19.8% |
| Current assets | 29/58 | €403,294 | €446,374 | +€43,079 | +10.7% |
| Amounts receivable within one year | 40/41 | €331,839 | €302,443 | -€29,396 | -8.9% |
| Trade receivables | 40 | €188,079 | €91,361 | -€96,718 | -51.4% |
| Other amounts receivable | 41 | €143,759 | €211,082 | +€67,322 | +46.8% |
| Cash at bank and in hand | 54/58 | €69,006 | €142,502 | +€73,496 | +107% |
| Deferred charges and accrued income | 490/1 | €2,450 | €1,429 | -€1,021 | -41.7% |
| Total equity and liabilities | 10/49 | €552,061 | €521,760 | -€30,301 | -5.5% |
| Equity | 10/15 | €410,258 | €423,989 | +€13,730 | +3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €172,859 | €172,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €171,000 | €171,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €226,199 | €244,929 | +€18,730 | +8.3% |
| Investment grants | 15 | €5,000 | - | -€5,000 | |
| Provisions and deferred taxes | 16 | €53,000 | €53,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €53,000 | €53,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €53,000 | €53,000 | = | 0.0% |
| Amounts payable | 17/49 | €88,802 | €44,771 | -€44,031 | -49.6% |
| Amounts payable within one year | 42/48 | €88,219 | €44,188 | -€44,031 | -49.9% |
| Trade debts | 44 | €46,266 | €10,794 | -€35,472 | -76.7% |
| Suppliers | 440/4 | €46,266 | €10,794 | -€35,472 | -76.7% |
| Taxes, remuneration and social security | 45 | €39,160 | €33,394 | -€5,766 | -14.7% |
| Taxes | 450/3 | €23,079 | €32,148 | +€9,069 | +39.3% |
| Remuneration and social security | 454/9 | €16,081 | €1,247 | -€14,835 | -92.2% |
| Other amounts payable | 47/48 | €2,793 | - | -€2,793 | |
| Accrued charges and deferred income | 492/3 | €583 | €583 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €279,446 | €158,210 | -€121,235 | -43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,620 | €73,546 | -€1,074 | -1.4% |
| Other operating charges | 640/8 | €2,698 | €4,584 | +€1,887 | +69.9% |
| Gross operating margin | 9900 | €376,406 | €247,513 | -€128,893 | -34.2% |
| Operating profit (loss) | 9901 | €19,643 | €11,173 | -€8,470 | -43.1% |
| Financial income | 75/76B | €13,303 | €14,587 | +€1,284 | +9.7% |
| Recurring financial income | 75 | €13,303 | €14,580 | +€1,277 | +9.6% |
| Non-recurring financial income | 76B | - | €7 | +€7 | |
| Financial charges | 65/66B | €1,842 | €1,795 | -€47 | -2.5% |
| Recurring financial charges | 65 | €1,842 | €1,795 | -€47 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €31,104 | €23,965 | -€7,139 | -23.0% |
| Income taxes | 67/77 | €7,968 | €5,234 | -€2,733 | -34.3% |
| Profit (loss) for the period | 9904 | €23,136 | €18,730 | -€4,406 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,136 | €18,730 | -€4,406 | -19.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.