DE WULF JB: 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 JB
Largest movements
- Receivables within one year -€164,631
down €164,631 (-32.8%), from €502,344 to €337,713
of which Trade receivables: -€127,317
- Tangible fixed assets -€152,888
down €152,888 (-21.0%), from €729,435 to €576,547
- Cash +€36,580
up €36,580 (+256%), from €14,290 to €50,870
mainly Receivables within one year (+€164,631) and Depreciation (+€154,873)
- Stocks and contracts +€16,126
up €16,126 (+36.9%), from €43,689 to €59,814
- Debts after one year -€92,782
down €92,782 (-33.9%), from €273,988 to €181,206
- Profit (loss) carried forward -€89,110
down €89,110 (-309%), from -€28,812 to -€117,922
- Current portion of long-term debt -€53,962
down €53,962 (-17.3%), from €311,744 to €257,782
- Advances received -€48,268
down €48,268 (-52.1%), from €92,708 to €44,441
- Trade debts +€37,526
up €37,526 (+30.5%), from €122,966 to €160,492
- Gross operating margin -€102,385
down €102,385 (-42.0%), from €243,549 to €141,164
- Depreciation +€14,677
up €14,677 (+10.5%), from €140,196 to €154,873
- Staff costs -€8,489
down €8,489 (-14.9%), from €56,840 to €48,350
- Taxes -€6,319
down €6,319 (-93.1%), from €6,790 to €470
- Other operating charges +€3,067
up €3,067 (+27.6%), from €11,120 to €14,187
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 | €1,366,292 | €1,103,257 | -€263,035 | -19.3% |
| Fixed assets | 21/28 | €736,767 | €583,046 | -€153,720 | -20.9% |
| Intangible fixed assets | 21 | €1,743 | €911 | -€833 | -47.8% |
| Tangible fixed assets | 22/27 | €729,435 | €576,547 | -€152,888 | -21.0% |
| Land and buildings | 22 | €452,777 | €402,174 | -€50,603 | -11.2% |
| Plant, machinery and equipment | 23 | €216,343 | €143,640 | -€72,703 | -33.6% |
| Furniture and vehicles | 24 | €3,291 | €1,231 | -€2,059 | -62.6% |
| Leasing and similar rights | 25 | €57,023 | €29,501 | -€27,522 | -48.3% |
| Financial fixed assets | 28 | €5,589 | €5,589 | = | 0.0% |
| Current assets | 29/58 | €629,526 | €520,211 | -€109,315 | -17.4% |
| Stocks and contracts in progress | 3 | €43,689 | €59,814 | +€16,126 | +36.9% |
| Stocks | 30/36 | €43,689 | €59,814 | +€16,126 | +36.9% |
| Amounts receivable within one year | 40/41 | €502,344 | €337,713 | -€164,631 | -32.8% |
| Trade receivables | 40 | €433,892 | €306,575 | -€127,317 | -29.3% |
| Other amounts receivable | 41 | €68,452 | €31,138 | -€37,314 | -54.5% |
| Current investments | 50/53 | €57,949 | €57,949 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,290 | €50,870 | +€36,580 | +256% |
| Deferred charges and accrued income | 490/1 | €11,254 | €13,864 | +€2,610 | +23.2% |
| Total equity and liabilities | 10/49 | €1,366,292 | €1,103,257 | -€263,035 | -19.3% |
| Equity | 10/15 | €247,597 | €158,487 | -€89,110 | -36.0% |
| Contributions | 10/11 | €121,000 | €153,100 | +€32,100 | +26.5% |
| Capital | 10 | €121,000 | - | -€121,000 | |
| Issued capital | 100 | €121,000 | - | -€121,000 | |
| Reserves | 13 | €155,409 | €123,309 | -€32,100 | -20.7% |
| Non-distributable reserves | 130/1 | €32,100 | - | -€32,100 | |
| Legal reserve | 130 | €32,100 | - | -€32,100 | |
| Tax-exempt reserves | 132 | €0 | €0 | = | |
| Distributable reserves | 133 | €123,309 | €123,309 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,812 | -€117,922 | -€89,110 | -309% |
| Investment grants | 15 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | €0 | = | |
| Deferred taxes | 168 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,118,695 | €944,770 | -€173,925 | -15.5% |
| Amounts payable after more than one year | 17 | €273,988 | €181,206 | -€92,782 | -33.9% |
| Financial debts | 170/4 | €273,988 | €181,206 | -€92,782 | -33.9% |
| Amounts payable within one year | 42/48 | €840,210 | €760,342 | -€79,868 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €311,744 | €257,782 | -€53,962 | -17.3% |
| Trade debts | 44 | €122,966 | €160,492 | +€37,526 | +30.5% |
| Suppliers | 440/4 | €122,966 | €160,492 | +€37,526 | +30.5% |
| Advances received on contracts in progress | 46 | €92,708 | €44,441 | -€48,268 | -52.1% |
| Taxes, remuneration and social security | 45 | €18,092 | €15,277 | -€2,815 | -15.6% |
| Taxes | 450/3 | €8,079 | €3,469 | -€4,610 | -57.1% |
| Remuneration and social security | 454/9 | €10,013 | €11,808 | +€1,795 | +17.9% |
| Other amounts payable | 47/48 | €294,700 | €282,351 | -€12,348 | -4.2% |
| Accrued charges and deferred income | 492/3 | €4,497 | €3,222 | -€1,275 | -28.4% |
| Non-recurring operating income | 76A | €0 | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €56,840 | €48,350 | -€8,489 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,196 | €154,873 | +€14,677 | +10.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | €0 | = | |
| Other operating charges | 640/8 | €11,120 | €14,187 | +€3,067 | +27.6% |
| Gross operating margin | 9900 | €243,549 | €141,164 | -€102,385 | -42.0% |
| Operating profit (loss) | 9901 | €35,394 | -€76,246 | -€111,640 | |
| Financial income | 75/76B | €3,220 | €2,071 | -€1,149 | -35.7% |
| Recurring financial income | 75 | €3,220 | €2,071 | -€1,149 | -35.7% |
| Non-recurring financial income | 76B | €0 | €0 | = | |
| Financial charges | 65/66B | €15,791 | €14,465 | -€1,326 | -8.4% |
| Recurring financial charges | 65 | €15,791 | €14,465 | -€1,326 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €22,823 | -€88,640 | -€111,462 | |
| Transfer from deferred taxes | 780 | €0 | €0 | = | |
| Income taxes | 67/77 | €6,790 | €470 | -€6,319 | -93.1% |
| Profit (loss) for the period | 9904 | €16,033 | -€89,110 | -€105,143 | |
| Transfer from tax-exempt reserves | 789 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €16,033 | -€89,110 | -€105,143 |
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 16 October 2026 via checked.be.