DEWULF: what changed
Two fiscal 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.
What changed
DEWULF
NACE 28.300, Manufacture of machinery and equipment not elsewhere classified
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.4m
2024 · €3.7m+€2.6m
Equity
€26.9m
2024 · €20.6m+€6.4m
Cash
€3.6m
2024 · €586,415+€3.0m
Balance sheet total
€85.0m
2024 · €67.2m+€17.7m
Largest movements
Assets
- Stocks and contracts +€14.6m
up €14.6m (+37.6%), from €38.9m to €53.5m
- Cash +€3.0m
up €3.0m (+511.7%), from €586,415 to €3.6m
mainly Short-term financial debts (+€13.0m) and Net result for the year (+€6.4m)
- Receivables within one year -€1.5m
down €1.5m (-10.7%), from €13.7m to €12.2m
of which Other amounts receivable: -€3.1m
- Financial fixed assets +€1.4m
up €1.4m (+198.6%), from €694,700 to €2.1m
of which Affiliated companies: +€1.4m
Equity and liabilities
- Short-term financial debts +€13.0m
up €13.0m (+116.3%), from €11.2m to €24.1m
- Reserves +€6.4m
up €6.4m (+36.5%), from €17.4m to €23.8m
of which Distributable reserves: +€6.4m
- Other debts +€2.4m
up €2.4m (+142.7%), from €1.7m to €4.0m
- Advances received -€2.3m
down €2.3m (-62.8%), from €3.6m to €1.3m
- Current portion of long-term debt -€2.1m
down €2.1m (-52.6%), from €3.9m to €1.9m
Income statement
- Goods and materials +€11.9m
up €11.9m (+19.5%), from €60.8m to €72.7m
of which Purchases: +€12.2m
- Turnover +€11.2m
up €11.2m (+12.3%), from €90.5m to €101.6m
- Staff costs +€2.7m
up €2.7m (+20.3%), from €13.4m to €16.1m
- Services and other goods +€2.7m
up €2.7m (+28.9%), from €9.2m to €11.9m
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.
Result 2024
€3.7m
Turnover
+€11.2m
Other operating income
-€24,185
Goods and materials
-€11.9m
Services and other goods
-€2.7m
Staff costs
-€2.7m
Depreciation
-€553,996
Write-downs
-€848,709
Provisions
-€296,246
Other operating charges
-€56,275
Other operating items
+€10.9m
Financial income
-€67,366
Financial charges
+€214,038
Taxes
-€502,019
Result 2025
€6.4m
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.
From operations
-€5.8m
Investment
-€3.5m
Financing
+€12.4m
Cash 2024
€586,415
From operations (derived)
-€5.8m
Net result for the year
+€6.4m
Depreciation
+€2.1m
Stocks and contracts
-€14.6m
Receivables within one year
+€1.5m
Deferred charges and accrued income
-€109,974
Provisions
+€206,711
Trade debts
-€1.8m
Tax, wage and social debts
+€407,441
Advances received
-€2.3m
Other debts
+€2.4m
Accrued charges and deferred income
+€97,002
Investment (derived)
-€3.5m
Investment in fixed assets (net)
-€3.5m
Financing
+€12.4m
Debts after one year
+€1.4m
Current portion of long-term debt
-€2.1m
Short-term financial debts
+€13.0m
Cash 2025
€3.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,212,458 | €84,960,688 | +€17.7m | +26.4% |
| Fixed assets | 21/28 | €13,453,564 | €14,920,008 | +€1.5m | +10.9% |
| Intangible fixed assets | 21 | €1,795,000 | €2,132,907 | +€337,907 | +18.8% |
| Tangible fixed assets | 22/27 | €10,963,864 | €10,712,708 | -€251,156 | -2.3% |
| Land and buildings | 22 | €5,627,146 | €5,831,041 | +€203,895 | +3.6% |
| Plant, machinery and equipment | 23 | €173,671 | €595,864 | +€422,194 | +243.1% |
| Furniture and vehicles | 24 | €504,803 | €414,065 | -€90,738 | -18.0% |
| Leasing and similar rights | 25 | €4,606,833 | €3,774,455 | -€832,378 | -18.1% |
| Assets under construction and advance payments | 27 | €51,412 | €97,283 | +€45,871 | +89.2% |
| Financial fixed assets | 28 | €694,700 | €2,074,393 | +€1.4m | +198.6% |
| Affiliated companies | 280/1 | €650,000 | €2,029,693 | +€1.4m | +212.3% |
| Participating interests | 280 | €650,000 | €779,693 | +€129,693 | +20.0% |
| Amounts receivable | 281 | - | €1,250,000 | +€1.3m | |
| Other financial fixed assets | 284/8 | €44,700 | €44,700 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €44,700 | €44,700 | = | 0.0% |
| Current assets | 29/58 | €53,758,894 | €70,040,679 | +€16.3m | +30.3% |
| Stocks and contracts in progress | 3 | €38,873,548 | €53,508,331 | +€14.6m | +37.6% |
| Stocks | 30/36 | €38,873,548 | €53,508,331 | +€14.6m | +37.6% |
| Raw materials and consumables | 30/31 | €20,166,332 | €22,279,234 | +€2.1m | +10.5% |
| Work in progress | 32 | €4,323,742 | €1,817,755 | -€2.5m | -58.0% |
| Finished goods | 33 | €11,420,315 | €24,369,343 | +€12.9m | +113.4% |
| Goods purchased for resale | 34 | €2,963,159 | €5,041,998 | +€2.1m | +70.2% |
| Amounts receivable within one year | 40/41 | €13,706,660 | €12,242,796 | -€1.5m | -10.7% |
| Trade receivables | 40 | €7,892,874 | €9,523,939 | +€1.6m | +20.7% |
| Other amounts receivable | 41 | €5,813,786 | €2,718,858 | -€3.1m | -53.2% |
| Cash at bank and in hand | 54/58 | €586,415 | €3,587,307 | +€3.0m | +511.7% |
| Deferred charges and accrued income | 490/1 | €592,271 | €702,245 | +€109,974 | +18.6% |
| Total equity and liabilities | 10/49 | €67,212,458 | €84,960,688 | +€17.7m | +26.4% |
| Equity | 10/15 | €20,583,505 | €26,946,749 | +€6.4m | +30.9% |
| Contributions | 10/11 | €3,169,746 | €3,169,746 | = | 0.0% |
| Capital | 10 | €3,169,746 | €3,169,746 | = | 0.0% |
| Issued capital | 100 | €3,169,746 | €3,169,746 | = | 0.0% |
| Reserves | 13 | €17,413,760 | €23,777,003 | +€6.4m | +36.5% |
| Non-distributable reserves | 130/1 | €319,818 | €319,818 | = | 0.0% |
| Legal reserve | 130 | €319,818 | €319,818 | = | 0.0% |
| Tax-exempt reserves | 132 | €106,449 | €106,449 | = | 0.0% |
| Distributable reserves | 133 | €16,987,493 | €23,350,736 | +€6.4m | +37.5% |
| Provisions and deferred taxes | 16 | €2,018,694 | €2,225,405 | +€206,711 | +10.2% |
| Provisions for liabilities and charges | 160/5 | €2,018,694 | €2,225,405 | +€206,711 | +10.2% |
| Pensions and similar obligations | 160 | €18,115 | €13,060 | -€5,055 | -27.9% |
| Major repairs and maintenance | 162 | €180,847 | €165,357 | -€15,490 | -8.6% |
| Other liabilities and charges | 164/5 | €1,819,732 | €2,046,989 | +€227,257 | +12.5% |
| Amounts payable | 17/49 | €44,610,259 | €55,788,534 | +€11.2m | +25.1% |
| Amounts payable after more than one year | 17 | €9,756,074 | €11,184,741 | +€1.4m | +14.6% |
| Financial debts | 170/4 | €9,756,074 | €11,184,741 | +€1.4m | +14.6% |
| Subordinated loans | 170 | €4,000,000 | €4,000,000 | = | 0.0% |
| Leasing and similar obligations | 172 | €3,184,704 | €2,731,283 | -€453,421 | -14.2% |
| Credit institutions | 173 | €2,571,370 | €4,453,458 | +€1.9m | +73.2% |
| Amounts payable within one year | 42/48 | €34,699,424 | €44,352,030 | +€9.7m | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €3,905,887 | €1,851,656 | -€2.1m | -52.6% |
| Financial debts | 43 | €11,162,888 | €24,139,761 | +€13.0m | +116.3% |
| Credit institutions | 430/8 | €11,162,888 | €24,139,761 | +€13.0m | +116.3% |
| Trade debts | 44 | €11,787,059 | €10,025,910 | -€1.8m | -14.9% |
| Suppliers | 440/4 | €11,787,059 | €10,025,910 | -€1.8m | -14.9% |
| Advances received on contracts in progress | 46 | €3,619,488 | €1,345,114 | -€2.3m | -62.8% |
| Taxes, remuneration and social security | 45 | €2,571,550 | €2,978,991 | +€407,441 | +15.8% |
| Taxes | 450/3 | €286,312 | €361,307 | +€74,996 | +26.2% |
| Remuneration and social security | 454/9 | €2,285,238 | €2,617,683 | +€332,445 | +14.5% |
| Other amounts payable | 47/48 | €1,652,552 | €4,010,598 | +€2.4m | +142.7% |
| Accrued charges and deferred income | 492/3 | €154,761 | €251,763 | +€97,002 | +62.7% |
| Operating income | 70/76A | €92,253,915 | €114,239,881 | +€22.0m | +23.8% |
| Turnover | 70 | €90,497,245 | €101,649,462 | +€11.2m | +12.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €194,356 | €11,024,850 | +€10.8m | +5572.5% |
| Other operating income | 74 | €1,559,835 | €1,535,651 | -€24,185 | -1.6% |
| Non-recurring operating income | 76A | €2,479 | €29,918 | +€27,439 | +1106.8% |
| Operating charges | 60/66A | €87,115,144 | €106,125,709 | +€19.0m | +21.8% |
| Goods for resale, raw materials and consumables | 60 | €60,839,761 | €72,719,885 | +€11.9m | +19.5% |
| Purchases | 600/8 | €67,042,791 | €79,245,480 | +€12.2m | +18.2% |
| Change in stocks: decrease (increase) | 609 | -€6,203,030 | -€6,525,596 | -€322,566 | -5.2% |
| Services and other goods | 61 | €9,247,018 | €11,921,881 | +€2.7m | +28.9% |
| Remuneration, social security and pensions | 62 | €13,362,111 | €16,068,627 | +€2.7m | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,507,511 | €2,061,507 | +€553,996 | +36.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,053,242 | €2,901,951 | +€848,709 | +41.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€89,534 | €206,711 | +€296,246 | |
| Other operating charges | 640/8 | €186,956 | €243,231 | +€56,275 | +30.1% |
| Non-recurring operating charges | 66A | €8,079 | €1,917 | -€6,163 | -76.3% |
| Operating profit (loss) | 9901 | €5,138,771 | €8,114,173 | +€3.0m | +57.9% |
| Financial income | 75/76B | €566,053 | €498,687 | -€67,366 | -11.9% |
| Recurring financial income | 75 | €566,053 | €498,687 | -€67,366 | -11.9% |
| Income from current assets | 751 | €260,193 | €148,586 | -€111,607 | -42.9% |
| Other financial income | 752/9 | €305,860 | €350,101 | +€44,242 | +14.5% |
| Financial charges | 65/66B | €1,729,954 | €1,515,915 | -€214,038 | -12.4% |
| Recurring financial charges | 65 | €1,729,954 | €1,515,915 | -€214,038 | -12.4% |
| Debt charges | 650 | €1,643,660 | €1,441,145 | -€202,515 | -12.3% |
| Other financial charges | 652/9 | €86,294 | €74,770 | -€11,524 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €3,974,870 | €7,096,944 | +€3.1m | +78.5% |
| Income taxes | 67/77 | €231,682 | €733,701 | +€502,019 | +216.7% |
| Taxes | 670/3 | €231,682 | €733,701 | +€502,019 | +216.7% |
| Profit (loss) for the period | 9904 | €3,743,188 | €6,363,243 | +€2.6m | +70.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,743,188 | €6,363,243 | +€2.6m | +70.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.