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.
DEWULF
Largest movements
- Cash -€195,154
down €195,154 (-95.0%), from €205,457 to €10,303
mainly Investment in fixed assets (net) (-€193,480) and Current investments (-€100,000)
- Tangible fixed assets +€156,753
up €156,753 (+156.4%), from €100,257 to €257,011
of which Plant, machinery and equipment: +€176,499
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€34,022
up €34,022 (+72.0%), from €47,236 to €81,258
of which Trade receivables: +€22,812
- Deferred charges and accrued income -€7,624
down €7,624 (-75.7%), from €10,068 to €2,444
- Debts after one year +€62,188
up €62,188 (+113.8%), from €54,643 to €116,831
- Current portion of long-term debt +€16,344
up €16,344 (+106.8%), from €15,304 to €31,648
- Trade debts +€11,107
up €11,107 (+3893.5%), from €285 to €11,392
- Depreciation +€18,338
up €18,338 (+99.7%), from €18,388 to €36,726
- Gross operating margin -€15,063
down €15,063 (-25.4%), from €59,270 to €44,207
- Taxes -€12,361
down €12,361 (-97.3%), from €12,698 to €337
- Financial charges +€1,359
up €1,359 (+48.2%), from €2,822 to €4,181
of which Financial charges: +€1,359
- Staff costs -€633
down €633 (-100.0%), from €633 to €0
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 | €363,018 | €453,203 | +€90,185 | +24.8% |
| Fixed assets | 21/28 | €100,257 | €257,011 | +€156,753 | +156.4% |
| Tangible fixed assets | 22/27 | €100,257 | €257,011 | +€156,753 | +156.4% |
| Plant, machinery and equipment | 23 | €19,422 | €195,921 | +€176,499 | +908.7% |
| Furniture and vehicles | 24 | €80,835 | €61,090 | -€19,745 | -24.4% |
| Current assets | 29/58 | €262,761 | €196,193 | -€66,568 | -25.3% |
| Stocks and contracts in progress | 3 | - | €2,187 | +€2,187 | |
| Stocks | 30/36 | - | €2,187 | +€2,187 | |
| Amounts receivable within one year | 40/41 | €47,236 | €81,258 | +€34,022 | +72.0% |
| Trade receivables | 40 | €36,072 | €58,884 | +€22,812 | +63.2% |
| Other amounts receivable | 41 | €11,164 | €22,374 | +€11,210 | +100.4% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €205,457 | €10,303 | -€195,154 | -95.0% |
| Deferred charges and accrued income | 490/1 | €10,068 | €2,444 | -€7,624 | -75.7% |
| Total equity and liabilities | 10/49 | €363,018 | €453,203 | +€90,185 | +24.8% |
| Equity | 10/15 | €289,065 | €293,333 | +€4,268 | +1.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €270,065 | €270,065 | = | 0.0% |
| Distributable reserves | 133 | €270,065 | €270,065 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €4,268 | +€4,268 | |
| Amounts payable | 17/49 | €73,953 | €159,871 | +€85,917 | +116.2% |
| Amounts payable after more than one year | 17 | €54,643 | €116,831 | +€62,188 | +113.8% |
| Financial debts | 170/4 | €54,643 | €116,831 | +€62,188 | +113.8% |
| Amounts payable within one year | 42/48 | €19,310 | €43,040 | +€23,729 | +122.9% |
| Current portion of amounts payable after more than one year | 42 | €15,304 | €31,648 | +€16,344 | +106.8% |
| Trade debts | 44 | €285 | €11,392 | +€11,107 | +3893.5% |
| Suppliers | 440/4 | €285 | €11,392 | +€11,107 | +3893.5% |
| Taxes, remuneration and social security | 45 | €3,721 | €0 | -€3,721 | -100.0% |
| Taxes | 450/3 | €3,721 | €0 | -€3,721 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €633 | €0 | -€633 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,388 | €36,726 | +€18,338 | +99.7% |
| Other operating charges | 640/8 | €1,117 | €1,275 | +€158 | +14.2% |
| Gross operating margin | 9900 | €59,270 | €44,207 | -€15,063 | -25.4% |
| Operating profit (loss) | 9901 | €39,132 | €6,205 | -€32,927 | -84.1% |
| Financial income | 75/76B | €2,679 | €2,580 | -€99 | -3.7% |
| Recurring financial income | 75 | €2,679 | €2,580 | -€99 | -3.7% |
| Financial charges | 65/66B | €2,822 | €4,181 | +€1,359 | +48.2% |
| Recurring financial charges | 65 | €2,822 | €4,181 | +€1,359 | +48.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €38,989 | €4,605 | -€34,385 | -88.2% |
| Income taxes | 67/77 | €12,698 | €337 | -€12,361 | -97.3% |
| Profit (loss) for the period | 9904 | €26,292 | €4,268 | -€22,024 | -83.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,292 | €4,268 | -€22,024 | -83.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.