DR. DE WOLF KATLEEN: 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.
DR. DE WOLF KATLEEN
Largest movements
- Current investments +€120,001
new in 2025: €120,001
- Tangible fixed assets +€119,025
up €119,025 (+43.4%), from €274,341 to €393,366
of which Other tangible fixed assets: +€61,953
- Cash -€102,438
down €102,438 (-66.0%), from €155,167 to €52,729
mainly Investment in fixed assets (net) (-€178,870) and Current investments (-€120,001)
- Receivables within one year -€39,386
down €39,386 (-96.5%), from €40,827 to €1,441
- Deferred charges and accrued income +€28,947
up €28,947 (+1,007%), from €2,875 to €31,822
- Reserves +€111,156
up €111,156 (+28.2%), from €394,386 to €505,542
- Debts after one year +€38,901
up €38,901 (+416%), from €9,342 to €48,243
- Other debts -€35,202
down €35,202 (-94.6%), from €37,211 to €2,009
- Current portion of long-term debt +€11,548
up €11,548 (+118%), from €9,748 to €21,296
- Gross operating margin +€24,841
up €24,841 (+10.5%), from €237,689 to €262,529
- Staff costs +€19,329
up €19,329 (+98.7%), from €19,590 to €38,918
- Depreciation +€9,683
up €9,683 (+19.3%), from €50,161 to €59,845
- Taxes -€3,212
down €3,212 (-6.7%), from €48,170 to €44,959
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 | €473,210 | €599,360 | +€126,149 | +26.7% |
| Fixed assets | 21/28 | €274,341 | €393,366 | +€119,025 | +43.4% |
| Tangible fixed assets | 22/27 | €274,341 | €393,366 | +€119,025 | +43.4% |
| Land and buildings | 22 | €158,579 | €149,649 | -€8,930 | -5.6% |
| Plant, machinery and equipment | 23 | €20,886 | €29,085 | +€8,200 | +39.3% |
| Furniture and vehicles | 24 | €3,317 | €61,118 | +€57,802 | +1,743% |
| Other tangible fixed assets | 26 | €91,559 | €153,513 | +€61,953 | +67.7% |
| Current assets | 29/58 | €198,869 | €205,994 | +€7,125 | +3.6% |
| Amounts receivable within one year | 40/41 | €40,827 | €1,441 | -€39,386 | -96.5% |
| Other amounts receivable | 41 | €40,827 | €1,441 | -€39,386 | -96.5% |
| Current investments | 50/53 | - | €120,001 | +€120,001 | |
| Cash at bank and in hand | 54/58 | €155,167 | €52,729 | -€102,438 | -66.0% |
| Deferred charges and accrued income | 490/1 | €2,875 | €31,822 | +€28,947 | +1,007% |
| Total equity and liabilities | 10/49 | €473,210 | €599,360 | +€126,149 | +26.7% |
| Equity | 10/15 | €406,786 | €517,942 | +€111,156 | +27.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €394,386 | €505,542 | +€111,156 | +28.2% |
| Distributable reserves | 133 | €394,386 | €505,542 | +€111,156 | +28.2% |
| Amounts payable | 17/49 | €66,425 | €81,418 | +€14,993 | +22.6% |
| Amounts payable after more than one year | 17 | €9,342 | €48,243 | +€38,901 | +416% |
| Financial debts | 170/4 | €9,342 | €48,243 | +€38,901 | +416% |
| Amounts payable within one year | 42/48 | €55,083 | €33,175 | -€21,908 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €9,748 | €21,296 | +€11,548 | +118% |
| Trade debts | 44 | €1,588 | €2,459 | +€871 | +54.8% |
| Suppliers | 440/4 | €1,588 | €2,459 | +€871 | +54.8% |
| Taxes, remuneration and social security | 45 | €6,536 | €7,411 | +€876 | +13.4% |
| Taxes | 450/3 | €2,306 | €237 | -€2,069 | -89.7% |
| Remuneration and social security | 454/9 | €4,230 | €7,174 | +€2,944 | +69.6% |
| Other amounts payable | 47/48 | €37,211 | €2,009 | -€35,202 | -94.6% |
| Accrued charges and deferred income | 492/3 | €1,999 | - | -€1,999 | |
| Remuneration, social security and pensions | 62 | €19,590 | €38,918 | +€19,329 | +98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,161 | €59,845 | +€9,683 | +19.3% |
| Other operating charges | 640/8 | €3,466 | €3,229 | -€237 | -6.8% |
| Gross operating margin | 9900 | €237,689 | €262,529 | +€24,841 | +10.5% |
| Operating profit (loss) | 9901 | €164,472 | €160,537 | -€3,935 | -2.4% |
| Financial income | 75/76B | €681 | €2,260 | +€1,579 | +232% |
| Recurring financial income | 75 | €681 | €2,260 | +€1,579 | +232% |
| Financial charges | 65/66B | €5,707 | €5,608 | -€99 | -1.7% |
| Recurring financial charges | 65 | €5,707 | €5,608 | -€99 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €159,446 | €157,190 | -€2,256 | -1.4% |
| Income taxes | 67/77 | €48,170 | €44,959 | -€3,212 | -6.7% |
| Profit (loss) for the period | 9904 | €111,276 | €112,231 | +€955 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €111,276 | €112,231 | +€955 | +0.9% |
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 19 October 2026 via checked.be.