Dr Wolfs T.: 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 Wolfs T.
Largest movements
- Current investments -€65,479
down €65,479 (-10.9%), from €598,832 to €533,353
- Cash +€29,842
up €29,842 (+24.4%), from €122,529 to €152,371
mainly Net result for the year (+€88,342) and Current investments (+€65,479)
- Deferred charges and accrued income -€18,037
down €18,037 (-46.8%), from €38,549 to €20,512
- Reserves -€40,658
down €40,658 (-5.6%), from €724,941 to €684,283
- Financial income -€35,442
down €35,442 (-73.5%), from €48,195 to €12,753
- Taxes -€10,903
down €10,903 (-19.9%), from €54,802 to €43,899
- Financial charges -€2,906
down €2,906 (-32.6%), from €8,917 to €6,011
- Gross operating margin +€1,744
up €1,744 (+1.4%), from €125,743 to €127,487
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 | €762,771 | €710,435 | -€52,335 | -6.9% |
| Fixed assets | 21/28 | €2,860 | €2,000 | -€860 | -30.1% |
| Tangible fixed assets | 22/27 | €2,860 | €2,000 | -€860 | -30.1% |
| Furniture and vehicles | 24 | €2,860 | €2,000 | -€860 | -30.1% |
| Current assets | 29/58 | €759,910 | €708,435 | -€51,475 | -6.8% |
| Amounts receivable within one year | 40/41 | - | €2,199 | +€2,199 | |
| Other amounts receivable | 41 | - | €2,199 | +€2,199 | |
| Current investments | 50/53 | €598,832 | €533,353 | -€65,479 | -10.9% |
| Cash at bank and in hand | 54/58 | €122,529 | €152,371 | +€29,842 | +24.4% |
| Deferred charges and accrued income | 490/1 | €38,549 | €20,512 | -€18,037 | -46.8% |
| Total equity and liabilities | 10/49 | €762,771 | €710,435 | -€52,335 | -6.9% |
| Equity | 10/15 | €737,341 | €696,683 | -€40,658 | -5.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €724,941 | €684,283 | -€40,658 | -5.6% |
| Distributable reserves | 133 | €724,941 | €684,283 | -€40,658 | -5.6% |
| Amounts payable | 17/49 | €25,430 | €13,752 | -€11,678 | -45.9% |
| Amounts payable within one year | 42/48 | €21,080 | €9,202 | -€11,878 | -56.3% |
| Trade debts | 44 | €303 | €258 | -€45 | -14.9% |
| Suppliers | 440/4 | €303 | €258 | -€45 | -14.9% |
| Taxes, remuneration and social security | 45 | €15,601 | €8,944 | -€6,657 | -42.7% |
| Taxes | 450/3 | €15,601 | €8,944 | -€6,657 | -42.7% |
| Other amounts payable | 47/48 | €5,176 | - | -€5,176 | |
| Accrued charges and deferred income | 492/3 | €4,350 | €4,550 | +€200 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €860 | €860 | = | 0.0% |
| Other operating charges | 640/8 | €976 | €1,128 | +€152 | +15.6% |
| Gross operating margin | 9900 | €125,743 | €127,487 | +€1,744 | +1.4% |
| Operating profit (loss) | 9901 | €123,907 | €125,499 | +€1,592 | +1.3% |
| Financial income | 75/76B | €48,195 | €12,753 | -€35,442 | -73.5% |
| Recurring financial income | 75 | €48,195 | €12,753 | -€35,442 | -73.5% |
| Financial charges | 65/66B | €8,917 | €6,011 | -€2,906 | -32.6% |
| Recurring financial charges | 65 | €8,917 | €6,011 | -€2,906 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €163,185 | €132,241 | -€30,944 | -19.0% |
| Income taxes | 67/77 | €54,802 | €43,899 | -€10,903 | -19.9% |
| Profit (loss) for the period | 9904 | €108,383 | €88,342 | -€20,041 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €108,383 | €88,342 | -€20,041 | -18.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.