GROUP 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.
GROUP DEWULF
Largest movements
- Receivables within one year +€66,448
up €66,448 (+20.2%), from €329,461 to €395,909
of which Other amounts receivable: +€121,360
- Cash -€24,913
down €24,913 (-38.3%), from €65,031 to €40,118
mainly Contributions, distributions and other (-€390,000) and Receivables within one year (-€66,448)
- Tangible fixed assets -€24,234
down €24,234 (-21.9%), from €110,720 to €86,485
of which Furniture and vehicles: -€31,873
- Current portion of long-term debt +€10,937
up €10,937 (+49.2%), from €22,239 to €33,176
- Tax, wage and social debts +€9,136
up €9,136 (+25.6%), from €35,644 to €44,780
of which Taxes: +€13,410
- Staff costs -€21,992
down €21,992 (-6.7%), from €325,959 to €303,968
- Gross operating margin +€10,467
up €10,467 (+1.4%), from €748,171 to €758,637
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 | €515,588 | €532,926 | +€17,338 | +3.4% |
| Fixed assets | 21/28 | €110,845 | €86,610 | -€24,234 | -21.9% |
| Tangible fixed assets | 22/27 | €110,720 | €86,485 | -€24,234 | -21.9% |
| Plant, machinery and equipment | 23 | €6,839 | €14,478 | +€7,639 | +111.7% |
| Furniture and vehicles | 24 | €103,880 | €72,007 | -€31,873 | -30.7% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €404,743 | €446,315 | +€41,572 | +10.3% |
| Amounts receivable within one year | 40/41 | €329,461 | €395,909 | +€66,448 | +20.2% |
| Trade receivables | 40 | €156,519 | €101,607 | -€54,912 | -35.1% |
| Other amounts receivable | 41 | €172,942 | €294,302 | +€121,360 | +70.2% |
| Cash at bank and in hand | 54/58 | €65,031 | €40,118 | -€24,913 | -38.3% |
| Deferred charges and accrued income | 490/1 | €10,251 | €10,288 | +€37 | +0.4% |
| Total equity and liabilities | 10/49 | €515,588 | €532,926 | +€17,338 | +3.4% |
| Equity | 10/15 | €308,015 | €308,539 | +€524 | +0.2% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €301,817 | €302,342 | +€524 | +0.2% |
| Tax-exempt reserves | 132 | €23,290 | €23,290 | = | 0.0% |
| Distributable reserves | 133 | €278,527 | €279,051 | +€524 | +0.2% |
| Amounts payable | 17/49 | €207,573 | €224,386 | +€16,813 | +8.1% |
| Amounts payable after more than one year | 17 | €51,965 | €56,014 | +€4,049 | +7.8% |
| Financial debts | 170/4 | €51,965 | €56,014 | +€4,049 | +7.8% |
| Amounts payable within one year | 42/48 | €155,608 | €168,372 | +€12,764 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €22,239 | €33,176 | +€10,937 | +49.2% |
| Trade debts | 44 | €16,093 | €13,119 | -€2,974 | -18.5% |
| Suppliers | 440/4 | €16,093 | €13,119 | -€2,974 | -18.5% |
| Taxes, remuneration and social security | 45 | €35,644 | €44,780 | +€9,136 | +25.6% |
| Taxes | 450/3 | €2,131 | €15,541 | +€13,410 | +629.2% |
| Remuneration and social security | 454/9 | €33,512 | €29,239 | -€4,273 | -12.8% |
| Other amounts payable | 47/48 | €81,632 | €77,297 | -€4,335 | -5.3% |
| Remuneration, social security and pensions | 62 | €325,959 | €303,968 | -€21,992 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,974 | €37,751 | -€223 | -0.6% |
| Other operating charges | 640/8 | €3,165 | €2,451 | -€714 | -22.6% |
| Non-recurring operating charges | 66A | €13,000 | €18,730 | +€5,730 | +44.1% |
| Gross operating margin | 9900 | €748,171 | €758,637 | +€10,467 | +1.4% |
| Operating profit (loss) | 9901 | €368,073 | €395,738 | +€27,665 | +7.5% |
| Financial income | 75/76B | €1,469 | €386 | -€1,083 | -73.7% |
| Recurring financial income | 75 | €218 | €386 | +€168 | +77.0% |
| Non-recurring financial income | 76B | €1,251 | - | -€1,251 | |
| Financial charges | 65/66B | €2,418 | €3,952 | +€1,534 | +63.5% |
| Recurring financial charges | 65 | €2,418 | €3,952 | +€1,534 | +63.5% |
| Profit (loss) for the period before taxes | 9903 | €367,124 | €392,171 | +€25,047 | +6.8% |
| Income taxes | 67/77 | €3,756 | €1,647 | -€2,109 | -56.2% |
| Profit (loss) for the period | 9904 | €363,368 | €390,524 | +€27,157 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €363,368 | €390,524 | +€27,157 | +7.5% |
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 7 October 2026 via checked.be.