Hans Walcarius: 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.
Hans Walcarius
Largest movements
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Tangible fixed assets +€83,950
up €83,950 (+39.2%), from €214,181 to €298,131
of which Furniture and vehicles: +€106,209
- Receivables within one year +€34,613
up €34,613 (+141%), from €24,539 to €59,151
- Cash +€10,969
up €10,969 (+9.5%), from €115,619 to €126,588
mainly Current investments (+€100,000) and Net result for the year (+€91,630)
- Reserves +€91,630
up €91,630 (+37.5%), from €244,048 to €335,678
of which Distributable reserves: +€80,033
- Other debts -€31,176
down €31,176 (-57.3%), from €54,429 to €23,253
- Debts after one year -€27,233
down €27,233 (-51.3%), from €53,059 to €25,826
- Current portion of long-term debt -€25,874
down €25,874 (-50.9%), from €50,865 to €24,991
- Tax, wage and social debts +€20,933
up €20,933 (+154%), from €13,595 to €34,528
- Taxes +€11,162
up €11,162 (+62.8%), from €17,778 to €28,940
- Gross operating margin -€9,896
down €9,896 (-5.8%), from €170,506 to €160,610
- Depreciation -€6,748
down €6,748 (-16.0%), from €42,239 to €35,491
- Financial income +€3,174
up €3,174 (+14,539%), from €22 to €3,196
- Other operating charges -€3,006
down €3,006 (-58.0%), from €5,183 to €2,177
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 | €456,460 | €487,425 | +€30,964 | +6.8% |
| Fixed assets | 21/28 | €214,181 | €298,266 | +€84,085 | +39.3% |
| Tangible fixed assets | 22/27 | €214,181 | €298,131 | +€83,950 | +39.2% |
| Land and buildings | 22 | €13,944 | €12,287 | -€1,656 | -11.9% |
| Plant, machinery and equipment | 23 | - | €5,245 | +€5,245 | |
| Furniture and vehicles | 24 | €174,390 | €280,599 | +€106,209 | +60.9% |
| Leasing and similar rights | 25 | €25,847 | €0 | -€25,847 | -100% |
| Financial fixed assets | 28 | - | €135 | +€135 | |
| Current assets | 29/58 | €242,280 | €189,159 | -€53,121 | -21.9% |
| Amounts receivable within one year | 40/41 | €24,539 | €59,151 | +€34,613 | +141% |
| Trade receivables | 40 | €24,539 | €59,151 | +€34,613 | +141% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €115,619 | €126,588 | +€10,969 | +9.5% |
| Deferred charges and accrued income | 490/1 | €2,122 | €3,419 | +€1,297 | +61.1% |
| Total equity and liabilities | 10/49 | €456,460 | €487,425 | +€30,964 | +6.8% |
| Equity | 10/15 | €264,048 | €355,678 | +€91,630 | +34.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €244,048 | €335,678 | +€91,630 | +37.5% |
| Tax-exempt reserves | 132 | €43,428 | €55,025 | +€11,597 | +26.7% |
| Distributable reserves | 133 | €200,620 | €280,653 | +€80,033 | +39.9% |
| Provisions and deferred taxes | 16 | €10,857 | €13,756 | +€2,899 | +26.7% |
| Deferred taxes | 168 | €10,857 | €13,756 | +€2,899 | +26.7% |
| Amounts payable | 17/49 | €181,555 | €117,990 | -€63,565 | -35.0% |
| Amounts payable after more than one year | 17 | €53,059 | €25,826 | -€27,233 | -51.3% |
| Financial debts | 170/4 | €53,059 | €25,826 | -€27,233 | -51.3% |
| Amounts payable within one year | 42/48 | €128,497 | €92,165 | -€36,332 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €50,865 | €24,991 | -€25,874 | -50.9% |
| Trade debts | 44 | €9,608 | €9,393 | -€215 | -2.2% |
| Suppliers | 440/4 | €9,608 | €9,393 | -€215 | -2.2% |
| Taxes, remuneration and social security | 45 | €13,595 | €34,528 | +€20,933 | +154% |
| Taxes | 450/3 | €13,595 | €34,528 | +€20,933 | +154% |
| Other amounts payable | 47/48 | €54,429 | €23,253 | -€31,176 | -57.3% |
| Non-recurring operating income | 76A | €57,297 | €23,101 | -€34,196 | -59.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,239 | €35,491 | -€6,748 | -16.0% |
| Other operating charges | 640/8 | €5,183 | €2,177 | -€3,006 | -58.0% |
| Gross operating margin | 9900 | €170,506 | €160,610 | -€9,896 | -5.8% |
| Operating profit (loss) | 9901 | €123,085 | €122,943 | -€142 | -0.1% |
| Financial income | 75/76B | €22 | €3,196 | +€3,174 | +14,539% |
| Recurring financial income | 75 | €22 | €3,196 | +€3,174 | +14,539% |
| Financial charges | 65/66B | €1,097 | €2,670 | +€1,573 | +143% |
| Recurring financial charges | 65 | €1,097 | €2,670 | +€1,573 | +143% |
| Profit (loss) for the period before taxes | 9903 | €122,009 | €123,468 | +€1,459 | +1.2% |
| Transfer from deferred taxes | 780 | €602 | €1,721 | +€1,119 | +186% |
| Transfer to deferred taxes | 680 | €11,459 | €4,620 | -€6,839 | -59.7% |
| Income taxes | 67/77 | €17,778 | €28,940 | +€11,162 | +62.8% |
| Profit (loss) for the period | 9904 | €93,374 | €91,630 | -€1,744 | -1.9% |
| Transfer from tax-exempt reserves | 789 | €2,410 | €6,884 | +€4,475 | +186% |
| Transfer to tax-exempt reserves | 689 | €45,838 | €18,481 | -€27,357 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €49,946 | €80,033 | +€30,087 | +60.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.