IN DE WULF: 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.
IN DE WULF
Largest movements
- Receivables within one year -€35,917
down €35,917 (-97.6%), from €36,799 to €882
of which Other amounts receivable: -€31,453
- Cash -€33,464
down €33,464 (-42.0%), from €79,656 to €46,192
mainly Advances received (-€146,822) and Trade debts (-€125,842)
- Stocks and contracts +€12,500
up €12,500 (+45.5%), from €27,500 to €40,000
- Tangible fixed assets -€11,245
down €11,245 (-3.3%), from €340,598 to €329,353
of which Furniture and vehicles: -€11,884
- Deferred charges and accrued income -€11,148
down €11,148 (-100%), from €11,148 to €0
- Advances received -€146,822
down €146,822 (-67.5%), from €217,623 to €70,801
- Trade debts -€125,842
down €125,842 (-78.2%), from €160,872 to €35,030
- Tax, wage and social debts +€66,553
up €66,553 (+311%), from €21,388 to €87,941
of which Taxes: +€48,251
- Profit (loss) carried forward +€49,223
up €49,223, from -€49,223 to €0
- Other debts +€47,860
new in 2025: €47,860
- Gross operating margin +€555,505
up €555,505 (+7,025%), from €7,908 to €563,413
- Staff costs +€300,815
up €300,815 (+580%), from €51,892 to €352,707
- Taxes +€40,115
up €40,115 (+20,709%), from €194 to €40,309
- Depreciation +€33,619
up €33,619 (+500%), from €6,724 to €40,343
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 | €583,759 | €504,485 | -€79,274 | -13.6% |
| Fixed assets | 21/28 | €342,107 | €330,862 | -€11,245 | -3.3% |
| Tangible fixed assets | 22/27 | €340,598 | €329,353 | -€11,245 | -3.3% |
| Plant, machinery and equipment | 23 | €195,611 | €200,415 | +€4,804 | +2.5% |
| Furniture and vehicles | 24 | €103,802 | €91,918 | -€11,884 | -11.4% |
| Other tangible fixed assets | 26 | €41,185 | €37,020 | -€4,165 | -10.1% |
| Financial fixed assets | 28 | €1,509 | €1,509 | = | 0.0% |
| Current assets | 29/58 | €241,652 | €173,623 | -€68,029 | -28.2% |
| Amounts receivable after more than one year | 29 | €86,548 | €86,548 | = | 0.0% |
| Other amounts receivable | 291 | €86,548 | €86,548 | = | 0.0% |
| Stocks and contracts in progress | 3 | €27,500 | €40,000 | +€12,500 | +45.5% |
| Stocks | 30/36 | €27,500 | €40,000 | +€12,500 | +45.5% |
| Amounts receivable within one year | 40/41 | €36,799 | €882 | -€35,917 | -97.6% |
| Trade receivables | 40 | €5,031 | €567 | -€4,464 | -88.7% |
| Other amounts receivable | 41 | €31,768 | €315 | -€31,453 | -99.0% |
| Cash at bank and in hand | 54/58 | €79,656 | €46,192 | -€33,464 | -42.0% |
| Deferred charges and accrued income | 490/1 | €11,148 | €0 | -€11,148 | -100% |
| Total equity and liabilities | 10/49 | €583,759 | €504,485 | -€79,274 | -13.6% |
| Equity | 10/15 | €29,199 | €109,799 | +€80,600 | +276% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €48,423 | €79,799 | +€31,377 | +64.8% |
| Distributable reserves | 133 | €48,423 | €79,799 | +€31,377 | +64.8% |
| Profit (loss) carried forward | 14 | -€49,223 | €0 | +€49,223 | |
| Amounts payable | 17/49 | €554,560 | €394,686 | -€159,874 | -28.8% |
| Amounts payable after more than one year | 17 | €126,786 | €119,862 | -€6,923 | -5.5% |
| Financial debts | 170/4 | €126,786 | €119,862 | -€6,923 | -5.5% |
| Amounts payable within one year | 42/48 | €427,774 | €274,823 | -€152,951 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €21,429 | €31,301 | +€9,872 | +46.1% |
| Financial debts | 43 | €6,462 | €1,890 | -€4,572 | -70.7% |
| Credit institutions | 430/8 | €2,462 | €1,890 | -€572 | -23.2% |
| Other loans | 439 | €4,000 | €0 | -€4,000 | -100% |
| Trade debts | 44 | €160,872 | €35,030 | -€125,842 | -78.2% |
| Suppliers | 440/4 | €160,872 | €35,030 | -€125,842 | -78.2% |
| Advances received on contracts in progress | 46 | €217,623 | €70,801 | -€146,822 | -67.5% |
| Taxes, remuneration and social security | 45 | €21,388 | €87,941 | +€66,553 | +311% |
| Taxes | 450/3 | €3,764 | €52,015 | +€48,251 | +1,282% |
| Remuneration and social security | 454/9 | €17,624 | €35,926 | +€18,303 | +104% |
| Other amounts payable | 47/48 | - | €47,860 | +€47,860 | |
| Remuneration, social security and pensions | 62 | €51,892 | €352,707 | +€300,815 | +580% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,724 | €40,343 | +€33,619 | +500% |
| Other operating charges | 640/8 | €2,792 | €1,827 | -€965 | -34.6% |
| Gross operating margin | 9900 | €7,908 | €563,413 | +€555,505 | +7,025% |
| Operating profit (loss) | 9901 | -€53,500 | €168,536 | +€222,036 | |
| Financial income | 75/76B | €2,559 | €56 | -€2,503 | -97.8% |
| Recurring financial income | 75 | €2,559 | €56 | -€2,503 | -97.8% |
| Financial charges | 65/66B | €284 | €1,163 | +€878 | +309% |
| Recurring financial charges | 65 | €284 | €1,163 | +€878 | +309% |
| Profit (loss) for the period before taxes | 9903 | -€51,226 | €167,429 | +€218,655 | |
| Income taxes | 67/77 | €194 | €40,309 | +€40,115 | +20,709% |
| Profit (loss) for the period | 9904 | -€51,419 | €127,121 | +€178,540 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,419 | €127,121 | +€178,540 |
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 23 October 2026 via checked.be.