JEF DE WALSCHE: 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.
JEF DE WALSCHE
Largest movements
- Cash -€20,234
down €20,234 (-27.6%), from €73,429 to €53,196
mainly Contributions, distributions and other (-€129,412) and Investment in fixed assets (net) (-€12,039)
- Receivables within one year -€13,021
down €13,021 (-22.6%), from €57,744 to €44,722
of which Other amounts receivable: -€43,465
- Tangible fixed assets +€11,034
up €11,034 (+409%), from €2,698 to €13,732
- Profit (loss) carried forward -€64,745
down €64,745 (-59.0%), from €109,717 to €44,972
- Other debts +€34,900
new in 2025: €34,900
- Tax, wage and social debts +€10,643
up €10,643 (+58.0%), from €18,354 to €28,998
of which Taxes: +€7,652
- Trade debts -€2,055
down €2,055 (-58.5%), from €3,511 to €1,456
- Gross operating margin +€35,414
up €35,414 (+68.1%), from €52,040 to €87,454
- Taxes +€7,595
up €7,595 (+64.1%), from €11,844 to €19,439
- Financial charges +€1,179
up €1,179 (+813%), from €145 to €1,324
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 | €134,462 | €113,516 | -€20,947 | -15.6% |
| Fixed assets | 21/28 | €2,698 | €13,732 | +€11,034 | +409% |
| Tangible fixed assets | 22/27 | €2,698 | €13,732 | +€11,034 | +409% |
| Furniture and vehicles | 24 | €2,698 | €13,732 | +€11,034 | +409% |
| Current assets | 29/58 | €131,765 | €99,784 | -€31,981 | -24.3% |
| Amounts receivable within one year | 40/41 | €57,744 | €44,722 | -€13,021 | -22.6% |
| Trade receivables | 40 | €14,278 | €44,722 | +€30,444 | +213% |
| Other amounts receivable | 41 | €43,465 | €0 | -€43,465 | -100% |
| Cash at bank and in hand | 54/58 | €73,429 | €53,196 | -€20,234 | -27.6% |
| Deferred charges and accrued income | 490/1 | €592 | €1,865 | +€1,274 | +215% |
| Total equity and liabilities | 10/49 | €134,462 | €113,516 | -€20,947 | -15.6% |
| Equity | 10/15 | €112,217 | €47,472 | -€64,745 | -57.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,717 | €44,972 | -€64,745 | -59.0% |
| Amounts payable | 17/49 | €22,245 | €66,043 | +€43,798 | +197% |
| Amounts payable within one year | 42/48 | €22,245 | €65,356 | +€43,111 | +194% |
| Financial debts | 43 | €379 | €2 | -€377 | -99.5% |
| Other loans | 439 | €379 | €2 | -€377 | -99.5% |
| Trade debts | 44 | €3,511 | €1,456 | -€2,055 | -58.5% |
| Suppliers | 440/4 | €3,511 | €1,456 | -€2,055 | -58.5% |
| Taxes, remuneration and social security | 45 | €18,354 | €28,998 | +€10,643 | +58.0% |
| Taxes | 450/3 | €18,354 | €26,006 | +€7,652 | +41.7% |
| Remuneration and social security | 454/9 | - | €2,991 | +€2,991 | |
| Other amounts payable | 47/48 | - | €34,900 | +€34,900 | |
| Accrued charges and deferred income | 492/3 | - | €687 | +€687 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €883 | €1,004 | +€121 | +13.7% |
| Other operating charges | 640/8 | €546 | €1,394 | +€848 | +155% |
| Gross operating margin | 9900 | €52,040 | €87,454 | +€35,414 | +68.1% |
| Operating profit (loss) | 9901 | €50,611 | €85,055 | +€34,444 | +68.1% |
| Financial income | 75/76B | €607 | €376 | -€232 | -38.1% |
| Recurring financial income | 75 | €607 | €376 | -€232 | -38.1% |
| Financial charges | 65/66B | €145 | €1,324 | +€1,179 | +813% |
| Recurring financial charges | 65 | €145 | €1,324 | +€1,179 | +813% |
| Profit (loss) for the period before taxes | 9903 | €51,073 | €84,106 | +€33,033 | +64.7% |
| Income taxes | 67/77 | €11,844 | €19,439 | +€7,595 | +64.1% |
| Profit (loss) for the period | 9904 | €39,228 | €64,667 | +€25,438 | +64.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,228 | €64,667 | +€25,438 | +64.8% |
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 30 October 2026 via checked.be.