MB De Wolf: 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.
MB De Wolf
Largest movements
- Tangible fixed assets -€75,257
down €75,257 (-10.6%), from €709,421 to €634,164
- Receivables within one year -€61,488
down €61,488 (-57.5%), from €106,931 to €45,444
of which Trade receivables: -€34,963
- Cash +€36,287
up €36,287 (+73.5%), from €49,379 to €85,667
mainly Depreciation (+€108,720) and Receivables within one year (+€61,488)
- Intangible fixed assets -€22,516
down €22,516 (-44.2%), from €50,919 to €28,403
- Stocks and contracts -€16,964
down €16,964 (-26.5%), from €64,018 to €47,054
- Trade debts -€60,436
down €60,436 (-65.1%), from €92,819 to €32,383
- Debts after one year -€58,168
down €58,168 (-15.1%), from €386,007 to €327,839
- Profit (loss) carried forward -€28,243
down €28,243 (-26.3%), from €107,500 to €79,257
- Tax, wage and social debts +€22,755
up €22,755 (+1,484%), from €1,533 to €24,288
of which Taxes: +€24,288
- Gross operating margin +€36,138
up €36,138 (+22.5%), from €160,511 to €196,649
- Taxes +€9,466
up €9,466 (+1,099%), from €861 to €10,328
- Staff costs +€5,618
up €5,618 (+9.7%), from €57,667 to €63,285
- Depreciation +€2,339
up €2,339 (+2.2%), from €106,381 to €108,720
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 | €988,015 | €855,822 | -€132,193 | -13.4% |
| Fixed assets | 21/28 | €760,340 | €662,567 | -€97,773 | -12.9% |
| Intangible fixed assets | 21 | €50,919 | €28,403 | -€22,516 | -44.2% |
| Tangible fixed assets | 22/27 | €709,421 | €634,164 | -€75,257 | -10.6% |
| Land and buildings | 22 | €519,767 | €488,529 | -€31,239 | -6.0% |
| Plant, machinery and equipment | 23 | €156,288 | €126,616 | -€29,672 | -19.0% |
| Furniture and vehicles | 24 | €33,365 | €19,019 | -€14,346 | -43.0% |
| Current assets | 29/58 | €227,675 | €193,255 | -€34,420 | -15.1% |
| Stocks and contracts in progress | 3 | €64,018 | €47,054 | -€16,964 | -26.5% |
| Stocks | 30/36 | €64,018 | €47,054 | -€16,964 | -26.5% |
| Amounts receivable within one year | 40/41 | €106,931 | €45,444 | -€61,488 | -57.5% |
| Trade receivables | 40 | €80,407 | €45,444 | -€34,963 | -43.5% |
| Other amounts receivable | 41 | €26,525 | - | -€26,525 | |
| Cash at bank and in hand | 54/58 | €49,379 | €85,667 | +€36,287 | +73.5% |
| Deferred charges and accrued income | 490/1 | €7,346 | €15,091 | +€7,745 | +105% |
| Total equity and liabilities | 10/49 | €988,015 | €855,822 | -€132,193 | -13.4% |
| Equity | 10/15 | €209,574 | €181,331 | -€28,243 | -13.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €83,524 | €83,524 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,721 | €17,721 | = | 0.0% |
| Distributable reserves | 133 | €63,948 | €63,948 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,500 | €79,257 | -€28,243 | -26.3% |
| Amounts payable | 17/49 | €778,441 | €674,491 | -€103,950 | -13.4% |
| Amounts payable after more than one year | 17 | €386,007 | €327,839 | -€58,168 | -15.1% |
| Financial debts | 170/4 | €386,007 | €327,839 | -€58,168 | -15.1% |
| Amounts payable within one year | 42/48 | €387,049 | €345,823 | -€41,225 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €59,955 | €58,168 | -€1,786 | -3.0% |
| Trade debts | 44 | €92,819 | €32,383 | -€60,436 | -65.1% |
| Suppliers | 440/4 | €92,819 | €32,383 | -€60,436 | -65.1% |
| Taxes, remuneration and social security | 45 | €1,533 | €24,288 | +€22,755 | +1,484% |
| Taxes | 450/3 | - | €24,288 | +€24,288 | |
| Remuneration and social security | 454/9 | €1,533 | - | -€1,533 | |
| Other amounts payable | 47/48 | €232,742 | €230,984 | -€1,758 | -0.8% |
| Accrued charges and deferred income | 492/3 | €5,385 | €829 | -€4,556 | -84.6% |
| Non-recurring operating income | 76A | €3,663 | - | -€3,663 | |
| Remuneration, social security and pensions | 62 | €57,667 | €63,285 | +€5,618 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,381 | €108,720 | +€2,339 | +2.2% |
| Other operating charges | 640/8 | €3,029 | €3,341 | +€312 | +10.3% |
| Gross operating margin | 9900 | €160,511 | €196,649 | +€36,138 | +22.5% |
| Operating profit (loss) | 9901 | -€6,566 | €21,304 | +€27,869 | |
| Financial income | 75/76B | €29 | €0 | -€29 | -99.8% |
| Recurring financial income | 75 | €29 | €0 | -€29 | -99.8% |
| Financial charges | 65/66B | €14,997 | €14,219 | -€777 | -5.2% |
| Recurring financial charges | 65 | €14,997 | €14,219 | -€777 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,533 | €7,085 | +€28,618 | |
| Income taxes | 67/77 | €861 | €10,328 | +€9,466 | +1,099% |
| Profit (loss) for the period | 9904 | -€22,394 | -€3,243 | +€19,151 | +85.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,394 | -€3,243 | +€19,151 | +85.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.