PHILIPPE 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.
PHILIPPE DE WULF
Largest movements
- Current investments +€148,971
up €148,971 (+22.6%), from €658,303 to €807,274
- Tangible fixed assets -€90,972
down €90,972 (-21.0%), from €432,180 to €341,207
of which Land and buildings: -€86,560
- Cash +€88,387
up €88,387 (+46.4%), from €190,694 to €279,081
mainly Net result for the year (+€146,921) and Depreciation (+€93,005)
- Receivables within one year -€30,706
down €30,706 (-15.2%), from €201,521 to €170,815
of which Other amounts receivable: -€21,226
- Reserves +€146,921
up €146,921 (+11.1%), from €1.3m to €1.5m
of which Distributable reserves: +€146,921
- Debts after one year -€33,836
down €33,836 (-29.2%), from €115,718 to €81,882
- Gross operating margin +€21,429
up €21,429 (+7.1%), from €303,778 to €325,207
- Taxes +€6,403
up €6,403 (+8.1%), from €79,373 to €85,777
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,511,631 | €1,620,274 | +€108,643 | +7.2% |
| Fixed assets | 21/28 | €444,250 | €353,277 | -€90,972 | -20.5% |
| Tangible fixed assets | 22/27 | €432,180 | €341,207 | -€90,972 | -21.0% |
| Land and buildings | 22 | €397,629 | €311,069 | -€86,560 | -21.8% |
| Plant, machinery and equipment | 23 | €1,871 | €1,473 | -€398 | -21.3% |
| Furniture and vehicles | 24 | €9,774 | €7,827 | -€1,947 | -19.9% |
| Other tangible fixed assets | 26 | €22,906 | €20,838 | -€2,068 | -9.0% |
| Financial fixed assets | 28 | €12,070 | €12,070 | = | 0.0% |
| Current assets | 29/58 | €1,067,381 | €1,266,997 | +€199,615 | +18.7% |
| Amounts receivable within one year | 40/41 | €201,521 | €170,815 | -€30,706 | -15.2% |
| Trade receivables | 40 | €179,728 | €170,248 | -€9,480 | -5.3% |
| Other amounts receivable | 41 | €21,794 | €567 | -€21,226 | -97.4% |
| Current investments | 50/53 | €658,303 | €807,274 | +€148,971 | +22.6% |
| Cash at bank and in hand | 54/58 | €190,694 | €279,081 | +€88,387 | +46.4% |
| Deferred charges and accrued income | 490/1 | €16,863 | €9,827 | -€7,036 | -41.7% |
| Total equity and liabilities | 10/49 | €1,511,631 | €1,620,274 | +€108,643 | +7.2% |
| Equity | 10/15 | €1,331,149 | €1,478,070 | +€146,921 | +11.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,324,949 | €1,471,870 | +€146,921 | +11.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,323,089 | €1,470,010 | +€146,921 | +11.1% |
| Amounts payable | 17/49 | €180,482 | €142,204 | -€38,278 | -21.2% |
| Amounts payable after more than one year | 17 | €115,718 | €81,882 | -€33,836 | -29.2% |
| Financial debts | 170/4 | €115,718 | €81,882 | -€33,836 | -29.2% |
| Amounts payable within one year | 42/48 | €64,764 | €50,997 | -€13,767 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €33,106 | €33,836 | +€730 | +2.2% |
| Trade debts | 44 | €5,984 | - | -€5,984 | |
| Suppliers | 440/4 | €5,984 | - | -€5,984 | |
| Taxes, remuneration and social security | 45 | €4,682 | €4,935 | +€253 | +5.4% |
| Taxes | 450/3 | €3,682 | €3,935 | +€253 | +6.9% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €20,993 | €12,227 | -€8,766 | -41.8% |
| Accrued charges and deferred income | 492/3 | - | €9,325 | +€9,325 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,102 | €93,005 | +€903 | +1.0% |
| Other operating charges | 640/8 | €4,186 | €4,469 | +€283 | +6.8% |
| Gross operating margin | 9900 | €303,778 | €325,207 | +€21,429 | +7.1% |
| Operating profit (loss) | 9901 | €207,490 | €227,734 | +€20,243 | +9.8% |
| Financial income | 75/76B | €10,143 | €8,147 | -€1,995 | -19.7% |
| Recurring financial income | 75 | €10,143 | €8,147 | -€1,995 | -19.7% |
| Financial charges | 65/66B | €3,767 | €3,183 | -€584 | -15.5% |
| Recurring financial charges | 65 | €3,767 | €3,183 | -€584 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €213,866 | €232,698 | +€18,832 | +8.8% |
| Income taxes | 67/77 | €79,373 | €85,777 | +€6,403 | +8.1% |
| Profit (loss) for the period | 9904 | €134,492 | €146,921 | +€12,429 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €134,492 | €146,921 | +€12,429 | +9.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.