Stal De Wachter: what changed
What changed
Stal De Wachter
NACE 46.232, Wholesale trade
filed annual accounts (NBB)
Net result for the year
-€51,762
2024 · -€131,982+€80,220
Equity
€251,941
2024 · €303,703-€51,762
Cash
€8,376
2024 · €15,216-€6,839
Balance sheet total
€759,087
2024 · €883,692-€124,605
Largest movements
Assets
- Stocks and contracts -€70,500
down €70,500 (-54.7%), from €129,000 to €58,500
- Tangible fixed assets -€37,012
down €37,012 (-5.5%), from €679,096 to €642,084
of which Land and buildings: -€52,091
- Receivables within one year -€14,810
down €14,810 (-24.5%), from €60,380 to €45,570
of which Trade receivables: -€20,408
Equity and liabilities
- Profit (loss) carried forward -€51,762
down €51,762 (-29.8%), from -€173,953 to -€225,715
- Current portion of long-term debt -€28,268
down €28,268 (-72.4%), from €39,068 to €10,800
- Short-term financial debts -€20,972
down €20,972 (-23.9%), from €87,865 to €66,893
- Debts after one year -€10,800
down €10,800 (-20.7%), from €52,200 to €41,400
Income statement
- Gross operating margin +€91,692
up €91,692, from -€45,073 to €46,619
- Other operating charges +€10,440
up €10,440 (+332%), from €3,147 to €13,587
- Write-downs +€8,623
new in 2025: €8,623
- Financial income -€6,798
down €6,798 (-99.5%), from €6,831 to €33
of which Non-recurring financial income: -€6,787
- Financial charges -€5,533
down €5,533 (-30.9%), from €17,876 to €12,344
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€131,982
Gross operating margin
+€91,692
Staff costs
-€596
Depreciation
+€420
Write-downs
-€8,623
Other operating charges
-€10,440
Other operating items
+€8,683
Financial income
-€6,798
Financial charges
+€5,533
Taxes
+€349
Result 2025
-€51,762
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€71,977
Investment
-€18,777
Financing
-€60,040
Cash 2024
€15,216
From operations (derived)
+€71,977
Net result for the year
-€51,762
Depreciation
+€55,789
Stocks and contracts
+€70,500
Receivables within one year
+€14,810
Deferred charges and accrued income
-€4,557
Trade debts
-€8,339
Tax, wage and social debts
-€92
Other debts
-€4,372
Investment (derived)
-€18,777
Investment in fixed assets (net)
-€18,777
Financing
-€60,040
Debts after one year
-€10,800
Current portion of long-term debt
-€28,268
Short-term financial debts
-€20,972
Cash 2025
€8,376
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €883,692 | €759,087 | -€124,605 | -14.1% |
| Fixed assets | 21/28 | €679,096 | €642,084 | -€37,012 | -5.5% |
| Tangible fixed assets | 22/27 | €679,096 | €642,084 | -€37,012 | -5.5% |
| Land and buildings | 22 | €661,261 | €609,170 | -€52,091 | -7.9% |
| Plant, machinery and equipment | 23 | €14,648 | €32,914 | +€18,265 | +125% |
| Furniture and vehicles | 24 | €3,187 | €0 | -€3,187 | -100% |
| Current assets | 29/58 | €204,595 | €117,003 | -€87,593 | -42.8% |
| Stocks and contracts in progress | 3 | €129,000 | €58,500 | -€70,500 | -54.7% |
| Stocks | 30/36 | €129,000 | €58,500 | -€70,500 | -54.7% |
| Amounts receivable within one year | 40/41 | €60,380 | €45,570 | -€14,810 | -24.5% |
| Trade receivables | 40 | €59,671 | €39,263 | -€20,408 | -34.2% |
| Other amounts receivable | 41 | €709 | €6,307 | +€5,598 | +790% |
| Cash at bank and in hand | 54/58 | €15,216 | €8,376 | -€6,839 | -44.9% |
| Deferred charges and accrued income | 490/1 | €0 | €4,557 | +€4,557 | |
| Total equity and liabilities | 10/49 | €883,692 | €759,087 | -€124,605 | -14.1% |
| Equity | 10/15 | €303,703 | €251,941 | -€51,762 | -17.0% |
| Contributions | 10/11 | €76,847 | €76,847 | = | 0.0% |
| Capital | 10 | €76,847 | €76,847 | = | 0.0% |
| Issued capital | 100 | €76,847 | €76,847 | = | 0.0% |
| Reserves | 13 | €400,809 | €400,809 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,685 | €7,685 | = | 0.0% |
| Legal reserve | 130 | €7,685 | €7,685 | = | 0.0% |
| Distributable reserves | 133 | €393,124 | €393,124 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€173,953 | -€225,715 | -€51,762 | -29.8% |
| Amounts payable | 17/49 | €579,989 | €507,146 | -€72,843 | -12.6% |
| Amounts payable after more than one year | 17 | €52,200 | €41,400 | -€10,800 | -20.7% |
| Financial debts | 170/4 | €52,200 | €41,400 | -€10,800 | -20.7% |
| Amounts payable within one year | 42/48 | €527,789 | €465,746 | -€62,043 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €39,068 | €10,800 | -€28,268 | -72.4% |
| Financial debts | 43 | €87,865 | €66,893 | -€20,972 | -23.9% |
| Credit institutions | 430/8 | €87,865 | €66,893 | -€20,972 | -23.9% |
| Trade debts | 44 | €41,991 | €33,652 | -€8,339 | -19.9% |
| Suppliers | 440/4 | €41,991 | €33,652 | -€8,339 | -19.9% |
| Taxes, remuneration and social security | 45 | €1,166 | €1,074 | -€92 | -7.9% |
| Taxes | 450/3 | €214 | €0 | -€214 | -100% |
| Remuneration and social security | 454/9 | €952 | €1,074 | +€122 | +12.9% |
| Other amounts payable | 47/48 | €357,699 | €353,327 | -€4,372 | -1.2% |
| Non-recurring operating income | 76A | €11,840 | €10,474 | -€1,366 | -11.5% |
| Remuneration, social security and pensions | 62 | €7,476 | €8,071 | +€596 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,208 | €55,789 | -€420 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,623 | +€8,623 | |
| Other operating charges | 640/8 | €3,147 | €13,587 | +€10,440 | +332% |
| Non-recurring operating charges | 66A | €8,683 | €0 | -€8,683 | -100% |
| Gross operating margin | 9900 | -€45,073 | €46,619 | +€91,692 | |
| Operating profit (loss) | 9901 | -€120,587 | -€39,451 | +€81,136 | +67.3% |
| Financial income | 75/76B | €6,831 | €33 | -€6,798 | -99.5% |
| Recurring financial income | 75 | €43 | €33 | -€10 | -23.9% |
| Non-recurring financial income | 76B | €6,787 | - | -€6,787 | |
| Financial charges | 65/66B | €17,876 | €12,344 | -€5,533 | -30.9% |
| Recurring financial charges | 65 | €17,876 | €12,344 | -€5,533 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | -€131,633 | -€51,762 | +€79,871 | +60.7% |
| Income taxes | 67/77 | €349 | €0 | -€349 | -100% |
| Profit (loss) for the period | 9904 | -€131,982 | -€51,762 | +€80,220 | +60.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€131,982 | -€51,762 | +€80,220 | +60.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.