THE WOLF: what changed
THE WOLF
Largest movements
- Receivables within one year -€6,627
down €6,627 (-17.4%), from €38,074 to €31,447
of which Trade receivables: -€5,112
- Cash -€4,052
down €4,052 (-46.6%), from €8,692 to €4,641
mainly Current portion of long-term debt (-€6,715) and Investment in fixed assets (net) (-€5,403)
- Tangible fixed assets +€3,841
up €3,841 (+214%), from €1,799 to €5,639
- Current portion of long-term debt -€6,715
down €6,715 (-74.0%), from €9,074 to €2,359
- Profit (loss) carried forward +€4,586
up €4,586 (+25.9%), from €17,686 to €22,272
- Trade debts -€4,469
down €4,469 (-51.7%), from €8,651 to €4,182
- Debts after one year -€2,359
down €2,359 (-20.8%), from €11,359 to €9,000
of which Financial debts: -€2,359
- Tax, wage and social debts +€2,119
up €2,119 (+116%), from €1,833 to €3,952
- Gross operating margin +€16,091
up €16,091 (+140%), from €11,461 to €27,552
- Other operating charges +€5,651
up €5,651 (+166%), from €3,395 to €9,046
- Financial charges -€2,952
down €2,952 (-76.6%), from €3,853 to €901
- Taxes +€1,476
up €1,476 (+193%), from €766 to €2,242
- Staff costs -€296
down €296 (-82.3%), from €359 to €64
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €57,565 | €50,727 | -€6,838 | -11.9% |
| Fixed assets | 21/28 | €10,799 | €14,639 | +€3,841 | +35.6% |
| Tangible fixed assets | 22/27 | €1,799 | €5,639 | +€3,841 | +214% |
| Furniture and vehicles | 24 | €1,799 | €5,639 | +€3,841 | +214% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €46,766 | €36,088 | -€10,679 | -22.8% |
| Amounts receivable within one year | 40/41 | €38,074 | €31,447 | -€6,627 | -17.4% |
| Trade receivables | 40 | €15,859 | €10,748 | -€5,112 | -32.2% |
| Other amounts receivable | 41 | €22,214 | €20,699 | -€1,515 | -6.8% |
| Cash at bank and in hand | 54/58 | €8,692 | €4,641 | -€4,052 | -46.6% |
| Total equity and liabilities | 10/49 | €57,565 | €50,727 | -€6,838 | -11.9% |
| Equity | 10/15 | €26,649 | €31,235 | +€4,586 | +17.2% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €763 | €763 | = | 0.0% |
| Non-distributable reserves | 130/1 | €763 | €763 | = | 0.0% |
| Reserves not available under the articles | 1311 | €763 | €763 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,686 | €22,272 | +€4,586 | +25.9% |
| Amounts payable | 17/49 | €30,916 | €19,493 | -€11,424 | -37.0% |
| Amounts payable after more than one year | 17 | €11,359 | €9,000 | -€2,359 | -20.8% |
| Financial debts | 170/4 | €2,359 | - | -€2,359 | |
| Other amounts payable | 178/9 | €9,000 | €9,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,557 | €10,493 | -€9,064 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €9,074 | €2,359 | -€6,715 | -74.0% |
| Trade debts | 44 | €8,651 | €4,182 | -€4,469 | -51.7% |
| Suppliers | 440/4 | €8,651 | €4,182 | -€4,469 | -51.7% |
| Taxes, remuneration and social security | 45 | €1,833 | €3,952 | +€2,119 | +116% |
| Taxes | 450/3 | €1,833 | €3,952 | +€2,119 | +116% |
| Remuneration, social security and pensions | 62 | €359 | €64 | -€296 | -82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,718 | €1,562 | -€156 | -9.1% |
| Other operating charges | 640/8 | €3,395 | €9,046 | +€5,651 | +166% |
| Non-recurring operating charges | 66A | €116 | €9,152 | +€9,036 | +7,790% |
| Gross operating margin | 9900 | €11,461 | €27,552 | +€16,091 | +140% |
| Operating profit (loss) | 9901 | €5,874 | €7,729 | +€1,855 | +31.6% |
| Financial charges | 65/66B | €3,853 | €901 | -€2,952 | -76.6% |
| Recurring financial charges | 65 | €3,853 | €901 | -€2,952 | -76.6% |
| Profit (loss) for the period before taxes | 9903 | €2,020 | €6,827 | +€4,807 | +238% |
| Income taxes | 67/77 | €766 | €2,242 | +€1,476 | +193% |
| Profit (loss) for the period | 9904 | €1,255 | €4,586 | +€3,331 | +265% |
| Profit (loss) for the period to be appropriated | 9905 | €1,255 | €4,586 | +€3,331 | +265% |
Next steps
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 4 November 2026 via checked.be.