THE WOLFPACK TRADITION: 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.
THE WOLFPACK TRADITION
Largest movements
- Cash +€207,669
up €207,669 (+918%), from €22,610 to €230,279
mainly Other debts (+€215,738) and Receivables within one year (+€185,415)
- Receivables within one year -€185,415
down €185,415 (-26.4%), from €702,029 to €516,614
of which Trade receivables: -€191,500
- Stocks and contracts +€69,106
up €69,106 (+17.7%), from €390,006 to €459,112
- Intangible fixed assets +€18,386
up €18,386 (+94.8%), from €19,391 to €37,777
- Other debts +€215,738
up €215,738 (+41.0%), from €525,696 to €741,434
- Debts after one year -€61,792
down €61,792 (-66.3%), from €93,152 to €31,360
- Advances received -€35,382
no longer reported in 2025 (was €35,382)
- Trade debts +€20,028
up €20,028 (+5.7%), from €352,637 to €372,665
- Tax, wage and social debts -€14,051
down €14,051 (-37.2%), from €37,736 to €23,685
of which Taxes: -€16,367
- Gross operating margin +€88,179
up €88,179 (+63.1%), from €139,842 to €228,021
- Staff costs +€57,948
up €57,948 (+42.7%), from €135,865 to €193,814
- Financial charges +€6,214
up €6,214 (+30.8%), from €20,177 to €26,391
- Other operating charges +€5,028
up €5,028 (+413%), from €1,217 to €6,245
- Depreciation +€4,642
up €4,642 (+83.9%), from €5,533 to €10,176
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 | €1,147,885 | €1,256,571 | +€108,687 | +9.5% |
| Fixed assets | 21/28 | €31,319 | €45,938 | +€14,619 | +46.7% |
| Intangible fixed assets | 21 | €19,391 | €37,777 | +€18,386 | +94.8% |
| Tangible fixed assets | 22/27 | €11,908 | €8,141 | -€3,767 | -31.6% |
| Plant, machinery and equipment | 23 | €10,144 | €7,082 | -€3,061 | -30.2% |
| Furniture and vehicles | 24 | €1,764 | €1,059 | -€705 | -40.0% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €1,116,566 | €1,210,633 | +€94,068 | +8.4% |
| Stocks and contracts in progress | 3 | €390,006 | €459,112 | +€69,106 | +17.7% |
| Stocks | 30/36 | €390,006 | €459,112 | +€69,106 | +17.7% |
| Amounts receivable within one year | 40/41 | €702,029 | €516,614 | -€185,415 | -26.4% |
| Trade receivables | 40 | €652,096 | €460,596 | -€191,500 | -29.4% |
| Other amounts receivable | 41 | €49,933 | €56,018 | +€6,085 | +12.2% |
| Cash at bank and in hand | 54/58 | €22,610 | €230,279 | +€207,669 | +918% |
| Deferred charges and accrued income | 490/1 | €1,921 | €4,628 | +€2,708 | +141% |
| Total equity and liabilities | 10/49 | €1,147,885 | €1,256,571 | +€108,687 | +9.5% |
| Equity | 10/15 | €26,675 | €20,373 | -€6,302 | -23.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €20,475 | €14,173 | -€6,302 | -30.8% |
| Distributable reserves | 133 | €20,475 | €14,173 | -€6,302 | -30.8% |
| Amounts payable | 17/49 | €1,121,210 | €1,236,198 | +€114,988 | +10.3% |
| Amounts payable after more than one year | 17 | €93,152 | €31,360 | -€61,792 | -66.3% |
| Financial debts | 170/4 | €93,152 | €31,360 | -€61,792 | -66.3% |
| Amounts payable within one year | 42/48 | €1,027,477 | €1,204,670 | +€177,194 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €65,569 | €66,886 | +€1,317 | +2.0% |
| Financial debts | 43 | €10,456 | - | -€10,456 | |
| Credit institutions | 430/8 | €10,456 | - | -€10,456 | |
| Trade debts | 44 | €352,637 | €372,665 | +€20,028 | +5.7% |
| Suppliers | 440/4 | €352,637 | €372,665 | +€20,028 | +5.7% |
| Advances received on contracts in progress | 46 | €35,382 | - | -€35,382 | |
| Taxes, remuneration and social security | 45 | €37,736 | €23,685 | -€14,051 | -37.2% |
| Taxes | 450/3 | €16,620 | €253 | -€16,367 | -98.5% |
| Remuneration and social security | 454/9 | €21,115 | €23,432 | +€2,317 | +11.0% |
| Other amounts payable | 47/48 | €525,696 | €741,434 | +€215,738 | +41.0% |
| Accrued charges and deferred income | 492/3 | €582 | €168 | -€413 | -71.1% |
| Remuneration, social security and pensions | 62 | €135,865 | €193,814 | +€57,948 | +42.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,533 | €10,176 | +€4,642 | +83.9% |
| Other operating charges | 640/8 | €1,217 | €6,245 | +€5,028 | +413% |
| Gross operating margin | 9900 | €139,842 | €228,021 | +€88,179 | +63.1% |
| Operating profit (loss) | 9901 | -€2,774 | €17,787 | +€20,560 | |
| Financial income | 75/76B | €1,511 | €2,526 | +€1,014 | +67.1% |
| Recurring financial income | 75 | €1,511 | €2,526 | +€1,014 | +67.1% |
| Financial charges | 65/66B | €20,177 | €26,391 | +€6,214 | +30.8% |
| Recurring financial charges | 65 | €20,177 | €26,391 | +€6,214 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,439 | -€6,079 | +€15,360 | +71.6% |
| Income taxes | 67/77 | €42 | €223 | +€181 | +437% |
| Profit (loss) for the period | 9904 | -€21,481 | -€6,302 | +€15,179 | +70.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,481 | -€6,302 | +€15,179 | +70.7% |
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 23 October 2026 via checked.be.