Titres-services Walnet: 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.
Titres-services Walnet
Largest movements
- Receivables within one year +€343,503
up €343,503 (+98.3%), from €349,299 to €692,802
of which Other amounts receivable: +€344,885
- Cash +€65,651
up €65,651 (+33.7%), from €194,662 to €260,313
mainly Current portion of long-term debt (+€200,000) and Net result for the year (+€162,267)
- Tangible fixed assets +€16,235
up €16,235 (+187%), from €8,672 to €24,906
of which Other tangible fixed assets: +€13,730
- Financial fixed assets +€10,790
up €10,790 (+107%), from €10,067 to €20,857
- Current portion of long-term debt +€200,000
new in 2025: €200,000
- Accrued charges and deferred income -€176,382
down €176,382 (-50.0%), from €352,765 to €176,382
- Reserves +€162,267
up €162,267 (+867%), from €18,709 to €180,976
of which Tax-exempt reserves: +€180,976
- Tax, wage and social debts +€134,055
up €134,055 (+124%), from €107,870 to €241,925
of which Remuneration and social security: +€133,465
- Trade debts +€115,827
up €115,827 (+172%), from €67,366 to €183,193
- Gross operating margin +€1.9m
up €1.9m (+140%), from €1.4m to €3.3m
- Staff costs +€1.8m
up €1.8m (+130%), from €1.4m to €3.1m
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 | €592,591 | €1,023,720 | +€431,128 | +72.8% |
| Fixed assets | 21/28 | €33,231 | €58,805 | +€25,575 | +77.0% |
| Intangible fixed assets | 21 | €14,492 | €13,042 | -€1,450 | -10.0% |
| Tangible fixed assets | 22/27 | €8,672 | €24,906 | +€16,235 | +187% |
| Plant, machinery and equipment | 23 | - | €2,298 | +€2,298 | |
| Furniture and vehicles | 24 | €8,672 | €8,879 | +€207 | +2.4% |
| Other tangible fixed assets | 26 | - | €13,730 | +€13,730 | |
| Financial fixed assets | 28 | €10,067 | €20,857 | +€10,790 | +107% |
| Current assets | 29/58 | €559,361 | €964,915 | +€405,554 | +72.5% |
| Amounts receivable within one year | 40/41 | €349,299 | €692,802 | +€343,503 | +98.3% |
| Trade receivables | 40 | €1,381 | - | -€1,381 | |
| Other amounts receivable | 41 | €347,918 | €692,802 | +€344,885 | +99.1% |
| Cash at bank and in hand | 54/58 | €194,662 | €260,313 | +€65,651 | +33.7% |
| Deferred charges and accrued income | 490/1 | €15,400 | €11,799 | -€3,601 | -23.4% |
| Total equity and liabilities | 10/49 | €592,591 | €1,023,720 | +€431,128 | +72.8% |
| Equity | 10/15 | €39,009 | €206,176 | +€167,167 | +429% |
| Contributions | 10/11 | €20,300 | €25,200 | +€4,900 | +24.1% |
| Reserves | 13 | €18,709 | €180,976 | +€162,267 | +867% |
| Tax-exempt reserves | 132 | - | €180,976 | +€180,976 | |
| Distributable reserves | 133 | €18,709 | - | -€18,709 | |
| Amounts payable | 17/49 | €553,583 | €817,544 | +€263,961 | +47.7% |
| Amounts payable within one year | 42/48 | €200,818 | €641,162 | +€440,343 | +219% |
| Current portion of amounts payable after more than one year | 42 | - | €200,000 | +€200,000 | |
| Trade debts | 44 | €67,366 | €183,193 | +€115,827 | +172% |
| Suppliers | 440/4 | €67,366 | €183,193 | +€115,827 | +172% |
| Taxes, remuneration and social security | 45 | €107,870 | €241,925 | +€134,055 | +124% |
| Taxes | 450/3 | €5,280 | €5,869 | +€589 | +11.2% |
| Remuneration and social security | 454/9 | €102,590 | €236,056 | +€133,465 | +130% |
| Other amounts payable | 47/48 | €25,582 | €16,044 | -€9,538 | -37.3% |
| Accrued charges and deferred income | 492/3 | €352,765 | €176,382 | -€176,382 | -50.0% |
| Remuneration, social security and pensions | 62 | €1,352,817 | €3,110,270 | +€1.8m | +130% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,453 | €6,098 | +€4,645 | +320% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,357 | +€1,357 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €492 | - | -€492 | |
| Other operating charges | 640/8 | €50 | €363 | +€313 | +626% |
| Non-recurring operating charges | 66A | €1,500 | €124 | -€1,376 | -91.7% |
| Gross operating margin | 9900 | €1,370,218 | €3,287,960 | +€1.9m | +140% |
| Operating profit (loss) | 9901 | €13,907 | €169,748 | +€155,841 | +1,121% |
| Financial income | 75/76B | €5 | €14 | +€9 | +173% |
| Recurring financial income | 75 | €5 | €14 | +€9 | +173% |
| Financial charges | 65/66B | €6,385 | €7,198 | +€813 | +12.7% |
| Recurring financial charges | 65 | €6,385 | €7,143 | +€758 | +11.9% |
| Non-recurring financial charges | 66B | - | €55 | +€55 | |
| Profit (loss) for the period before taxes | 9903 | €7,527 | €162,564 | +€155,037 | +2,060% |
| Income taxes | 67/77 | €5,281 | €297 | -€4,985 | -94.4% |
| Profit (loss) for the period | 9904 | €2,246 | €162,267 | +€160,022 | +7,126% |
| Profit (loss) for the period to be appropriated | 9905 | €2,246 | €162,267 | +€160,022 | +7,126% |
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.