van Walsem: what changed
Two fiscal 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.
van Walsem
Largest movements
- Receivables within one year +€171,385
up €171,385 (+901.6%), from €19,009 to €190,394
of which Other amounts receivable: +€131,857
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Cash +€113,405
up €113,405 (+64.0%), from €177,070 to €290,475
mainly Net result for the year (+€176,402) and Current investments (+€125,000)
- Tangible fixed assets +€10,179
up €10,179 (+11.8%), from €86,498 to €96,677
of which Furniture and vehicles: +€21,033
- Reserves +€176,402
up €176,402 (+54.7%), from €322,697 to €499,099
- Tax, wage and social debts -€23,742
down €23,742 (-92.8%), from €25,596 to €1,854
- Advances received +€22,270
new in 2025: €22,270
- Debts after one year -€14,140
down €14,140 (-59.8%), from €23,626 to €9,486
- Trade debts +€10,473
up €10,473 (+101.5%), from €10,320 to €20,793
- Gross operating margin +€120,316
up €120,316 (+46.0%), from €261,768 to €382,084
- Staff costs +€59,728
up €59,728 (+75.7%), from €78,876 to €138,604
- Taxes +€15,371
up €15,371 (+41.6%), from €36,964 to €52,335
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.
Cash bridge derived
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 | €407,585 | €577,642 | +€170,057 | +41.7% |
| Fixed assets | 21/28 | €86,498 | €96,682 | +€10,184 | +11.8% |
| Tangible fixed assets | 22/27 | €86,498 | €96,677 | +€10,179 | +11.8% |
| Plant, machinery and equipment | 23 | €79,998 | €69,144 | -€10,854 | -13.6% |
| Furniture and vehicles | 24 | €6,500 | €27,533 | +€21,033 | +323.6% |
| Financial fixed assets | 28 | - | €5 | +€5 | |
| Current assets | 29/58 | €321,087 | €480,960 | +€159,873 | +49.8% |
| Amounts receivable within one year | 40/41 | €19,009 | €190,394 | +€171,385 | +901.6% |
| Trade receivables | 40 | €13,078 | €52,606 | +€39,528 | +302.2% |
| Other amounts receivable | 41 | €5,931 | €137,788 | +€131,857 | +2223.3% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €177,070 | €290,475 | +€113,405 | +64.0% |
| Deferred charges and accrued income | 490/1 | €8 | €90 | +€82 | +1029.9% |
| Total equity and liabilities | 10/49 | €407,585 | €577,642 | +€170,057 | +41.7% |
| Equity | 10/15 | €332,697 | €509,099 | +€176,402 | +53.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €322,697 | €499,099 | +€176,402 | +54.7% |
| Distributable reserves | 133 | €322,697 | €499,099 | +€176,402 | +54.7% |
| Amounts payable | 17/49 | €74,888 | €68,543 | -€6,345 | -8.5% |
| Amounts payable after more than one year | 17 | €23,626 | €9,486 | -€14,140 | -59.8% |
| Financial debts | 170/4 | €23,626 | €9,486 | -€14,140 | -59.8% |
| Amounts payable within one year | 42/48 | €51,263 | €59,057 | +€7,795 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €14,034 | €14,140 | +€106 | +0.8% |
| Trade debts | 44 | €10,320 | €20,793 | +€10,473 | +101.5% |
| Suppliers | 440/4 | €10,320 | €20,793 | +€10,473 | +101.5% |
| Advances received on contracts in progress | 46 | - | €22,270 | +€22,270 | |
| Taxes, remuneration and social security | 45 | €25,596 | €1,854 | -€23,742 | -92.8% |
| Taxes | 450/3 | €25,596 | €1,854 | -€23,742 | -92.8% |
| Other amounts payable | 47/48 | €1,312 | - | -€1,312 | |
| Remuneration, social security and pensions | 62 | €78,876 | €138,604 | +€59,728 | +75.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,692 | €16,711 | +€3,019 | +22.0% |
| Other operating charges | 640/8 | €1,732 | €2,079 | +€347 | +20.0% |
| Gross operating margin | 9900 | €261,768 | €382,084 | +€120,316 | +46.0% |
| Operating profit (loss) | 9901 | €167,467 | €224,689 | +€57,222 | +34.2% |
| Financial income | 75/76B | €2,711 | €5,950 | +€3,239 | +119.5% |
| Recurring financial income | 75 | €2,711 | €5,950 | +€3,239 | +119.5% |
| Financial charges | 65/66B | €2,679 | €1,902 | -€777 | -29.0% |
| Recurring financial charges | 65 | €2,679 | €1,902 | -€777 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €167,499 | €228,737 | +€61,238 | +36.6% |
| Income taxes | 67/77 | €36,964 | €52,335 | +€15,371 | +41.6% |
| Profit (loss) for the period | 9904 | €130,535 | €176,402 | +€45,867 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €130,535 | €176,402 | +€45,867 | +35.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.