WAL-CO: 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.
What changed
WAL-CO
NACE 46.232, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€33,932
2024 · -€210,554+€176,623
Equity
-€210,123
2024 · -€176,192-€33,932
Cash
€16,610
2024 · €11,654+€4,956
Balance sheet total
€1.8m
2024 · €1.9m-€62,659
Largest movements
Assets
- Tangible fixed assets -€74,582
down €74,582 (-4.1%), from €1.8m to €1.8m
Equity and liabilities
- Current portion of long-term debt -€143,625
down €143,625 (-75.4%), from €190,386 to €46,762
- Debts after one year +€95,068
up €95,068 (+6.8%), from €1.4m to €1.5m
- Profit (loss) carried forward -€33,932
down €33,932 (-16.3%), from -€208,477 to -€242,408
- Tax, wage and social debts +€21,524
up €21,524 (+122.9%), from €17,515 to €39,039
Income statement
- Gross operating margin +€125,340
up €125,340, from -€45,509 to €79,830
- Other operating charges -€66,883
down €66,883 (-86.0%), from €77,778 to €10,895
- Financial charges +€33,789
up €33,789 (+180.6%), from €18,711 to €52,501
- Taxes -€14,328
no longer reported in 2025 (was €14,328)
- Staff costs -€8,492
down €8,492 (-100.0%), from €8,492 to €0
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.
Result 2024
-€210,554
Gross operating margin
+€125,340
Staff costs
+€8,492
Depreciation
-€4,631
Other operating charges
+€66,883
Financial charges
-€33,789
Taxes
+€14,328
Result 2025
-€33,932
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.
From operations
+€29,297
Investment
+€24,216
Financing
-€48,557
Cash 2024
€11,654
From operations (derived)
+€29,297
Net result for the year
-€33,932
Depreciation
+€50,366
Stocks and contracts
+€5,456
Receivables within one year
-€11,164
Deferred charges and accrued income
-€1,259
Trade debts
+€10,997
Tax, wage and social debts
+€21,524
Other debts
-€12,692
Investment (derived)
+€24,216
Investment in fixed assets (net)
+€24,216
Financing
-€48,557
Debts after one year
+€95,068
Current portion of long-term debt
-€143,625
Cash 2025
€16,610
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,883,196 | €1,820,537 | -€62,659 | -3.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,829,055 | €1,754,473 | -€74,582 | -4.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1,828,935 | €1,754,353 | -€74,582 | -4.1% |
| Land and buildings | 22 | €1,732,423 | €1,698,071 | -€34,353 | -2.0% |
| Plant, machinery and equipment | 23 | €36,897 | €29,545 | -€7,353 | -19.9% |
| Furniture and vehicles | 24 | €53,250 | €21,299 | -€31,951 | -60.0% |
| Other tangible fixed assets | 26 | €6,364 | €5,438 | -€926 | -14.5% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €54,141 | €66,064 | +€11,923 | +22.0% |
| Stocks and contracts in progress | 3 | €7,422 | €1,966 | -€5,456 | -73.5% |
| Stocks | 30/36 | €7,422 | €1,966 | -€5,456 | -73.5% |
| Amounts receivable within one year | 40/41 | €35,064 | €46,228 | +€11,164 | +31.8% |
| Trade receivables | 40 | €35,064 | €46,228 | +€11,164 | +31.8% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €11,654 | €16,610 | +€4,956 | +42.5% |
| Deferred charges and accrued income | 490/1 | €0 | €1,259 | +€1,259 | |
| Total equity and liabilities | 10/49 | €1,883,196 | €1,820,537 | -€62,659 | -3.3% |
| Equity | 10/15 | -€176,192 | -€210,123 | -€33,932 | -19.3% |
| Contributions | 10/11 | €250 | €250 | = | 0.0% |
| Reserves | 13 | €32,035 | €32,035 | = | 0.0% |
| Distributable reserves | 133 | €32,035 | €32,035 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€208,477 | -€242,408 | -€33,932 | -16.3% |
| Amounts payable | 17/49 | €2,059,388 | €2,030,660 | -€28,728 | -1.4% |
| Amounts payable after more than one year | 17 | €1,406,623 | €1,501,691 | +€95,068 | +6.8% |
| Financial debts | 170/4 | €1,406,623 | €1,501,691 | +€95,068 | +6.8% |
| Amounts payable within one year | 42/48 | €652,765 | €528,970 | -€123,796 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €190,386 | €46,762 | -€143,625 | -75.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €63,398 | €74,395 | +€10,997 | +17.3% |
| Suppliers | 440/4 | €63,398 | €74,395 | +€10,997 | +17.3% |
| Advances received on contracts in progress | 46 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €17,515 | €39,039 | +€21,524 | +122.9% |
| Taxes | 450/3 | €17,515 | €39,039 | +€21,524 | +122.9% |
| Other amounts payable | 47/48 | €381,466 | €368,774 | -€12,692 | -3.3% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | €8,492 | €0 | -€8,492 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,736 | €50,366 | +€4,631 | +10.1% |
| Other operating charges | 640/8 | €77,778 | €10,895 | -€66,883 | -86.0% |
| Gross operating margin | 9900 | -€45,509 | €79,830 | +€125,340 | |
| Operating profit (loss) | 9901 | -€177,515 | €18,569 | +€196,084 | |
| Financial charges | 65/66B | €18,711 | €52,501 | +€33,789 | +180.6% |
| Recurring financial charges | 65 | €18,711 | €52,501 | +€33,789 | +180.6% |
| Profit (loss) for the period before taxes | 9903 | -€196,226 | -€33,932 | +€162,295 | +82.7% |
| Income taxes | 67/77 | €14,328 | - | -€14,328 | |
| Profit (loss) for the period | 9904 | -€210,554 | -€33,932 | +€176,623 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€210,554 | -€33,932 | +€176,623 | +83.9% |
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 5 October 2026 via checked.be.