WAL'EOL: 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.
WAL'EOL
Largest movements
- Receivables within one year +€297,873
up €297,873 (+56.5%), from €527,601 to €825,474
of which Trade receivables: +€696,078
- Tangible fixed assets -€168,951
down €168,951 (-5.9%), from €2.9m to €2.7m
of which Plant, machinery and equipment: -€168,709
- Cash -€105,844
down €105,844 (-11.5%), from €921,830 to €815,986
mainly Debts after one year (-€2.5m) and Receivables within one year (-€297,873)
- Current portion of long-term debt +€2.6m
up €2.6m, from €0 to €2.6m
- Debts after one year -€2.5m
down €2.5m (-100.0%), from €2.5m to €0
- Trade debts -€245,186
down €245,186 (-27.3%), from €897,122 to €651,936
- Profit (loss) carried forward +€189,370
up €189,370 (+23.2%), from €815,831 to €1.0m
- Gross operating margin +€265,831
up €265,831 (+104.6%), from €254,124 to €519,955
- Taxes -€238,708
down €238,708 (-90.7%), from €263,086 to €24,378
- Other operating charges -€30,365
down €30,365 (-43.3%), from €70,059 to €39,694
- Financial charges -€27,866
down €27,866 (-22.6%), from €123,358 to €95,492
- Provisions +€12,103
up €12,103 (+165.8%), from €7,301 to €19,404
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 | €4,851,704 | €4,852,583 | +€879 | 0.0% |
| Fixed assets | 21/28 | €3,247,346 | €3,066,772 | -€180,574 | -5.6% |
| Intangible fixed assets | 21 | €214,590 | €201,178 | -€13,412 | -6.3% |
| Tangible fixed assets | 22/27 | €2,872,405 | €2,703,454 | -€168,951 | -5.9% |
| Land and buildings | 22 | €4,354 | €4,112 | -€242 | -5.6% |
| Plant, machinery and equipment | 23 | €2,868,051 | €2,699,342 | -€168,709 | -5.9% |
| Financial fixed assets | 28 | €160,352 | €162,140 | +€1,789 | +1.1% |
| Current assets | 29/58 | €1,604,358 | €1,785,811 | +€181,453 | +11.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €527,601 | €825,474 | +€297,873 | +56.5% |
| Trade receivables | 40 | €111,400 | €807,478 | +€696,078 | +624.8% |
| Other amounts receivable | 41 | €416,202 | €17,996 | -€398,205 | -95.7% |
| Cash at bank and in hand | 54/58 | €921,830 | €815,986 | -€105,844 | -11.5% |
| Deferred charges and accrued income | 490/1 | €154,927 | €144,351 | -€10,575 | -6.8% |
| Total equity and liabilities | 10/49 | €4,851,704 | €4,852,583 | +€879 | 0.0% |
| Equity | 10/15 | €1,315,535 | €1,476,715 | +€161,179 | +12.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €815,831 | €1,005,201 | +€189,370 | +23.2% |
| Investment grants | 15 | €479,245 | €451,054 | -€28,191 | -5.9% |
| Provisions and deferred taxes | 16 | €81,967 | €101,371 | +€19,404 | +23.7% |
| Provisions for liabilities and charges | 160/5 | €81,967 | €101,371 | +€19,404 | +23.7% |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Environmental obligations | 163 | €81,967 | €101,371 | +€19,404 | +23.7% |
| Amounts payable | 17/49 | €3,454,201 | €3,274,497 | -€179,704 | -5.2% |
| Amounts payable after more than one year | 17 | €2,479,410 | €0 | -€2.5m | -100.0% |
| Financial debts | 170/4 | €2,479,410 | €0 | -€2.5m | -100.0% |
| Amounts payable within one year | 42/48 | €957,132 | €3,248,498 | +€2.3m | +239.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €2,572,951 | +€2.6m | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €897,122 | €651,936 | -€245,186 | -27.3% |
| Suppliers | 440/4 | €897,122 | €651,936 | -€245,186 | -27.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,325 | €23,612 | +€9,286 | +64.8% |
| Taxes | 450/3 | €14,325 | €23,612 | +€9,286 | +64.8% |
| Other amounts payable | 47/48 | €45,685 | €0 | -€45,685 | -100.0% |
| Accrued charges and deferred income | 492/3 | €17,660 | €25,998 | +€8,339 | +47.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,363 | €182,363 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €7,301 | €19,404 | +€12,103 | +165.8% |
| Other operating charges | 640/8 | €70,059 | €39,694 | -€30,365 | -43.3% |
| Gross operating margin | 9900 | €254,124 | €519,955 | +€265,831 | +104.6% |
| Operating profit (loss) | 9901 | -€5,598 | €278,494 | +€284,093 | |
| Financial income | 75/76B | €34,939 | €30,746 | -€4,193 | -12.0% |
| Recurring financial income | 75 | €34,939 | €30,746 | -€4,193 | -12.0% |
| Financial charges | 65/66B | €123,358 | €95,492 | -€27,866 | -22.6% |
| Recurring financial charges | 65 | €123,358 | €95,492 | -€27,866 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | -€94,017 | €213,748 | +€307,765 | |
| Income taxes | 67/77 | €263,086 | €24,378 | -€238,708 | -90.7% |
| Profit (loss) for the period | 9904 | -€357,103 | €189,370 | +€546,473 | |
| Profit (loss) for the period to be appropriated | 9905 | -€357,103 | €189,370 | +€546,473 |
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 29 September 2026 via checked.be.