WAL EPICES: 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 EPICES
Largest movements
- Tangible fixed assets +€138,046
up €138,046 (+62.9%), from €219,574 to €357,620
of which Leasing and similar rights: +€146,428
- Receivables within one year +€84,605
up €84,605 (+11.8%), from €715,523 to €800,128
of which Trade receivables: +€84,136
- Stocks and contracts +€51,151
up €51,151 (+5.6%), from €914,459 to €965,610
- Intangible fixed assets -€43,308
down €43,308 (-73.6%), from €58,876 to €15,568
- Trade debts +€109,251
up €109,251 (+18.8%), from €579,822 to €689,073
- Profit (loss) carried forward +€108,565
up €108,565 (+29.3%), from €370,039 to €478,604
- Reserves -€58,940
down €58,940 (-31.8%), from €185,240 to €126,300
- Current portion of long-term debt +€39,084
up €39,084 (+81.3%), from €48,069 to €87,153
- Debts after one year +€26,498
up €26,498 (+5.0%), from €533,257 to €559,755
of which Financial debts: +€80,998
- Staff costs +€74,986
up €74,986 (+12.1%), from €619,823 to €694,809
- Write-downs +€32,618
up €32,618 (+281.9%), from €11,569 to €44,187
- Depreciation +€30,418
up €30,418 (+28.9%), from €105,315 to €135,733
- Taxes -€27,299
down €27,299 (-39.2%), from €69,592 to €42,293
- Financial charges -€23,360
down €23,360 (-24.2%), from €96,333 to €72,973
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 | €1,985,471 | €2,187,400 | +€201,929 | +10.2% |
| Formation expenses | 20 | €707 | - | -€707 | |
| Fixed assets | 21/28 | €278,895 | €373,768 | +€94,873 | +34.0% |
| Intangible fixed assets | 21 | €58,876 | €15,568 | -€43,308 | -73.6% |
| Tangible fixed assets | 22/27 | €219,574 | €357,620 | +€138,046 | +62.9% |
| Plant, machinery and equipment | 23 | €86,707 | €71,329 | -€15,378 | -17.7% |
| Furniture and vehicles | 24 | €24,844 | €25,563 | +€719 | +2.9% |
| Leasing and similar rights | 25 | €108,023 | €254,451 | +€146,428 | +135.6% |
| Other tangible fixed assets | 26 | - | €6,277 | +€6,277 | |
| Financial fixed assets | 28 | €445 | €580 | +€135 | +30.3% |
| Current assets | 29/58 | €1,705,869 | €1,813,632 | +€107,763 | +6.3% |
| Stocks and contracts in progress | 3 | €914,459 | €965,610 | +€51,151 | +5.6% |
| Stocks | 30/36 | €914,459 | €965,610 | +€51,151 | +5.6% |
| Amounts receivable within one year | 40/41 | €715,523 | €800,128 | +€84,605 | +11.8% |
| Trade receivables | 40 | €715,522 | €799,658 | +€84,136 | +11.8% |
| Other amounts receivable | 41 | €1 | €470 | +€469 | +46900.0% |
| Cash at bank and in hand | 54/58 | €43,452 | €29,236 | -€14,216 | -32.7% |
| Deferred charges and accrued income | 490/1 | €32,435 | €18,658 | -€13,777 | -42.5% |
| Total equity and liabilities | 10/49 | €1,985,471 | €2,187,400 | +€201,929 | +10.2% |
| Equity | 10/15 | €611,279 | €660,904 | +€49,625 | +8.1% |
| Contributions | 10/11 | €56,000 | €56,000 | = | 0.0% |
| Reserves | 13 | €185,240 | €126,300 | -€58,940 | -31.8% |
| Tax-exempt reserves | 132 | €185,240 | €126,300 | -€58,940 | -31.8% |
| Profit (loss) carried forward | 14 | €370,039 | €478,604 | +€108,565 | +29.3% |
| Amounts payable | 17/49 | €1,374,192 | €1,526,496 | +€152,304 | +11.1% |
| Amounts payable after more than one year | 17 | €533,257 | €559,755 | +€26,498 | +5.0% |
| Financial debts | 170/4 | €131,238 | €212,236 | +€80,998 | +61.7% |
| Other amounts payable | 178/9 | €402,019 | €347,519 | -€54,500 | -13.6% |
| Amounts payable within one year | 42/48 | €840,935 | €961,928 | +€120,993 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €48,069 | €87,153 | +€39,084 | +81.3% |
| Financial debts | 43 | €41,820 | €33,442 | -€8,378 | -20.0% |
| Credit institutions | 430/8 | €41,820 | €33,442 | -€8,378 | -20.0% |
| Trade debts | 44 | €579,822 | €689,073 | +€109,251 | +18.8% |
| Suppliers | 440/4 | €579,822 | €689,073 | +€109,251 | +18.8% |
| Taxes, remuneration and social security | 45 | €108,928 | €102,260 | -€6,668 | -6.1% |
| Taxes | 450/3 | €31,471 | €27,249 | -€4,222 | -13.4% |
| Remuneration and social security | 454/9 | €77,457 | €75,011 | -€2,446 | -3.2% |
| Other amounts payable | 47/48 | €62,296 | €50,000 | -€12,296 | -19.7% |
| Accrued charges and deferred income | 492/3 | - | €4,813 | +€4,813 | |
| Remuneration, social security and pensions | 62 | €619,823 | €694,809 | +€74,986 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,315 | €135,733 | +€30,418 | +28.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,569 | €44,187 | +€32,618 | +281.9% |
| Other operating charges | 640/8 | €15,693 | €12,081 | -€3,612 | -23.0% |
| Gross operating margin | 9900 | €1,072,012 | €1,079,090 | +€7,078 | +0.7% |
| Operating profit (loss) | 9901 | €319,612 | €192,280 | -€127,332 | -39.8% |
| Financial income | 75/76B | €19,613 | €22,611 | +€2,998 | +15.3% |
| Recurring financial income | 75 | €19,613 | €22,611 | +€2,998 | +15.3% |
| Financial charges | 65/66B | €96,333 | €72,973 | -€23,360 | -24.2% |
| Recurring financial charges | 65 | €96,333 | €72,973 | -€23,360 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €242,892 | €141,918 | -€100,974 | -41.6% |
| Income taxes | 67/77 | €69,592 | €42,293 | -€27,299 | -39.2% |
| Profit (loss) for the period | 9904 | €173,300 | €99,625 | -€73,675 | -42.5% |
| Transfer from tax-exempt reserves | 789 | €50,520 | €58,940 | +€8,420 | +16.7% |
| Transfer to tax-exempt reserves | 689 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €181,720 | €158,565 | -€23,155 | -12.7% |
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 6 October 2026 via checked.be.