WALBURG: 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.
WALBURG
Largest movements
- Receivables within one year -€102,162
down €102,162 (-76.6%), from €133,434 to €31,272
of which Trade receivables: -€72,988
- Cash -€21,337
down €21,337 (-22.4%), from €95,420 to €74,083
mainly Trade debts (-€86,561) and Tax, wage and social debts (-€21,148)
- Tangible fixed assets -€7,990
down €7,990 (-4.6%), from €172,782 to €164,792
of which Plant, machinery and equipment: -€13,788
- Trade debts -€86,561
down €86,561 (-32.0%), from €270,714 to €184,153
- Tax, wage and social debts -€21,148
down €21,148 (-25.9%), from €81,690 to €60,542
of which Taxes: -€25,615
- Debts after one year -€12,335
down €12,335 (-17.9%), from €68,822 to €56,488
- Short-term financial debts -€8,543
down €8,543 (-100.0%), from €8,543 to €0
- Profit (loss) carried forward +€4,447
up €4,447 (+7.2%), from -€61,948 to -€57,501
- Gross operating margin +€46,830
up €46,830 (+13.5%), from €348,109 to €394,939
- Staff costs +€42,394
up €42,394 (+13.9%), from €304,256 to €346,650
- Other operating charges +€4,652
up €4,652 (+139.6%), from €3,332 to €7,984
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 | €433,015 | €308,843 | -€124,173 | -28.7% |
| Fixed assets | 21/28 | €172,782 | €164,792 | -€7,990 | -4.6% |
| Tangible fixed assets | 22/27 | €172,782 | €164,792 | -€7,990 | -4.6% |
| Plant, machinery and equipment | 23 | €119,043 | €105,255 | -€13,788 | -11.6% |
| Other tangible fixed assets | 26 | €53,739 | €59,536 | +€5,797 | +10.8% |
| Current assets | 29/58 | €260,233 | €144,051 | -€116,182 | -44.6% |
| Stocks and contracts in progress | 3 | €25,709 | €29,767 | +€4,058 | +15.8% |
| Stocks | 30/36 | €25,709 | €29,767 | +€4,058 | +15.8% |
| Amounts receivable within one year | 40/41 | €133,434 | €31,272 | -€102,162 | -76.6% |
| Trade receivables | 40 | €99,352 | €26,364 | -€72,988 | -73.5% |
| Other amounts receivable | 41 | €34,082 | €4,908 | -€29,174 | -85.6% |
| Cash at bank and in hand | 54/58 | €95,420 | €74,083 | -€21,337 | -22.4% |
| Deferred charges and accrued income | 490/1 | €5,671 | €8,929 | +€3,258 | +57.5% |
| Total equity and liabilities | 10/49 | €433,015 | €308,843 | -€124,173 | -28.7% |
| Equity | 10/15 | -€15,531 | -€11,085 | +€4,447 | +28.6% |
| Contributions | 10/11 | €44,274 | €44,274 | = | 0.0% |
| Reserves | 13 | €2,143 | €2,143 | = | 0.0% |
| Distributable reserves | 133 | €2,143 | €2,143 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,948 | -€57,501 | +€4,447 | +7.2% |
| Amounts payable | 17/49 | €448,547 | €319,927 | -€128,619 | -28.7% |
| Amounts payable after more than one year | 17 | €68,822 | €56,488 | -€12,335 | -17.9% |
| Financial debts | 170/4 | €68,822 | €56,488 | -€12,335 | -17.9% |
| Amounts payable within one year | 42/48 | €379,724 | €263,440 | -€116,285 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €11,693 | €12,335 | +€642 | +5.5% |
| Financial debts | 43 | €8,543 | €0 | -€8,543 | -100.0% |
| Credit institutions | 430/8 | €8,543 | €0 | -€8,543 | -100.0% |
| Trade debts | 44 | €270,714 | €184,153 | -€86,561 | -32.0% |
| Suppliers | 440/4 | €270,714 | €184,153 | -€86,561 | -32.0% |
| Advances received on contracts in progress | 46 | €7,085 | €6,411 | -€675 | -9.5% |
| Taxes, remuneration and social security | 45 | €81,690 | €60,542 | -€21,148 | -25.9% |
| Taxes | 450/3 | €40,326 | €14,711 | -€25,615 | -63.5% |
| Remuneration and social security | 454/9 | €41,364 | €45,831 | +€4,467 | +10.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €2,420 | +€2,420 | |
| Remuneration, social security and pensions | 62 | €304,256 | €346,650 | +€42,394 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,832 | €23,688 | -€2,143 | -8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,332 | €7,984 | +€4,652 | +139.6% |
| Gross operating margin | 9900 | €348,109 | €394,939 | +€46,830 | +13.5% |
| Operating profit (loss) | 9901 | €14,689 | €16,616 | +€1,927 | +13.1% |
| Financial income | 75/76B | €436 | €6 | -€430 | -98.6% |
| Recurring financial income | 75 | €436 | €6 | -€430 | -98.6% |
| Financial charges | 65/66B | €14,962 | €11,965 | -€2,998 | -20.0% |
| Recurring financial charges | 65 | €14,962 | €11,965 | -€2,998 | -20.0% |
| Profit (loss) for the period before taxes | 9903 | €162 | €4,657 | +€4,495 | +2766.3% |
| Income taxes | 67/77 | €203 | €211 | +€8 | +3.9% |
| Profit (loss) for the period | 9904 | -€40 | €4,447 | +€4,487 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40 | €4,447 | +€4,487 |
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.