WALCARIUS: what changed
Two financial 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.
WALCARIUS
Largest movements
- Receivables within one year +€835,552
up €835,552 (+29.8%), from €2.8m to €3.6m
of which Trade receivables: +€496,756
- Tangible fixed assets -€323,532
down €323,532 (-9.5%), from €3.4m to €3.1m
of which Land and buildings: -€314,290
- Current investments -€250,000
down €250,000 (-45.5%), from €550,000 to €300,000
- Cash +€245,229
up €245,229 (+18.1%), from €1.4m to €1.6m
mainly Trade debts (+€907,861) and Net result for the year (+€491,537)
- Trade debts +€907,861
up €907,861 (+76.2%), from €1.2m to €2.1m
- Debts after one year -€286,667
down €286,667 (-11.9%), from €2.4m to €2.1m
of which Financial debts: -€286,667
- Other debts -€211,250
down €211,250 (-36.1%), from €585,000 to €373,750
- Reserves +€160,287
up €160,287 (+4.2%), from €3.8m to €4.0m
of which Distributable reserves: +€166,647
- Gross operating margin -€485,085
down €485,085 (-18.3%), from €2.6m to €2.2m
- Taxes -€126,674
down €126,674 (-43.4%), from €291,566 to €164,892
- Other operating charges +€33,130
up €33,130 (+41.4%), from €80,006 to €113,137
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.
Derived cash bridge
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 | €8,713,751 | €9,240,707 | +€526,956 | +6.0% |
| Fixed assets | 21/28 | €3,423,100 | €3,099,432 | -€323,667 | -9.5% |
| Tangible fixed assets | 22/27 | €3,422,203 | €3,098,671 | -€323,532 | -9.5% |
| Land and buildings | 22 | €3,252,712 | €2,938,423 | -€314,290 | -9.7% |
| Plant, machinery and equipment | 23 | €121,590 | €120,189 | -€1,401 | -1.2% |
| Furniture and vehicles | 24 | €47,900 | €40,059 | -€7,842 | -16.4% |
| Financial fixed assets | 28 | €897 | €762 | -€135 | -15.1% |
| Current assets | 29/58 | €5,290,651 | €6,141,275 | +€850,623 | +16.1% |
| Stocks and contracts in progress | 3 | €579,100 | €598,942 | +€19,842 | +3.4% |
| Contracts in progress | 37 | €579,100 | €598,942 | +€19,842 | +3.4% |
| Amounts receivable within one year | 40/41 | €2,804,816 | €3,640,368 | +€835,552 | +29.8% |
| Trade receivables | 40 | €2,731,857 | €3,228,613 | +€496,756 | +18.2% |
| Other amounts receivable | 41 | €72,958 | €411,755 | +€338,797 | +464% |
| Current investments | 50/53 | €550,000 | €300,000 | -€250,000 | -45.5% |
| Cash at bank and in hand | 54/58 | €1,356,736 | €1,601,965 | +€245,229 | +18.1% |
| Total equity and liabilities | 10/49 | €8,713,751 | €9,240,707 | +€526,956 | +6.0% |
| Equity | 10/15 | €4,088,791 | €4,222,892 | +€134,101 | +3.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,798,282 | €3,958,569 | +€160,287 | +4.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,513 | €19,153 | -€6,360 | -24.9% |
| Distributable reserves | 133 | €3,766,569 | €3,933,216 | +€166,647 | +4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €228,509 | €202,323 | -€26,186 | -11.5% |
| Provisions and deferred taxes | 16 | €8,504 | €6,384 | -€2,120 | -24.9% |
| Deferred taxes | 168 | €8,504 | €6,384 | -€2,120 | -24.9% |
| Amounts payable | 17/49 | €4,616,455 | €5,011,431 | +€394,975 | +8.6% |
| Amounts payable after more than one year | 17 | €2,402,778 | €2,116,111 | -€286,667 | -11.9% |
| Financial debts | 170/4 | €1,552,778 | €1,266,111 | -€286,667 | -18.5% |
| Other amounts payable | 178/9 | €850,000 | €850,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,213,677 | €2,895,320 | +€681,642 | +30.8% |
| Current portion of amounts payable after more than one year | 42 | €310,556 | €310,556 | = | 0.0% |
| Trade debts | 44 | €1,191,580 | €2,099,441 | +€907,861 | +76.2% |
| Suppliers | 440/4 | €1,191,580 | €2,099,441 | +€907,861 | +76.2% |
| Advances received on contracts in progress | 46 | - | €15,000 | +€15,000 | |
| Taxes, remuneration and social security | 45 | €126,542 | €96,573 | -€29,969 | -23.7% |
| Taxes | 450/3 | €41,399 | €15,047 | -€26,353 | -63.7% |
| Remuneration and social security | 454/9 | €85,143 | €81,527 | -€3,616 | -4.2% |
| Other amounts payable | 47/48 | €585,000 | €373,750 | -€211,250 | -36.1% |
| Remuneration, social security and pensions | 62 | €929,102 | €948,314 | +€19,212 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €472,048 | €452,241 | -€19,807 | -4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,078 | -€13,078 | -€26,157 | |
| Other operating charges | 640/8 | €80,006 | €113,137 | +€33,130 | +41.4% |
| Gross operating margin | 9900 | €2,649,015 | €2,163,929 | -€485,085 | -18.3% |
| Operating profit (loss) | 9901 | €1,154,780 | €663,316 | -€491,464 | -42.6% |
| Financial income | 75/76B | €80,233 | €58,038 | -€22,196 | -27.7% |
| Recurring financial income | 75 | €80,233 | €58,038 | -€22,196 | -27.7% |
| Financial charges | 65/66B | €72,527 | €67,045 | -€5,482 | -7.6% |
| Recurring financial charges | 65 | €72,527 | €67,045 | -€5,482 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €1,162,486 | €654,309 | -€508,177 | -43.7% |
| Transfer from deferred taxes | 780 | €2,120 | €2,120 | = | 0.0% |
| Income taxes | 67/77 | €291,566 | €164,892 | -€126,674 | -43.4% |
| Profit (loss) for the period | 9904 | €873,040 | €491,537 | -€381,504 | -43.7% |
| Transfer from tax-exempt reserves | 789 | €6,360 | €6,360 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €879,401 | €497,897 | -€381,504 | -43.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.