WALCINVEST: 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.
WALCINVEST
Largest movements
- Current investments -€504,590
down €504,590 (-52.7%), from €957,012 to €452,423
- Tangible fixed assets +€304,790
up €304,790 (+34.5%), from €883,533 to €1.2m
of which Land and buildings: +€308,243
- Cash +€26,287
up €26,287 (+17.8%), from €147,587 to €173,874
mainly Current investments (+€504,590) and Other debts (+€134,292)
- Reserves -€305,350
down €305,350 (-16.2%), from €1.9m to €1.6m
- Other debts +€134,292
up €134,292 (+357.9%), from €37,525 to €171,817
- Financial income +€98,614
up €98,614 (+205.0%), from €48,094 to €146,708
of which Non-recurring financial income: +€91,919
- Financial charges +€71,652
up €71,652 (+387.3%), from €18,499 to €90,152
of which Non-recurring financial charges: +€79,990
- Depreciation +€27,821
up €27,821 (+129.7%), from €21,454 to €49,275
- Gross operating margin +€11,335
up €11,335 (+50.8%), from €22,309 to €33,644
- Taxes -€2,707
down €2,707 (-24.9%), from €10,885 to €8,178
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 | €1,996,668 | €1,818,925 | -€177,744 | -8.9% |
| Fixed assets | 21/28 | €883,533 | €1,188,324 | +€304,790 | +34.5% |
| Tangible fixed assets | 22/27 | €883,533 | €1,188,324 | +€304,790 | +34.5% |
| Land and buildings | 22 | €859,355 | €1,167,598 | +€308,243 | +35.9% |
| Plant, machinery and equipment | 23 | €2,400 | €2,400 | = | 0.0% |
| Other tangible fixed assets | 26 | €21,779 | €18,326 | -€3,453 | -15.9% |
| Current assets | 29/58 | €1,113,135 | €630,601 | -€482,534 | -43.3% |
| Amounts receivable within one year | 40/41 | €7,473 | €2,775 | -€4,698 | -62.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €7,473 | €2,775 | -€4,698 | -62.9% |
| Current investments | 50/53 | €957,012 | €452,423 | -€504,590 | -52.7% |
| Cash at bank and in hand | 54/58 | €147,587 | €173,874 | +€26,287 | +17.8% |
| Deferred charges and accrued income | 490/1 | €1,063 | €1,529 | +€466 | +43.9% |
| Total equity and liabilities | 10/49 | €1,996,668 | €1,818,925 | -€177,744 | -8.9% |
| Equity | 10/15 | €1,947,760 | €1,642,410 | -€305,350 | -15.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,882,122 | €1,576,772 | -€305,350 | -16.2% |
| Distributable reserves | 133 | €1,882,122 | €1,576,772 | -€305,350 | -16.2% |
| Profit (loss) carried forward | 14 | €3,638 | €3,638 | = | 0.0% |
| Amounts payable | 17/49 | €48,908 | €176,514 | +€127,606 | +260.9% |
| Amounts payable within one year | 42/48 | €47,978 | €172,189 | +€124,211 | +258.9% |
| Trade debts | 44 | €10,453 | €69 | -€10,384 | -99.3% |
| Suppliers | 440/4 | €10,453 | €69 | -€10,384 | -99.3% |
| Taxes, remuneration and social security | 45 | - | €303 | +€303 | |
| Taxes | 450/3 | - | €303 | +€303 | |
| Other amounts payable | 47/48 | €37,525 | €171,817 | +€134,292 | +357.9% |
| Accrued charges and deferred income | 492/3 | €930 | €4,325 | +€3,395 | +365.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,454 | €49,275 | +€27,821 | +129.7% |
| Other operating charges | 640/8 | €6,794 | €6,996 | +€202 | +3.0% |
| Gross operating margin | 9900 | €22,309 | €33,644 | +€11,335 | +50.8% |
| Operating profit (loss) | 9901 | -€5,939 | -€22,627 | -€16,688 | -281.0% |
| Financial income | 75/76B | €48,094 | €146,708 | +€98,614 | +205.0% |
| Recurring financial income | 75 | €48,094 | €54,789 | +€6,695 | +13.9% |
| Non-recurring financial income | 76B | - | €91,919 | +€91,919 | |
| Financial charges | 65/66B | €18,499 | €90,152 | +€71,652 | +387.3% |
| Recurring financial charges | 65 | €18,499 | €10,162 | -€8,338 | -45.1% |
| Non-recurring financial charges | 66B | - | €79,990 | +€79,990 | |
| Profit (loss) for the period before taxes | 9903 | €23,656 | €33,929 | +€10,273 | +43.4% |
| Income taxes | 67/77 | €10,885 | €8,178 | -€2,707 | -24.9% |
| Profit (loss) for the period | 9904 | €12,771 | €25,751 | +€12,980 | +101.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,771 | €25,751 | +€12,980 | +101.6% |
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.