Walden & Spencer: 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.
Walden & Spencer
Largest movements
- Cash +€44,073
up €44,073 (+325%), from €13,551 to €57,625
mainly Debts after one year (+€46,646) and Receivables within one year (+€16,623)
- Receivables within one year -€16,623
down €16,623 (-14.5%), from €114,473 to €97,850
of which Trade receivables: -€20,443
- Debts after one year +€46,646
up €46,646 (+6.1%), from €759,100 to €805,747
of which Other amounts payable: +€46,646
- Other debts -€12,478
down €12,478 (-68.3%), from €18,280 to €5,802
- Staff costs +€5,500
new in 2025: €5,500
- Depreciation -€3,144
down €3,144 (-87.0%), from €3,614 to €470
- Gross operating margin +€1,128
up €1,128 (+42.6%), from €2,647 to €3,775
- Taxes -€282
down €282 (-39.3%), from -€718 to -€1,000
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 | €919,747 | €947,480 | +€27,733 | +3.0% |
| Fixed assets | 21/28 | €718,419 | €717,949 | -€470 | -0.1% |
| Tangible fixed assets | 22/27 | €1,381 | €911 | -€470 | -34.0% |
| Plant, machinery and equipment | 23 | €571 | €101 | -€470 | -82.3% |
| Furniture and vehicles | 24 | €810 | €810 | = | 0.0% |
| Financial fixed assets | 28 | €717,038 | €717,038 | = | 0.0% |
| Current assets | 29/58 | €201,328 | €229,531 | +€28,203 | +14.0% |
| Amounts receivable within one year | 40/41 | €114,473 | €97,850 | -€16,623 | -14.5% |
| Trade receivables | 40 | €111,640 | €91,197 | -€20,443 | -18.3% |
| Other amounts receivable | 41 | €2,833 | €6,653 | +€3,820 | +135% |
| Cash at bank and in hand | 54/58 | €13,551 | €57,625 | +€44,073 | +325% |
| Deferred charges and accrued income | 490/1 | €73,303 | €74,057 | +€753 | +1.0% |
| Total equity and liabilities | 10/49 | €919,747 | €947,480 | +€27,733 | +3.0% |
| Equity | 10/15 | €108,413 | €107,219 | -€1,194 | -1.1% |
| Contributions | 10/11 | €64,468 | €64,468 | = | 0.0% |
| Reserves | 13 | €96,630 | €96,630 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,965 | €12,965 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,965 | €12,965 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,619 | €7,619 | = | 0.0% |
| Distributable reserves | 133 | €76,046 | €76,046 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,685 | -€53,879 | -€1,194 | -2.3% |
| Amounts payable | 17/49 | €811,334 | €840,261 | +€28,927 | +3.6% |
| Amounts payable after more than one year | 17 | €759,100 | €805,747 | +€46,646 | +6.1% |
| Financial debts | 170/4 | €153,151 | €153,151 | = | 0.0% |
| Other amounts payable | 178/9 | €605,949 | €652,595 | +€46,646 | +7.7% |
| Amounts payable within one year | 42/48 | €52,234 | €34,514 | -€17,720 | -33.9% |
| Trade debts | 44 | €33,954 | €28,712 | -€5,242 | -15.4% |
| Suppliers | 440/4 | €33,954 | €28,712 | -€5,242 | -15.4% |
| Other amounts payable | 47/48 | €18,280 | €5,802 | -€12,478 | -68.3% |
| Remuneration, social security and pensions | 62 | - | €5,500 | +€5,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,614 | €470 | -€3,144 | -87.0% |
| Gross operating margin | 9900 | €2,647 | €3,775 | +€1,128 | +42.6% |
| Operating profit (loss) | 9901 | -€967 | -€2,195 | -€1,228 | -127% |
| Financial income | 75/76B | €1 | €10 | +€10 | +1,058% |
| Recurring financial income | 75 | €1 | €10 | +€10 | +1,058% |
| Financial charges | 65/66B | - | €9 | +€9 | |
| Recurring financial charges | 65 | - | €9 | +€9 | |
| Profit (loss) for the period before taxes | 9903 | -€966 | -€2,194 | -€1,227 | -127% |
| Income taxes | 67/77 | -€718 | -€1,000 | -€282 | -39.3% |
| Profit (loss) for the period | 9904 | -€249 | -€1,194 | -€945 | -380% |
| Profit (loss) for the period to be appropriated | 9905 | -€249 | -€1,194 | -€945 | -380% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.