WALDING: 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.
What changed
WALDING
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€391,381
2024 · €1.2m-€815,002
Equity
€23.1m
2024 · €22.8m+€391,381
Cash
€68,228
2024 · €58,743+€9,485
Balance sheet total
€23.6m
2024 · €24.8m-€1.2m
Largest movements
Assets
- Receivables after one year -€1.2m
down €1.2m (-17.5%), from €6.8m to €5.6m
Equity and liabilities
- Debts after one year -€1.5m
no longer reported in 2025 (was €1.5m)
Income statement
- Financial income -€1.0m
down €1.0m (-84.9%), from €1.2m to €179,006
- Turnover +€482,438
up €482,438 (+44.1%), from €1.1m to €1.6m
- Staff costs +€197,053
up €197,053 (+31.4%), from €627,596 to €824,650
- Taxes +€91,993
up €91,993 (+152.4%), from €60,379 to €152,373
- Financial charges -€65,522
down €65,522 (-63.3%), from €103,574 to €38,051
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.
Result 2024
€1.2m
Turnover
+€482,438
Other operating income
+€9,376
Services and other goods
-€14,839
Staff costs
-€197,053
Depreciation
+€1,740
Other operating charges
+€750
Other operating items
-€62,565
Financial income
-€1.0m
Financial charges
+€65,522
Taxes
-€91,993
Result 2025
€391,381
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.
From operations
+€1.8m
Investment
-€49,856
Financing
-€1.7m
Cash 2024
€58,743
From operations (derived)
+€1.8m
Net result for the year
+€391,381
Depreciation
+€73,794
Receivables after one year
+€1.2m
Stocks and contracts
-€9,188
Receivables within one year
+€8,465
Deferred charges and accrued income
+€24,650
Provisions
-€859
Trade debts
+€13,044
Tax, wage and social debts
+€55,955
Other debts
+€38,731
Accrued charges and deferred income
-€13,473
Investment (derived)
-€49,856
Investment in fixed assets (net)
-€49,856
Financing
-€1.7m
Debts after one year
-€1.5m
Current portion of long-term debt
-€178,563
Short-term financial debts
+€11,074
Cash 2025
€68,228
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,796,565 | €23,570,086 | -€1.2m | -4.9% |
| Fixed assets | 21/28 | €14,606,069 | €14,582,131 | -€23,937 | -0.2% |
| Intangible fixed assets | 21 | €39,944 | €36,597 | -€3,347 | -8.4% |
| Tangible fixed assets | 22/27 | €843,600 | €823,010 | -€20,591 | -2.4% |
| Land and buildings | 22 | €822,139 | €795,137 | -€27,002 | -3.3% |
| Furniture and vehicles | 24 | €21,461 | €27,873 | +€6,412 | +29.9% |
| Financial fixed assets | 28 | €13,722,524 | €13,722,524 | = | 0.0% |
| Affiliated companies | 280/1 | €13,722,524 | €13,722,524 | = | 0.0% |
| Participating interests | 280 | €13,722,524 | €13,722,524 | = | 0.0% |
| Current assets | 29/58 | €10,190,497 | €8,987,955 | -€1.2m | -11.8% |
| Amounts receivable after more than one year | 29 | €6,805,000 | €5,616,900 | -€1.2m | -17.5% |
| Other amounts receivable | 291 | €6,805,000 | €5,616,900 | -€1.2m | -17.5% |
| Stocks and contracts in progress | 3 | €3,050,123 | €3,059,311 | +€9,188 | +0.3% |
| Stocks | 30/36 | €3,050,123 | €3,059,311 | +€9,188 | +0.3% |
| Property held for sale | 35 | €3,050,123 | €3,059,311 | +€9,188 | +0.3% |
| Amounts receivable within one year | 40/41 | €239,901 | €231,437 | -€8,465 | -3.5% |
| Trade receivables | 40 | €226,896 | €217,087 | -€9,810 | -4.3% |
| Other amounts receivable | 41 | €13,005 | €14,350 | +€1,345 | +10.3% |
| Current investments | 50/53 | €1,290 | €1,290 | = | 0.0% |
| Other investments | 51/53 | €1,290 | €1,290 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €58,743 | €68,228 | +€9,485 | +16.1% |
| Deferred charges and accrued income | 490/1 | €35,440 | €10,790 | -€24,650 | -69.6% |
| Total equity and liabilities | 10/49 | €24,796,565 | €23,570,086 | -€1.2m | -4.9% |
| Equity | 10/15 | €22,752,010 | €23,143,391 | +€391,381 | +1.7% |
| Contributions | 10/11 | €10,762,965 | €10,762,965 | = | 0.0% |
| Capital | 10 | €10,762,965 | €10,762,965 | = | 0.0% |
| Issued capital | 100 | €10,762,965 | €10,762,965 | = | 0.0% |
| Reserves | 13 | €2,564,846 | €2,741,946 | +€177,100 | +6.9% |
| Non-distributable reserves | 130/1 | €859,728 | €871,005 | +€11,278 | +1.3% |
| Legal reserve | 130 | €859,728 | €871,005 | +€11,278 | +1.3% |
| Tax-exempt reserves | 132 | €280,662 | €446,485 | +€165,823 | +59.1% |
| Distributable reserves | 133 | €1,424,456 | €1,424,456 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,424,199 | €9,638,480 | +€214,280 | +2.3% |
| Provisions and deferred taxes | 16 | €16,112 | €15,253 | -€859 | -5.3% |
| Deferred taxes | 168 | €16,112 | €15,253 | -€859 | -5.3% |
| Amounts payable | 17/49 | €2,028,443 | €411,443 | -€1.6m | -79.7% |
| Amounts payable after more than one year | 17 | €1,543,769 | - | -€1.5m | |
| Financial debts | 170/4 | €1,543,769 | - | -€1.5m | |
| Credit institutions | 173 | €1,543,769 | - | -€1.5m | |
| Amounts payable within one year | 42/48 | €471,201 | €411,443 | -€59,758 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €210,332 | €31,769 | -€178,563 | -84.9% |
| Financial debts | 43 | €15,516 | €26,590 | +€11,074 | +71.4% |
| Credit institutions | 430/8 | €15,516 | €26,590 | +€11,074 | +71.4% |
| Trade debts | 44 | €28,391 | €41,435 | +€13,044 | +45.9% |
| Suppliers | 440/4 | €28,391 | €41,435 | +€13,044 | +45.9% |
| Taxes, remuneration and social security | 45 | €215,404 | €271,360 | +€55,955 | +26.0% |
| Taxes | 450/3 | €120,045 | €144,286 | +€24,241 | +20.2% |
| Remuneration and social security | 454/9 | €95,360 | €127,074 | +€31,714 | +33.3% |
| Other amounts payable | 47/48 | €1,558 | €40,289 | +€38,731 | +2486.4% |
| Accrued charges and deferred income | 492/3 | €13,473 | - | -€13,473 | |
| Operating income | 70/76A | €1,176,711 | €1,605,960 | +€429,249 | +36.5% |
| Turnover | 70 | €1,093,432 | €1,575,870 | +€482,438 | +44.1% |
| Other operating income | 74 | €20,714 | €30,090 | +€9,376 | +45.3% |
| Non-recurring operating income | 76A | €62,565 | - | -€62,565 | |
| Operating charges | 60/66A | €994,619 | €1,204,021 | +€209,402 | +21.1% |
| Purchases | 600/8 | €3,800 | €9,188 | +€5,388 | +141.8% |
| Change in stocks: decrease (increase) | 609 | -€3,800 | -€9,188 | -€5,388 | -141.8% |
| Services and other goods | 61 | €284,696 | €299,534 | +€14,839 | +5.2% |
| Remuneration, social security and pensions | 62 | €627,596 | €824,650 | +€197,053 | +31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,533 | €73,794 | -€1,740 | -2.3% |
| Other operating charges | 640/8 | €6,794 | €6,044 | -€750 | -11.0% |
| Operating profit (loss) | 9901 | €182,092 | €401,940 | +€219,847 | +120.7% |
| Financial income | 75/76B | €1,187,384 | €179,006 | -€1.0m | -84.9% |
| Recurring financial income | 75 | €1,187,384 | €179,006 | -€1.0m | -84.9% |
| Income from financial fixed assets | 750 | €1,038,315 | - | -€1.0m | |
| Income from current assets | 751 | €149,070 | €179,006 | +€29,936 | +20.1% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -80.0% |
| Financial charges | 65/66B | €103,574 | €38,051 | -€65,522 | -63.3% |
| Recurring financial charges | 65 | €103,574 | €38,051 | -€65,522 | -63.3% |
| Debt charges | 650 | €100,695 | €33,563 | -€67,132 | -66.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €228 | - | -€228 | |
| Other financial charges | 652/9 | €2,651 | €4,488 | +€1,838 | +69.3% |
| Profit (loss) for the period before taxes | 9903 | €1,265,903 | €542,894 | -€723,009 | -57.1% |
| Transfer from deferred taxes | 780 | €859 | €859 | = | 0.0% |
| Income taxes | 67/77 | €60,379 | €152,373 | +€91,993 | +152.4% |
| Taxes | 670/3 | €60,379 | €152,373 | +€91,993 | +152.4% |
| Profit (loss) for the period | 9904 | €1,206,383 | €391,381 | -€815,002 | -67.6% |
| Transfer from tax-exempt reserves | 789 | €2,577 | €2,577 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,208,961 | €225,558 | -€983,402 | -81.3% |
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 28 September 2026 via checked.be.