WALEC: 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.
WALEC
Largest movements
- Stocks and contracts -€22,509
down €22,509 (-9.2%), from €244,025 to €221,517
- Cash +€20,051
up €20,051 (+848.4%), from €2,363 to €22,414
mainly Other debts (+€77,083) and Stocks and contracts (+€22,509)
- Tangible fixed assets -€14,444
down €14,444 (-13.9%), from €103,780 to €89,336
of which Land and buildings: -€14,677
- Other debts +€77,083
up €77,083 (+266.3%), from €28,950 to €106,033
- Reserves -€42,684
down €42,684 (-40.9%), from €104,405 to €61,721
- Short-term financial debts -€30,310
no longer reported in 2025 (was €30,310)
- Debts after one year -€23,146
down €23,146 (-18.2%), from €126,898 to €103,752
- Gross operating margin -€32,682
down €32,682 (-56.9%), from €57,486 to €24,804
- Staff costs -€7,234
down €7,234 (-18.4%), from €39,263 to €32,029
- Write-downs -€3,264
down €3,264 (-51.3%), from €6,366 to €3,102
- Financial charges -€1,110
down €1,110 (-10.8%), from €10,232 to €9,122
- Depreciation +€706
up €706 (+4.0%), from €17,718 to €18,424
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 | €350,219 | €333,718 | -€16,501 | -4.7% |
| Fixed assets | 21/28 | €103,830 | €89,386 | -€14,444 | -13.9% |
| Tangible fixed assets | 22/27 | €103,780 | €89,336 | -€14,444 | -13.9% |
| Land and buildings | 22 | €88,063 | €73,386 | -€14,677 | -16.7% |
| Plant, machinery and equipment | 23 | €15,014 | €12,566 | -€2,448 | -16.3% |
| Furniture and vehicles | 24 | €703 | €3,384 | +€2,681 | +381.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €246,389 | €244,332 | -€2,057 | -0.8% |
| Stocks and contracts in progress | 3 | €244,025 | €221,517 | -€22,509 | -9.2% |
| Stocks | 30/36 | €244,025 | €221,517 | -€22,509 | -9.2% |
| Amounts receivable within one year | 40/41 | - | €401 | +€401 | |
| Trade receivables | 40 | - | €401 | +€401 | |
| Cash at bank and in hand | 54/58 | €2,363 | €22,414 | +€20,051 | +848.4% |
| Total equity and liabilities | 10/49 | €350,219 | €333,718 | -€16,501 | -4.7% |
| Equity | 10/15 | €110,605 | €67,921 | -€42,684 | -38.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €104,405 | €61,721 | -€42,684 | -40.9% |
| Distributable reserves | 133 | €104,405 | €61,721 | -€42,684 | -40.9% |
| Amounts payable | 17/49 | €239,614 | €265,796 | +€26,182 | +10.9% |
| Amounts payable after more than one year | 17 | €126,898 | €103,752 | -€23,146 | -18.2% |
| Financial debts | 170/4 | €126,898 | €103,752 | -€23,146 | -18.2% |
| Amounts payable within one year | 42/48 | €112,716 | €162,044 | +€49,329 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | €22,915 | €23,146 | +€231 | +1.0% |
| Financial debts | 43 | €30,310 | - | -€30,310 | |
| Credit institutions | 430/8 | €30,310 | - | -€30,310 | |
| Trade debts | 44 | €10,735 | €14,042 | +€3,307 | +30.8% |
| Suppliers | 440/4 | €10,735 | €14,042 | +€3,307 | +30.8% |
| Taxes, remuneration and social security | 45 | €19,805 | €18,823 | -€982 | -5.0% |
| Taxes | 450/3 | €15,278 | €14,113 | -€1,165 | -7.6% |
| Remuneration and social security | 454/9 | €4,527 | €4,711 | +€184 | +4.1% |
| Other amounts payable | 47/48 | €28,950 | €106,033 | +€77,083 | +266.3% |
| Remuneration, social security and pensions | 62 | €39,263 | €32,029 | -€7,234 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,718 | €18,424 | +€706 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,366 | €3,102 | -€3,264 | -51.3% |
| Other operating charges | 640/8 | €6,894 | €6,830 | -€64 | -0.9% |
| Gross operating margin | 9900 | €57,486 | €24,804 | -€32,682 | -56.9% |
| Operating profit (loss) | 9901 | -€12,755 | -€35,581 | -€22,825 | -179.0% |
| Financial income | 75/76B | €2,164 | €2,426 | +€262 | +12.1% |
| Recurring financial income | 75 | €2,164 | €2,426 | +€262 | +12.1% |
| Financial charges | 65/66B | €10,232 | €9,122 | -€1,110 | -10.8% |
| Recurring financial charges | 65 | €10,232 | €9,122 | -€1,110 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | -€20,823 | -€42,277 | -€21,454 | -103.0% |
| Income taxes | 67/77 | €390 | €407 | +€17 | +4.4% |
| Profit (loss) for the period | 9904 | -€21,213 | -€42,684 | -€21,471 | -101.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,213 | -€42,684 | -€21,471 | -101.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.