WALFORM: 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.
WALFORM
Largest movements
- Receivables within one year +€183,314
up €183,314 (+29.3%), from €625,360 to €808,674
of which Other amounts receivable: +€190,074
- Tangible fixed assets +€53,427
up €53,427 (+3.2%), from €1.7m to €1.7m
of which Land and buildings: +€27,354
- Other debts +€189,575
up €189,575 (+48.5%), from €391,195 to €580,770
- Accrued charges and deferred income +€41,996
up €41,996 (+21.3%), from €197,560 to €239,557
- Debts after one year -€32,814
down €32,814 (-5.1%), from €644,291 to €611,477
of which Other amounts payable: -€23,571
- Staff costs +€24,605
up €24,605 (+19.6%), from €125,375 to €149,980
- Gross operating margin -€19,509
down €19,509 (-4.5%), from €437,404 to €417,895
- Other operating charges +€9,880
up €9,880 (+56.8%), from €17,386 to €27,266
- Depreciation +€8,420
up €8,420 (+45.8%), from €18,387 to €26,808
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 | €3,046,895 | €3,269,096 | +€222,200 | +7.3% |
| Fixed assets | 21/28 | €2,334,777 | €2,388,204 | +€53,427 | +2.3% |
| Tangible fixed assets | 22/27 | €1,684,918 | €1,738,344 | +€53,427 | +3.2% |
| Land and buildings | 22 | €1,542,685 | €1,570,039 | +€27,354 | +1.8% |
| Plant, machinery and equipment | 23 | €139,723 | €163,610 | +€23,887 | +17.1% |
| Furniture and vehicles | 24 | €2,510 | €4,696 | +€2,186 | +87.1% |
| Financial fixed assets | 28 | €649,859 | €649,859 | = | 0.0% |
| Current assets | 29/58 | €712,118 | €880,892 | +€168,774 | +23.7% |
| Amounts receivable within one year | 40/41 | €625,360 | €808,674 | +€183,314 | +29.3% |
| Trade receivables | 40 | €141,032 | €134,272 | -€6,760 | -4.8% |
| Other amounts receivable | 41 | €484,328 | €674,402 | +€190,074 | +39.2% |
| Cash at bank and in hand | 54/58 | €86,759 | €71,823 | -€14,935 | -17.2% |
| Deferred charges and accrued income | 490/1 | - | €395 | +€395 | |
| Total equity and liabilities | 10/49 | €3,046,895 | €3,269,096 | +€222,200 | +7.3% |
| Equity | 10/15 | €1,601,637 | €1,604,808 | +€3,171 | +0.2% |
| 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% |
| Revaluation surpluses | 12 | €1,035,653 | €1,035,653 | = | 0.0% |
| Reserves | 13 | €432,450 | €432,450 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €370,000 | €370,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,535 | €74,705 | +€3,171 | +4.4% |
| Amounts payable | 17/49 | €1,445,258 | €1,664,288 | +€219,030 | +15.2% |
| Amounts payable after more than one year | 17 | €644,291 | €611,477 | -€32,814 | -5.1% |
| Financial debts | 170/4 | €553,269 | €544,027 | -€9,242 | -1.7% |
| Other amounts payable | 178/9 | €91,021 | €67,450 | -€23,571 | -25.9% |
| Amounts payable within one year | 42/48 | €603,407 | €813,254 | +€209,847 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €66,972 | €78,192 | +€11,220 | +16.8% |
| Trade debts | 44 | €112,197 | €103,914 | -€8,283 | -7.4% |
| Suppliers | 440/4 | €112,197 | €103,914 | -€8,283 | -7.4% |
| Taxes, remuneration and social security | 45 | €33,043 | €50,379 | +€17,335 | +52.5% |
| Taxes | 450/3 | €4,086 | €6,325 | +€2,240 | +54.8% |
| Remuneration and social security | 454/9 | €28,958 | €44,053 | +€15,095 | +52.1% |
| Other amounts payable | 47/48 | €391,195 | €580,770 | +€189,575 | +48.5% |
| Accrued charges and deferred income | 492/3 | €197,560 | €239,557 | +€41,996 | +21.3% |
| Remuneration, social security and pensions | 62 | €125,375 | €149,980 | +€24,605 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,387 | €26,808 | +€8,420 | +45.8% |
| Other operating charges | 640/8 | €17,386 | €27,266 | +€9,880 | +56.8% |
| Gross operating margin | 9900 | €437,404 | €417,895 | -€19,509 | -4.5% |
| Operating profit (loss) | 9901 | €276,255 | €213,841 | -€62,414 | -22.6% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €17,318 | €19,668 | +€2,350 | +13.6% |
| Recurring financial charges | 65 | €17,290 | €19,668 | +€2,377 | +13.8% |
| Non-recurring financial charges | 66B | €27 | - | -€27 | |
| Profit (loss) for the period before taxes | 9903 | €258,946 | €194,173 | -€64,773 | -25.0% |
| Income taxes | 67/77 | - | €1,002 | +€1,002 | |
| Profit (loss) for the period | 9904 | €258,946 | €193,171 | -€65,775 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €258,946 | €193,171 | -€65,775 | -25.4% |
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 21 October 2026 via checked.be.