WALHALLA: 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.
WALHALLA
Largest movements
- Stocks and contracts -€537,813
down €537,813 (-97.8%), from €550,063 to €12,250
- Tangible fixed assets -€191,740
down €191,740 (-26.3%), from €727,763 to €536,023
- Cash +€103,037
up €103,037 (+2,731%), from €3,773 to €106,810
mainly Stocks and contracts (+€537,813) and Investment in fixed assets (net) (+€162,652)
- Receivables within one year +€36,048
up €36,048 (+128%), from €28,081 to €64,129
of which Trade receivables: +€45,372
- Deferred charges and accrued income -€31,025
no longer reported in 2025 (was €31,025)
- Debts after one year -€769,091
down €769,091 (-69.9%), from €1.1m to €331,711
of which Trade debts: -€721,629
- Other debts +€124,722
up €124,722 (+24,881%), from €501 to €125,223
- Profit (loss) carried forward +€86,199
up €86,199, from -€28,792 to €57,407
- Provisions -€35,315
no longer reported in 2025 (was €35,315)
- Current portion of long-term debt -€23,364
down €23,364 (-49.9%), from €46,775 to €23,412
- Gross operating margin +€193,167
up €193,167 (+4,223%), from €4,574 to €197,742
- Taxes +€56,464
new in 2025: €56,464
- Financial charges +€29,070
up €29,070 (+478%), from €6,077 to €35,147
- Other operating charges +€4,896
up €4,896 (+337%), from €1,454 to €6,350
- Depreciation -€4,160
down €4,160 (-12.5%), from €33,247 to €29,088
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 | €1,505,705 | €884,212 | -€621,493 | -41.3% |
| Fixed assets | 21/28 | €892,763 | €701,023 | -€191,740 | -21.5% |
| Tangible fixed assets | 22/27 | €727,763 | €536,023 | -€191,740 | -26.3% |
| Land and buildings | 22 | €727,763 | €536,023 | -€191,740 | -26.3% |
| Financial fixed assets | 28 | €165,000 | €165,000 | = | 0.0% |
| Current assets | 29/58 | €612,942 | €183,189 | -€429,753 | -70.1% |
| Stocks and contracts in progress | 3 | €550,063 | €12,250 | -€537,813 | -97.8% |
| Stocks | 30/36 | €550,063 | €12,250 | -€537,813 | -97.8% |
| Amounts receivable within one year | 40/41 | €28,081 | €64,129 | +€36,048 | +128% |
| Trade receivables | 40 | €6,645 | €52,017 | +€45,372 | +683% |
| Other amounts receivable | 41 | €21,436 | €12,112 | -€9,324 | -43.5% |
| Cash at bank and in hand | 54/58 | €3,773 | €106,810 | +€103,037 | +2,731% |
| Deferred charges and accrued income | 490/1 | €31,025 | - | -€31,025 | |
| Total equity and liabilities | 10/49 | €1,505,705 | €884,212 | -€621,493 | -41.3% |
| Equity | 10/15 | €308,665 | €376,764 | +€68,099 | +22.1% |
| Contributions | 10/11 | €255,000 | €255,000 | = | 0.0% |
| Reserves | 13 | €82,457 | €64,357 | -€18,100 | -22.0% |
| Non-distributable reserves | 130/1 | €320 | €320 | = | 0.0% |
| Reserves not available under the articles | 1311 | €320 | €320 | = | 0.0% |
| Tax-exempt reserves | 132 | €81,909 | - | -€81,909 | |
| Distributable reserves | 133 | €228 | €64,037 | +€63,809 | +27,991% |
| Profit (loss) carried forward | 14 | -€28,792 | €57,407 | +€86,199 | |
| Provisions and deferred taxes | 16 | €35,315 | - | -€35,315 | |
| Deferred taxes | 168 | €35,315 | - | -€35,315 | |
| Amounts payable | 17/49 | €1,161,725 | €507,449 | -€654,276 | -56.3% |
| Amounts payable after more than one year | 17 | €1,100,801 | €331,711 | -€769,091 | -69.9% |
| Financial debts | 170/4 | €379,173 | €331,711 | -€47,462 | -12.5% |
| Trade debts | 175 | €721,629 | - | -€721,629 | |
| Amounts payable within one year | 42/48 | €60,924 | €175,738 | +€114,814 | +188% |
| Current portion of amounts payable after more than one year | 42 | €46,775 | €23,412 | -€23,364 | -49.9% |
| Trade debts | 44 | €6,665 | €21,274 | +€14,610 | +219% |
| Suppliers | 440/4 | €6,665 | €21,274 | +€14,610 | +219% |
| Taxes, remuneration and social security | 45 | €6,982 | €5,828 | -€1,154 | -16.5% |
| Taxes | 450/3 | €6,982 | €5,828 | -€1,154 | -16.5% |
| Other amounts payable | 47/48 | €501 | €125,223 | +€124,722 | +24,881% |
| Remuneration, social security and pensions | 62 | €10,260 | €6,884 | -€3,376 | -32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,247 | €29,088 | -€4,160 | -12.5% |
| Other operating charges | 640/8 | €1,454 | €6,350 | +€4,896 | +337% |
| Gross operating margin | 9900 | €4,574 | €197,742 | +€193,167 | +4,223% |
| Operating profit (loss) | 9901 | -€40,387 | €155,419 | +€195,806 | |
| Financial income | 75/76B | €123 | €0 | -€123 | -100.0% |
| Recurring financial income | 75 | €123 | €0 | -€123 | -100.0% |
| Financial charges | 65/66B | €6,077 | €35,147 | +€29,070 | +478% |
| Recurring financial charges | 65 | €6,077 | €35,147 | +€29,070 | +478% |
| Profit (loss) for the period before taxes | 9903 | -€46,341 | €120,273 | +€166,614 | |
| Transfer from deferred taxes | 780 | €8,428 | - | -€8,428 | |
| Income taxes | 67/77 | - | €56,464 | +€56,464 | |
| Profit (loss) for the period | 9904 | -€37,913 | €63,809 | +€101,722 | |
| Transfer from tax-exempt reserves | 789 | €20,065 | - | -€20,065 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,848 | €63,809 | +€81,657 |
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 13 October 2026 via checked.be.