WALHORTIS: 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.
WALHORTIS
Largest movements
- Cash -€6,312
down €6,312 (-31.8%), from €19,828 to €13,516
mainly Investment in fixed assets (net) (-€8,554) and Tax, wage and social debts (-€1,746)
- Tangible fixed assets +€6,010
up €6,010 (+135.2%), from €4,444 to €10,454
of which Other tangible fixed assets: +€6,222
- Receivables within one year -€965
down €965 (-18.5%), from €5,222 to €4,257
of which Other amounts receivable: -€558
- Tax, wage and social debts -€1,746
down €1,746 (-65.5%), from €2,668 to €921
- Reserves +€1,600
up €1,600 (+31.7%), from €5,050 to €6,650
- Other debts -€1,261
down €1,261 (-88.5%), from €1,424 to €163
- Gross operating margin +€1,523
up €1,523 (+32.8%), from €4,649 to €6,172
- Taxes +€436
up €436 (+60.9%), from €716 to €1,152
- Depreciation +€234
up €234 (+10.1%), from €2,310 to €2,544
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 | €30,961 | €29,805 | -€1,156 | -3.7% |
| Fixed assets | 21/28 | €4,444 | €10,454 | +€6,010 | +135.2% |
| Tangible fixed assets | 22/27 | €4,444 | €10,454 | +€6,010 | +135.2% |
| Plant, machinery and equipment | 23 | €778 | €1,770 | +€992 | +127.6% |
| Furniture and vehicles | 24 | €1,704 | €500 | -€1,204 | -70.7% |
| Other tangible fixed assets | 26 | €1,962 | €8,184 | +€6,222 | +317.1% |
| Current assets | 29/58 | €26,517 | €19,351 | -€7,166 | -27.0% |
| Amounts receivable within one year | 40/41 | €5,222 | €4,257 | -€965 | -18.5% |
| Trade receivables | 40 | €4,665 | €4,257 | -€407 | -8.7% |
| Other amounts receivable | 41 | €558 | - | -€558 | |
| Cash at bank and in hand | 54/58 | €19,828 | €13,516 | -€6,312 | -31.8% |
| Deferred charges and accrued income | 490/1 | €1,467 | €1,578 | +€111 | +7.6% |
| Total equity and liabilities | 10/49 | €30,961 | €29,805 | -€1,156 | -3.7% |
| Equity | 10/15 | €25,959 | €27,576 | +€1,617 | +6.2% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €5,050 | €6,650 | +€1,600 | +31.7% |
| Distributable reserves | 133 | €5,050 | €6,650 | +€1,600 | +31.7% |
| Profit (loss) carried forward | 14 | €1,909 | €1,926 | +€17 | +0.9% |
| Amounts payable | 17/49 | €5,002 | €2,229 | -€2,773 | -55.4% |
| Amounts payable within one year | 42/48 | €5,002 | €2,229 | -€2,773 | -55.4% |
| Trade debts | 44 | €910 | €1,144 | +€235 | +25.8% |
| Suppliers | 440/4 | €910 | €1,144 | +€235 | +25.8% |
| Taxes, remuneration and social security | 45 | €2,668 | €921 | -€1,746 | -65.5% |
| Taxes | 450/3 | €2,668 | €921 | -€1,746 | -65.5% |
| Other amounts payable | 47/48 | €1,424 | €163 | -€1,261 | -88.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,310 | €2,544 | +€234 | +10.1% |
| Other operating charges | 640/8 | €807 | €848 | +€41 | +5.1% |
| Gross operating margin | 9900 | €4,649 | €6,172 | +€1,523 | +32.8% |
| Operating profit (loss) | 9901 | €1,532 | €2,780 | +€1,248 | +81.5% |
| Financial income | 75/76B | €166 | €165 | -€0 | -0.2% |
| Recurring financial income | 75 | €166 | €165 | -€0 | -0.2% |
| Financial charges | 65/66B | €165 | €176 | +€11 | +6.5% |
| Recurring financial charges | 65 | €165 | €176 | +€11 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €1,532 | €2,769 | +€1,237 | +80.8% |
| Income taxes | 67/77 | €716 | €1,152 | +€436 | +60.9% |
| Profit (loss) for the period | 9904 | €816 | €1,617 | +€801 | +98.2% |
| Profit (loss) for the period to be appropriated | 9905 | €816 | €1,617 | +€801 | +98.2% |
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 3 October 2026 via checked.be.