WALINVEST: 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.
WALINVEST
Largest movements
- Financial fixed assets -€503,799
down €503,799 (-26.6%), from €1.9m to €1.4m
- Receivables within one year +€148,931
up €148,931 (+46.1%), from €323,112 to €472,043
of which Trade receivables: +€99,412
- Tangible fixed assets -€90,123
down €90,123 (-4.1%), from €2.2m to €2.1m
of which Land and buildings: -€47,699
- Other debts -€739,935
down €739,935 (-44.9%), from €1.6m to €908,093
- Reserves +€376,142
up €376,142 (+129%), from €292,248 to €668,390
of which Distributable reserves: +€377,205
- Debts after one year -€184,757
down €184,757 (-10.8%), from €1.7m to €1.5m
- Profit (loss) carried forward +€67,243
up €67,243, from -€67,243 to €0
- Current portion of long-term debt +€61,065
up €61,065 (+67.4%), from €90,646 to €151,711
- Financial income +€1.0m
up €1.0m (+626,061%), from €163 to €1.0m
of which Financial income: +€991,475
- Financial charges +€578,149
up €578,149 (+616%), from €93,812 to €671,961
of which Non-recurring financial charges: +€571,299
- Depreciation -€4,782
down €4,782 (-4.3%), from €110,441 to €105,659
- Gross operating margin -€3,323
down €3,323 (-1.5%), from €216,995 to €213,672
- Other operating charges +€3,020
up €3,020 (+37.9%), from €7,964 to €10,984
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 | €4,475,370 | €4,027,325 | -€448,044 | -10.0% |
| Fixed assets | 21/28 | €4,108,315 | €3,514,393 | -€593,922 | -14.5% |
| Tangible fixed assets | 22/27 | €2,217,814 | €2,127,691 | -€90,123 | -4.1% |
| Land and buildings | 22 | €2,175,390 | €2,127,691 | -€47,699 | -2.2% |
| Plant, machinery and equipment | 23 | €42,424 | €0 | -€42,424 | -100% |
| Financial fixed assets | 28 | €1,890,501 | €1,386,702 | -€503,799 | -26.6% |
| Current assets | 29/58 | €367,055 | €512,932 | +€145,877 | +39.7% |
| Amounts receivable within one year | 40/41 | €323,112 | €472,043 | +€148,931 | +46.1% |
| Trade receivables | 40 | €306,309 | €405,720 | +€99,412 | +32.5% |
| Other amounts receivable | 41 | €16,803 | €66,322 | +€49,520 | +295% |
| Current investments | 50/53 | €20,335 | €20,335 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,388 | €18,772 | -€1,616 | -7.9% |
| Deferred charges and accrued income | 490/1 | €3,221 | €1,783 | -€1,438 | -44.6% |
| Total equity and liabilities | 10/49 | €4,475,370 | €4,027,325 | -€448,044 | -10.0% |
| Equity | 10/15 | €867,105 | €1,310,490 | +€443,385 | +51.1% |
| Contributions | 10/11 | €642,100 | €642,100 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €292,248 | €668,390 | +€376,142 | +129% |
| Tax-exempt reserves | 132 | €29,758 | €28,695 | -€1,063 | -3.6% |
| Distributable reserves | 133 | €262,490 | €639,695 | +€377,205 | +144% |
| Profit (loss) carried forward | 14 | -€67,243 | €0 | +€67,243 | |
| Provisions and deferred taxes | 16 | €9,919 | €9,565 | -€354 | -3.6% |
| Deferred taxes | 168 | €9,919 | €9,565 | -€354 | -3.6% |
| Amounts payable | 17/49 | €3,598,345 | €2,707,270 | -€891,075 | -24.8% |
| Amounts payable after more than one year | 17 | €1,708,261 | €1,523,505 | -€184,757 | -10.8% |
| Financial debts | 170/4 | €1,708,261 | €1,523,505 | -€184,757 | -10.8% |
| Amounts payable within one year | 42/48 | €1,890,084 | €1,183,765 | -€706,318 | -37.4% |
| Current portion of amounts payable after more than one year | 42 | €90,646 | €151,711 | +€61,065 | +67.4% |
| Financial debts | 43 | €42,355 | €0 | -€42,355 | -100% |
| Credit institutions | 430/8 | €42,355 | €0 | -€42,355 | -100% |
| Trade debts | 44 | €60,664 | €105,146 | +€44,482 | +73.3% |
| Suppliers | 440/4 | €60,664 | €105,146 | +€44,482 | +73.3% |
| Taxes, remuneration and social security | 45 | €48,392 | €18,816 | -€29,576 | -61.1% |
| Taxes | 450/3 | €45,642 | €18,816 | -€26,826 | -58.8% |
| Remuneration and social security | 454/9 | €2,750 | €0 | -€2,750 | -100% |
| Other amounts payable | 47/48 | €1,648,028 | €908,093 | -€739,935 | -44.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,441 | €105,659 | -€4,782 | -4.3% |
| Other operating charges | 640/8 | €7,964 | €10,984 | +€3,020 | +37.9% |
| Gross operating margin | 9900 | €216,995 | €213,672 | -€3,323 | -1.5% |
| Operating profit (loss) | 9901 | €98,589 | €97,029 | -€1,560 | -1.6% |
| Financial income | 75/76B | €163 | €1,018,138 | +€1.0m | +626,061% |
| Recurring financial income | 75 | €163 | €991,638 | +€991,475 | +609,763% |
| Non-recurring financial income | 76B | - | €26,500 | +€26,500 | |
| Financial charges | 65/66B | €93,812 | €671,961 | +€578,149 | +616% |
| Recurring financial charges | 65 | €93,812 | €100,662 | +€6,850 | +7.3% |
| Non-recurring financial charges | 66B | - | €571,299 | +€571,299 | |
| Profit (loss) for the period before taxes | 9903 | €4,940 | €443,206 | +€438,266 | +8,872% |
| Transfer from deferred taxes | 780 | €354 | €354 | = | 0.0% |
| Income taxes | 67/77 | -€3 | €175 | +€178 | |
| Profit (loss) for the period | 9904 | €5,297 | €443,385 | +€438,088 | +8,271% |
| Transfer from tax-exempt reserves | 789 | €1,063 | €1,063 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,359 | €444,448 | +€438,088 | +6,889% |
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 24 October 2026 via checked.be.