WALKING TREE EU: 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.
What changed
WALKING TREE EU
NACE 46.480, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3.8m
2024 · -€5.0m+€1.2m
Equity
-€17.6m
2024 · -€13.8m-€3.8m
Cash
€435,083
2024 · €284,524+€150,560
Balance sheet total
€23.0m
2024 · €11.3m+€11.7m
Largest movements
Assets
- Receivables within one year +€14.5m
up €14.5m (+233%), from €6.2m to €20.8m
of which Other amounts receivable: +€14.9m
- Stocks and contracts -€2.4m
down €2.4m (-88.7%), from €2.7m to €309,236
- Intangible fixed assets -€269,249
down €269,249 (-42.5%), from €633,463 to €364,215
Equity and liabilities
- Debts after one year +€14.1m
up €14.1m (+64.5%), from €21.8m to €35.9m
- Profit (loss) carried forward -€3.8m
down €3.8m (-19.1%), from -€20.0m to -€23.8m
- Trade debts +€1.3m
up €1.3m (+42.8%), from €3.1m to €4.4m
Income statement
- Gross operating margin +€452,671
up €452,671 (+12.4%), from -€3.7m to -€3.2m
- Financial income +€207,309
up €207,309 (+57.4%), from €361,313 to €568,622
- Depreciation -€190,970
down €190,970 (-31.1%), from €613,881 to €422,911
- Staff costs -€166,642
down €166,642 (-40.4%), from €412,116 to €245,474
- Financial charges -€98,221
down €98,221 (-16.3%), from €601,426 to €503,205
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.
Result 2024
-€5.0m
Gross operating margin
+€452,671
Staff costs
+€166,642
Depreciation
+€190,970
Other operating charges
+€2,780
Other operating items
+€64,510
Financial income
+€207,309
Financial charges
+€98,221
Result 2025
-€3.8m
raises the resultnot broken down further in the accounts
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.
From operations
-€13.9m
Investment
-€37,639
Financing
+€14.1m
Cash 2024
€284,524
From operations (derived)
-€13.9m
Net result for the year
-€3.8m
Depreciation
+€422,911
Stocks and contracts
+€2.4m
Receivables within one year
-€14.5m
Deferred charges and accrued income
+€183,009
Trade debts
+€1.3m
Tax, wage and social debts
+€85,876
Smaller working-capital items
+€5,702
Investment (derived)
-€37,639
Investment in fixed assets (net)
-€37,639
Financing
+€14.1m
Debts after one year
+€14.1m
Current portion of long-term debt
+€267
Cash 2025
€435,083
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,332,034 | €23,016,458 | +€11.7m | +103% |
| Fixed assets | 21/28 | €1,840,447 | €1,455,174 | -€385,273 | -20.9% |
| Intangible fixed assets | 21 | €633,463 | €364,215 | -€269,249 | -42.5% |
| Tangible fixed assets | 22/27 | €1,050,657 | €934,628 | -€116,029 | -11.0% |
| Land and buildings | 22 | €611,692 | €592,695 | -€18,998 | -3.1% |
| Plant, machinery and equipment | 23 | €41,755 | €33,231 | -€8,525 | -20.4% |
| Furniture and vehicles | 24 | €40,729 | €33,394 | -€7,336 | -18.0% |
| Other tangible fixed assets | 26 | €187,424 | €156,298 | -€31,126 | -16.6% |
| Assets under construction and advance payments | 27 | €169,056 | €119,012 | -€50,045 | -29.6% |
| Financial fixed assets | 28 | €156,327 | €156,332 | +€5 | 0.0% |
| Current assets | 29/58 | €9,491,587 | €21,561,283 | +€12.1m | +127% |
| Stocks and contracts in progress | 3 | €2,726,136 | €309,236 | -€2.4m | -88.7% |
| Stocks | 30/36 | €2,726,136 | €309,236 | -€2.4m | -88.7% |
| Amounts receivable within one year | 40/41 | €6,236,867 | €20,755,913 | +€14.5m | +233% |
| Trade receivables | 40 | €2,736,502 | €2,317,890 | -€418,612 | -15.3% |
| Other amounts receivable | 41 | €3,500,364 | €18,438,023 | +€14.9m | +427% |
| Cash at bank and in hand | 54/58 | €284,524 | €435,083 | +€150,560 | +52.9% |
| Deferred charges and accrued income | 490/1 | €244,060 | €61,050 | -€183,009 | -75.0% |
| Total equity and liabilities | 10/49 | €11,332,034 | €23,016,458 | +€11.7m | +103% |
| Equity | 10/15 | -€13,760,205 | -€17,575,833 | -€3.8m | -27.7% |
| Contributions | 10/11 | €6,211,993 | €6,211,993 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,972,199 | -€23,787,826 | -€3.8m | -19.1% |
| Amounts payable | 17/49 | €25,092,239 | €40,592,291 | +€15.5m | +61.8% |
| Amounts payable after more than one year | 17 | €21,839,249 | €35,925,353 | +€14.1m | +64.5% |
| Financial debts | 170/4 | €21,839,249 | €35,925,353 | +€14.1m | +64.5% |
| Amounts payable within one year | 42/48 | €3,251,735 | €4,666,204 | +€1.4m | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €48,074 | €48,340 | +€267 | +0.6% |
| Trade debts | 44 | €3,089,855 | €4,411,957 | +€1.3m | +42.8% |
| Suppliers | 440/4 | €3,089,855 | €4,411,957 | +€1.3m | +42.8% |
| Taxes, remuneration and social security | 45 | €113,425 | €199,301 | +€85,876 | +75.7% |
| Taxes | 450/3 | €45,761 | €176,026 | +€130,266 | +285% |
| Remuneration and social security | 454/9 | €67,664 | €23,275 | -€44,389 | -65.6% |
| Other amounts payable | 47/48 | €382 | €6,605 | +€6,224 | +1,630% |
| Accrued charges and deferred income | 492/3 | €1,255 | €733 | -€522 | -41.6% |
| Non-recurring operating income | 76A | - | €2,784 | +€2,784 | |
| Remuneration, social security and pensions | 62 | €412,116 | €245,474 | -€166,642 | -40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €613,881 | €422,911 | -€190,970 | -31.1% |
| Other operating charges | 640/8 | €9,197 | €6,417 | -€2,780 | -30.2% |
| Non-recurring operating charges | 66A | €64,625 | €115 | -€64,510 | -99.8% |
| Gross operating margin | 9900 | -€3,658,799 | -€3,206,128 | +€452,671 | +12.4% |
| Operating profit (loss) | 9901 | -€4,758,617 | -€3,881,045 | +€877,573 | +18.4% |
| Financial income | 75/76B | €361,313 | €568,622 | +€207,309 | +57.4% |
| Recurring financial income | 75 | €361,313 | €568,622 | +€207,309 | +57.4% |
| Financial charges | 65/66B | €601,426 | €503,205 | -€98,221 | -16.3% |
| Recurring financial charges | 65 | €601,426 | €503,205 | -€98,221 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,998,730 | -€3,815,628 | +€1.2m | +23.7% |
| Profit (loss) for the period | 9904 | -€4,998,730 | -€3,815,628 | +€1.2m | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,998,730 | -€3,815,628 | +€1.2m | +23.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.