WALRAVENS & PARTNERS: what changed
WALRAVENS & PARTNERS
Largest movements
- Receivables within one year +€710,437
up €710,437 (+372%), from €190,906 to €901,343
of which Trade receivables: +€630,130
- Tangible fixed assets +€85,216
up €85,216 (+10.5%), from €812,539 to €897,754
of which Land and buildings: +€101,353
- Cash -€81,451
down €81,451 (-73.7%), from €110,579 to €29,128
mainly Receivables within one year (-€710,437) and Investment in fixed assets (net) (-€138,470)
- Current investments -€60,520
down €60,520 (-82.3%), from €73,523 to €13,004
- Other debts +€572,568
up €572,568 (+4,980%), from €11,498 to €584,066
- Reserves +€124,646
up €124,646 (+34.6%), from €359,882 to €484,528
- Trade debts +€109,061
up €109,061 (+322%), from €33,922 to €142,983
- Tax, wage and social debts -€56,781
down €56,781 (-52.3%), from €108,601 to €51,820
of which Remuneration and social security: -€46,775
- Debts after one year -€50,987
down €50,987 (-9.2%), from €553,804 to €502,818
- Gross operating margin -€473,575
down €473,575 (-60.6%), from €781,630 to €308,054
- Staff costs -€411,860
down €411,860 (-96.3%), from €427,831 to €15,971
- Taxes -€28,136
down €28,136 (-35.2%), from €80,019 to €51,883
- Depreciation +€14,683
up €14,683 (+37.9%), from €38,722 to €53,404
- Financial charges +€10,627
up €10,627 (+27.9%), from €38,108 to €48,736
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,197,229 | €1,850,095 | +€652,866 | +54.5% |
| Fixed assets | 21/28 | €813,989 | €899,054 | +€85,066 | +10.5% |
| Tangible fixed assets | 22/27 | €812,539 | €897,754 | +€85,216 | +10.5% |
| Land and buildings | 22 | €708,037 | €809,390 | +€101,353 | +14.3% |
| Plant, machinery and equipment | 23 | €1,564 | €8,204 | +€6,639 | +424% |
| Furniture and vehicles | 24 | €102,938 | €80,161 | -€22,776 | -22.1% |
| Financial fixed assets | 28 | €1,450 | €1,300 | -€150 | -10.3% |
| Current assets | 29/58 | €383,240 | €951,040 | +€567,801 | +148% |
| Amounts receivable within one year | 40/41 | €190,906 | €901,343 | +€710,437 | +372% |
| Trade receivables | 40 | €176,777 | €806,907 | +€630,130 | +356% |
| Other amounts receivable | 41 | €14,129 | €94,435 | +€80,307 | +568% |
| Current investments | 50/53 | €73,523 | €13,004 | -€60,520 | -82.3% |
| Cash at bank and in hand | 54/58 | €110,579 | €29,128 | -€81,451 | -73.7% |
| Deferred charges and accrued income | 490/1 | €8,232 | €7,566 | -€666 | -8.1% |
| Total equity and liabilities | 10/49 | €1,197,229 | €1,850,095 | +€652,866 | +54.5% |
| Equity | 10/15 | €378,482 | €502,800 | +€124,318 | +32.8% |
| Contributions | 10/11 | €18,600 | €18,272 | -€328 | -1.8% |
| Reserves | 13 | €359,882 | €484,528 | +€124,646 | +34.6% |
| Distributable reserves | 133 | €359,882 | €484,528 | +€124,646 | +34.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €818,747 | €1,347,295 | +€528,548 | +64.6% |
| Amounts payable after more than one year | 17 | €553,804 | €502,818 | -€50,987 | -9.2% |
| Financial debts | 170/4 | €553,804 | €502,818 | -€50,987 | -9.2% |
| Amounts payable within one year | 42/48 | €264,942 | €844,477 | +€579,535 | +219% |
| Current portion of amounts payable after more than one year | 42 | €49,387 | €25,608 | -€23,779 | -48.1% |
| Financial debts | 43 | €61,534 | €40,000 | -€21,534 | -35.0% |
| Credit institutions | 430/8 | €61,534 | €40,000 | -€21,534 | -35.0% |
| Trade debts | 44 | €33,922 | €142,983 | +€109,061 | +322% |
| Suppliers | 440/4 | €33,922 | €142,983 | +€109,061 | +322% |
| Taxes, remuneration and social security | 45 | €108,601 | €51,820 | -€56,781 | -52.3% |
| Taxes | 450/3 | €57,694 | €47,688 | -€10,006 | -17.3% |
| Remuneration and social security | 454/9 | €50,907 | €4,132 | -€46,775 | -91.9% |
| Other amounts payable | 47/48 | €11,498 | €584,066 | +€572,568 | +4,980% |
| Remuneration, social security and pensions | 62 | €427,831 | €15,971 | -€411,860 | -96.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,722 | €53,404 | +€14,683 | +37.9% |
| Other operating charges | 640/8 | €8,955 | €9,920 | +€965 | +10.8% |
| Gross operating margin | 9900 | €781,630 | €308,054 | -€473,575 | -60.6% |
| Operating profit (loss) | 9901 | €306,122 | €228,759 | -€77,363 | -25.3% |
| Financial income | 75/76B | €6,204 | €2,848 | -€3,356 | -54.1% |
| Recurring financial income | 75 | €1,704 | €2,848 | +€1,144 | +67.2% |
| Non-recurring financial income | 76B | €4,500 | €0 | -€4,500 | -100% |
| Financial charges | 65/66B | €38,108 | €48,736 | +€10,627 | +27.9% |
| Recurring financial charges | 65 | €38,108 | €48,736 | +€10,627 | +27.9% |
| Profit (loss) for the period before taxes | 9903 | €274,218 | €182,872 | -€91,346 | -33.3% |
| Income taxes | 67/77 | €80,019 | €51,883 | -€28,136 | -35.2% |
| Profit (loss) for the period | 9904 | €194,199 | €130,989 | -€63,210 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €194,199 | €130,989 | -€63,210 | -32.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.