WALT LOUISE: what changed
WALT LOUISE
Largest movements
- Receivables within one year -€165,401
down €165,401 (-41.3%), from €400,831 to €235,429
of which Trade receivables: -€159,236
- Tangible fixed assets -€40,168
down €40,168 (-25.3%), from €158,517 to €118,350
of which Furniture and vehicles: -€46,344
- Cash -€27,371
down €27,371 (-23.7%), from €115,442 to €88,070
mainly Trade debts (-€189,874) and Debts after one year (-€90,444)
- Stocks and contracts -€16,110
down €16,110 (-9.8%), from €163,910 to €147,800
- Trade debts -€189,874
down €189,874 (-48.9%), from €388,008 to €198,134
- Debts after one year -€90,444
down €90,444 (-78.4%), from €115,328 to €24,884
- Tax, wage and social debts +€28,007
up €28,007 (+88.4%), from €31,666 to €59,673
- Profit (loss) carried forward +€15,235
up €15,235 (+107%), from €14,178 to €29,413
- Current portion of long-term debt -€11,976
no longer reported in 2025 (was €11,976)
- Staff costs +€41,286
up €41,286 (+47.3%), from €87,341 to €128,627
- Depreciation -€31,377
down €31,377 (-40.5%), from €77,474 to €46,097
- Gross operating margin +€16,594
up €16,594 (+8.0%), from €208,349 to €224,943
- Taxes +€8,600
up €8,600 (+614%), from €1,400 to €10,000
- Other operating charges -€3,408
down €3,408 (-12.1%), from €28,192 to €24,784
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 | €863,640 | €614,589 | -€249,051 | -28.8% |
| Fixed assets | 21/28 | €159,137 | €118,969 | -€40,168 | -25.2% |
| Tangible fixed assets | 22/27 | €158,517 | €118,350 | -€40,168 | -25.3% |
| Plant, machinery and equipment | 23 | - | €4,910 | +€4,910 | |
| Furniture and vehicles | 24 | €158,517 | €112,173 | -€46,344 | -29.2% |
| Other tangible fixed assets | 26 | - | €1,266 | +€1,266 | |
| Financial fixed assets | 28 | €620 | €620 | = | 0.0% |
| Current assets | 29/58 | €704,503 | €495,620 | -€208,883 | -29.6% |
| Stocks and contracts in progress | 3 | €163,910 | €147,800 | -€16,110 | -9.8% |
| Stocks | 30/36 | €163,910 | €147,800 | -€16,110 | -9.8% |
| Amounts receivable within one year | 40/41 | €400,831 | €235,429 | -€165,401 | -41.3% |
| Trade receivables | 40 | €394,665 | €235,429 | -€159,236 | -40.3% |
| Other amounts receivable | 41 | €6,166 | - | -€6,166 | |
| Cash at bank and in hand | 54/58 | €115,442 | €88,070 | -€27,371 | -23.7% |
| Deferred charges and accrued income | 490/1 | €24,320 | €24,320 | = | 0.0% |
| Total equity and liabilities | 10/49 | €863,640 | €614,589 | -€249,051 | -28.8% |
| Equity | 10/15 | €314,883 | €330,118 | +€15,235 | +4.8% |
| Contributions | 10/11 | €145,018 | €145,018 | = | 0.0% |
| Capital | 10 | €145,018 | €145,018 | = | 0.0% |
| Issued capital | 100 | €145,018 | €145,018 | = | 0.0% |
| Reserves | 13 | €155,687 | €155,687 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €57,742 | €57,742 | = | 0.0% |
| Distributable reserves | 133 | €94,847 | €94,847 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,178 | €29,413 | +€15,235 | +107% |
| Amounts payable | 17/49 | €548,757 | €284,471 | -€264,286 | -48.2% |
| Amounts payable after more than one year | 17 | €115,328 | €24,884 | -€90,444 | -78.4% |
| Financial debts | 170/4 | €115,328 | €24,884 | -€90,444 | -78.4% |
| Amounts payable within one year | 42/48 | €433,429 | €259,587 | -€173,842 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €11,976 | - | -€11,976 | |
| Trade debts | 44 | €388,008 | €198,134 | -€189,874 | -48.9% |
| Suppliers | 440/4 | €388,008 | €198,134 | -€189,874 | -48.9% |
| Advances received on contracts in progress | 46 | €1,779 | €1,779 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €31,666 | €59,673 | +€28,007 | +88.4% |
| Taxes | 450/3 | €31,666 | €59,673 | +€28,007 | +88.4% |
| Remuneration, social security and pensions | 62 | €87,341 | €128,627 | +€41,286 | +47.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,474 | €46,097 | -€31,377 | -40.5% |
| Other operating charges | 640/8 | €28,192 | €24,784 | -€3,408 | -12.1% |
| Gross operating margin | 9900 | €208,349 | €224,943 | +€16,594 | +8.0% |
| Operating profit (loss) | 9901 | €15,342 | €25,435 | +€10,093 | +65.8% |
| Financial income | 75/76B | €2,065 | €1,406 | -€659 | -31.9% |
| Recurring financial income | 75 | €2,065 | €1,406 | -€659 | -31.9% |
| Financial charges | 65/66B | €1,722 | €1,606 | -€116 | -6.7% |
| Recurring financial charges | 65 | €1,722 | €1,606 | -€116 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €15,686 | €25,235 | +€9,550 | +60.9% |
| Income taxes | 67/77 | €1,400 | €10,000 | +€8,600 | +614% |
| Profit (loss) for the period | 9904 | €14,286 | €15,235 | +€950 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,286 | €15,235 | +€950 | +6.6% |
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 5 November 2026 via checked.be.