WALTER: 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.
WALTER
Largest movements
- Current investments +€115,000
new in 2025: €115,000
- Cash -€99,787
down €99,787 (-92.9%), from €107,462 to €7,675
mainly Current investments (-€115,000) and Contributions, distributions and other (-€26,407)
- Tangible fixed assets -€14,860
down €14,860 (-22.4%), from €66,275 to €51,415
of which Plant, machinery and equipment: -€10,546
- Deferred charges and accrued income -€6,780
down €6,780 (-79.5%), from €8,523 to €1,744
- Other debts +€46,540
up €46,540 (+54.2%), from €85,845 to €132,385
- Reserves -€29,853
down €29,853 (-31.4%), from €94,948 to €65,095
- Accrued charges and deferred income -€21,738
down €21,738 (-98.6%), from €22,038 to €300
- Tax, wage and social debts +€2,230
up €2,230 (+87.5%), from €2,549 to €4,779
of which Remuneration and social security: +€1,750
- Gross operating margin -€43,238
down €43,238 (-64.4%), from €67,179 to €23,941
- Taxes -€7,246
down €7,246 (-82.5%), from €8,787 to €1,541
- Financial charges +€1,582
up €1,582 (+119.3%), from €1,326 to €2,908
- Depreciation -€1,178
down €1,178 (-5.3%), from €22,080 to €20,903
- Other operating charges -€1,165
down €1,165 (-64.2%), from €1,815 to €649
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 | €218,929 | €214,143 | -€4,786 | -2.2% |
| Fixed assets | 21/28 | €66,275 | €52,390 | -€13,884 | -20.9% |
| Intangible fixed assets | 21 | - | €976 | +€976 | |
| Tangible fixed assets | 22/27 | €66,275 | €51,415 | -€14,860 | -22.4% |
| Plant, machinery and equipment | 23 | €33,466 | €22,921 | -€10,546 | -31.5% |
| Furniture and vehicles | 24 | €1,203 | €782 | -€421 | -35.0% |
| Other tangible fixed assets | 26 | €31,605 | €27,712 | -€3,893 | -12.3% |
| Current assets | 29/58 | €152,654 | €161,753 | +€9,098 | +6.0% |
| Stocks and contracts in progress | 3 | - | €1,500 | +€1,500 | |
| Stocks | 30/36 | - | €1,500 | +€1,500 | |
| Amounts receivable within one year | 40/41 | €36,669 | €35,834 | -€835 | -2.3% |
| Trade receivables | 40 | €35,438 | €32,690 | -€2,748 | -7.8% |
| Other amounts receivable | 41 | €1,231 | €3,144 | +€1,913 | +155.5% |
| Current investments | 50/53 | - | €115,000 | +€115,000 | |
| Cash at bank and in hand | 54/58 | €107,462 | €7,675 | -€99,787 | -92.9% |
| Deferred charges and accrued income | 490/1 | €8,523 | €1,744 | -€6,780 | -79.5% |
| Total equity and liabilities | 10/49 | €218,929 | €214,143 | -€4,786 | -2.2% |
| Equity | 10/15 | €96,948 | €67,095 | -€29,853 | -30.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €94,948 | €65,095 | -€29,853 | -31.4% |
| Distributable reserves | 133 | €94,948 | €65,095 | -€29,853 | -31.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €121,981 | €147,048 | +€25,068 | +20.6% |
| Amounts payable within one year | 42/48 | €99,943 | €146,748 | +€46,806 | +46.8% |
| Financial debts | 43 | €583 | €0 | -€583 | -100.0% |
| Credit institutions | 430/8 | €583 | €0 | -€583 | -100.0% |
| Trade debts | 44 | €10,965 | €9,219 | -€1,745 | -15.9% |
| Suppliers | 440/4 | €10,965 | €9,219 | -€1,745 | -15.9% |
| Advances received on contracts in progress | 46 | - | €365 | +€365 | |
| Taxes, remuneration and social security | 45 | €2,549 | €4,779 | +€2,230 | +87.5% |
| Taxes | 450/3 | €799 | €1,279 | +€480 | +60.0% |
| Remuneration and social security | 454/9 | €1,750 | €3,500 | +€1,750 | +100.0% |
| Other amounts payable | 47/48 | €85,845 | €132,385 | +€46,540 | +54.2% |
| Accrued charges and deferred income | 492/3 | €22,038 | €300 | -€21,738 | -98.6% |
| Non-recurring operating income | 76A | €11,610 | €0 | -€11,610 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,080 | €20,903 | -€1,178 | -5.3% |
| Other operating charges | 640/8 | €1,815 | €649 | -€1,165 | -64.2% |
| Non-recurring operating charges | 66A | €3,346 | €1,386 | -€1,960 | -58.6% |
| Gross operating margin | 9900 | €67,179 | €23,941 | -€43,238 | -64.4% |
| Operating profit (loss) | 9901 | €39,938 | €1,003 | -€38,935 | -97.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,326 | €2,908 | +€1,582 | +119.3% |
| Recurring financial charges | 65 | €1,326 | €2,908 | +€1,582 | +119.3% |
| Profit (loss) for the period before taxes | 9903 | €38,612 | -€1,905 | -€40,517 | |
| Income taxes | 67/77 | €8,787 | €1,541 | -€7,246 | -82.5% |
| Profit (loss) for the period | 9904 | €29,824 | -€3,446 | -€33,271 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,824 | -€3,446 | -€33,271 |
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 6 October 2026 via checked.be.