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
- Receivables within one year +€31,379
up €31,379 (+79.0%), from €39,721 to €71,100
of which Other amounts receivable: +€21,562
- Tangible fixed assets -€7,612
down €7,612 (-35.4%), from €21,490 to €13,879
of which Plant, machinery and equipment: -€3,991
- Cash -€1,501
down €1,501 (-8.3%), from €18,004 to €16,503
mainly Receivables within one year (-€31,379) and Tax, wage and social debts (-€3,179)
- Stocks and contracts +€1,203
up €1,203 (+24.3%), from €4,953 to €6,156
- Trade debts +€23,069
up €23,069 (+171.4%), from €13,456 to €36,525
- Tax, wage and social debts -€3,179
down €3,179 (-14.3%), from €22,151 to €18,973
of which Taxes: -€2,879
- Reserves +€3,111
up €3,111 (+9.3%), from €33,486 to €36,597
- Staff costs +€12,296
up €12,296 (+17.2%), from €71,413 to €83,709
- Gross operating margin -€3,130
down €3,130 (-3.1%), from €101,222 to €98,092
- Taxes -€2,381
down €2,381 (-65.0%), from €3,665 to €1,284
- Financial income +€1,507
up €1,507 (+106.2%), from €1,419 to €2,926
- Financial charges -€1,235
down €1,235 (-30.7%), from €4,025 to €2,790
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 | €94,093 | €117,692 | +€23,598 | +25.1% |
| Formation expenses | 20 | €447 | €255 | -€192 | -43.0% |
| Fixed assets | 21/28 | €30,968 | €23,679 | -€7,289 | -23.5% |
| Tangible fixed assets | 22/27 | €21,490 | €13,879 | -€7,612 | -35.4% |
| Land and buildings | 22 | €3,061 | €2,665 | -€396 | -13.0% |
| Plant, machinery and equipment | 23 | €10,812 | €6,821 | -€3,991 | -36.9% |
| Furniture and vehicles | 24 | €7,617 | €4,393 | -€3,224 | -42.3% |
| Financial fixed assets | 28 | €9,478 | €9,800 | +€322 | +3.4% |
| Current assets | 29/58 | €62,678 | €93,758 | +€31,080 | +49.6% |
| Stocks and contracts in progress | 3 | €4,953 | €6,156 | +€1,203 | +24.3% |
| Stocks | 30/36 | €4,953 | €6,156 | +€1,203 | +24.3% |
| Amounts receivable within one year | 40/41 | €39,721 | €71,100 | +€31,379 | +79.0% |
| Trade receivables | 40 | €1,586 | €11,402 | +€9,817 | +619.1% |
| Other amounts receivable | 41 | €38,135 | €59,697 | +€21,562 | +56.5% |
| Cash at bank and in hand | 54/58 | €18,004 | €16,503 | -€1,501 | -8.3% |
| Total equity and liabilities | 10/49 | €94,093 | €117,692 | +€23,598 | +25.1% |
| Equity | 10/15 | €43,486 | €46,597 | +€3,111 | +7.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €33,486 | €36,597 | +€3,111 | +9.3% |
| Distributable reserves | 133 | €33,486 | €36,597 | +€3,111 | +9.3% |
| Amounts payable | 17/49 | €50,607 | €71,095 | +€20,487 | +40.5% |
| Amounts payable after more than one year | 17 | €8,500 | €8,500 | = | 0.0% |
| Financial debts | 170/4 | €8,500 | €8,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €42,107 | €62,595 | +€20,487 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | €6,500 | €6,500 | = | 0.0% |
| Trade debts | 44 | €13,456 | €36,525 | +€23,069 | +171.4% |
| Suppliers | 440/4 | €13,456 | €36,525 | +€23,069 | +171.4% |
| Taxes, remuneration and social security | 45 | €22,151 | €18,973 | -€3,179 | -14.3% |
| Taxes | 450/3 | €15,751 | €12,872 | -€2,879 | -18.3% |
| Remuneration and social security | 454/9 | €6,400 | €6,100 | -€299 | -4.7% |
| Other amounts payable | 47/48 | - | €597 | +€597 | |
| Remuneration, social security and pensions | 62 | €71,413 | €83,709 | +€12,296 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,217 | €7,804 | -€413 | -5.0% |
| Other operating charges | 640/8 | €1,760 | €2,320 | +€560 | +31.8% |
| Gross operating margin | 9900 | €101,222 | €98,092 | -€3,130 | -3.1% |
| Operating profit (loss) | 9901 | €19,832 | €4,259 | -€15,573 | -78.5% |
| Financial income | 75/76B | €1,419 | €2,926 | +€1,507 | +106.2% |
| Recurring financial income | 75 | €1,419 | €2,926 | +€1,507 | +106.2% |
| Financial charges | 65/66B | €4,025 | €2,790 | -€1,235 | -30.7% |
| Recurring financial charges | 65 | €4,025 | €2,790 | -€1,235 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €17,226 | €4,395 | -€12,831 | -74.5% |
| Income taxes | 67/77 | €3,665 | €1,284 | -€2,381 | -65.0% |
| Profit (loss) for the period | 9904 | €13,561 | €3,111 | -€10,450 | -77.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,561 | €3,111 | -€10,450 | -77.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.