WALTER & FERNAND: 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.
WALTER & FERNAND
Largest movements
- Tangible fixed assets -€8,405
down €8,405 (-80.2%), from €10,479 to €2,075
of which Furniture and vehicles: -€8,170
- Receivables within one year +€7,837
up €7,837 (+23.2%), from €33,850 to €41,688
of which Trade receivables: +€7,381
- Cash +€5,823
up €5,823 (+10.9%), from €53,427 to €59,249
mainly Net result for the year (+€50,739) and Depreciation (+€8,405)
- Reserves +€50,739
up €50,739 (+2,728%), from €1,860 to €52,599
- Other debts -€44,200
no longer reported in 2025 (was €44,200)
- Trade debts -€1,609
down €1,609 (-66.7%), from €2,412 to €802
- Tax, wage and social debts +€1,108
up €1,108 (+4.5%), from €24,843 to €25,951
of which Remuneration and social security: +€1,220
- Gross operating margin -€2,371
down €2,371 (-2.8%), from €84,511 to €82,140
- Depreciation -€2,124
down €2,124 (-20.2%), from €10,528 to €8,405
- Taxes +€884
up €884 (+4.4%), from €20,301 to €21,186
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €97,756 | €103,012 | +€5,256 | +5.4% |
| Fixed assets | 21/28 | €10,479 | €2,075 | -€8,405 | -80.2% |
| Tangible fixed assets | 22/27 | €10,479 | €2,075 | -€8,405 | -80.2% |
| Land and buildings | 22 | €2,060 | €1,825 | -€235 | -11.4% |
| Furniture and vehicles | 24 | €8,419 | €250 | -€8,170 | -97.0% |
| Current assets | 29/58 | €87,277 | €100,937 | +€13,660 | +15.7% |
| Amounts receivable within one year | 40/41 | €33,850 | €41,688 | +€7,837 | +23.2% |
| Trade receivables | 40 | €27,346 | €34,727 | +€7,381 | +27.0% |
| Other amounts receivable | 41 | €6,504 | €6,961 | +€456 | +7.0% |
| Cash at bank and in hand | 54/58 | €53,427 | €59,249 | +€5,823 | +10.9% |
| Total equity and liabilities | 10/49 | €97,756 | €103,012 | +€5,256 | +5.4% |
| Equity | 10/15 | €25,519 | €76,259 | +€50,739 | +199% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €52,599 | +€50,739 | +2,728% |
| Distributable reserves | 133 | €1,860 | €52,599 | +€50,739 | +2,728% |
| Profit (loss) carried forward | 14 | €5,059 | €5,059 | = | 0.0% |
| Amounts payable | 17/49 | €72,237 | €26,753 | -€45,484 | -63.0% |
| Amounts payable within one year | 42/48 | €72,237 | €26,753 | -€45,484 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €782 | - | -€782 | |
| Trade debts | 44 | €2,412 | €802 | -€1,609 | -66.7% |
| Suppliers | 440/4 | €2,412 | €802 | -€1,609 | -66.7% |
| Taxes, remuneration and social security | 45 | €24,843 | €25,951 | +€1,108 | +4.5% |
| Taxes | 450/3 | €22,993 | €22,881 | -€112 | -0.5% |
| Remuneration and social security | 454/9 | €1,850 | €3,070 | +€1,220 | +65.9% |
| Other amounts payable | 47/48 | €44,200 | - | -€44,200 | |
| Remuneration, social security and pensions | 62 | - | €632 | +€632 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,528 | €8,405 | -€2,124 | -20.2% |
| Other operating charges | 640/8 | €1,033 | €1,494 | +€461 | +44.6% |
| Gross operating margin | 9900 | €84,511 | €82,140 | -€2,371 | -2.8% |
| Operating profit (loss) | 9901 | €72,949 | €71,610 | -€1,340 | -1.8% |
| Financial income | 75/76B | €441 | €414 | -€27 | -6.2% |
| Recurring financial income | 75 | €441 | €414 | -€27 | -6.2% |
| Financial charges | 65/66B | €176 | €98 | -€78 | -44.2% |
| Recurring financial charges | 65 | €176 | €98 | -€78 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €73,214 | €71,925 | -€1,289 | -1.8% |
| Income taxes | 67/77 | €20,301 | €21,186 | +€884 | +4.4% |
| Profit (loss) for the period | 9904 | €52,913 | €50,739 | -€2,173 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,913 | €50,739 | -€2,173 | -4.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.