Walter Lelie: 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 Lelie
Largest movements
- Cash +€404,185
up €404,185 (+104%), from €390,476 to €794,662
mainly Net result for the year (+€281,269) and Other debts (+€86,743)
- Stocks and contracts -€27,950
down €27,950 (-15.7%), from €178,350 to €150,400
- Tangible fixed assets +€24,229
up €24,229 (+12.9%), from €188,473 to €212,703
of which Plant, machinery and equipment: +€24,675
- Reserves +€280,436
up €280,436 (+115%), from €244,832 to €525,267
- Other debts +€86,743
up €86,743 (+23.4%), from €371,302 to €458,045
- Tax, wage and social debts +€33,259
up €33,259 (+37.9%), from €87,715 to €120,974
of which Taxes: +€32,980
- Trade debts +€17,807
up €17,807 (+65.0%), from €27,407 to €45,214
- Accrued charges and deferred income -€16,868
down €16,868 (-100%), from €16,868 to €0
- Gross operating margin +€300,839
up €300,839 (+172%), from €174,616 to €475,455
- Taxes +€66,947
up €66,947 (+337%), from €19,853 to €86,801
- Depreciation +€12,641
up €12,641 (+43.8%), from €28,838 to €41,479
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 | €773,123 | €1,174,500 | +€401,377 | +51.9% |
| Fixed assets | 21/28 | €188,873 | €213,238 | +€24,364 | +12.9% |
| Tangible fixed assets | 22/27 | €188,473 | €212,703 | +€24,229 | +12.9% |
| Land and buildings | 22 | €8,246 | €20,564 | +€12,318 | +149% |
| Plant, machinery and equipment | 23 | €29,014 | €53,689 | +€24,675 | +85.0% |
| Furniture and vehicles | 24 | €87,133 | €81,732 | -€5,400 | -6.2% |
| Other tangible fixed assets | 26 | €64,081 | €56,717 | -€7,363 | -11.5% |
| Financial fixed assets | 28 | €400 | €535 | +€135 | +33.8% |
| Current assets | 29/58 | €584,250 | €961,262 | +€377,013 | +64.5% |
| Stocks and contracts in progress | 3 | €178,350 | €150,400 | -€27,950 | -15.7% |
| Stocks | 30/36 | €178,350 | €150,400 | -€27,950 | -15.7% |
| Amounts receivable within one year | 40/41 | €14,935 | €15,728 | +€794 | +5.3% |
| Trade receivables | 40 | €7,808 | €6,445 | -€1,364 | -17.5% |
| Other amounts receivable | 41 | €7,127 | €9,284 | +€2,157 | +30.3% |
| Cash at bank and in hand | 54/58 | €390,476 | €794,662 | +€404,185 | +104% |
| Deferred charges and accrued income | 490/1 | €489 | €472 | -€16 | -3.3% |
| Total equity and liabilities | 10/49 | €773,123 | €1,174,500 | +€401,377 | +51.9% |
| Equity | 10/15 | €269,832 | €550,267 | +€280,436 | +104% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €244,832 | €525,267 | +€280,436 | +115% |
| Distributable reserves | 133 | €244,832 | €525,267 | +€280,436 | +115% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €503,291 | €624,233 | +€120,941 | +24.0% |
| Amounts payable within one year | 42/48 | €486,423 | €624,233 | +€137,810 | +28.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €27,407 | €45,214 | +€17,807 | +65.0% |
| Suppliers | 440/4 | €27,407 | €45,214 | +€17,807 | +65.0% |
| Taxes, remuneration and social security | 45 | €87,715 | €120,974 | +€33,259 | +37.9% |
| Taxes | 450/3 | €83,407 | €116,387 | +€32,980 | +39.5% |
| Remuneration and social security | 454/9 | €4,308 | €4,588 | +€279 | +6.5% |
| Other amounts payable | 47/48 | €371,302 | €458,045 | +€86,743 | +23.4% |
| Accrued charges and deferred income | 492/3 | €16,868 | €0 | -€16,868 | -100% |
| Remuneration, social security and pensions | 62 | €45,067 | €44,439 | -€629 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,838 | €41,479 | +€12,641 | +43.8% |
| Other operating charges | 640/8 | €3,103 | €2,216 | -€888 | -28.6% |
| Gross operating margin | 9900 | €174,616 | €475,455 | +€300,839 | +172% |
| Operating profit (loss) | 9901 | €97,608 | €387,323 | +€289,715 | +297% |
| Financial income | 75/76B | €300 | €5 | -€295 | -98.3% |
| Recurring financial income | 75 | €300 | €5 | -€295 | -98.3% |
| Financial charges | 65/66B | €17,027 | €19,259 | +€2,231 | +13.1% |
| Recurring financial charges | 65 | €17,027 | €19,259 | +€2,231 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €80,881 | €368,069 | +€287,189 | +355% |
| Income taxes | 67/77 | €19,853 | €86,801 | +€66,947 | +337% |
| Profit (loss) for the period | 9904 | €61,027 | €281,269 | +€220,241 | +361% |
| Profit (loss) for the period to be appropriated | 9905 | €61,027 | €281,269 | +€220,241 | +361% |
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 31 October 2026 via checked.be.