WALTER & TEAM: 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 & TEAM
Largest movements
- Tangible fixed assets -€4,564
down €4,564 (-20.7%), from €22,074 to €17,511
of which Plant, machinery and equipment: -€2,907
- Cash +€2,526
up €2,526 (+13.5%), from €18,755 to €21,281
mainly Depreciation (+€4,564) and Trade debts (+€1,300)
- Current portion of long-term debt -€2,256
down €2,256 (-65.6%), from €3,439 to €1,183
- Trade debts +€1,300
up €1,300, from €0 to €1,300
- Debts after one year -€1,183
no longer reported in 2025 (was €1,183)
- Gross operating margin -€7,219
down €7,219 (-8.8%), from €82,450 to €75,231
- Taxes -€2,156
down €2,156 (-62.0%), from €3,475 to €1,319
- Other operating charges +€1,382
up €1,382 (+185%), from €748 to €2,130
- Staff costs +€1,115
up €1,115 (+1.7%), from €65,268 to €66,383
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 | €75,629 | €72,658 | -€2,971 | -3.9% |
| Fixed assets | 21/28 | €28,974 | €24,411 | -€4,564 | -15.8% |
| Tangible fixed assets | 22/27 | €22,074 | €17,511 | -€4,564 | -20.7% |
| Plant, machinery and equipment | 23 | €11,222 | €8,315 | -€2,907 | -25.9% |
| Furniture and vehicles | 24 | €10,852 | €9,195 | -€1,657 | -15.3% |
| Financial fixed assets | 28 | €6,900 | €6,900 | = | 0.0% |
| Current assets | 29/58 | €46,654 | €48,247 | +€1,593 | +3.4% |
| Stocks and contracts in progress | 3 | €25,268 | €25,295 | +€27 | +0.1% |
| Stocks | 30/36 | €25,268 | €25,295 | +€27 | +0.1% |
| Amounts receivable within one year | 40/41 | €767 | €38 | -€729 | -95.1% |
| Trade receivables | 40 | €729 | - | -€729 | |
| Other amounts receivable | 41 | €38 | €38 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18,755 | €21,281 | +€2,526 | +13.5% |
| Deferred charges and accrued income | 490/1 | €1,865 | €1,633 | -€231 | -12.4% |
| Total equity and liabilities | 10/49 | €75,629 | €72,658 | -€2,971 | -3.9% |
| Equity | 10/15 | €60,580 | €59,970 | -€610 | -1.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | - | €12,400 | +€12,400 | |
| Other | 1109/19 | - | €12,400 | +€12,400 | |
| Reserves | 13 | €11,116 | €11,116 | = | 0.0% |
| Distributable reserves | 133 | €11,116 | €11,116 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,064 | €36,454 | -€610 | -1.6% |
| Amounts payable | 17/49 | €15,049 | €12,688 | -€2,361 | -15.7% |
| Amounts payable after more than one year | 17 | €1,183 | - | -€1,183 | |
| Financial debts | 170/4 | €1,183 | - | -€1,183 | |
| Amounts payable within one year | 42/48 | €13,865 | €12,688 | -€1,177 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €3,439 | €1,183 | -€2,256 | -65.6% |
| Trade debts | 44 | €0 | €1,300 | +€1,300 | |
| Suppliers | 440/4 | €0 | €1,300 | +€1,300 | |
| Taxes, remuneration and social security | 45 | €9,163 | €9,481 | +€318 | +3.5% |
| Taxes | 450/3 | €6,044 | €6,640 | +€596 | +9.9% |
| Remuneration and social security | 454/9 | €3,119 | €2,841 | -€278 | -8.9% |
| Other amounts payable | 47/48 | €1,263 | €723 | -€540 | -42.7% |
| Remuneration, social security and pensions | 62 | €65,268 | €66,383 | +€1,115 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,973 | €4,564 | -€409 | -8.2% |
| Other operating charges | 640/8 | €748 | €2,130 | +€1,382 | +185% |
| Gross operating margin | 9900 | €82,450 | €75,231 | -€7,219 | -8.8% |
| Operating profit (loss) | 9901 | €11,461 | €2,155 | -€9,306 | -81.2% |
| Financial charges | 65/66B | €1,604 | €1,446 | -€158 | -9.9% |
| Recurring financial charges | 65 | €1,604 | €1,446 | -€158 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €9,857 | €709 | -€9,148 | -92.8% |
| Income taxes | 67/77 | €3,475 | €1,319 | -€2,156 | -62.0% |
| Profit (loss) for the period | 9904 | €6,382 | -€610 | -€6,992 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,382 | -€610 | -€6,992 |
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 18 October 2026 via checked.be.