WALTERRE: 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.
WALTERRE
Largest movements
- Current investments -€188,833
down €188,833 (-35.8%), from €527,599 to €338,766
- Intangible fixed assets +€98,604
up €98,604 (+20.4%), from €483,947 to €582,551
- Receivables within one year -€81,774
down €81,774 (-56.6%), from €144,537 to €62,763
of which Trade receivables: -€64,955
- Profit (loss) carried forward -€144,649
down €144,649, from €12,695 to -€131,954
- Reserves -€100,000
no longer reported in 2025 (was €100,000)
- Trade debts -€51,354
down €51,354 (-37.3%), from €137,593 to €86,239
- Provisions +€42,425
up €42,425 (+72.8%), from €58,266 to €100,691
- Advances received +€37,477
up €37,477 (+6.1%), from €611,944 to €649,421
- Staff costs +€133,415
up €133,415 (+29.6%), from €450,173 to €583,588
- Gross operating margin -€35,520
down €35,520 (-6.5%), from €544,828 to €509,308
- Depreciation +€28,526
up €28,526 (+34.4%), from €82,924 to €111,450
- Financial income +€14,249
up €14,249 (+866.2%), from €1,645 to €15,894
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 | €1,400,218 | €1,224,196 | -€176,022 | -12.6% |
| Fixed assets | 21/28 | €645,615 | €740,374 | +€94,759 | +14.7% |
| Intangible fixed assets | 21 | €483,947 | €582,551 | +€98,604 | +20.4% |
| Tangible fixed assets | 22/27 | €91,166 | €87,321 | -€3,845 | -4.2% |
| Plant, machinery and equipment | 23 | €8,311 | €6,682 | -€1,629 | -19.6% |
| Furniture and vehicles | 24 | €23,255 | €23,255 | = | 0.0% |
| Other tangible fixed assets | 26 | €59,600 | €57,384 | -€2,216 | -3.7% |
| Financial fixed assets | 28 | €70,502 | €70,502 | = | 0.0% |
| Current assets | 29/58 | €754,603 | €483,822 | -€270,781 | -35.9% |
| Amounts receivable after more than one year | 29 | €11,722 | €2,792 | -€8,930 | -76.2% |
| Other amounts receivable | 291 | €11,722 | €2,792 | -€8,930 | -76.2% |
| Amounts receivable within one year | 40/41 | €144,537 | €62,763 | -€81,774 | -56.6% |
| Trade receivables | 40 | €112,393 | €47,438 | -€64,955 | -57.8% |
| Other amounts receivable | 41 | €32,144 | €15,325 | -€16,819 | -52.3% |
| Current investments | 50/53 | €527,599 | €338,766 | -€188,833 | -35.8% |
| Cash at bank and in hand | 54/58 | €47,146 | €55,945 | +€8,799 | +18.7% |
| Deferred charges and accrued income | 490/1 | €23,599 | €23,556 | -€43 | -0.2% |
| Total equity and liabilities | 10/49 | €1,400,218 | €1,224,196 | -€176,022 | -12.6% |
| Equity | 10/15 | €112,695 | -€131,954 | -€244,649 | |
| Reserves | 13 | €100,000 | - | -€100,000 | |
| Profit (loss) carried forward | 14 | €12,695 | -€131,954 | -€144,649 | |
| Provisions and deferred taxes | 16 | €58,266 | €100,691 | +€42,425 | +72.8% |
| Provisions for liabilities and charges | 160/5 | €58,266 | €100,691 | +€42,425 | +72.8% |
| Other liabilities and charges | 164/5 | €58,266 | €100,691 | +€42,425 | +72.8% |
| Amounts payable | 17/49 | €1,229,257 | €1,255,459 | +€26,202 | +2.1% |
| Amounts payable after more than one year | 17 | €342,504 | €332,374 | -€10,130 | -3.0% |
| Financial debts | 170/4 | €22,504 | €12,374 | -€10,130 | -45.0% |
| Trade debts | 175 | €320,000 | €320,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €806,500 | €840,836 | +€34,336 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €9,711 | €44,131 | +€34,420 | +354.4% |
| Trade debts | 44 | €137,593 | €86,239 | -€51,354 | -37.3% |
| Suppliers | 440/4 | €137,593 | €86,239 | -€51,354 | -37.3% |
| Advances received on contracts in progress | 46 | €611,944 | €649,421 | +€37,477 | +6.1% |
| Taxes, remuneration and social security | 45 | €47,185 | €61,045 | +€13,860 | +29.4% |
| Taxes | 450/3 | €719 | €826 | +€107 | +14.9% |
| Remuneration and social security | 454/9 | €46,466 | €60,219 | +€13,753 | +29.6% |
| Accrued charges and deferred income | 492/3 | €80,253 | €82,249 | +€1,996 | +2.5% |
| Remuneration, social security and pensions | 62 | €450,173 | €583,588 | +€133,415 | +29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,924 | €111,450 | +€28,526 | +34.4% |
| Other operating charges | 640/8 | €1,563 | €3,834 | +€2,271 | +145.3% |
| Gross operating margin | 9900 | €544,828 | €509,308 | -€35,520 | -6.5% |
| Operating profit (loss) | 9901 | €149,286 | -€231,989 | -€381,275 | |
| Financial income | 75/76B | €1,645 | €15,894 | +€14,249 | +866.2% |
| Recurring financial income | 75 | €1,645 | €15,894 | +€14,249 | +866.2% |
| Financial charges | 65/66B | €27,488 | €28,096 | +€608 | +2.2% |
| Recurring financial charges | 65 | €27,488 | €28,096 | +€608 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €123,443 | -€244,191 | -€367,634 | |
| Income taxes | 67/77 | €373 | €458 | +€85 | +22.8% |
| Profit (loss) for the period | 9904 | €123,070 | -€244,649 | -€367,719 | |
| Profit (loss) for the period to be appropriated | 9905 | €123,070 | -€244,649 | -€367,719 |
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 10 October 2026 via checked.be.