WALTH: 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.
What changed
WALTH
NACE 46.832, Wholesale of timber
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€641,296
2024 · -€1.6m+€954,126
Equity
€4.1m
2024 · €774,472+€3.4m
Cash
-
2024 · €26,100-€26,100
Balance sheet total
€15.5m
2024 · €8.6m+€6.9m
Largest movements
Assets
- Financial fixed assets +€7.2m
up €7.2m (+138.4%), from €5.2m to €12.4m
- Tangible fixed assets -€200,145
down €200,145 (-12.5%), from €1.6m to €1.4m
of which Plant, machinery and equipment: -€168,900
Equity and liabilities
- Contributions +€4.0m
up €4.0m (+133.3%), from €3.0m to €7.0m
- Other debts +€3.8m
up €3.8m (+56.3%), from €6.8m to €10.6m
- Profit (loss) carried forward -€641,296
down €641,296 (-26.3%), from -€2.4m to -€3.1m
- Accrued charges and deferred income -€229,277
down €229,277 (-67.5%), from €339,655 to €110,378
Income statement
- Turnover +€621,388
up €621,388 (+33.9%), from €1.8m to €2.5m
- Financial charges -€439,127
down €439,127 (-78.7%), from €558,145 to €119,018
of which Financial charges: -€239,127
- Goods and materials +€375,153
up €375,153 (+50.9%), from €737,234 to €1.1m
of which Purchases: +€354,435
- Services and other goods -€300,739
down €300,739 (-29.1%), from €1.0m to €733,310
- Other operating income -€90,957
down €90,957 (-48.1%), from €189,288 to €98,331
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.
Result 2024
-€1.6m
Turnover
+€621,388
Other operating income
-€90,957
Goods and materials
-€375,153
Services and other goods
+€300,739
Staff costs
+€71,836
Depreciation
-€17,064
Other operating charges
-€553
Other operating items
-€9,411
Financial income
+€13,864
Financial charges
+€439,127
Taxes
+€312
Result 2025
-€641,296
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.
From operations
+€3.3m
Investment
-€7.3m
Financing
+€3.9m
Cash 2024
€26,100
From operations (derived)
+€3.3m
Net result for the year
-€641,296
Depreciation
+€396,249
Smaller working-capital items
+€9,425
Receivables within one year
+€19,821
Deferred charges and accrued income
-€99,096
Trade debts
+€78,244
Other debts
+€3.8m
Accrued charges and deferred income
-€229,277
Investment (derived)
-€7.3m
Investment in fixed assets (net)
-€7.3m
Financing
+€3.9m
Debts after one year
-€83,712
Contributions, distributions and other
+€4.0m
Cash 2025
€0
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,594,535 | €15,539,477 | +€6.9m | +80.8% |
| Fixed assets | 21/28 | €8,301,044 | €15,190,616 | +€6.9m | +83.0% |
| Intangible fixed assets | 21 | €1,489,482 | €1,368,602 | -€120,880 | -8.1% |
| Tangible fixed assets | 22/27 | €1,602,458 | €1,402,313 | -€200,145 | -12.5% |
| Plant, machinery and equipment | 23 | €1,021,178 | €852,279 | -€168,900 | -16.5% |
| Furniture and vehicles | 24 | €13,728 | €10,464 | -€3,264 | -23.8% |
| Other tangible fixed assets | 26 | €567,552 | €539,571 | -€27,981 | -4.9% |
| Financial fixed assets | 28 | €5,209,104 | €12,419,701 | +€7.2m | +138.4% |
| Affiliated companies | 280/1 | €5,209,104 | €12,419,701 | +€7.2m | +138.4% |
| Participating interests | 280 | €5,209,104 | €12,419,701 | +€7.2m | +138.4% |
| Current assets | 29/58 | €293,491 | €348,862 | +€55,371 | +18.9% |
| Stocks and contracts in progress | 3 | €22,915 | €25,110 | +€2,196 | +9.6% |
| Stocks | 30/36 | €22,915 | €25,110 | +€2,196 | +9.6% |
| Goods purchased for resale | 34 | €22,915 | €25,110 | +€2,196 | +9.6% |
| Amounts receivable within one year | 40/41 | €244,476 | €224,655 | -€19,821 | -8.1% |
| Trade receivables | 40 | €235,603 | €186,191 | -€49,412 | -21.0% |
| Other amounts receivable | 41 | €8,873 | €38,464 | +€29,591 | +333.5% |
| Cash at bank and in hand | 54/58 | €26,100 | - | -€26,100 | |
| Deferred charges and accrued income | 490/1 | - | €99,096 | +€99,096 | |
| Total equity and liabilities | 10/49 | €8,594,535 | €15,539,477 | +€6.9m | +80.8% |
| Equity | 10/15 | €774,472 | €4,133,176 | +€3.4m | +433.7% |
| Contributions | 10/11 | €3,000,000 | €7,000,000 | +€4.0m | +133.3% |
| Capital | 10 | €3,000,000 | €7,000,000 | +€4.0m | +133.3% |
| Issued capital | 100 | €3,000,000 | €7,000,000 | +€4.0m | +133.3% |
| Reserves | 13 | €216,957 | €216,957 | = | 0.0% |
| Non-distributable reserves | 130/1 | €90,024 | €90,024 | = | 0.0% |
| Legal reserve | 130 | €90,024 | €90,024 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,364 | €27,364 | = | 0.0% |
| Distributable reserves | 133 | €99,568 | €99,568 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,442,485 | -€3,083,781 | -€641,296 | -26.3% |
| Amounts payable | 17/49 | €7,820,063 | €11,406,302 | +€3.6m | +45.9% |
| Amounts payable after more than one year | 17 | €439,504 | €355,792 | -€83,712 | -19.0% |
| Financial debts | 170/4 | €439,504 | €355,792 | -€83,712 | -19.0% |
| Credit institutions | 173 | €439,504 | €355,792 | -€83,712 | -19.0% |
| Amounts payable within one year | 42/48 | €7,040,904 | €10,940,132 | +€3.9m | +55.4% |
| Current portion of amounts payable after more than one year | 42 | €83,712 | €83,712 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €78,877 | €157,121 | +€78,244 | +99.2% |
| Suppliers | 440/4 | €78,877 | €157,121 | +€78,244 | +99.2% |
| Taxes, remuneration and social security | 45 | €116,561 | €128,182 | +€11,621 | +10.0% |
| Taxes | 450/3 | €33,309 | €19,327 | -€13,982 | -42.0% |
| Remuneration and social security | 454/9 | €83,252 | €108,855 | +€25,603 | +30.8% |
| Other amounts payable | 47/48 | €6,761,754 | €10,571,117 | +€3.8m | +56.3% |
| Accrued charges and deferred income | 492/3 | €339,655 | €110,378 | -€229,277 | -67.5% |
| Operating income | 70/76A | €2,019,923 | €2,550,369 | +€530,447 | +26.3% |
| Turnover | 70 | €1,830,634 | €2,452,022 | +€621,388 | +33.9% |
| Other operating income | 74 | €189,288 | €98,331 | -€90,957 | -48.1% |
| Non-recurring operating income | 76A | - | €16 | +€16 | |
| Operating charges | 60/66A | €3,056,694 | €3,086,317 | +€29,624 | +1.0% |
| Goods for resale, raw materials and consumables | 60 | €737,234 | €1,112,388 | +€375,153 | +50.9% |
| Purchases | 600/8 | €760,149 | €1,114,584 | +€354,435 | +46.6% |
| Change in stocks: decrease (increase) | 609 | -€22,915 | -€2,196 | +€20,719 | +90.4% |
| Services and other goods | 61 | €1,034,049 | €733,310 | -€300,739 | -29.1% |
| Remuneration, social security and pensions | 62 | €904,279 | €832,443 | -€71,836 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €379,185 | €396,249 | +€17,064 | +4.5% |
| Other operating charges | 640/8 | €1,946 | €2,500 | +€553 | +28.4% |
| Non-recurring operating charges | 66A | - | €9,428 | +€9,428 | |
| Operating profit (loss) | 9901 | -€1,036,771 | -€535,948 | +€500,823 | +48.3% |
| Financial income | 75/76B | €520 | €14,384 | +€13,864 | +2667.9% |
| Recurring financial income | 75 | €520 | €14,384 | +€13,864 | +2667.9% |
| Income from current assets | 751 | - | €14,221 | +€14,221 | |
| Other financial income | 752/9 | €520 | €163 | -€357 | -68.7% |
| Financial charges | 65/66B | €558,145 | €119,018 | -€439,127 | -78.7% |
| Recurring financial charges | 65 | €358,145 | €119,018 | -€239,127 | -66.8% |
| Debt charges | 650 | €356,953 | €118,218 | -€238,735 | -66.9% |
| Other financial charges | 652/9 | €1,192 | €800 | -€392 | -32.9% |
| Non-recurring financial charges | 66B | €200,000 | - | -€200,000 | |
| Profit (loss) for the period before taxes | 9903 | -€1,594,396 | -€640,582 | +€953,814 | +59.8% |
| Income taxes | 67/77 | €1,026 | €714 | -€312 | -30.4% |
| Taxes | 670/3 | €1,026 | €714 | -€312 | -30.4% |
| Profit (loss) for the period | 9904 | -€1,595,422 | -€641,296 | +€954,126 | +59.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,595,422 | -€641,296 | +€954,126 | +59.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.