WALUFIN: 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.
What changed
WALUFIN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6,246
2024 · -€210,960+€204,714
Equity
€144.3m
2024 · €146.8m-€2.5m
Cash
€12,391
2024 · €1.5m-€1.5m
Balance sheet total
€146.8m
2024 · €148.0m-€1.2m
Largest movements
Assets
- Financial fixed assets +€4.7m
up €4.7m (+3.3%), from €142.1m to €146.8m
- Current investments -€2.8m
down €2.8m (-100%), from €2.8m to €0
- Tangible fixed assets -€1.6m
down €1.6m (-100%), from €1.6m to €0
Equity and liabilities
- Profit (loss) carried forward -€2.5m
down €2.5m (-5.6%), from €44.8m to €42.3m
Income statement
- Gross operating margin +€228,610
no longer reported in 2025 (was -€228,610)
- Services and other goods +€101,650
new in 2025: €101,650
- Depreciation -€51,350
down €51,350 (-100%), from €51,350 to €0
- Financial income -€10,330
down €10,330 (-13.8%), from €74,832 to €64,502
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
-€210,960
Depreciation
+€51,350
Other operating charges
-€293
Other operating items
+€164,057
Financial income
-€10,330
Financial charges
-€70
Result 2025
-€6,246
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.3m
Investment
-€281,695
Financing
-€2.5m
Cash 2024
€1.5m
From operations (derived)
+€1.3m
Net result for the year
-€6,246
Receivables within one year
+€2,111
Deferred charges and accrued income
+€34,705
Trade debts
-€9,364
Other debts
+€1.3m
Investment (derived)
-€281,695
Investment in fixed assets (net)
-€3.1m
Current investments
+€2.8m
Financing
-€2.5m
Contributions, distributions and other
-€2.5m
Cash 2025
€12,391
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €148,048,657 | €146,833,047 | -€1.2m | -0.8% |
| Fixed assets | 21/28 | €143,701,765 | €146,804,274 | +€3.1m | +2.2% |
| Tangible fixed assets | 22/27 | €1,572,903 | €0 | -€1.6m | -100% |
| Other tangible fixed assets | 26 | €1,572,903 | €0 | -€1.6m | -100% |
| Financial fixed assets | 28 | €142,128,862 | €146,804,274 | +€4.7m | +3.3% |
| Affiliated companies | 280/1 | - | €146,804,274 | +€146.8m | |
| Participating interests | 280 | - | €146,804,274 | +€146.8m | |
| Current assets | 29/58 | €4,346,892 | €28,773 | -€4.3m | -99.3% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €18,494 | €16,383 | -€2,111 | -11.4% |
| Trade receivables | 40 | €567 | €0 | -€567 | -100% |
| Other amounts receivable | 41 | €17,926 | €16,383 | -€1,544 | -8.6% |
| Current investments | 50/53 | €2,820,814 | €0 | -€2.8m | -100% |
| Other investments | 51/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €1,472,880 | €12,391 | -€1.5m | -99.2% |
| Deferred charges and accrued income | 490/1 | €34,705 | €0 | -€34,705 | -100% |
| Total equity and liabilities | 10/49 | €148,048,657 | €146,833,047 | -€1.2m | -0.8% |
| Equity | 10/15 | €146,779,605 | €144,273,359 | -€2.5m | -1.7% |
| Contributions | 10/11 | €99,538,370 | €99,538,370 | = | 0.0% |
| Capital | 10 | €99,538,370 | €99,538,370 | = | 0.0% |
| Issued capital | 100 | €99,538,370 | €99,538,370 | = | 0.0% |
| Reserves | 13 | €2,479,000 | €2,479,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479,000 | €2,479,000 | = | 0.0% |
| Legal reserve | 130 | €2,479,000 | €2,479,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,762,235 | €42,255,989 | -€2.5m | -5.6% |
| Amounts payable | 17/49 | €1,269,052 | €2,559,687 | +€1.3m | +102% |
| Amounts payable within one year | 42/48 | €1,269,052 | €2,559,687 | +€1.3m | +102% |
| Trade debts | 44 | €9,454 | €90 | -€9,364 | -99.1% |
| Suppliers | 440/4 | €9,454 | €90 | -€9,364 | -99.1% |
| Taxes, remuneration and social security | 45 | €59,598 | €59,598 | = | 0.0% |
| Remuneration and social security | 454/9 | €59,598 | €59,598 | = | 0.0% |
| Other amounts payable | 47/48 | €1,200,000 | €2,500,000 | +€1.3m | +108% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | - | €37,097 | +€37,097 | |
| Non-recurring operating income | 76A | - | €37,097 | +€37,097 | |
| Operating charges | 60/66A | - | €107,343 | +€107,343 | |
| Services and other goods | 61 | - | €101,650 | +€101,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,350 | €0 | -€51,350 | -100% |
| Other operating charges | 640/8 | €5,400 | €5,694 | +€293 | +5.4% |
| Gross operating margin | 9900 | -€228,610 | - | +€228,610 | |
| Operating profit (loss) | 9901 | -€285,361 | -€70,246 | +€215,114 | +75.4% |
| Financial income | 75/76B | €74,832 | €64,502 | -€10,330 | -13.8% |
| Recurring financial income | 75 | €74,832 | €64,502 | -€10,330 | -13.8% |
| Income from current assets | 751 | - | €19,904 | +€19,904 | |
| Other financial income | 752/9 | - | €44,598 | +€44,598 | |
| Financial charges | 65/66B | €431 | €501 | +€70 | +16.3% |
| Recurring financial charges | 65 | €431 | €501 | +€70 | +16.3% |
| Other financial charges | 652/9 | - | €501 | +€501 | |
| Profit (loss) for the period before taxes | 9903 | -€210,960 | -€6,246 | +€204,714 | +97.0% |
| Profit (loss) for the period | 9904 | -€210,960 | -€6,246 | +€204,714 | +97.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€210,960 | -€6,246 | +€204,714 | +97.0% |
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 17 October 2026 via checked.be.