WALVAN: 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.
WALVAN
Largest movements
- Receivables within one year -€175,326
down €175,326 (-59.5%), from €294,612 to €119,285
of which Trade receivables: -€168,619
- Cash +€71,015
up €71,015 (+162.7%), from €43,640 to €114,655
mainly Net result for the year (+€424,154) and Depreciation (+€242,312)
- Tangible fixed assets -€34,099
down €34,099 (-1.8%), from €1.9m to €1.9m
of which Other tangible fixed assets: -€21,573
- Debts after one year -€183,619
down €183,619 (-17.5%), from €1.0m to €862,762
- Reserves -€175,846
down €175,846 (-32.8%), from €536,651 to €360,805
of which Distributable reserves: -€175,846
- Other debts +€150,000
up €150,000 (+33.3%), from €450,000 to €600,000
- Trade debts +€80,606
up €80,606 (+37.9%), from €212,935 to €293,540
- Gross operating margin +€498,253
up €498,253 (+57.5%), from €866,857 to €1.4m
- Depreciation +€148,282
up €148,282 (+157.7%), from €94,030 to €242,312
- Staff costs +€131,758
up €131,758 (+28.5%), from €461,821 to €593,579
- Taxes +€34,610
up €34,610 (+145.4%), from €23,795 to €58,404
- Financial charges +€25,192
up €25,192 (+100.7%), from €25,007 to €50,199
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 | €2,531,113 | €2,403,020 | -€128,093 | -5.1% |
| Fixed assets | 21/28 | €1,912,165 | €1,878,066 | -€34,099 | -1.8% |
| Tangible fixed assets | 22/27 | €1,912,165 | €1,878,066 | -€34,099 | -1.8% |
| Land and buildings | 22 | €49,492 | €45,115 | -€4,377 | -8.8% |
| Plant, machinery and equipment | 23 | €802,343 | €795,948 | -€6,395 | -0.8% |
| Furniture and vehicles | 24 | €9,061 | €7,307 | -€1,754 | -19.4% |
| Other tangible fixed assets | 26 | €1,051,269 | €1,029,696 | -€21,573 | -2.1% |
| Current assets | 29/58 | €618,948 | €524,954 | -€93,994 | -15.2% |
| Stocks and contracts in progress | 3 | €276,699 | €282,150 | +€5,451 | +2.0% |
| Stocks | 30/36 | €276,699 | €282,150 | +€5,451 | +2.0% |
| Amounts receivable within one year | 40/41 | €294,612 | €119,285 | -€175,326 | -59.5% |
| Trade receivables | 40 | €276,755 | €108,136 | -€168,619 | -60.9% |
| Other amounts receivable | 41 | €17,857 | €11,149 | -€6,707 | -37.6% |
| Cash at bank and in hand | 54/58 | €43,640 | €114,655 | +€71,015 | +162.7% |
| Deferred charges and accrued income | 490/1 | €3,998 | €8,864 | +€4,865 | +121.7% |
| Total equity and liabilities | 10/49 | €2,531,113 | €2,403,020 | -€128,093 | -5.1% |
| Equity | 10/15 | €556,651 | €380,805 | -€175,846 | -31.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €536,651 | €360,805 | -€175,846 | -32.8% |
| Tax-exempt reserves | 132 | €27,764 | €27,764 | = | 0.0% |
| Distributable reserves | 133 | €508,887 | €333,041 | -€175,846 | -34.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,974,463 | €2,022,215 | +€47,753 | +2.4% |
| Amounts payable after more than one year | 17 | €1,046,381 | €862,762 | -€183,619 | -17.5% |
| Financial debts | 170/4 | €1,046,381 | €862,762 | -€183,619 | -17.5% |
| Amounts payable within one year | 42/48 | €928,082 | €1,159,453 | +€231,372 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €183,619 | €183,619 | = | 0.0% |
| Trade debts | 44 | €212,935 | €293,540 | +€80,606 | +37.9% |
| Suppliers | 440/4 | €212,935 | €293,540 | +€80,606 | +37.9% |
| Taxes, remuneration and social security | 45 | €81,528 | €82,294 | +€766 | +0.9% |
| Taxes | 450/3 | €8,605 | €10,560 | +€1,955 | +22.7% |
| Remuneration and social security | 454/9 | €72,923 | €71,734 | -€1,188 | -1.6% |
| Other amounts payable | 47/48 | €450,000 | €600,000 | +€150,000 | +33.3% |
| Remuneration, social security and pensions | 62 | €461,821 | €593,579 | +€131,758 | +28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,030 | €242,312 | +€148,282 | +157.7% |
| Other operating charges | 640/8 | €2,269 | €2,778 | +€509 | +22.4% |
| Non-recurring operating charges | 66A | €0 | €4,080 | +€4,080 | |
| Gross operating margin | 9900 | €866,857 | €1,365,111 | +€498,253 | +57.5% |
| Operating profit (loss) | 9901 | €308,738 | €522,362 | +€213,624 | +69.2% |
| Financial income | 75/76B | €18,243 | €10,395 | -€7,848 | -43.0% |
| Recurring financial income | 75 | €18,243 | €10,395 | -€7,848 | -43.0% |
| Financial charges | 65/66B | €25,007 | €50,199 | +€25,192 | +100.7% |
| Recurring financial charges | 65 | €25,007 | €50,199 | +€25,192 | +100.7% |
| Profit (loss) for the period before taxes | 9903 | €301,973 | €482,558 | +€180,585 | +59.8% |
| Income taxes | 67/77 | €23,795 | €58,404 | +€34,610 | +145.4% |
| Profit (loss) for the period | 9904 | €278,178 | €424,154 | +€145,975 | +52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €278,178 | €424,154 | +€145,975 | +52.5% |
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 30 September 2026 via checked.be.