Walzer Nathan: 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.
Walzer Nathan
Largest movements
- Cash +€3,099
up €3,099 (+40.4%), from €7,667 to €10,766
mainly Net result for the year (+€6,739) and Receivables within one year (+€1,920)
- Tangible fixed assets +€2,446
new in 2025: €2,446
- Receivables within one year -€1,920
down €1,920 (-6.4%), from €30,205 to €28,285
of which Trade receivables: -€23,767
- Profit (loss) carried forward +€6,739
up €6,739 (+28.5%), from €23,615 to €30,354
- Other debts -€4,309
no longer reported in 2025 (was €4,309)
- Tax, wage and social debts +€1,753
up €1,753 (+26.3%), from €6,655 to €8,408
- Trade debts -€913
no longer reported in 2025 (was €913)
- Gross operating margin -€20,797
down €20,797 (-67.7%), from €30,724 to €9,927
- Taxes -€3,902
down €3,902 (-58.6%), from €6,655 to €2,753
- Financial income +€618
new in 2025: €618
- Other operating charges +€308
up €308 (+79.4%), from €387 to €695
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 | €38,492 | €41,762 | +€3,270 | +8.5% |
| Fixed assets | 21/28 | €100 | €2,546 | +€2,446 | +2446.0% |
| Tangible fixed assets | 22/27 | - | €2,446 | +€2,446 | |
| Furniture and vehicles | 24 | - | €2,446 | +€2,446 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €38,392 | €39,216 | +€824 | +2.1% |
| Amounts receivable within one year | 40/41 | €30,205 | €28,285 | -€1,920 | -6.4% |
| Trade receivables | 40 | €30,205 | €6,438 | -€23,767 | -78.7% |
| Other amounts receivable | 41 | - | €21,847 | +€21,847 | |
| Cash at bank and in hand | 54/58 | €7,667 | €10,766 | +€3,099 | +40.4% |
| Deferred charges and accrued income | 490/1 | €520 | €165 | -€355 | -68.3% |
| Total equity and liabilities | 10/49 | €38,492 | €41,762 | +€3,270 | +8.5% |
| Equity | 10/15 | €26,615 | €33,354 | +€6,739 | +25.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,615 | €30,354 | +€6,739 | +28.5% |
| Amounts payable | 17/49 | €11,877 | €8,408 | -€3,469 | -29.2% |
| Amounts payable within one year | 42/48 | €11,877 | €8,408 | -€3,469 | -29.2% |
| Trade debts | 44 | €913 | - | -€913 | |
| Suppliers | 440/4 | €913 | - | -€913 | |
| Taxes, remuneration and social security | 45 | €6,655 | €8,408 | +€1,753 | +26.3% |
| Taxes | 450/3 | €6,655 | €8,408 | +€1,753 | +26.3% |
| Other amounts payable | 47/48 | €4,309 | - | -€4,309 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €130 | +€130 | |
| Other operating charges | 640/8 | €387 | €695 | +€308 | +79.4% |
| Gross operating margin | 9900 | €30,724 | €9,927 | -€20,797 | -67.7% |
| Operating profit (loss) | 9901 | €30,337 | €9,102 | -€21,235 | -70.0% |
| Financial income | 75/76B | - | €618 | +€618 | |
| Recurring financial income | 75 | - | €618 | +€618 | |
| Financial charges | 65/66B | €67 | €228 | +€161 | +241.0% |
| Recurring financial charges | 65 | €67 | €228 | +€161 | +241.0% |
| Profit (loss) for the period before taxes | 9903 | €30,270 | €9,492 | -€20,778 | -68.6% |
| Income taxes | 67/77 | €6,655 | €2,753 | -€3,902 | -58.6% |
| Profit (loss) for the period | 9904 | €23,615 | €6,739 | -€16,876 | -71.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,615 | €6,739 | -€16,876 | -71.5% |
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.