WILHELM et Co: 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
WILHELM et Co
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€898,883
2024 · -€432,070-€466,813
Equity
€20.5m
2024 · €21.4m-€898,883
Cash
€149,813
2024 · €156,872-€7,059
Balance sheet total
€44.2m
2024 · €43.0m+€1.2m
Largest movements
Assets
- Receivables within one year +€1.4m
up €1.4m (+6.9%), from €20.5m to €21.9m
of which Trade receivables: +€1.5m
Equity and liabilities
- Other debts +€2.1m
up €2.1m (+10.4%), from €20.1m to €22.2m
- Profit (loss) carried forward -€898,883
down €898,883, from €67,519 to -€831,364
Income statement
- Gross operating margin -€960,735
down €960,735 (-58.3%), from €1.6m to €687,805
- Other operating charges -€341,357
down €341,357 (-86.3%), from €395,495 to €54,139
- Financial charges -€329,173
down €329,173 (-35.9%), from €917,922 to €588,749
- Depreciation +€163,414
up €163,414 (+46.7%), from €350,075 to €513,489
- Financial income -€63,470
down €63,470 (-54.4%), from €116,710 to €53,240
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
-€432,070
Gross operating margin
-€960,735
Staff costs
-€3,036
Depreciation
-€163,414
Other operating charges
+€341,357
Other operating items
-€2,833
Financial income
-€63,470
Financial charges
+€329,173
Taxes
+€56,145
Result 2025
-€898,883
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
+€9,628
Investment
+€3,794
Financing
-€20,481
Cash 2024
€156,872
From operations (derived)
+€9,628
Net result for the year
-€898,883
Depreciation
+€513,489
Stocks and contracts
-€233,910
Receivables within one year
-€1.4m
Deferred charges and accrued income
-€55,678
Trade debts
+€84,298
Tax, wage and social debts
-€75,149
Other debts
+€2.1m
Accrued charges and deferred income
-€6,751
Investment (derived)
+€3,794
Investment in fixed assets (net)
+€3,794
Financing
-€20,481
Debts after one year
-€21,462
Current portion of long-term debt
+€981
Cash 2025
€149,813
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,031,088 | €44,203,753 | +€1.2m | +2.7% |
| Fixed assets | 21/28 | €4,104,263 | €3,586,980 | -€517,283 | -12.6% |
| Intangible fixed assets | 21 | €3,436,653 | €3,065,444 | -€371,209 | -10.8% |
| Tangible fixed assets | 22/27 | €657,721 | €515,441 | -€142,281 | -21.6% |
| Furniture and vehicles | 24 | €12,994 | €6,607 | -€6,388 | -49.2% |
| Leasing and similar rights | 25 | €92,826 | €71,405 | -€21,421 | -23.1% |
| Other tangible fixed assets | 26 | €551,900 | €437,429 | -€114,471 | -20.7% |
| Financial fixed assets | 28 | €9,889 | €6,095 | -€3,794 | -38.4% |
| Current assets | 29/58 | €38,926,825 | €40,616,773 | +€1.7m | +4.3% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Trade receivables | 290 | €30,000 | €30,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €18,230,029 | €18,463,939 | +€233,910 | +1.3% |
| Stocks | 30/36 | - | €18,463,939 | +€18.5m | |
| Contracts in progress | 37 | €18,230,029 | - | -€18.2m | |
| Amounts receivable within one year | 40/41 | €20,496,199 | €21,903,617 | +€1.4m | +6.9% |
| Trade receivables | 40 | €18,050,299 | €19,502,912 | +€1.5m | +8.0% |
| Other amounts receivable | 41 | €2,445,899 | €2,400,705 | -€45,194 | -1.8% |
| Cash at bank and in hand | 54/58 | €156,872 | €149,813 | -€7,059 | -4.5% |
| Deferred charges and accrued income | 490/1 | €13,725 | €69,403 | +€55,678 | +406% |
| Total equity and liabilities | 10/49 | €43,031,088 | €44,203,753 | +€1.2m | +2.7% |
| Equity | 10/15 | €21,430,195 | €20,531,311 | -€898,883 | -4.2% |
| Contributions | 10/11 | €21,016,295 | €21,016,295 | = | 0.0% |
| Capital | 10 | €21,016,295 | €21,016,295 | = | 0.0% |
| Issued capital | 100 | €21,016,295 | €21,016,295 | = | 0.0% |
| Reserves | 13 | €346,381 | €346,381 | = | 0.0% |
| Non-distributable reserves | 130/1 | €51,741 | €51,741 | = | 0.0% |
| Legal reserve | 130 | €51,741 | €51,741 | = | 0.0% |
| Distributable reserves | 133 | €294,639 | €294,639 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,519 | -€831,364 | -€898,883 | |
| Provisions and deferred taxes | 16 | €770,953 | €770,953 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €770,953 | €770,953 | = | 0.0% |
| Pensions and similar obligations | 160 | €770,953 | €770,953 | = | 0.0% |
| Amounts payable | 17/49 | €20,829,940 | €22,901,488 | +€2.1m | +9.9% |
| Amounts payable after more than one year | 17 | €51,685 | €30,223 | -€21,462 | -41.5% |
| Financial debts | 170/4 | €51,685 | €30,223 | -€21,462 | -41.5% |
| Amounts payable within one year | 42/48 | €20,667,523 | €22,767,284 | +€2.1m | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €20,481 | €21,462 | +€981 | +4.8% |
| Trade debts | 44 | €451,993 | €536,292 | +€84,298 | +18.7% |
| Suppliers | 440/4 | €451,993 | €536,292 | +€84,298 | +18.7% |
| Taxes, remuneration and social security | 45 | €88,122 | €12,973 | -€75,149 | -85.3% |
| Taxes | 450/3 | €75,122 | €1,397 | -€73,725 | -98.1% |
| Remuneration and social security | 454/9 | €13,000 | €11,576 | -€1,424 | -11.0% |
| Other amounts payable | 47/48 | €20,106,927 | €22,196,557 | +€2.1m | +10.4% |
| Accrued charges and deferred income | 492/3 | €110,732 | €103,981 | -€6,751 | -6.1% |
| Remuneration, social security and pensions | 62 | €475,894 | €478,930 | +€3,036 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €350,075 | €513,489 | +€163,414 | +46.7% |
| Other operating charges | 640/8 | €395,495 | €54,139 | -€341,357 | -86.3% |
| Non-recurring operating charges | 66A | €851 | €3,684 | +€2,833 | +333% |
| Gross operating margin | 9900 | €1,648,540 | €687,805 | -€960,735 | -58.3% |
| Operating profit (loss) | 9901 | €426,224 | -€362,437 | -€788,662 | |
| Financial income | 75/76B | €116,710 | €53,240 | -€63,470 | -54.4% |
| Recurring financial income | 75 | €116,710 | €53,240 | -€63,470 | -54.4% |
| Financial charges | 65/66B | €917,922 | €588,749 | -€329,173 | -35.9% |
| Recurring financial charges | 65 | €917,922 | €588,749 | -€329,173 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | -€374,988 | -€897,946 | -€522,958 | -139% |
| Income taxes | 67/77 | €57,082 | €937 | -€56,145 | -98.4% |
| Profit (loss) for the period | 9904 | -€432,070 | -€898,883 | -€466,813 | -108% |
| Profit (loss) for the period to be appropriated | 9905 | -€432,070 | -€898,883 | -€466,813 | -108% |
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 24 October 2026 via checked.be.