WOLA: 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
WOLA
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€42,593
2024 · €891,398-€848,805
Equity
€1.9m
2024 · €2.4m-€541,853
Cash
€633,527
2024 · €857,827-€224,300
Balance sheet total
€4.7m
2024 · €4.4m+€248,949
Largest movements
Assets
- Stocks and contracts +€490,000
up €490,000 (+81.2%), from €603,201 to €1.1m
- Cash -€224,300
down €224,300 (-26.1%), from €857,827 to €633,527
mainly Contributions, distributions and other (-€584,446) and Stocks and contracts (-€490,000)
Equity and liabilities
- Debts after one year +€638,446
up €638,446 (+42.8%), from €1.5m to €2.1m
- Reserves -€541,853
down €541,853 (-22.5%), from €2.4m to €1.9m
of which Distributable reserves: -€522,095
- Other debts +€241,856
up €241,856 (+174.2%), from €138,859 to €380,715
- Short-term financial debts -€58,370
down €58,370 (-100.0%), from €58,370 to €0
Income statement
- Gross operating margin -€1.1m
down €1.1m (-83.5%), from €1.4m to €225,897
- Taxes -€158,850
down €158,850 (-85.8%), from €185,126 to €26,276
- Depreciation +€52,321
up €52,321 (+243.9%), from €21,454 to €73,775
- Financial charges -€32,060
down €32,060 (-33.9%), from €94,545 to €62,485
- Other operating charges +€15,136
up €15,136 (+63.9%), from €23,685 to €38,822
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
€891,398
Gross operating margin
-€1.1m
Depreciation
-€52,321
Other operating charges
-€15,136
Financial income
+€3,170
Financial charges
+€32,060
Taxes
+€158,850
Deferred taxes and other
+€170,125
Result 2025
€42,593
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
-€190,401
Investment
-€32,273
Financing
-€1,627
Cash 2024
€857,827
From operations (derived)
-€190,401
Net result for the year
+€42,593
Depreciation
+€73,775
Receivables after one year
-€20,000
Stocks and contracts
-€490,000
Receivables within one year
-€4,750
Provisions
-€6,586
Trade debts
+€4,388
Tax, wage and social debts
-€31,675
Other debts
+€241,856
Investment (derived)
-€32,273
Investment in fixed assets (net)
-€32,273
Financing
-€1,627
Debts after one year
+€638,446
Current portion of long-term debt
+€2,744
Short-term financial debts
-€58,370
Contributions, distributions and other
-€584,446
Cash 2025
€633,527
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,422,608 | €4,671,557 | +€248,949 | +5.6% |
| Fixed assets | 21/28 | €2,350,652 | €2,309,150 | -€41,501 | -1.8% |
| Tangible fixed assets | 22/27 | €2,000,652 | €1,959,150 | -€41,501 | -2.1% |
| Land and buildings | 22 | €1,972,958 | €1,928,338 | -€44,620 | -2.3% |
| Furniture and vehicles | 24 | €27,694 | €30,812 | +€3,119 | +11.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €350,000 | €350,000 | = | 0.0% |
| Current assets | 29/58 | €2,071,957 | €2,362,407 | +€290,450 | +14.0% |
| Amounts receivable after more than one year | 29 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 291 | - | €20,000 | +€20,000 | |
| Stocks and contracts in progress | 3 | €603,201 | €1,093,201 | +€490,000 | +81.2% |
| Stocks | 30/36 | €603,201 | €1,093,201 | +€490,000 | +81.2% |
| Amounts receivable within one year | 40/41 | €610,929 | €615,679 | +€4,750 | +0.8% |
| Trade receivables | 40 | €21,572 | €30,798 | +€9,226 | +42.8% |
| Other amounts receivable | 41 | €589,358 | €584,882 | -€4,476 | -0.8% |
| Cash at bank and in hand | 54/58 | €857,827 | €633,527 | -€224,300 | -26.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,422,608 | €4,671,557 | +€248,949 | +5.6% |
| Equity | 10/15 | €2,414,413 | €1,872,560 | -€541,853 | -22.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €2,413,413 | €1,871,560 | -€541,853 | -22.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €490,615 | €470,857 | -€19,759 | -4.0% |
| Distributable reserves | 133 | €1,922,798 | €1,400,703 | -€522,095 | -27.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €163,538 | €156,952 | -€6,586 | -4.0% |
| Deferred taxes | 168 | €163,538 | €156,952 | -€6,586 | -4.0% |
| Amounts payable | 17/49 | €1,844,657 | €2,642,045 | +€797,388 | +43.2% |
| Amounts payable after more than one year | 17 | €1,493,375 | €2,131,821 | +€638,446 | +42.8% |
| Financial debts | 170/4 | €1,493,375 | €2,131,821 | +€638,446 | +42.8% |
| Amounts payable within one year | 42/48 | €351,282 | €510,224 | +€158,942 | +45.2% |
| Current portion of amounts payable after more than one year | 42 | €68,091 | €70,835 | +€2,744 | +4.0% |
| Financial debts | 43 | €58,370 | €0 | -€58,370 | -100.0% |
| Credit institutions | 430/8 | €58,370 | €0 | -€58,370 | -100.0% |
| Trade debts | 44 | €6,857 | €11,245 | +€4,388 | +64.0% |
| Suppliers | 440/4 | €6,857 | €11,245 | +€4,388 | +64.0% |
| Taxes, remuneration and social security | 45 | €79,104 | €47,429 | -€31,675 | -40.0% |
| Taxes | 450/3 | €76,944 | €45,171 | -€31,773 | -41.3% |
| Remuneration and social security | 454/9 | €2,160 | €2,258 | +€98 | +4.5% |
| Other amounts payable | 47/48 | €138,859 | €380,715 | +€241,856 | +174.2% |
| Non-recurring operating income | 76A | €687,380 | €0 | -€687,380 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,454 | €73,775 | +€52,321 | +243.9% |
| Other operating charges | 640/8 | €23,685 | €38,822 | +€15,136 | +63.9% |
| Gross operating margin | 9900 | €1,371,449 | €225,897 | -€1.1m | -83.5% |
| Operating profit (loss) | 9901 | €1,326,310 | €113,301 | -€1.2m | -91.5% |
| Financial income | 75/76B | €8,297 | €11,467 | +€3,170 | +38.2% |
| Recurring financial income | 75 | €8,297 | €11,467 | +€3,170 | +38.2% |
| Financial charges | 65/66B | €94,545 | €62,485 | -€32,060 | -33.9% |
| Recurring financial charges | 65 | €94,545 | €62,485 | -€32,060 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €1,240,062 | €62,283 | -€1.2m | -95.0% |
| Transfer from deferred taxes | 780 | €1,116 | €6,586 | +€5,470 | +490.3% |
| Transfer to deferred taxes | 680 | €164,654 | €0 | -€164,654 | -100.0% |
| Income taxes | 67/77 | €185,126 | €26,276 | -€158,850 | -85.8% |
| Profit (loss) for the period | 9904 | €891,398 | €42,593 | -€848,805 | -95.2% |
| Transfer from tax-exempt reserves | 789 | €3,347 | €19,758 | +€16,411 | +490.3% |
| Transfer to tax-exempt reserves | 689 | €493,962 | €0 | -€493,962 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €400,783 | €62,351 | -€338,431 | -84.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.