Wolf: 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.
Wolf
Largest movements
- Receivables within one year -€145,642
down €145,642 (-28.7%), from €507,157 to €361,515
of which Trade receivables: -€155,044
- Tangible fixed assets -€32,270
down €32,270 (-3.5%), from €909,476 to €877,206
of which Land and buildings: -€26,275
- Cash -€15,396
down €15,396 (-72.8%), from €21,160 to €5,764
mainly Other debts (-€159,972) and Advances received (-€57,000)
- Other debts -€159,972
down €159,972 (-34.0%), from €470,494 to €310,522
- Advances received -€57,000
down €57,000 (-100.0%), from €57,000 to €0
- Tax, wage and social debts +€36,845
up €36,845 (+202.8%), from €18,164 to €55,009
- Debts after one year -€29,691
down €29,691 (-4.7%), from €629,494 to €599,803
- Other operating charges -€28,217
down €28,217 (-80.1%), from €35,249 to €7,032
- Gross operating margin -€17,449
down €17,449 (-15.7%), from €110,811 to €93,361
- Staff costs +€13,198
new in 2025: €13,198
- Depreciation -€4,167
down €4,167 (-11.4%), from €36,437 to €32,270
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 | €1,450,285 | €1,254,952 | -€195,333 | -13.5% |
| Fixed assets | 21/28 | €917,976 | €885,706 | -€32,270 | -3.5% |
| Tangible fixed assets | 22/27 | €909,476 | €877,206 | -€32,270 | -3.5% |
| Land and buildings | 22 | €814,017 | €787,741 | -€26,275 | -3.2% |
| Plant, machinery and equipment | 23 | €835 | €576 | -€260 | -31.1% |
| Furniture and vehicles | 24 | €1,977 | €1,385 | -€592 | -29.9% |
| Assets under construction and advance payments | 27 | €92,647 | €87,504 | -€5,143 | -5.6% |
| Financial fixed assets | 28 | €8,500 | €8,500 | = | 0.0% |
| Current assets | 29/58 | €532,309 | €369,246 | -€163,063 | -30.6% |
| Amounts receivable within one year | 40/41 | €507,157 | €361,515 | -€145,642 | -28.7% |
| Trade receivables | 40 | €415,907 | €260,864 | -€155,044 | -37.3% |
| Other amounts receivable | 41 | €91,250 | €100,652 | +€9,402 | +10.3% |
| Cash at bank and in hand | 54/58 | €21,160 | €5,764 | -€15,396 | -72.8% |
| Deferred charges and accrued income | 490/1 | €3,992 | €1,967 | -€2,025 | -50.7% |
| Total equity and liabilities | 10/49 | €1,450,285 | €1,254,952 | -€195,333 | -13.5% |
| Equity | 10/15 | €209,868 | €214,495 | +€4,628 | +2.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €203,783 | €203,783 | = | 0.0% |
| Distributable reserves | 133 | €203,783 | €203,783 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,085 | €9,713 | +€4,628 | +91.0% |
| Amounts payable | 17/49 | €1,240,418 | €1,040,457 | -€199,961 | -16.1% |
| Amounts payable after more than one year | 17 | €629,494 | €599,803 | -€29,691 | -4.7% |
| Financial debts | 170/4 | €629,494 | €599,803 | -€29,691 | -4.7% |
| Amounts payable within one year | 42/48 | €610,924 | €440,653 | -€170,270 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €28,551 | €29,691 | +€1,140 | +4.0% |
| Trade debts | 44 | €36,714 | €45,431 | +€8,717 | +23.7% |
| Suppliers | 440/4 | €36,714 | €45,431 | +€8,717 | +23.7% |
| Advances received on contracts in progress | 46 | €57,000 | €0 | -€57,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €18,164 | €55,009 | +€36,845 | +202.8% |
| Taxes | 450/3 | €18,164 | €55,009 | +€36,845 | +202.8% |
| Other amounts payable | 47/48 | €470,494 | €310,522 | -€159,972 | -34.0% |
| Remuneration, social security and pensions | 62 | - | €13,198 | +€13,198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,437 | €32,270 | -€4,167 | -11.4% |
| Other operating charges | 640/8 | €35,249 | €7,032 | -€28,217 | -80.1% |
| Gross operating margin | 9900 | €110,811 | €93,361 | -€17,449 | -15.7% |
| Operating profit (loss) | 9901 | €39,124 | €40,862 | +€1,738 | +4.4% |
| Financial income | 75/76B | €0 | €9 | +€9 | |
| Recurring financial income | 75 | €0 | €9 | +€9 | |
| Financial charges | 65/66B | €29,307 | €29,794 | +€487 | +1.7% |
| Recurring financial charges | 65 | €29,307 | €29,794 | +€487 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €9,817 | €11,077 | +€1,260 | +12.8% |
| Income taxes | 67/77 | €5,374 | €6,449 | +€1,075 | +20.0% |
| Profit (loss) for the period | 9904 | €4,442 | €4,628 | +€186 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,442 | €4,628 | +€186 | +4.2% |
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 10 October 2026 via checked.be.