WOLF-PROJECTS: 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-PROJECTS
Largest movements
- Receivables within one year +€4.8m
up €4.8m (+497.9%), from €963,719 to €5.8m
of which Other amounts receivable: +€4.4m
- Financial fixed assets -€2.8m
down €2.8m (-49.7%), from €5.7m to €2.9m
- Cash -€704,725
down €704,725 (-63.8%), from €1.1m to €400,171
mainly Receivables within one year (-€4.8m) and Contributions, distributions and other (-€3.9m)
- Other debts +€1.5m
up €1.5m (+64.2%), from €2.4m to €3.9m
- Short-term financial debts +€1.0m
up €1.0m (+30.8%), from €3.3m to €4.3m
- Debts after one year -€1.0m
down €1.0m (-10.6%), from €9.4m to €8.4m
- Current portion of long-term debt -€830,000
down €830,000 (-32.2%), from €2.6m to €1.8m
- Trade debts +€279,717
up €279,717 (+292.9%), from €95,510 to €375,228
- Gross operating margin +€2.8m
up €2.8m (+125.2%), from €2.2m to €5.1m
- Financial income +€1.4m
up €1.4m (+1510.4%), from €89,457 to €1.4m
of which Non-recurring financial income: +€1.2m
- Taxes +€692,724
up €692,724 (+162.3%), from €426,790 to €1.1m
- Financial charges +€587,537
up €587,537 (+86.8%), from €677,257 to €1.3m
of which Non-recurring financial charges: +€331,284
- Other operating charges +€63,981
up €63,981 (+306.0%), from €20,909 to €84,890
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 | €20,945,507 | €21,959,800 | +€1.0m | +4.8% |
| Fixed assets | 21/28 | €5,667,900 | €2,851,197 | -€2.8m | -49.7% |
| Financial fixed assets | 28 | €5,667,900 | €2,851,197 | -€2.8m | -49.7% |
| Current assets | 29/58 | €15,277,607 | €19,108,602 | +€3.8m | +25.1% |
| Stocks and contracts in progress | 3 | €11,561,887 | €11,397,400 | -€164,486 | -1.4% |
| Stocks | 30/36 | €11,561,887 | €11,397,400 | -€164,486 | -1.4% |
| Amounts receivable within one year | 40/41 | €963,719 | €5,761,634 | +€4.8m | +497.9% |
| Trade receivables | 40 | €0 | €371,795 | +€371,795 | |
| Other amounts receivable | 41 | €963,719 | €5,389,839 | +€4.4m | +459.3% |
| Current investments | 50/53 | €1,486,115 | €1,534,987 | +€48,872 | +3.3% |
| Cash at bank and in hand | 54/58 | €1,104,895 | €400,171 | -€704,725 | -63.8% |
| Deferred charges and accrued income | 490/1 | €160,991 | €14,410 | -€146,581 | -91.0% |
| Total equity and liabilities | 10/49 | €20,945,507 | €21,959,800 | +€1.0m | +4.8% |
| Equity | 10/15 | €2,797,852 | €2,925,874 | +€128,023 | +4.6% |
| Contributions | 10/11 | €900,005 | €900,005 | = | 0.0% |
| Capital | 10 | €900,005 | €900,005 | = | 0.0% |
| Issued capital | 100 | €900,005 | €900,005 | = | 0.0% |
| Reserves | 13 | €1,897,846 | €2,025,869 | +€128,023 | +6.7% |
| Non-distributable reserves | 130/1 | €90,001 | €90,001 | = | 0.0% |
| Legal reserve | 130 | €90,001 | €90,001 | = | 0.0% |
| Distributable reserves | 133 | €1,807,846 | €1,935,869 | +€128,023 | +7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €18,147,656 | €19,033,925 | +€886,270 | +4.9% |
| Amounts payable after more than one year | 17 | €9,400,000 | €8,400,000 | -€1.0m | -10.6% |
| Financial debts | 170/4 | €9,400,000 | €8,400,000 | -€1.0m | -10.6% |
| Amounts payable within one year | 42/48 | €8,641,603 | €10,600,391 | +€2.0m | +22.7% |
| Current portion of amounts payable after more than one year | 42 | €2,580,000 | €1,750,000 | -€830,000 | -32.2% |
| Financial debts | 43 | €3,300,709 | €4,316,478 | +€1.0m | +30.8% |
| Credit institutions | 430/8 | €3,300,709 | €4,316,478 | +€1.0m | +30.8% |
| Trade debts | 44 | €95,510 | €375,228 | +€279,717 | +292.9% |
| Suppliers | 440/4 | €95,510 | €375,228 | +€279,717 | +292.9% |
| Taxes, remuneration and social security | 45 | €290,385 | €258,685 | -€31,700 | -10.9% |
| Taxes | 450/3 | €290,385 | €258,685 | -€31,700 | -10.9% |
| Other amounts payable | 47/48 | €2,375,000 | €3,900,000 | +€1.5m | +64.2% |
| Accrued charges and deferred income | 492/3 | €106,052 | €33,534 | -€72,518 | -68.4% |
| Other operating charges | 640/8 | €20,909 | €84,890 | +€63,981 | +306.0% |
| Gross operating margin | 9900 | €2,244,907 | €5,056,648 | +€2.8m | +125.2% |
| Operating profit (loss) | 9901 | €2,223,998 | €4,971,759 | +€2.7m | +123.6% |
| Financial income | 75/76B | €89,457 | €1,440,572 | +€1.4m | +1510.4% |
| Recurring financial income | 75 | €89,457 | €202,117 | +€112,660 | +125.9% |
| Non-recurring financial income | 76B | - | €1,238,455 | +€1.2m | |
| Financial charges | 65/66B | €677,257 | €1,264,794 | +€587,537 | +86.8% |
| Recurring financial charges | 65 | €677,257 | €933,511 | +€256,254 | +37.8% |
| Non-recurring financial charges | 66B | - | €331,284 | +€331,284 | |
| Profit (loss) for the period before taxes | 9903 | €1,636,197 | €5,147,537 | +€3.5m | +214.6% |
| Income taxes | 67/77 | €426,790 | €1,119,514 | +€692,724 | +162.3% |
| Profit (loss) for the period | 9904 | €1,209,408 | €4,028,023 | +€2.8m | +233.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,209,408 | €4,028,023 | +€2.8m | +233.1% |
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 12 October 2026 via checked.be.