WOLF-SAFCO: 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-SAFCO
Largest movements
- Tangible fixed assets +€800,561
up €800,561 (+3,987%), from €20,078 to €820,639
of which Land and buildings: +€780,000
- Cash -€113,083
down €113,083 (-39.8%), from €284,411 to €171,329
mainly Investment in fixed assets (net) (-€806,976) and Current investments (-€100,565)
- Current investments +€100,565
new in 2025: €100,565
- Receivables within one year +€19,344
up €19,344 (+66.4%), from €29,110 to €48,454
of which Trade receivables: +€17,568
- Revaluation surpluses +€780,000
new in 2025: €780,000
- Profit (loss) carried forward +€12,733
up €12,733 (+8.3%), from €154,046 to €166,779
- Gross operating margin -€6,990
down €6,990 (-8.7%), from €80,658 to €73,668
- Staff costs +€6,452
up €6,452 (+18.4%), from €35,016 to €41,468
- Taxes -€4,549
down €4,549 (-37.6%), from €12,097 to €7,548
- Depreciation +€3,829
up €3,829 (+163%), from €2,351 to €6,180
- Financial income -€3,816
down €3,816 (-54.7%), from €6,981 to €3,166
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €452,633 | €1,249,413 | +€796,779 | +176% |
| Fixed assets | 21/28 | €30,574 | €831,369 | +€800,796 | +2,619% |
| Tangible fixed assets | 22/27 | €20,078 | €820,639 | +€800,561 | +3,987% |
| Land and buildings | 22 | €12,900 | €792,900 | +€780,000 | +6,047% |
| Plant, machinery and equipment | 23 | - | €18,166 | +€18,166 | |
| Furniture and vehicles | 24 | €7,178 | €9,573 | +€2,395 | +33.4% |
| Financial fixed assets | 28 | €10,496 | €10,731 | +€235 | +2.2% |
| Current assets | 29/58 | €422,059 | €418,043 | -€4,016 | -1.0% |
| Stocks and contracts in progress | 3 | €102,512 | €95,700 | -€6,813 | -6.6% |
| Stocks | 30/36 | €102,512 | €95,700 | -€6,813 | -6.6% |
| Amounts receivable within one year | 40/41 | €29,110 | €48,454 | +€19,344 | +66.4% |
| Trade receivables | 40 | €23,863 | €41,431 | +€17,568 | +73.6% |
| Other amounts receivable | 41 | €5,247 | €7,023 | +€1,776 | +33.8% |
| Current investments | 50/53 | - | €100,565 | +€100,565 | |
| Cash at bank and in hand | 54/58 | €284,411 | €171,329 | -€113,083 | -39.8% |
| Deferred charges and accrued income | 490/1 | €6,026 | €1,996 | -€4,030 | -66.9% |
| Total equity and liabilities | 10/49 | €452,633 | €1,249,413 | +€796,779 | +176% |
| Equity | 10/15 | €431,676 | €1,225,080 | +€793,404 | +184% |
| Contributions | 10/11 | €260,288 | €260,288 | = | 0.0% |
| Capital | 10 | €260,288 | €260,288 | = | 0.0% |
| Issued capital | 100 | €260,288 | €260,288 | = | 0.0% |
| Revaluation surpluses | 12 | - | €780,000 | +€780,000 | |
| Reserves | 13 | €17,342 | €18,012 | +€670 | +3.9% |
| Non-distributable reserves | 130/1 | €14,405 | €15,075 | +€670 | +4.7% |
| Legal reserve | 130 | €14,405 | €15,075 | +€670 | +4.7% |
| Tax-exempt reserves | 132 | €2,938 | €2,938 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,046 | €166,779 | +€12,733 | +8.3% |
| Amounts payable | 17/49 | €20,957 | €24,333 | +€3,376 | +16.1% |
| Amounts payable within one year | 42/48 | €19,690 | €22,920 | +€3,229 | +16.4% |
| Trade debts | 44 | €4,909 | €9,750 | +€4,840 | +98.6% |
| Suppliers | 440/4 | €4,909 | €9,750 | +€4,840 | +98.6% |
| Taxes, remuneration and social security | 45 | €11,304 | €12,463 | +€1,159 | +10.3% |
| Taxes | 450/3 | €5,379 | €8,690 | +€3,310 | +61.5% |
| Remuneration and social security | 454/9 | €5,925 | €3,774 | -€2,151 | -36.3% |
| Other amounts payable | 47/48 | €3,477 | €707 | -€2,770 | -79.7% |
| Accrued charges and deferred income | 492/3 | €1,267 | €1,413 | +€146 | +11.6% |
| Non-recurring operating income | 76A | €195 | - | -€195 | |
| Remuneration, social security and pensions | 62 | €35,016 | €41,468 | +€6,452 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,351 | €6,180 | +€3,829 | +163% |
| Other operating charges | 640/8 | €5,207 | €6,949 | +€1,742 | +33.4% |
| Gross operating margin | 9900 | €80,658 | €73,668 | -€6,990 | -8.7% |
| Operating profit (loss) | 9901 | €38,083 | €19,071 | -€19,013 | -49.9% |
| Financial income | 75/76B | €6,981 | €3,166 | -€3,816 | -54.7% |
| Recurring financial income | 75 | €6,981 | €3,166 | -€3,816 | -54.7% |
| Financial charges | 65/66B | €3,528 | €1,285 | -€2,243 | -63.6% |
| Recurring financial charges | 65 | €3,528 | €1,285 | -€2,243 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | €41,537 | €20,952 | -€20,585 | -49.6% |
| Income taxes | 67/77 | €12,097 | €7,548 | -€4,549 | -37.6% |
| Profit (loss) for the period | 9904 | €29,440 | €13,404 | -€16,036 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €29,440 | €13,404 | -€16,036 | -54.5% |
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 23 October 2026 via checked.be.