WOLFAERT: 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.
WOLFAERT
Largest movements
- Receivables within one year +€46,022
up €46,022 (+9.3%), from €497,046 to €543,068
of which Other amounts receivable: +€45,390
- Tangible fixed assets -€15,664
down €15,664 (-7.5%), from €208,824 to €193,160
of which Leasing and similar rights: -€26,277
- Reserves +€58,950
up €58,950 (+21.5%), from €274,710 to €333,660
of which Distributable reserves: +€58,950
- Current portion of long-term debt +€39,910
up €39,910 (+50.8%), from €78,591 to €118,501
- Trade debts -€38,206
down €38,206 (-74.5%), from €51,285 to €13,080
- Debts after one year -€27,185
down €27,185 (-20.6%), from €132,025 to €104,841
- Gross operating margin +€53,023
up €53,023 (+48.8%), from €108,755 to €161,778
- Taxes +€12,803
up €12,803 (+84.9%), from €15,081 to €27,885
- Depreciation +€11,400
up €11,400 (+23.7%), from €48,146 to €59,545
- Financial charges +€2,086
up €2,086 (+21.7%), from €9,633 to €11,719
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 | €707,781 | €737,163 | +€29,382 | +4.2% |
| Fixed assets | 21/28 | €209,759 | €194,095 | -€15,664 | -7.5% |
| Tangible fixed assets | 22/27 | €208,824 | €193,160 | -€15,664 | -7.5% |
| Plant, machinery and equipment | 23 | €90,956 | €100,604 | +€9,648 | +10.6% |
| Furniture and vehicles | 24 | €24,246 | €19,090 | -€5,156 | -21.3% |
| Leasing and similar rights | 25 | €91,678 | €65,401 | -€26,277 | -28.7% |
| Other tangible fixed assets | 26 | €1,944 | €8,065 | +€6,121 | +315% |
| Financial fixed assets | 28 | €935 | €935 | = | 0.0% |
| Current assets | 29/58 | €498,022 | €543,068 | +€45,046 | +9.0% |
| Amounts receivable within one year | 40/41 | €497,046 | €543,068 | +€46,022 | +9.3% |
| Trade receivables | 40 | €159,756 | €160,388 | +€632 | +0.4% |
| Other amounts receivable | 41 | €337,290 | €382,680 | +€45,390 | +13.5% |
| Cash at bank and in hand | 54/58 | €976 | - | -€976 | |
| Total equity and liabilities | 10/49 | €707,781 | €737,163 | +€29,382 | +4.2% |
| Equity | 10/15 | €438,678 | €497,644 | +€58,965 | +13.4% |
| Contributions | 10/11 | €18,200 | €18,200 | = | 0.0% |
| Reserves | 13 | €274,710 | €333,660 | +€58,950 | +21.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,350 | €63,350 | = | 0.0% |
| Distributable reserves | 133 | €209,500 | €268,450 | +€58,950 | +28.1% |
| Profit (loss) carried forward | 14 | €145,768 | €145,784 | +€15 | 0.0% |
| Amounts payable | 17/49 | €269,103 | €239,519 | -€29,584 | -11.0% |
| Amounts payable after more than one year | 17 | €132,025 | €104,841 | -€27,185 | -20.6% |
| Financial debts | 170/4 | €132,025 | €104,841 | -€27,185 | -20.6% |
| Amounts payable within one year | 42/48 | €137,077 | €134,679 | -€2,399 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €78,591 | €118,501 | +€39,910 | +50.8% |
| Financial debts | 43 | €1,060 | €3,098 | +€2,038 | +192% |
| Credit institutions | 430/8 | €1,060 | €3,098 | +€2,038 | +192% |
| Trade debts | 44 | €51,285 | €13,080 | -€38,206 | -74.5% |
| Suppliers | 440/4 | €51,285 | €13,080 | -€38,206 | -74.5% |
| Taxes, remuneration and social security | 45 | €6,141 | - | -€6,141 | |
| Taxes | 450/3 | €6,141 | - | -€6,141 | |
| Non-recurring operating income | 76A | €14,000 | - | -€14,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,146 | €59,545 | +€11,400 | +23.7% |
| Other operating charges | 640/8 | €4,381 | €3,664 | -€717 | -16.4% |
| Gross operating margin | 9900 | €108,755 | €161,778 | +€53,023 | +48.8% |
| Operating profit (loss) | 9901 | €56,229 | €98,569 | +€42,340 | +75.3% |
| Financial income | 75/76B | €117 | €0 | -€116 | -99.7% |
| Recurring financial income | 75 | €117 | €0 | -€116 | -99.7% |
| Financial charges | 65/66B | €9,633 | €11,719 | +€2,086 | +21.7% |
| Recurring financial charges | 65 | €9,633 | €11,719 | +€2,086 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €46,712 | €86,850 | +€40,138 | +85.9% |
| Income taxes | 67/77 | €15,081 | €27,885 | +€12,803 | +84.9% |
| Profit (loss) for the period | 9904 | €31,631 | €58,965 | +€27,335 | +86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,631 | €58,965 | +€27,335 | +86.4% |
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.