WOLFE: 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.
WOLFE
Largest movements
- Stocks and contracts -€3.3m
down €3.3m (-33.6%), from €10.0m to €6.6m
of which Stocks: -€2.8m
- Tangible fixed assets +€1.2m
up €1.2m (+337.5%), from €346,597 to €1.5m
of which Other tangible fixed assets: +€613,504
- Cash +€630,613
up €630,613 (+424.9%), from €148,404 to €779,017
mainly Debts after one year (+€3.4m) and Stocks and contracts (+€3.3m)
- Receivables within one year -€370,787
down €370,787 (-51.1%), from €725,762 to €354,975
of which Trade receivables: -€381,767
- Debts after one year +€3.4m
up €3.4m (+117.4%), from €2.9m to €6.2m
of which Financial debts: +€3.3m
- Profit (loss) carried forward -€3.3m
down €3.3m (-44.7%), from -€7.3m to -€10.5m
- Short-term financial debts -€2.0m
down €2.0m (-43.1%), from €4.6m to €2.6m
- Trade debts +€429,381
up €429,381 (+50.2%), from €856,077 to €1.3m
- Other debts -€399,823
down €399,823 (-83.3%), from €480,177 to €80,354
- Gross operating margin +€861,535
up €861,535 (+69.2%), from -€1.2m to -€383,569
- Financial charges +€222,258
up €222,258 (+68.3%), from €325,340 to €547,598
- Write-downs -€105,234
down €105,234 (-100.0%), from €105,234 to €0
- Staff costs -€101,426
down €101,426 (-5.7%), from €1.8m to €1.7m
- Depreciation +€46,880
up €46,880 (+7.8%), from €604,635 to €651,515
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 | €14,720,119 | €12,828,154 | -€1.9m | -12.9% |
| Formation expenses | 20 | €311,696 | €233,772 | -€77,924 | -25.0% |
| Fixed assets | 21/28 | €3,572,796 | €4,810,939 | +€1.2m | +34.7% |
| Intangible fixed assets | 21 | €3,116,219 | €3,194,984 | +€78,765 | +2.5% |
| Tangible fixed assets | 22/27 | €346,597 | €1,516,455 | +€1.2m | +337.5% |
| Plant, machinery and equipment | 23 | €219,140 | €151,152 | -€67,988 | -31.0% |
| Furniture and vehicles | 24 | €67,751 | €153,331 | +€85,580 | +126.3% |
| Other tangible fixed assets | 26 | €59,706 | €673,210 | +€613,504 | +1027.5% |
| Assets under construction and advance payments | 27 | - | €538,762 | +€538,762 | |
| Financial fixed assets | 28 | €109,980 | €99,500 | -€10,480 | -9.5% |
| Current assets | 29/58 | €10,835,627 | €7,783,443 | -€3.1m | -28.2% |
| Stocks and contracts in progress | 3 | €9,955,059 | €6,607,897 | -€3.3m | -33.6% |
| Stocks | 30/36 | €7,105,141 | €4,294,472 | -€2.8m | -39.6% |
| Contracts in progress | 37 | €2,849,918 | €2,313,425 | -€536,493 | -18.8% |
| Amounts receivable within one year | 40/41 | €725,762 | €354,975 | -€370,787 | -51.1% |
| Trade receivables | 40 | €725,762 | €343,994 | -€381,767 | -52.6% |
| Other amounts receivable | 41 | €0 | €10,980 | +€10,980 | |
| Cash at bank and in hand | 54/58 | €148,404 | €779,017 | +€630,613 | +424.9% |
| Deferred charges and accrued income | 490/1 | €6,403 | €41,554 | +€35,151 | +549.0% |
| Total equity and liabilities | 10/49 | €14,720,119 | €12,828,154 | -€1.9m | -12.9% |
| Equity | 10/15 | €5,334,703 | €2,084,106 | -€3.3m | -60.9% |
| Contributions | 10/11 | €12,584,466 | €12,584,466 | = | 0.0% |
| Reserves | 13 | €27,750 | €27,750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,000 | €9,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,277,513 | -€10,528,111 | -€3.3m | -44.7% |
| Amounts payable | 17/49 | €9,385,416 | €10,744,048 | +€1.4m | +14.5% |
| Amounts payable after more than one year | 17 | €2,856,207 | €6,210,722 | +€3.4m | +117.4% |
| Financial debts | 170/4 | €2,856,207 | €6,202,622 | +€3.3m | +117.2% |
| Other amounts payable | 178/9 | - | €8,100 | +€8,100 | |
| Amounts payable within one year | 42/48 | €6,529,209 | €4,526,027 | -€2.0m | -30.7% |
| Current portion of amounts payable after more than one year | 42 | €144,431 | €213,656 | +€69,226 | +47.9% |
| Financial debts | 43 | €4,583,203 | €2,610,000 | -€2.0m | -43.1% |
| Credit institutions | 430/8 | €4,583,203 | €2,610,000 | -€2.0m | -43.1% |
| Trade debts | 44 | €856,077 | €1,285,458 | +€429,381 | +50.2% |
| Suppliers | 440/4 | €856,077 | €1,285,458 | +€429,381 | +50.2% |
| Advances received on contracts in progress | 46 | €0 | €151,418 | +€151,418 | |
| Taxes, remuneration and social security | 45 | €465,321 | €185,141 | -€280,180 | -60.2% |
| Taxes | 450/3 | €332,707 | €38,938 | -€293,768 | -88.3% |
| Remuneration and social security | 454/9 | €132,614 | €146,203 | +€13,588 | +10.2% |
| Other amounts payable | 47/48 | €480,177 | €80,354 | -€399,823 | -83.3% |
| Accrued charges and deferred income | 492/3 | - | €7,299 | +€7,299 | |
| Remuneration, social security and pensions | 62 | €1,764,711 | €1,663,285 | -€101,426 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €604,635 | €651,515 | +€46,880 | +7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €105,234 | €0 | -€105,234 | -100.0% |
| Other operating charges | 640/8 | €6,986 | €3,956 | -€3,030 | -43.4% |
| Non-recurring operating charges | 66A | €1,252 | €1,897 | +€645 | +51.5% |
| Gross operating margin | 9900 | -€1,245,105 | -€383,569 | +€861,535 | +69.2% |
| Operating profit (loss) | 9901 | -€3,727,923 | -€2,704,222 | +€1.0m | +27.5% |
| Financial income | 75/76B | €48,005 | €2,030 | -€45,974 | -95.8% |
| Recurring financial income | 75 | €48,005 | €2,030 | -€45,974 | -95.8% |
| Financial charges | 65/66B | €325,340 | €547,598 | +€222,258 | +68.3% |
| Recurring financial charges | 65 | €325,340 | €547,598 | +€222,258 | +68.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,005,259 | -€3,249,790 | +€755,469 | +18.9% |
| Income taxes | 67/77 | €0 | €808 | +€808 | |
| Profit (loss) for the period | 9904 | -€4,005,259 | -€3,250,598 | +€754,661 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,005,259 | -€3,250,598 | +€754,661 | +18.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.