WOLFMAT: 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.
What changed
WOLFMAT
NACE 46.630, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€251,210
2024 · -€265,461+€14,251
Equity
€1.1m
2024 · €1.4m-€251,210
Cash
€87,934
2024 · €89,839-€1,905
Balance sheet total
€2.4m
2024 · €2.8m-€354,360
Largest movements
Assets
- Receivables within one year -€248,198
down €248,198 (-20.7%), from €1.2m to €952,653
- Tangible fixed assets -€72,456
down €72,456 (-69.4%), from €104,433 to €31,977
of which Plant, machinery and equipment: -€56,763
- Stocks and contracts -€48,020
down €48,020 (-3.5%), from €1.4m to €1.3m
Equity and liabilities
- Profit (loss) carried forward -€251,210
down €251,210 (-107.3%), from -€234,130 to -€485,340
- Short-term financial debts -€130,547
down €130,547 (-24.8%), from €526,111 to €395,564
- Tax, wage and social debts +€38,131
up €38,131 (+28.4%), from €134,182 to €172,313
of which Taxes: +€35,312
Income statement
- Purchases and services -€379,430
down €379,430 (-10.6%), from €3.6m to €3.2m
- Turnover -€243,599
down €243,599 (-5.5%), from €4.5m to €4.2m
- Gross operating margin +€148,429
up €148,429 (+16.6%), from €895,070 to €1.0m
- Staff costs +€144,754
up €144,754 (+14.0%), from €1.0m to €1.2m
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.
Result 2024
-€265,461
Gross operating margin
+€148,429
Staff costs
-€144,754
Depreciation
+€17,751
Write-downs
-€18,813
Other operating charges
+€19,246
Financial income
-€28,663
Financial charges
+€20,850
Taxes
+€205
Result 2025
-€251,210
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.
From operations
+€100,959
Investment
+€28,475
Financing
-€131,339
Cash 2024
€89,839
From operations (derived)
+€100,959
Net result for the year
-€251,210
Depreciation
+€43,981
Stocks and contracts
+€48,020
Receivables within one year
+€248,198
Deferred charges and accrued income
-€16,219
Trade debts
-€2,136
Tax, wage and social debts
+€38,131
Advances received
-€7,806
Investment (derived)
+€28,475
Investment in fixed assets (net)
+€28,475
Financing
-€131,339
Debts after one year
-€22,833
Current portion of long-term debt
+€22,041
Short-term financial debts
-€130,547
Cash 2025
€87,934
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,784,950 | €2,430,590 | -€354,360 | -12.7% |
| Fixed assets | 21/28 | €106,746 | €34,290 | -€72,456 | -67.9% |
| Tangible fixed assets | 22/27 | €104,433 | €31,977 | -€72,456 | -69.4% |
| Plant, machinery and equipment | 23 | €69,486 | €12,723 | -€56,763 | -81.7% |
| Furniture and vehicles | 24 | €3,497 | €2,319 | -€1,178 | -33.7% |
| Leasing and similar rights | 25 | €31,450 | €16,935 | -€14,515 | -46.2% |
| Financial fixed assets | 28 | €2,313 | €2,313 | = | 0.0% |
| Current assets | 29/58 | €2,678,204 | €2,396,300 | -€281,904 | -10.5% |
| Stocks and contracts in progress | 3 | €1,387,514 | €1,339,494 | -€48,020 | -3.5% |
| Stocks | 30/36 | €1,387,514 | €1,339,494 | -€48,020 | -3.5% |
| Amounts receivable within one year | 40/41 | €1,200,851 | €952,653 | -€248,198 | -20.7% |
| Trade receivables | 40 | €1,200,851 | €952,653 | -€248,198 | -20.7% |
| Cash at bank and in hand | 54/58 | €89,839 | €87,934 | -€1,905 | -2.1% |
| Deferred charges and accrued income | 490/1 | - | €16,219 | +€16,219 | |
| Total equity and liabilities | 10/49 | €2,784,950 | €2,430,590 | -€354,360 | -12.7% |
| Equity | 10/15 | €1,369,788 | €1,118,578 | -€251,210 | -18.3% |
| Contributions | 10/11 | €1,598,759 | €1,598,759 | = | 0.0% |
| Reserves | 13 | €5,159 | €5,159 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,159 | €5,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€234,130 | -€485,340 | -€251,210 | -107.3% |
| Amounts payable | 17/49 | €1,415,162 | €1,312,012 | -€103,150 | -7.3% |
| Amounts payable after more than one year | 17 | €34,980 | €12,147 | -€22,833 | -65.3% |
| Financial debts | 170/4 | €34,980 | €12,147 | -€22,833 | -65.3% |
| Amounts payable within one year | 42/48 | €1,380,182 | €1,299,865 | -€80,317 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €24,967 | €47,008 | +€22,041 | +88.3% |
| Financial debts | 43 | €526,111 | €395,564 | -€130,547 | -24.8% |
| Credit institutions | 430/8 | €526,111 | €395,564 | -€130,547 | -24.8% |
| Trade debts | 44 | €682,816 | €680,680 | -€2,136 | -0.3% |
| Suppliers | 440/4 | €682,816 | €680,680 | -€2,136 | -0.3% |
| Advances received on contracts in progress | 46 | €12,106 | €4,300 | -€7,806 | -64.5% |
| Taxes, remuneration and social security | 45 | €134,182 | €172,313 | +€38,131 | +28.4% |
| Taxes | 450/3 | €123,120 | €158,432 | +€35,312 | +28.7% |
| Remuneration and social security | 454/9 | €11,062 | €13,881 | +€2,819 | +25.5% |
| Turnover | 70 | €4,460,595 | €4,216,996 | -€243,599 | -5.5% |
| Non-recurring operating income | 76A | €3,436 | €16,034 | +€12,598 | +366.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €3,568,961 | €3,189,531 | -€379,430 | -10.6% |
| Remuneration, social security and pensions | 62 | €1,031,548 | €1,176,302 | +€144,754 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,732 | €43,981 | -€17,751 | -28.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€18,813 | - | +€18,813 | |
| Other operating charges | 640/8 | €40,161 | €20,915 | -€19,246 | -47.9% |
| Gross operating margin | 9900 | €895,070 | €1,043,499 | +€148,429 | +16.6% |
| Operating profit (loss) | 9901 | -€219,558 | -€197,699 | +€21,859 | +10.0% |
| Financial income | 75/76B | €29,619 | €956 | -€28,663 | -96.8% |
| Recurring financial income | 75 | €29,619 | €956 | -€28,663 | -96.8% |
| Financial charges | 65/66B | €73,968 | €53,118 | -€20,850 | -28.2% |
| Recurring financial charges | 65 | €73,968 | €53,118 | -€20,850 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | -€263,907 | -€249,861 | +€14,046 | +5.3% |
| Income taxes | 67/77 | €1,554 | €1,349 | -€205 | -13.2% |
| Profit (loss) for the period | 9904 | -€265,461 | -€251,210 | +€14,251 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€265,461 | -€251,210 | +€14,251 | +5.4% |
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 3 October 2026 via checked.be.