WOLFS: what changed
WOLFS
Largest movements
- Tangible fixed assets +€142,021
up €142,021 (+48.1%), from €295,407 to €437,428
of which Other tangible fixed assets: +€171,462
- Receivables within one year +€77,096
up €77,096 (+18.1%), from €426,620 to €503,716
of which Trade receivables: +€70,205
- Cash -€31,573
down €31,573 (-11.9%), from €264,633 to €233,060
mainly Investment in fixed assets (net) (-€190,567) and Receivables within one year (-€77,096)
- Advances received +€70,651
up €70,651 (+9.9%), from €710,465 to €781,116
- Trade debts +€54,551
up €54,551 (+67.0%), from €81,465 to €136,016
- Debts after one year +€43,528
up €43,528 (+555%), from €7,848 to €51,376
- Profit (loss) carried forward +€16,836
up €16,836 (+52.3%), from -€32,173 to -€15,337
- Current portion of long-term debt +€13,015
up €13,015 (+211%), from €6,170 to €19,185
- Gross operating margin -€38,678
down €38,678 (-11.4%), from €337,802 to €299,124
- Other operating charges -€36,369
down €36,369 (-70.5%), from €51,619 to €15,250
- Staff costs -€11,835
down €11,835 (-6.0%), from €197,673 to €185,838
- Depreciation -€6,081
down €6,081 (-10.4%), from €58,253 to €52,172
- Taxes +€3,490
up €3,490 (+16.6%), from €20,985 to €24,475
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,014,030 | €1,203,269 | +€189,239 | +18.7% |
| Fixed assets | 21/28 | €310,675 | €449,070 | +€138,395 | +44.5% |
| Intangible fixed assets | 21 | €13,834 | €10,208 | -€3,626 | -26.2% |
| Tangible fixed assets | 22/27 | €295,407 | €437,428 | +€142,021 | +48.1% |
| Plant, machinery and equipment | 23 | €45,156 | €35,150 | -€10,006 | -22.2% |
| Furniture and vehicles | 24 | €59,386 | €39,951 | -€19,435 | -32.7% |
| Other tangible fixed assets | 26 | €190,865 | €362,327 | +€171,462 | +89.8% |
| Financial fixed assets | 28 | €1,434 | €1,434 | = | 0.0% |
| Current assets | 29/58 | €703,355 | €754,199 | +€50,844 | +7.2% |
| Amounts receivable after more than one year | 29 | €1,835 | €1,835 | = | 0.0% |
| Other amounts receivable | 291 | €1,835 | €1,835 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €426,620 | €503,716 | +€77,096 | +18.1% |
| Trade receivables | 40 | €425,681 | €495,885 | +€70,205 | +16.5% |
| Other amounts receivable | 41 | €940 | €7,831 | +€6,891 | +733% |
| Cash at bank and in hand | 54/58 | €264,633 | €233,060 | -€31,573 | -11.9% |
| Deferred charges and accrued income | 490/1 | €10,267 | €15,588 | +€5,321 | +51.8% |
| Total equity and liabilities | 10/49 | €1,014,030 | €1,203,269 | +€189,239 | +18.7% |
| Equity | 10/15 | €176,027 | €192,863 | +€16,836 | +9.6% |
| Contributions | 10/11 | €202,000 | €202,000 | = | 0.0% |
| Capital | 10 | €202,000 | €202,000 | = | 0.0% |
| Issued capital | 100 | €202,000 | €202,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,173 | -€15,337 | +€16,836 | +52.3% |
| Amounts payable | 17/49 | €838,003 | €1,010,406 | +€172,403 | +20.6% |
| Amounts payable after more than one year | 17 | €7,848 | €51,376 | +€43,528 | +555% |
| Financial debts | 170/4 | €7,848 | €51,376 | +€43,528 | +555% |
| Amounts payable within one year | 42/48 | €830,155 | €959,030 | +€128,875 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €6,170 | €19,185 | +€13,015 | +211% |
| Trade debts | 44 | €81,465 | €136,016 | +€54,551 | +67.0% |
| Suppliers | 440/4 | €81,465 | €136,016 | +€54,551 | +67.0% |
| Advances received on contracts in progress | 46 | €710,465 | €781,116 | +€70,651 | +9.9% |
| Taxes, remuneration and social security | 45 | €32,055 | €22,713 | -€9,342 | -29.1% |
| Taxes | 450/3 | €10,525 | €4,628 | -€5,896 | -56.0% |
| Remuneration and social security | 454/9 | €21,530 | €18,085 | -€3,445 | -16.0% |
| Remuneration, social security and pensions | 62 | €197,673 | €185,838 | -€11,835 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,253 | €52,172 | -€6,081 | -10.4% |
| Other operating charges | 640/8 | €51,619 | €15,250 | -€36,369 | -70.5% |
| Gross operating margin | 9900 | €337,802 | €299,124 | -€38,678 | -11.4% |
| Operating profit (loss) | 9901 | €30,257 | €45,865 | +€15,608 | +51.6% |
| Financial income | 75/76B | €1,870 | €20 | -€1,850 | -99.0% |
| Recurring financial income | 75 | €1,870 | €20 | -€1,850 | -99.0% |
| Financial charges | 65/66B | €3,321 | €4,574 | +€1,253 | +37.7% |
| Recurring financial charges | 65 | €3,321 | €4,574 | +€1,253 | +37.7% |
| Profit (loss) for the period before taxes | 9903 | €28,807 | €41,311 | +€12,505 | +43.4% |
| Income taxes | 67/77 | €20,985 | €24,475 | +€3,490 | +16.6% |
| Profit (loss) for the period | 9904 | €7,822 | €16,836 | +€9,014 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €7,822 | €16,836 | +€9,014 | +115% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.