WOLFS KURT: 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.
WOLFS KURT
Largest movements
- Receivables within one year +€37,076
up €37,076 (+19.3%), from €191,761 to €228,837
of which Trade receivables: +€45,766
- Cash -€29,490
down €29,490 (-34.2%), from €86,350 to €56,860
mainly Investment in fixed assets (net) (-€40,765) and Receivables within one year (-€37,076)
- Tangible fixed assets +€24,057
up €24,057 (+170%), from €14,168 to €38,225
of which Furniture and vehicles: +€18,546
- Debts after one year +€22,827
new in 2025: €22,827
- Reserves +€20,020
up €20,020 (+8.5%), from €234,875 to €254,895
- Trade debts -€12,229
down €12,229 (-34.5%), from €35,478 to €23,249
- Other debts -€6,665
down €6,665 (-20.2%), from €32,925 to €26,260
- Gross operating margin +€35,371
up €35,371 (+214%), from €16,560 to €51,932
- Taxes +€7,165
up €7,165 (+355%), from €2,017 to €9,182
- Depreciation +€5,572
up €5,572 (+50.0%), from €11,136 to €16,708
- Financial charges +€1,714
up €1,714 (+240%), from €714 to €2,428
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 | €318,081 | €344,522 | +€26,441 | +8.3% |
| Fixed assets | 21/28 | €14,168 | €38,225 | +€24,057 | +170% |
| Tangible fixed assets | 22/27 | €14,168 | €38,225 | +€24,057 | +170% |
| Furniture and vehicles | 24 | €12,884 | €31,430 | +€18,546 | +144% |
| Other tangible fixed assets | 26 | €1,284 | €6,795 | +€5,511 | +429% |
| Current assets | 29/58 | €303,913 | €306,297 | +€2,384 | +0.8% |
| Amounts receivable after more than one year | 29 | €3,256 | - | -€3,256 | |
| Other amounts receivable | 291 | €3,256 | - | -€3,256 | |
| Stocks and contracts in progress | 3 | €19,435 | €18,111 | -€1,324 | -6.8% |
| Stocks | 30/36 | €19,435 | €18,111 | -€1,324 | -6.8% |
| Amounts receivable within one year | 40/41 | €191,761 | €228,837 | +€37,076 | +19.3% |
| Trade receivables | 40 | €159,954 | €205,720 | +€45,766 | +28.6% |
| Other amounts receivable | 41 | €31,807 | €23,117 | -€8,690 | -27.3% |
| Cash at bank and in hand | 54/58 | €86,350 | €56,860 | -€29,490 | -34.2% |
| Deferred charges and accrued income | 490/1 | €3,111 | €2,489 | -€622 | -20.0% |
| Total equity and liabilities | 10/49 | €318,081 | €344,522 | +€26,441 | +8.3% |
| Equity | 10/15 | €237,999 | €261,095 | +€23,096 | +9.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €234,875 | €254,895 | +€20,020 | +8.5% |
| Distributable reserves | 133 | €234,875 | €254,895 | +€20,020 | +8.5% |
| Profit (loss) carried forward | 14 | -€3,076 | - | +€3,076 | |
| Amounts payable | 17/49 | €80,082 | €83,426 | +€3,345 | +4.2% |
| Amounts payable after more than one year | 17 | - | €22,827 | +€22,827 | |
| Financial debts | 170/4 | - | €22,827 | +€22,827 | |
| Amounts payable within one year | 42/48 | €78,243 | €60,599 | -€17,643 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €5,664 | €6,980 | +€1,316 | +23.2% |
| Trade debts | 44 | €35,478 | €23,249 | -€12,229 | -34.5% |
| Suppliers | 440/4 | €35,478 | €23,249 | -€12,229 | -34.5% |
| Taxes, remuneration and social security | 45 | €4,176 | €4,110 | -€66 | -1.6% |
| Taxes | 450/3 | €26 | - | -€26 | |
| Remuneration and social security | 454/9 | €4,150 | €4,110 | -€40 | -1.0% |
| Other amounts payable | 47/48 | €32,925 | €26,260 | -€6,665 | -20.2% |
| Accrued charges and deferred income | 492/3 | €1,839 | - | -€1,839 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,136 | €16,708 | +€5,572 | +50.0% |
| Other operating charges | 640/8 | €396 | €609 | +€212 | +53.5% |
| Gross operating margin | 9900 | €16,560 | €51,932 | +€35,371 | +214% |
| Operating profit (loss) | 9901 | €5,028 | €34,615 | +€29,587 | +588% |
| Financial income | 75/76B | €543 | €91 | -€452 | -83.2% |
| Recurring financial income | 75 | €543 | €91 | -€452 | -83.2% |
| Financial charges | 65/66B | €714 | €2,428 | +€1,714 | +240% |
| Recurring financial charges | 65 | €714 | €2,428 | +€1,714 | +240% |
| Profit (loss) for the period before taxes | 9903 | €4,858 | €32,278 | +€27,421 | +564% |
| Income taxes | 67/77 | €2,017 | €9,182 | +€7,165 | +355% |
| Profit (loss) for the period | 9904 | €2,841 | €23,096 | +€20,255 | +713% |
| Profit (loss) for the period to be appropriated | 9905 | €2,841 | €23,096 | +€20,255 | +713% |
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 15 October 2026 via checked.be.