Wulf-FX: 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.
Wulf-FX
Largest movements
- Cash -€12,141
down €12,141 (-53.0%), from €22,912 to €10,771
mainly Receivables within one year (-€11,968) and Other debts (-€10,554)
- Receivables within one year +€11,968
up €11,968 (+90.2%), from €13,262 to €25,231
of which Trade receivables: +€6,358
- Tangible fixed assets +€1,583
up €1,583 (+6.6%), from €24,071 to €25,654
of which Plant, machinery and equipment: +€2,708
- Intangible fixed assets -€1,126
no longer reported in 2025 (was €1,126)
- Other debts -€10,554
down €10,554 (-29.1%), from €36,294 to €25,740
- Debts after one year +€4,358
new in 2025: €4,358
- Trade debts +€3,550
up €3,550 (+129.5%), from €2,741 to €6,291
- Current portion of long-term debt +€3,199
new in 2025: €3,199
- Profit (loss) carried forward +€2,690
up €2,690 (+33.2%), from -€8,102 to -€5,411
- Financial charges -€819
down €819 (-49.5%), from €1,656 to €837
- Other operating charges +€628
up €628 (+239.5%), from €262 to €890
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 | €62,041 | €62,321 | +€280 | +0.5% |
| Fixed assets | 21/28 | €25,497 | €25,954 | +€457 | +1.8% |
| Intangible fixed assets | 21 | €1,126 | - | -€1,126 | |
| Tangible fixed assets | 22/27 | €24,071 | €25,654 | +€1,583 | +6.6% |
| Plant, machinery and equipment | 23 | €7,859 | €10,567 | +€2,708 | +34.5% |
| Furniture and vehicles | 24 | - | €1,217 | +€1,217 | |
| Other tangible fixed assets | 26 | €16,212 | €13,869 | -€2,342 | -14.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €36,544 | €36,367 | -€177 | -0.5% |
| Amounts receivable within one year | 40/41 | €13,262 | €25,231 | +€11,968 | +90.2% |
| Trade receivables | 40 | €7,376 | €13,734 | +€6,358 | +86.2% |
| Other amounts receivable | 41 | €5,886 | €11,497 | +€5,611 | +95.3% |
| Cash at bank and in hand | 54/58 | €22,912 | €10,771 | -€12,141 | -53.0% |
| Deferred charges and accrued income | 490/1 | €370 | €366 | -€4 | -1.0% |
| Total equity and liabilities | 10/49 | €62,041 | €62,321 | +€280 | +0.5% |
| Equity | 10/15 | €17,972 | €20,662 | +€2,690 | +15.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €19,873 | €19,873 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €18,013 | €18,013 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,102 | -€5,411 | +€2,690 | +33.2% |
| Amounts payable | 17/49 | €44,069 | €41,659 | -€2,410 | -5.5% |
| Amounts payable after more than one year | 17 | - | €4,358 | +€4,358 | |
| Financial debts | 170/4 | - | €4,358 | +€4,358 | |
| Amounts payable within one year | 42/48 | €44,069 | €37,301 | -€6,769 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | - | €3,199 | +€3,199 | |
| Financial debts | 43 | €404 | €39 | -€365 | -90.3% |
| Credit institutions | 430/8 | €404 | €39 | -€365 | -90.3% |
| Trade debts | 44 | €2,741 | €6,291 | +€3,550 | +129.5% |
| Suppliers | 440/4 | €2,741 | €6,291 | +€3,550 | +129.5% |
| Taxes, remuneration and social security | 45 | €4,631 | €2,033 | -€2,598 | -56.1% |
| Taxes | 450/3 | €4,631 | €2,033 | -€2,598 | -56.1% |
| Other amounts payable | 47/48 | €36,294 | €25,740 | -€10,554 | -29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,425 | €6,450 | +€25 | +0.4% |
| Other operating charges | 640/8 | €262 | €890 | +€628 | +239.5% |
| Gross operating margin | 9900 | €11,900 | €11,931 | +€31 | +0.3% |
| Operating profit (loss) | 9901 | €5,213 | €4,591 | -€622 | -11.9% |
| Financial income | 75/76B | €90 | €11 | -€79 | -87.8% |
| Recurring financial income | 75 | €90 | €11 | -€79 | -87.8% |
| Financial charges | 65/66B | €1,656 | €837 | -€819 | -49.5% |
| Recurring financial charges | 65 | €1,656 | €837 | -€819 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €3,647 | €3,765 | +€119 | +3.3% |
| Income taxes | 67/77 | €1,046 | €1,075 | +€29 | +2.8% |
| Profit (loss) for the period | 9904 | €2,601 | €2,690 | +€90 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,601 | €2,690 | +€90 | +3.4% |
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 12 October 2026 via checked.be.