Wulf&Meester: 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&Meester
Largest movements
- Cash -€25,166
down €25,166 (-7.8%), from €320,976 to €295,811
mainly Other debts (-€61,180) and Contributions, distributions and other (-€50,229)
- Tangible fixed assets -€15,262
down €15,262 (-9.4%), from €161,621 to €146,359
of which Other tangible fixed assets: -€11,852
- Receivables within one year -€10,265
down €10,265 (-34.9%), from €29,377 to €19,113
of which Trade receivables: -€13,144
- Other debts -€61,180
down €61,180 (-41.5%), from €147,573 to €86,393
- Reserves +€17,595
up €17,595 (+5.1%), from €343,574 to €361,168
of which Distributable reserves: +€17,595
- Tax, wage and social debts -€7,194
no longer reported in 2025 (was €7,194)
of which Remuneration and social security: -€6,326
- Depreciation -€5,213
down €5,213 (-21.0%), from €24,773 to €19,560
- Gross operating margin +€3,625
up €3,625 (+3.3%), from €110,145 to €113,770
- Taxes +€2,916
up €2,916 (+12.2%), from €23,930 to €26,845
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 | €514,487 | €463,409 | -€51,077 | -9.9% |
| Fixed assets | 21/28 | €162,521 | €147,259 | -€15,262 | -9.4% |
| Tangible fixed assets | 22/27 | €161,621 | €146,359 | -€15,262 | -9.4% |
| Furniture and vehicles | 24 | €12,476 | €9,065 | -€3,410 | -27.3% |
| Other tangible fixed assets | 26 | €149,145 | €137,294 | -€11,852 | -7.9% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €351,966 | €316,150 | -€35,815 | -10.2% |
| Amounts receivable within one year | 40/41 | €29,377 | €19,113 | -€10,265 | -34.9% |
| Trade receivables | 40 | €18,301 | €5,158 | -€13,144 | -71.8% |
| Other amounts receivable | 41 | €11,076 | €13,955 | +€2,879 | +26.0% |
| Cash at bank and in hand | 54/58 | €320,976 | €295,811 | -€25,166 | -7.8% |
| Deferred charges and accrued income | 490/1 | €1,612 | €1,227 | -€385 | -23.9% |
| Total equity and liabilities | 10/49 | €514,487 | €463,409 | -€51,077 | -9.9% |
| Equity | 10/15 | €353,574 | €371,168 | +€17,595 | +5.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €343,574 | €361,168 | +€17,595 | +5.1% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €338,574 | €356,168 | +€17,595 | +5.2% |
| Amounts payable | 17/49 | €160,913 | €92,241 | -€68,672 | -42.7% |
| Amounts payable within one year | 42/48 | €160,913 | €90,991 | -€69,922 | -43.5% |
| Trade debts | 44 | €6,146 | €4,598 | -€1,548 | -25.2% |
| Suppliers | 440/4 | €6,146 | €4,598 | -€1,548 | -25.2% |
| Taxes, remuneration and social security | 45 | €7,194 | - | -€7,194 | |
| Taxes | 450/3 | €868 | - | -€868 | |
| Remuneration and social security | 454/9 | €6,326 | - | -€6,326 | |
| Other amounts payable | 47/48 | €147,573 | €86,393 | -€61,180 | -41.5% |
| Accrued charges and deferred income | 492/3 | - | €1,250 | +€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,773 | €19,560 | -€5,213 | -21.0% |
| Other operating charges | 640/8 | €1,539 | €513 | -€1,026 | -66.7% |
| Gross operating margin | 9900 | €110,145 | €113,770 | +€3,625 | +3.3% |
| Operating profit (loss) | 9901 | €83,833 | €93,697 | +€9,864 | +11.8% |
| Financial income | 75/76B | €157 | €1,277 | +€1,120 | +713.6% |
| Recurring financial income | 75 | €157 | €1,277 | +€1,120 | +713.6% |
| Financial charges | 65/66B | €197 | €305 | +€108 | +54.8% |
| Recurring financial charges | 65 | €197 | €305 | +€108 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | €83,793 | €94,669 | +€10,876 | +13.0% |
| Income taxes | 67/77 | €23,930 | €26,845 | +€2,916 | +12.2% |
| Profit (loss) for the period | 9904 | €59,863 | €67,823 | +€7,960 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,863 | €67,823 | +€7,960 | +13.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.