WULFS: 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.
WULFS
Largest movements
- Current investments +€195,698
up €195,698 (+48.1%), from €406,789 to €602,487
- Tangible fixed assets -€132,046
down €132,046 (-32.9%), from €401,586 to €269,540
of which Land and buildings: -€107,681
- Cash +€12,925
up €12,925 (+36.1%), from €35,795 to €48,721
mainly Investment in fixed assets (net) (+€113,931) and Net result for the year (+€64,216)
- Reserves +€64,216
up €64,216 (+7.6%), from €849,630 to €913,846
of which Distributable reserves: +€64,216
- Tax, wage and social debts +€10,145
up €10,145 (+57,972%), from €18 to €10,163
- Financial income +€43,963
up €43,963 (+1,044%), from €4,213 to €48,176
- Depreciation -€32,108
down €32,108 (-63.9%), from €50,223 to €18,115
- Taxes +€21,802
up €21,802 (+259%), from €8,426 to €30,228
- Gross operating margin -€9,074
down €9,074 (-11.7%), from €77,610 to €68,537
- Other operating charges +€881
up €881 (+29.5%), from €2,984 to €3,865
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 | €861,872 | €934,700 | +€72,827 | +8.4% |
| Fixed assets | 21/28 | €401,586 | €269,540 | -€132,046 | -32.9% |
| Tangible fixed assets | 22/27 | €401,586 | €269,540 | -€132,046 | -32.9% |
| Land and buildings | 22 | €364,892 | €257,211 | -€107,681 | -29.5% |
| Furniture and vehicles | 24 | €36,694 | €12,328 | -€24,366 | -66.4% |
| Current assets | 29/58 | €460,286 | €665,160 | +€204,874 | +44.5% |
| Amounts receivable within one year | 40/41 | €17,702 | €13,953 | -€3,749 | -21.2% |
| Other amounts receivable | 41 | €17,702 | €13,953 | -€3,749 | -21.2% |
| Current investments | 50/53 | €406,789 | €602,487 | +€195,698 | +48.1% |
| Cash at bank and in hand | 54/58 | €35,795 | €48,721 | +€12,925 | +36.1% |
| Total equity and liabilities | 10/49 | €861,872 | €934,700 | +€72,827 | +8.4% |
| Equity | 10/15 | €860,114 | €924,331 | +€64,216 | +7.5% |
| Contributions | 10/11 | €6,150 | €6,150 | = | 0.0% |
| Reserves | 13 | €849,630 | €913,846 | +€64,216 | +7.6% |
| 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 | €847,770 | €911,986 | +€64,216 | +7.6% |
| Profit (loss) carried forward | 14 | €4,334 | €4,334 | = | 0.0% |
| Amounts payable | 17/49 | €1,758 | €10,369 | +€8,611 | +490% |
| Amounts payable within one year | 42/48 | €1,758 | €10,369 | +€8,611 | +490% |
| Trade debts | 44 | €1,740 | €206 | -€1,534 | -88.1% |
| Suppliers | 440/4 | €1,740 | €206 | -€1,534 | -88.1% |
| Taxes, remuneration and social security | 45 | €18 | €10,163 | +€10,145 | +57,972% |
| Taxes | 450/3 | €18 | €10,163 | +€10,145 | +57,972% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,223 | €18,115 | -€32,108 | -63.9% |
| Other operating charges | 640/8 | €2,984 | €3,865 | +€881 | +29.5% |
| Gross operating margin | 9900 | €77,610 | €68,537 | -€9,074 | -11.7% |
| Operating profit (loss) | 9901 | €24,403 | €46,557 | +€22,154 | +90.8% |
| Financial income | 75/76B | €4,213 | €48,176 | +€43,963 | +1,044% |
| Recurring financial income | 75 | €4,213 | €48,176 | +€43,963 | +1,044% |
| Financial charges | 65/66B | €290 | €289 | -€1 | -0.5% |
| Recurring financial charges | 65 | €290 | €289 | -€1 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €28,326 | €94,444 | +€66,118 | +233% |
| Income taxes | 67/77 | €8,426 | €30,228 | +€21,802 | +259% |
| Profit (loss) for the period | 9904 | €19,900 | €64,216 | +€44,316 | +223% |
| Profit (loss) for the period to be appropriated | 9905 | €19,900 | €64,216 | +€44,316 | +223% |
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 18 October 2026 via checked.be.