WULLEN: 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.
WULLEN
Largest movements
- Tangible fixed assets -€592,390
down €592,390 (-20.3%), from €2.9m to €2.3m
of which Plant, machinery and equipment: -€579,081
- Cash +€499,023
up €499,023 (+38.0%), from €1.3m to €1.8m
mainly Depreciation (+€1.1m) and Other debts (+€432,147)
- Current investments -€250,000
down €250,000 (-100.0%), from €250,000 to €0
- Receivables within one year -€114,301
down €114,301 (-41.7%), from €273,778 to €159,477
of which Other amounts receivable: -€58,103
- Other debts +€432,147
up €432,147 (+100.8%), from €428,772 to €860,919
- Debts after one year -€377,142
down €377,142 (-38.8%), from €971,174 to €594,032
- Trade debts -€252,612
down €252,612 (-58.1%), from €435,067 to €182,455
- Reserves -€136,428
down €136,428 (-6.6%), from €2.1m to €1.9m
of which Distributable reserves: -€176,069
- Current portion of long-term debt -€54,491
down €54,491 (-7.7%), from €706,633 to €652,142
- Depreciation +€259,262
up €259,262 (+31.7%), from €818,658 to €1.1m
- Gross operating margin -€225,508
down €225,508 (-11.3%), from €2.0m to €1.8m
- Staff costs -€123,756
down €123,756 (-20.2%), from €611,207 to €487,451
- Financial charges +€20,636
up €20,636 (+82.7%), from €24,953 to €45,589
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,781,778 | €4,339,069 | -€442,709 | -9.3% |
| Fixed assets | 21/28 | €2,916,924 | €2,322,324 | -€594,600 | -20.4% |
| Tangible fixed assets | 22/27 | €2,914,714 | €2,322,324 | -€592,390 | -20.3% |
| Land and buildings | 22 | €252,337 | €219,456 | -€32,881 | -13.0% |
| Plant, machinery and equipment | 23 | €2,631,382 | €2,052,301 | -€579,081 | -22.0% |
| Furniture and vehicles | 24 | €30,995 | €50,567 | +€19,572 | +63.1% |
| Financial fixed assets | 28 | €2,210 | €0 | -€2,210 | -100.0% |
| Current assets | 29/58 | €1,864,854 | €2,016,746 | +€151,892 | +8.1% |
| Stocks and contracts in progress | 3 | €15,971 | €13,199 | -€2,772 | -17.4% |
| Stocks | 30/36 | €15,971 | €13,199 | -€2,772 | -17.4% |
| Amounts receivable within one year | 40/41 | €273,778 | €159,477 | -€114,301 | -41.7% |
| Trade receivables | 40 | €100,440 | €44,241 | -€56,198 | -56.0% |
| Other amounts receivable | 41 | €173,338 | €115,235 | -€58,103 | -33.5% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,314,454 | €1,813,476 | +€499,023 | +38.0% |
| Deferred charges and accrued income | 490/1 | €10,651 | €30,593 | +€19,942 | +187.2% |
| Total equity and liabilities | 10/49 | €4,781,778 | €4,339,069 | -€442,709 | -9.3% |
| Equity | 10/15 | €2,079,950 | €1,943,522 | -€136,428 | -6.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,054,950 | €1,918,522 | -€136,428 | -6.6% |
| Tax-exempt reserves | 132 | €292,929 | €332,570 | +€39,641 | +13.5% |
| Distributable reserves | 133 | €1,762,020 | €1,585,952 | -€176,069 | -10.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €73,224 | €86,438 | +€13,214 | +18.0% |
| Deferred taxes | 168 | €73,224 | €86,438 | +€13,214 | +18.0% |
| Amounts payable | 17/49 | €2,628,604 | €2,309,110 | -€319,494 | -12.2% |
| Amounts payable after more than one year | 17 | €971,174 | €594,032 | -€377,142 | -38.8% |
| Financial debts | 170/4 | €971,174 | €594,032 | -€377,142 | -38.8% |
| Amounts payable within one year | 42/48 | €1,629,837 | €1,703,309 | +€73,473 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €706,633 | €652,142 | -€54,491 | -7.7% |
| Trade debts | 44 | €435,067 | €182,455 | -€252,612 | -58.1% |
| Suppliers | 440/4 | €435,067 | €182,455 | -€252,612 | -58.1% |
| Taxes, remuneration and social security | 45 | €59,365 | €7,793 | -€51,571 | -86.9% |
| Taxes | 450/3 | €6,302 | €5,131 | -€1,171 | -18.6% |
| Remuneration and social security | 454/9 | €53,063 | €2,663 | -€50,400 | -95.0% |
| Other amounts payable | 47/48 | €428,772 | €860,919 | +€432,147 | +100.8% |
| Accrued charges and deferred income | 492/3 | €27,593 | €11,768 | -€15,825 | -57.4% |
| Non-recurring operating income | 76A | €287,232 | €182,865 | -€104,367 | -36.3% |
| Remuneration, social security and pensions | 62 | €611,207 | €487,451 | -€123,756 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €818,658 | €1,077,920 | +€259,262 | +31.7% |
| Other operating charges | 640/8 | €16,282 | €16,695 | +€413 | +2.5% |
| Non-recurring operating charges | 66A | - | €1,581 | +€1,581 | |
| Gross operating margin | 9900 | €2,004,060 | €1,778,552 | -€225,508 | -11.3% |
| Operating profit (loss) | 9901 | €557,913 | €194,905 | -€363,008 | -65.1% |
| Financial income | 75/76B | €2,746 | €1,839 | -€906 | -33.0% |
| Recurring financial income | 75 | €2,746 | €1,839 | -€906 | -33.0% |
| Financial charges | 65/66B | €24,953 | €45,589 | +€20,636 | +82.7% |
| Recurring financial charges | 65 | €24,953 | €45,589 | +€20,636 | +82.7% |
| Profit (loss) for the period before taxes | 9903 | €535,706 | €151,155 | -€384,551 | -71.8% |
| Transfer from deferred taxes | 780 | €16,780 | €32,411 | +€15,631 | +93.2% |
| Transfer to deferred taxes | 680 | €58,750 | €45,625 | -€13,125 | -22.3% |
| Income taxes | 67/77 | €22,337 | €24,369 | +€2,032 | +9.1% |
| Profit (loss) for the period | 9904 | €471,398 | €113,572 | -€357,826 | -75.9% |
| Transfer from tax-exempt reserves | 789 | €50,340 | €97,234 | +€46,894 | +93.2% |
| Transfer to tax-exempt reserves | 689 | €176,764 | €136,875 | -€39,889 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €344,975 | €73,931 | -€271,043 | -78.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.