Wullens & Co: 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.
What changed
Wullens & Co
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€47,681
2024 · €102,409-€54,728
Equity
€412,587
2024 · €364,906+€47,681
Cash
€10,335
2024 · €7,729+€2,606
Balance sheet total
€1.6m
2024 · €1.6m-€8,515
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€71,427
down €71,427 (-13.6%), from €524,949 to €453,522
- Reserves +€47,681
up €47,681 (+14.2%), from €334,906 to €382,587
of which Distributable reserves: +€47,681
Income statement
- Gross operating margin -€77,285
down €77,285 (-26.9%), from €287,325 to €210,040
- Taxes -€21,974
down €21,974 (-48.3%), from €45,503 to €23,528
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.
Result 2024
€102,409
Gross operating margin
-€77,285
Depreciation
-€463
Other operating charges
+€482
Financial income
-€693
Financial charges
+€1,256
Taxes
+€21,974
Result 2025
€47,681
raises the resultlowers the result
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.
From operations
+€94,294
Investment
-€88,882
Financing
-€2,806
Cash 2024
€7,729
From operations (derived)
+€94,294
Net result for the year
+€47,681
Depreciation
+€99,961
Receivables within one year
-€1,895
Deferred charges and accrued income
+€1,937
Trade debts
+€4,229
Tax, wage and social debts
-€727
Other debts
-€71,427
Accrued charges and deferred income
+€14,536
Investment (derived)
-€88,882
Investment in fixed assets (net)
-€88,882
Financing
-€2,806
Debts after one year
+€1,491
Current portion of long-term debt
-€4,297
Cash 2025
€10,335
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,567,668 | €1,559,154 | -€8,515 | -0.5% |
| Fixed assets | 21/28 | €1,543,215 | €1,532,136 | -€11,079 | -0.7% |
| Tangible fixed assets | 22/27 | €1,543,215 | €1,532,136 | -€11,079 | -0.7% |
| Land and buildings | 22 | €1,461,245 | €1,468,114 | +€6,869 | +0.5% |
| Plant, machinery and equipment | 23 | €49,042 | €46,898 | -€2,143 | -4.4% |
| Furniture and vehicles | 24 | €32,928 | €17,123 | -€15,805 | -48.0% |
| Current assets | 29/58 | €24,453 | €27,018 | +€2,565 | +10.5% |
| Amounts receivable within one year | 40/41 | €11,292 | €13,187 | +€1,895 | +16.8% |
| Trade receivables | 40 | €3,294 | €0 | -€3,294 | -100% |
| Other amounts receivable | 41 | €7,998 | €13,187 | +€5,189 | +64.9% |
| Cash at bank and in hand | 54/58 | €7,729 | €10,335 | +€2,606 | +33.7% |
| Deferred charges and accrued income | 490/1 | €5,433 | €3,496 | -€1,937 | -35.6% |
| Total equity and liabilities | 10/49 | €1,567,668 | €1,559,154 | -€8,515 | -0.5% |
| Equity | 10/15 | €364,906 | €412,587 | +€47,681 | +13.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €334,906 | €382,587 | +€47,681 | +14.2% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €226,656 | €274,337 | +€47,681 | +21.0% |
| Amounts payable | 17/49 | €1,202,762 | €1,146,567 | -€56,195 | -4.7% |
| Amounts payable after more than one year | 17 | €549,735 | €551,226 | +€1,491 | +0.3% |
| Financial debts | 170/4 | €549,735 | €551,226 | +€1,491 | +0.3% |
| Amounts payable within one year | 42/48 | €630,477 | €558,254 | -€72,223 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €100,004 | €95,706 | -€4,297 | -4.3% |
| Trade debts | 44 | €3,068 | €7,297 | +€4,229 | +138% |
| Suppliers | 440/4 | €3,068 | €7,297 | +€4,229 | +138% |
| Taxes, remuneration and social security | 45 | €2,456 | €1,729 | -€727 | -29.6% |
| Taxes | 450/3 | €2,456 | €1,729 | -€727 | -29.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €524,949 | €453,522 | -€71,427 | -13.6% |
| Accrued charges and deferred income | 492/3 | €22,550 | €37,086 | +€14,536 | +64.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,498 | €99,961 | +€463 | +0.5% |
| Other operating charges | 640/8 | €5,594 | €5,112 | -€482 | -8.6% |
| Gross operating margin | 9900 | €287,325 | €210,040 | -€77,285 | -26.9% |
| Operating profit (loss) | 9901 | €182,233 | €104,967 | -€77,266 | -42.4% |
| Financial income | 75/76B | €693 | €0 | -€693 | -100.0% |
| Recurring financial income | 75 | €693 | €0 | -€693 | -100.0% |
| Financial charges | 65/66B | €35,014 | €33,758 | -€1,256 | -3.6% |
| Recurring financial charges | 65 | €35,014 | €33,758 | -€1,256 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €147,912 | €71,209 | -€76,703 | -51.9% |
| Income taxes | 67/77 | €45,503 | €23,528 | -€21,974 | -48.3% |
| Profit (loss) for the period | 9904 | €102,409 | €47,681 | -€54,728 | -53.4% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €0 | -€63,150 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €39,259 | €47,681 | +€8,422 | +21.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.