WULVENNEST: 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.
WULVENNEST
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+373%), from €352,326 to €1.7m
- Cash +€76,287
up €76,287 (+83.1%), from €91,759 to €168,047
mainly Debts after one year (+€1.4m) and Depreciation (+€145,922)
- Debts after one year +€1.4m
up €1.4m (+22,418%), from €6,161 to €1.4m
of which Financial debts: +€1.4m
- Current portion of long-term debt +€75,222
new in 2025: €75,222
- Reserves -€70,490
down €70,490 (-37.4%), from €188,657 to €118,167
- Other debts +€53,604
up €53,604 (+1,925%), from €2,784 to €56,388
- Profit (loss) carried forward -€33,776
new in 2025: -€33,776
- Depreciation +€110,367
up €110,367 (+310%), from €35,555 to €145,922
- Gross operating margin +€14,297
up €14,297 (+29.1%), from €49,112 to €63,409
- Other operating charges +€3,572
up €3,572 (+31.2%), from €11,442 to €15,014
- Taxes -€1,993
no longer reported in 2025 (was €1,993)
- Financial charges -€1,381
down €1,381 (-15.9%), from €8,686 to €7,305
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 | €456,601 | €1,853,047 | +€1.4m | +306% |
| Fixed assets | 21/28 | €357,326 | €1,672,284 | +€1.3m | +368% |
| Tangible fixed assets | 22/27 | €352,326 | €1,667,284 | +€1.3m | +373% |
| Land and buildings | 22 | €352,326 | €1,667,284 | +€1.3m | +373% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €99,275 | €180,764 | +€81,489 | +82.1% |
| Amounts receivable within one year | 40/41 | €7,450 | €7,278 | -€172 | -2.3% |
| Trade receivables | 40 | €1,060 | €576 | -€484 | -45.6% |
| Other amounts receivable | 41 | €6,390 | €6,701 | +€312 | +4.9% |
| Cash at bank and in hand | 54/58 | €91,759 | €168,047 | +€76,287 | +83.1% |
| Deferred charges and accrued income | 490/1 | €66 | €5,439 | +€5,373 | +8,169% |
| Total equity and liabilities | 10/49 | €456,601 | €1,853,047 | +€1.4m | +306% |
| Equity | 10/15 | €425,157 | €320,891 | -€104,266 | -24.5% |
| Contributions | 10/11 | €236,500 | €236,500 | = | 0.0% |
| Reserves | 13 | €188,657 | €118,167 | -€70,490 | -37.4% |
| Distributable reserves | 133 | €188,657 | €118,167 | -€70,490 | -37.4% |
| Profit (loss) carried forward | 14 | - | -€33,776 | -€33,776 | |
| Amounts payable | 17/49 | €31,444 | €1,532,156 | +€1.5m | +4,773% |
| Amounts payable after more than one year | 17 | €6,161 | €1,387,364 | +€1.4m | +22,418% |
| Financial debts | 170/4 | - | €1,381,033 | +€1.4m | |
| Other amounts payable | 178/9 | €6,161 | €6,331 | +€170 | +2.8% |
| Amounts payable within one year | 42/48 | €25,283 | €140,375 | +€115,092 | +455% |
| Current portion of amounts payable after more than one year | 42 | - | €75,222 | +€75,222 | |
| Trade debts | 44 | €18,668 | €6,778 | -€11,890 | -63.7% |
| Suppliers | 440/4 | €18,668 | €6,778 | -€11,890 | -63.7% |
| Advances received on contracts in progress | 46 | €1,976 | €1,987 | +€11 | +0.6% |
| Taxes, remuneration and social security | 45 | €1,855 | - | -€1,855 | |
| Taxes | 450/3 | €1,855 | - | -€1,855 | |
| Other amounts payable | 47/48 | €2,784 | €56,388 | +€53,604 | +1,925% |
| Accrued charges and deferred income | 492/3 | - | €4,417 | +€4,417 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,555 | €145,922 | +€110,367 | +310% |
| Other operating charges | 640/8 | €11,442 | €15,014 | +€3,572 | +31.2% |
| Gross operating margin | 9900 | €49,112 | €63,409 | +€14,297 | +29.1% |
| Operating profit (loss) | 9901 | €2,116 | -€97,527 | -€99,643 | |
| Financial income | 75/76B | €1,525 | €566 | -€959 | -62.9% |
| Recurring financial income | 75 | €1,525 | €566 | -€959 | -62.9% |
| Financial charges | 65/66B | €8,686 | €7,305 | -€1,381 | -15.9% |
| Recurring financial charges | 65 | €8,686 | €7,305 | -€1,381 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,045 | -€104,266 | -€99,221 | -1,967% |
| Income taxes | 67/77 | €1,993 | - | -€1,993 | |
| Profit (loss) for the period | 9904 | -€7,038 | -€104,266 | -€97,227 | -1,381% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,038 | -€104,266 | -€97,227 | -1,381% |
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 19 October 2026 via checked.be.