WULVINVEST: 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.
WULVINVEST
Largest movements
- Receivables within one year -€152,963
down €152,963 (-87.6%), from €174,670 to €21,707
of which Trade receivables: -€155,875
- Cash +€148,652
up €148,652 (+391%), from €37,988 to €186,641
mainly Receivables within one year (+€152,963) and Depreciation (+€45,542)
- Tangible fixed assets -€36,372
down €36,372 (-4.7%), from €767,171 to €730,799
of which Land and buildings: -€25,815
- Debts after one year -€43,309
down €43,309 (-10.0%), from €433,526 to €390,217
- Reserves +€23,829
up €23,829 (+6.0%), from €399,147 to €422,975
- Gross operating margin -€43,707
down €43,707 (-32.2%), from €135,781 to €92,074
- Taxes -€9,412
down €9,412 (-57.6%), from €16,330 to €6,918
- Depreciation +€2,406
up €2,406 (+5.6%), from €43,135 to €45,542
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 | €984,793 | €943,416 | -€41,377 | -4.2% |
| Fixed assets | 21/28 | €767,171 | €730,799 | -€36,372 | -4.7% |
| Tangible fixed assets | 22/27 | €767,171 | €730,799 | -€36,372 | -4.7% |
| Land and buildings | 22 | €710,265 | €684,450 | -€25,815 | -3.6% |
| Furniture and vehicles | 24 | €56,906 | €46,350 | -€10,557 | -18.6% |
| Current assets | 29/58 | €217,622 | €212,617 | -€5,006 | -2.3% |
| Amounts receivable within one year | 40/41 | €174,670 | €21,707 | -€152,963 | -87.6% |
| Trade receivables | 40 | €171,000 | €15,125 | -€155,875 | -91.2% |
| Other amounts receivable | 41 | €3,670 | €6,582 | +€2,912 | +79.3% |
| Cash at bank and in hand | 54/58 | €37,988 | €186,641 | +€148,652 | +391% |
| Deferred charges and accrued income | 490/1 | €4,964 | €4,268 | -€695 | -14.0% |
| Total equity and liabilities | 10/49 | €984,793 | €943,416 | -€41,377 | -4.2% |
| Equity | 10/15 | €417,747 | €441,575 | +€23,829 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €399,147 | €422,975 | +€23,829 | +6.0% |
| Distributable reserves | 133 | €399,147 | €422,975 | +€23,829 | +6.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €567,046 | €501,840 | -€65,206 | -11.5% |
| Amounts payable after more than one year | 17 | €433,526 | €390,217 | -€43,309 | -10.0% |
| Financial debts | 170/4 | €433,526 | €390,217 | -€43,309 | -10.0% |
| Amounts payable within one year | 42/48 | €128,808 | €109,932 | -€18,875 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €42,632 | €44,692 | +€2,060 | +4.8% |
| Financial debts | 43 | €21 | €0 | -€21 | -100% |
| Credit institutions | 430/8 | €21 | €0 | -€21 | -100% |
| Trade debts | 44 | €7,099 | €305 | -€6,794 | -95.7% |
| Suppliers | 440/4 | €7,099 | €305 | -€6,794 | -95.7% |
| Taxes, remuneration and social security | 45 | €18,356 | €10,574 | -€7,782 | -42.4% |
| Taxes | 450/3 | €15,160 | €7,302 | -€7,858 | -51.8% |
| Remuneration and social security | 454/9 | €3,196 | €3,272 | +€76 | +2.4% |
| Other amounts payable | 47/48 | €60,699 | €54,361 | -€6,337 | -10.4% |
| Accrued charges and deferred income | 492/3 | €4,713 | €1,691 | -€3,022 | -64.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,135 | €45,542 | +€2,406 | +5.6% |
| Other operating charges | 640/8 | €2,316 | €2,274 | -€42 | -1.8% |
| Gross operating margin | 9900 | €135,781 | €92,074 | -€43,707 | -32.2% |
| Operating profit (loss) | 9901 | €90,330 | €44,259 | -€46,071 | -51.0% |
| Financial income | 75/76B | €1 | €0 | -€0 | -96.0% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -96.0% |
| Financial charges | 65/66B | €13,162 | €13,513 | +€351 | +2.7% |
| Recurring financial charges | 65 | €13,162 | €13,513 | +€351 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €77,169 | €30,746 | -€46,423 | -60.2% |
| Income taxes | 67/77 | €16,330 | €6,918 | -€9,412 | -57.6% |
| Profit (loss) for the period | 9904 | €60,839 | €23,829 | -€37,010 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,839 | €23,829 | -€37,010 | -60.8% |
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 25 October 2026 via checked.be.