Bio Honey: Is Wilk A Strategic Link Or Just Accounting Income
In 2025, Bio Honey's Wilk position already improved the bottom line through a NIS 728 thousand accounting gain, but the disclosed language around the investment still describes a future cooperation being explored rather than a proven commercial contribution. Wilk has already helped the financial statements, but it has not yet proved that it is helping the business.
The main article argued that Bio Honey ended 2025 with more time, but still without demand proof. This follow-up isolates Wilk because it changed the number readers notice first, the reported bottom line, without yet changing the core business question.
There are three separate findings here. First, Wilk created a NIS 728 thousand accounting gain inside the finance line in 2025. Second, at the cash level the move did the opposite, NIS 500 thousand went out to fund a financial-asset investment. Third, the strategic language around the deal is still built around "creating a base", "examining" and "assisting", not around a commercial contract with defined economics for Bio Honey. Wilk has already contributed to reported earnings, but it has not yet proved that it contributed to commercialization.
That distinction matters even more here because Bio Honey still describes itself as an R&D company that has not yet started production and has no revenue from ongoing operations. In that kind of company, every cleaner bottom line has to be traced back to its source immediately: did it come from the business itself, or from financing and fair-value accounting.
What Wilk Already Did To The 2025 Numbers
In October 2025, Bio Honey committed to invest NIS 500 thousand in Wilk in exchange for 384,615 ordinary shares and 384,615 unlisted warrants exercisable over 12 months. Wilk shareholders approved the allocation on November 26, 2025, and the securities were actually allocated on December 17, 2025. By December 31, 2025, that package was already carried at a fair value of NIS 1.228 million.
The accounting effect was immediate. Note 16 shows finance income of NIS 1.042 million in 2025, of which NIS 728 thousand came from the change in fair value of financial assets and NIS 314 thousand from deposit interest. Finance expenses were only NIS 79 thousand. That turned the finance line into NIS 963 thousand of net finance income.
That number materially changed the reading of the year. Operating loss was NIS 4.873 million, but total loss fell to NIS 3.910 million. In other words, without the finance line, 2025 would still look much more like a pre-revenue business that is burning cash. Wilk alone accounted for about 70% of finance income and about 76% of net finance income for the year.
What matters is that the accounting signal and the cash signal moved in opposite directions. Investing cash flow recorded a NIS 500 thousand outflow for the purchase of financial assets. The income statement recorded a NIS 728 thousand contribution to the bottom line. On an all-in cash flexibility basis, Wilk consumed cash. On a reported-earnings basis, it improved results. Those are two different stories and they should not be merged into one.
What The Strategic Story Does Say, And What It Still Does Not Say
Bio Honey does not present Wilk as a blind financial holding. It explicitly says the investment is meant to create a basis for future cooperation in alternative food, to examine helping Wilk with production, commercialization and distribution, and to examine cooperation that could allow Wilk to reduce fixed costs and overhead. That is a real strategic framing, but it needs to be read precisely.
The emphasis in that wording is on future possibility, not on an outcome that has already happened. There is no disclosed binding commercial agreement between the companies, no revenue target, no value-sharing mechanism, and no proof that the connection has already shortened Bio Honey's path to a customer, to shelf space, or to revenue. Even if the industrial logic sounds reasonable, the 2025 filing still leaves it at the option stage.
| Layer | What already exists in 2025 | What it still does not prove |
|---|---|---|
| P&L | NIS 728 thousand of fair-value gain inside total finance income of NIS 1.042 million | That Bio Honey's operating activity created a customer, an order, or revenue |
| Balance sheet | A financial asset carried at NIS 1.228 million at year-end | That this value is accessible in cash or stable outside fair-value measurement |
| Strategy | An intention to examine cooperation in production, commercialization, and distribution, and to help Wilk reduce costs | That there is already a binding agreement, defined economics, or direct contribution to Bio Honey's results |
| Cash flow | A NIS 500 thousand cash outflow for the financial-asset investment | That the move has already strengthened the company's cash flexibility |
The wording itself says something important. Bio Honey talks about assisting Wilk, examining cooperation, and creating a platform for future collaboration. That is not the language of measured synergies. It is the language of an early strategic direction. More than that, the disclosed benefit is framed first around Wilk, advancing Wilk's production, commercialization, distribution and cost structure. The benefit to Bio Honey may follow later, but in 2025 it is not measured in any operating line.
Why This Matters For The Read Of 2025 And 2026
Anyone looking only at total loss could conclude that Bio Honey suddenly looks much closer to a stable commercial business. That is too aggressive a read. Operating loss improved by only NIS 419 thousand versus 2024, from NIS 5.292 million to NIS 4.873 million. Total loss improved by NIS 2.043 million, from NIS 5.953 million to NIS 3.910 million. Part of that gap came from a sharp swing in the finance line, and Wilk accounted for NIS 728 thousand of that swing.
So the right read is not that Wilk has already made Bio Honey a better business. The right read is that Wilk cleaned up part of the bottom line while the business itself is still looking for commercialization proof. In a company with no ongoing operating revenue, that is a material distinction. The 2025 numbers show that the strategic option already received accounting value, but they still do not show that it received operating value.
The counter-thesis is real. The move may indeed prove smart because Bio Honey deployed a relatively small amount, recorded a fast mark-up, and may also have opened an interesting industrial or commercial channel inside alternative food. If the next year produces a binding agreement between the companies, or cooperation with clear economics, the Wilk read can change quickly.
Until that happens, the analytical discipline should stay simple. Accounting income is not a substitute for a customer. Fair value is not a substitute for revenue. And a cooperation that is still described in exploratory language is not the same as a commercialization path that is already working.
Bottom Line
As of year-end 2025, Wilk is two things at once. On one hand, it is a financial asset that materially supported the finance line and made Bio Honey's reported loss look lower. On the other hand, it has not yet made a proven contribution to the core business, because the filing does not show sales, a binding commercial agreement, or operating savings generated by that relationship.
The stricter and more accurate reading, then, is that Wilk currently looks closer to a strategic option that already received accounting value than to a commercial engine that has already been proven. If the connection turns into an agreement with clear economics in 2026, it will be possible to say that the accounting line got there before the operating reality. As of the end of 2025, the operating reality is not there yet.
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