B.D.W.: what changed
Two fiscal 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.
B.D.W.
Largest movements
- Tangible fixed assets -€60,903
down €60,903 (-6.3%), from €972,874 to €911,971
of which Land and buildings: -€31,102
- Cash +€42,586
up €42,586 (+9.4%), from €451,069 to €493,654
mainly Net result for the year (+€283,159) and Other debts (+€121,628)
- Receivables within one year -€41,443
down €41,443 (-44.3%), from €93,508 to €52,065
of which Other amounts receivable: -€66,315
- Reserves -€137,000
down €137,000 (-6.8%), from €2.0m to €1.9m
- Other debts +€121,628
up €121,628 (+40.5%), from €300,000 to €421,628
- Tax, wage and social debts -€37,927
down €37,927 (-93.8%), from €40,431 to €2,504
of which Taxes: -€37,879
- Gross operating margin -€111,773
down €111,773 (-19.0%), from €587,279 to €475,506
- Taxes -€41,017
down €41,017 (-24.3%), from €168,875 to €127,858
- Depreciation +€12,670
up €12,670 (+23.7%), from €53,479 to €66,149
- Financial charges +€5,896
up €5,896, from -€5,503 to €392
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.
Cash bridge derived
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 | €2,408,476 | €2,352,115 | -€56,361 | -2.3% |
| Fixed assets | 21/28 | €972,999 | €912,096 | -€60,903 | -6.3% |
| Tangible fixed assets | 22/27 | €972,874 | €911,971 | -€60,903 | -6.3% |
| Land and buildings | 22 | €803,654 | €772,552 | -€31,102 | -3.9% |
| Plant, machinery and equipment | 23 | €14,266 | €13,380 | -€885 | -6.2% |
| Furniture and vehicles | 24 | €124,133 | €95,654 | -€28,479 | -22.9% |
| Other tangible fixed assets | 26 | €30,822 | €30,385 | -€437 | -1.4% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €1,435,477 | €1,440,019 | +€4,542 | +0.3% |
| Stocks and contracts in progress | 3 | €901 | €901 | = | 0.0% |
| Stocks | 30/36 | €901 | €901 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €93,508 | €52,065 | -€41,443 | -44.3% |
| Trade receivables | 40 | €4,477 | €29,348 | +€24,872 | +555.6% |
| Other amounts receivable | 41 | €89,031 | €22,716 | -€66,315 | -74.5% |
| Current investments | 50/53 | €890,000 | €890,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €451,069 | €493,654 | +€42,586 | +9.4% |
| Deferred charges and accrued income | 490/1 | - | €3,399 | +€3,399 | |
| Total equity and liabilities | 10/49 | €2,408,476 | €2,352,115 | -€56,361 | -2.3% |
| Equity | 10/15 | €2,060,630 | €1,923,789 | -€136,841 | -6.6% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €2,020,300 | €1,883,300 | -€137,000 | -6.8% |
| Distributable reserves | 133 | €2,020,300 | €1,883,300 | -€137,000 | -6.8% |
| Profit (loss) carried forward | 14 | €26,070 | €26,229 | +€159 | +0.6% |
| Amounts payable | 17/49 | €347,846 | €428,327 | +€80,480 | +23.1% |
| Amounts payable within one year | 42/48 | €347,846 | €428,327 | +€80,480 | +23.1% |
| Trade debts | 44 | €7,415 | €4,195 | -€3,221 | -43.4% |
| Suppliers | 440/4 | €7,415 | €4,195 | -€3,221 | -43.4% |
| Taxes, remuneration and social security | 45 | €40,431 | €2,504 | -€37,927 | -93.8% |
| Taxes | 450/3 | €37,879 | - | -€37,879 | |
| Remuneration and social security | 454/9 | €2,552 | €2,504 | -€47 | -1.9% |
| Other amounts payable | 47/48 | €300,000 | €421,628 | +€121,628 | +40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,479 | €66,149 | +€12,670 | +23.7% |
| Other operating charges | 640/8 | €7,302 | €7,469 | +€167 | +2.3% |
| Gross operating margin | 9900 | €587,279 | €475,506 | -€111,773 | -19.0% |
| Operating profit (loss) | 9901 | €526,498 | €401,888 | -€124,610 | -23.7% |
| Financial income | 75/76B | €13,369 | €9,521 | -€3,848 | -28.8% |
| Recurring financial income | 75 | €13,369 | €9,521 | -€3,848 | -28.8% |
| Financial charges | 65/66B | -€5,503 | €392 | +€5,896 | |
| Recurring financial charges | 65 | -€5,503 | €392 | +€5,896 | |
| Profit (loss) for the period before taxes | 9903 | €545,371 | €411,017 | -€134,354 | -24.6% |
| Income taxes | 67/77 | €168,875 | €127,858 | -€41,017 | -24.3% |
| Profit (loss) for the period | 9904 | €376,496 | €283,159 | -€93,337 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €376,496 | €283,159 | -€93,337 | -24.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.