B.D.W.: 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.
B.D.W.
Largest movements
- Receivables within one year -€537,347
down €537,347 (-99.3%), from €541,184 to €3,838
of which Trade receivables: -€541,184
- Receivables after one year -€228,272
down €228,272 (-93.7%), from €243,697 to €15,425
- Debts after one year -€287,910
down €287,910 (-7.9%), from €3.6m to €3.4m
of which Financial debts: -€298,480
- Profit (loss) carried forward -€283,528
down €283,528 (-97.0%), from -€292,308 to -€575,837
- Advances received -€204,024
no longer reported in 2025 (was €204,024)
- Trade debts -€88,063
down €88,063 (-36.0%), from €244,428 to €156,365
- Tax, wage and social debts +€53,517
up €53,517 (+215%), from €24,919 to €78,435
- Other operating charges +€273,078
up €273,078 (+4,526%), from €6,033 to €279,111
- Financial charges +€65,523
up €65,523 (+126%), from €51,879 to €117,401
- Taxes +€49,656
new in 2025: €49,656
- Gross operating margin -€4,785
down €4,785 (-2.8%), from €170,054 to €165,269
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 | €4,029,266 | €3,244,408 | -€784,858 | -19.5% |
| Fixed assets | 21/28 | €5,408 | €2,779 | -€2,629 | -48.6% |
| Tangible fixed assets | 22/27 | €5,408 | €2,779 | -€2,629 | -48.6% |
| Land and buildings | 22 | €5,408 | €2,779 | -€2,629 | -48.6% |
| Current assets | 29/58 | €4,023,858 | €3,241,629 | -€782,229 | -19.4% |
| Amounts receivable after more than one year | 29 | €243,697 | €15,425 | -€228,272 | -93.7% |
| Other amounts receivable | 291 | €243,697 | €15,425 | -€228,272 | -93.7% |
| Stocks and contracts in progress | 3 | €3,218,032 | €3,218,032 | = | 0.0% |
| Stocks | 30/36 | €3,218,032 | €3,218,032 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €541,184 | €3,838 | -€537,347 | -99.3% |
| Trade receivables | 40 | €541,184 | - | -€541,184 | |
| Other amounts receivable | 41 | - | €3,838 | +€3,838 | |
| Cash at bank and in hand | 54/58 | €20,944 | €4,334 | -€16,610 | -79.3% |
| Total equity and liabilities | 10/49 | €4,029,266 | €3,244,408 | -€784,858 | -19.5% |
| Equity | 10/15 | -€230,308 | -€513,837 | -€283,528 | -123% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€292,308 | -€575,837 | -€283,528 | -97.0% |
| Amounts payable | 17/49 | €4,259,574 | €3,758,244 | -€501,330 | -11.8% |
| Amounts payable after more than one year | 17 | €3,647,678 | €3,359,768 | -€287,910 | -7.9% |
| Financial debts | 170/4 | €3,621,465 | €3,322,986 | -€298,480 | -8.2% |
| Other amounts payable | 178/9 | €26,213 | €36,783 | +€10,570 | +40.3% |
| Amounts payable within one year | 42/48 | €611,219 | €365,239 | -€245,980 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €137,848 | €130,439 | -€7,410 | -5.4% |
| Trade debts | 44 | €244,428 | €156,365 | -€88,063 | -36.0% |
| Suppliers | 440/4 | €244,428 | €156,365 | -€88,063 | -36.0% |
| Advances received on contracts in progress | 46 | €204,024 | - | -€204,024 | |
| Taxes, remuneration and social security | 45 | €24,919 | €78,435 | +€53,517 | +215% |
| Taxes | 450/3 | €24,919 | €78,435 | +€53,517 | +215% |
| Accrued charges and deferred income | 492/3 | €678 | €33,237 | +€32,560 | +4,804% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,629 | €2,629 | = | 0.0% |
| Other operating charges | 640/8 | €6,033 | €279,111 | +€273,078 | +4,526% |
| Gross operating margin | 9900 | €170,054 | €165,269 | -€4,785 | -2.8% |
| Operating profit (loss) | 9901 | €161,391 | -€116,471 | -€277,862 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €51,879 | €117,401 | +€65,523 | +126% |
| Recurring financial charges | 65 | €51,879 | €117,401 | +€65,523 | +126% |
| Profit (loss) for the period before taxes | 9903 | €109,513 | -€233,872 | -€343,385 | |
| Income taxes | 67/77 | - | €49,656 | +€49,656 | |
| Profit (loss) for the period | 9904 | €109,513 | -€283,528 | -€393,041 | |
| Profit (loss) for the period to be appropriated | 9905 | €109,513 | -€283,528 | -€393,041 |
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 15 October 2026 via checked.be.