B&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&W
Largest movements
- Cash -€39,613
down €39,613 (-64.1%), from €61,793 to €22,180
mainly Investment in fixed assets (net) (-€62,500) and Other debts (-€29,028)
- Tangible fixed assets +€27,034
up €27,034 (+13.5%), from €199,745 to €226,779
of which Land and buildings: +€52,323
- Receivables within one year +€11,009
up €11,009 (+31.2%), from €35,341 to €46,351
of which Trade receivables: +€13,760
- Stocks and contracts -€8,735
down €8,735 (-22.4%), from €39,000 to €30,265
- Other debts -€29,028
down €29,028 (-99.8%), from €29,080 to €52
- Debts after one year +€18,495
up €18,495 (+10.9%), from €170,397 to €188,892
- Trade debts -€7,489
down €7,489 (-38.9%), from €19,243 to €11,754
- Current portion of long-term debt +€3,645
up €3,645 (+12.5%), from €29,237 to €32,882
- Gross operating margin +€37,036
up €37,036 (+85.8%), from €43,161 to €80,197
- Taxes +€12,756
up €12,756 (+2402.8%), from €531 to €13,287
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 | €335,880 | €325,575 | -€10,305 | -3.1% |
| Fixed assets | 21/28 | €199,745 | €226,779 | +€27,034 | +13.5% |
| Tangible fixed assets | 22/27 | €199,745 | €226,779 | +€27,034 | +13.5% |
| Land and buildings | 22 | €163,956 | €216,278 | +€52,323 | +31.9% |
| Plant, machinery and equipment | 23 | €29,704 | €8,432 | -€21,273 | -71.6% |
| Furniture and vehicles | 24 | €2,898 | €2,069 | -€828 | -28.6% |
| Other tangible fixed assets | 26 | €3,188 | €0 | -€3,188 | -100.0% |
| Current assets | 29/58 | €136,134 | €98,796 | -€37,339 | -27.4% |
| Stocks and contracts in progress | 3 | €39,000 | €30,265 | -€8,735 | -22.4% |
| Stocks | 30/36 | €39,000 | €30,265 | -€8,735 | -22.4% |
| Amounts receivable within one year | 40/41 | €35,341 | €46,351 | +€11,009 | +31.2% |
| Trade receivables | 40 | €27,421 | €41,182 | +€13,760 | +50.2% |
| Other amounts receivable | 41 | €7,920 | €5,169 | -€2,751 | -34.7% |
| Cash at bank and in hand | 54/58 | €61,793 | €22,180 | -€39,613 | -64.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €335,880 | €325,575 | -€10,305 | -3.1% |
| Equity | 10/15 | €86,214 | €89,356 | +€3,142 | +3.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €74,070 | €76,856 | +€2,785 | +3.8% |
| Distributable reserves | 133 | €74,070 | €76,856 | +€2,785 | +3.8% |
| Profit (loss) carried forward | 14 | -€356 | €0 | +€356 | |
| Amounts payable | 17/49 | €249,666 | €236,219 | -€13,447 | -5.4% |
| Amounts payable after more than one year | 17 | €170,397 | €188,892 | +€18,495 | +10.9% |
| Financial debts | 170/4 | €170,397 | €188,892 | +€18,495 | +10.9% |
| Amounts payable within one year | 42/48 | €77,559 | €44,908 | -€32,652 | -42.1% |
| Current portion of amounts payable after more than one year | 42 | €29,237 | €32,882 | +€3,645 | +12.5% |
| Trade debts | 44 | €19,243 | €11,754 | -€7,489 | -38.9% |
| Suppliers | 440/4 | €19,243 | €11,754 | -€7,489 | -38.9% |
| Taxes, remuneration and social security | 45 | €0 | €221 | +€221 | |
| Taxes | 450/3 | €0 | €221 | +€221 | |
| Other amounts payable | 47/48 | €29,080 | €52 | -€29,028 | -99.8% |
| Accrued charges and deferred income | 492/3 | €1,709 | €2,420 | +€711 | +41.6% |
| Remuneration, social security and pensions | 62 | €129 | €200 | +€70 | +54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,253 | €35,466 | +€213 | +0.6% |
| Other operating charges | 640/8 | €2,862 | €2,350 | -€512 | -17.9% |
| Gross operating margin | 9900 | €43,161 | €80,197 | +€37,036 | +85.8% |
| Operating profit (loss) | 9901 | €4,916 | €42,182 | +€37,265 | +758.0% |
| Financial income | 75/76B | €142 | €241 | +€99 | +70.1% |
| Recurring financial income | 75 | €142 | €241 | +€99 | +70.1% |
| Financial charges | 65/66B | €4,884 | €4,204 | -€680 | -13.9% |
| Recurring financial charges | 65 | €4,884 | €4,204 | -€680 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €175 | €38,219 | +€38,045 | +21793.3% |
| Income taxes | 67/77 | €531 | €13,287 | +€12,756 | +2402.8% |
| Profit (loss) for the period | 9904 | -€356 | €24,932 | +€25,288 | |
| Profit (loss) for the period to be appropriated | 9905 | -€356 | €24,932 | +€25,288 |
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 6 October 2026 via checked.be.