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
- Stocks and contracts -€5,404
down €5,404 (-5.6%), from €95,721 to €90,317
- Cash +€4,968
up €4,968 (+181.5%), from €2,737 to €7,706
mainly Other debts (+€6,939) and Stocks and contracts (+€5,404)
- Receivables within one year +€3,886
up €3,886 (+6.6%), from €59,004 to €62,890
of which Trade receivables: +€7,732
- Trade debts -€9,409
down €9,409 (-59.6%), from €15,775 to €6,367
- Other debts +€6,939
up €6,939 (+19.8%), from €35,061 to €42,000
- Reserves +€3,530
up €3,530 (+4.0%), from €87,271 to €90,801
of which Distributable reserves: +€3,530
- Tax, wage and social debts +€3,300
up €3,300 (+252.1%), from €1,309 to €4,609
- Depreciation -€3,855
down €3,855 (-80.6%), from €4,781 to €926
- Financial charges +€984
up €984 (+55.4%), from €1,776 to €2,760
- Other operating charges -€590
down €590 (-44.3%), from €1,331 to €741
- Gross operating margin -€217
down €217 (-3.7%), from €5,906 to €5,689
- Financial income -€106
down €106 (-4.5%), from €2,373 to €2,267
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 | €160,762 | €163,876 | +€3,115 | +1.9% |
| Fixed assets | 21/28 | €926 | €0 | -€926 | -100.0% |
| Tangible fixed assets | 22/27 | €926 | €0 | -€926 | -100.0% |
| Furniture and vehicles | 24 | €926 | €0 | -€926 | -100.0% |
| Current assets | 29/58 | €159,836 | €163,876 | +€4,040 | +2.5% |
| Stocks and contracts in progress | 3 | €95,721 | €90,317 | -€5,404 | -5.6% |
| Stocks | 30/36 | €95,721 | €90,317 | -€5,404 | -5.6% |
| Amounts receivable within one year | 40/41 | €59,004 | €62,890 | +€3,886 | +6.6% |
| Trade receivables | 40 | €9,164 | €16,896 | +€7,732 | +84.4% |
| Other amounts receivable | 41 | €49,840 | €45,994 | -€3,846 | -7.7% |
| Cash at bank and in hand | 54/58 | €2,737 | €7,706 | +€4,968 | +181.5% |
| Deferred charges and accrued income | 490/1 | €2,373 | €2,963 | +€590 | +24.9% |
| Total equity and liabilities | 10/49 | €160,762 | €163,876 | +€3,115 | +1.9% |
| Equity | 10/15 | €105,871 | €109,401 | +€3,530 | +3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €87,271 | €90,801 | +€3,530 | +4.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €87,271 | €90,801 | +€3,530 | +4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,890 | €54,475 | -€415 | -0.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €54,890 | €54,475 | -€415 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €1,245 | €0 | -€1,245 | -100.0% |
| Financial debts | 43 | €1,500 | €1,500 | = | 0.0% |
| Other loans | 439 | €1,500 | €1,500 | = | 0.0% |
| Trade debts | 44 | €15,775 | €6,367 | -€9,409 | -59.6% |
| Suppliers | 440/4 | €15,775 | €6,367 | -€9,409 | -59.6% |
| Taxes, remuneration and social security | 45 | €1,309 | €4,609 | +€3,300 | +252.1% |
| Taxes | 450/3 | €1,309 | €4,609 | +€3,300 | +252.1% |
| Other amounts payable | 47/48 | €35,061 | €42,000 | +€6,939 | +19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,781 | €926 | -€3,855 | -80.6% |
| Other operating charges | 640/8 | €1,331 | €741 | -€590 | -44.3% |
| Gross operating margin | 9900 | €5,906 | €5,689 | -€217 | -3.7% |
| Operating profit (loss) | 9901 | -€206 | €4,022 | +€4,228 | |
| Financial income | 75/76B | €2,373 | €2,267 | -€106 | -4.5% |
| Recurring financial income | 75 | €2,373 | €2,267 | -€106 | -4.5% |
| Financial charges | 65/66B | €1,776 | €2,760 | +€984 | +55.4% |
| Recurring financial charges | 65 | €1,776 | €2,760 | +€984 | +55.4% |
| Profit (loss) for the period before taxes | 9903 | €391 | €3,530 | +€3,138 | +802.2% |
| Income taxes | 67/77 | €36 | €0 | -€36 | -100.0% |
| Profit (loss) for the period | 9904 | €356 | €3,530 | +€3,174 | +892.4% |
| Profit (loss) for the period to be appropriated | 9905 | €356 | €3,530 | +€3,174 | +892.4% |
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.