B.W.O.: 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.W.O.
Largest movements
- Receivables within one year +€36,166
up €36,166 (+17.6%), from €205,231 to €241,397
of which Other amounts receivable: +€39,526
- Cash -€16,730
down €16,730 (-27.5%), from €60,736 to €44,007
mainly Contributions, distributions and other (-€47,156) and Receivables within one year (-€36,166)
- Tangible fixed assets -€7,030
down €7,030 (-24.9%), from €28,271 to €21,241
of which Furniture and vehicles: -€11,223
- Other debts +€28,650
up €28,650 (+1,668%), from €1,718 to €30,368
- Debts after one year -€8,633
down €8,633 (-100%), from €8,633 to €0
- Tax, wage and social debts -€7,020
down €7,020 (-19.6%), from €35,804 to €28,785
- Gross operating margin -€23,857
down €23,857 (-23.3%), from €102,510 to €78,653
- Taxes -€6,406
down €6,406 (-21.5%), from €29,753 to €23,346
- Other operating charges -€2,130
down €2,130 (-46.2%), from €4,610 to €2,479
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 | €294,922 | €307,341 | +€12,419 | +4.2% |
| Fixed assets | 21/28 | €28,271 | €21,241 | -€7,030 | -24.9% |
| Tangible fixed assets | 22/27 | €28,271 | €21,241 | -€7,030 | -24.9% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €21,593 | €10,371 | -€11,223 | -52.0% |
| Other tangible fixed assets | 26 | €6,678 | €10,870 | +€4,193 | +62.8% |
| Current assets | 29/58 | €266,651 | €286,100 | +€19,449 | +7.3% |
| Amounts receivable within one year | 40/41 | €205,231 | €241,397 | +€36,166 | +17.6% |
| Trade receivables | 40 | €19,360 | €16,000 | -€3,360 | -17.4% |
| Other amounts receivable | 41 | €185,871 | €225,397 | +€39,526 | +21.3% |
| Cash at bank and in hand | 54/58 | €60,736 | €44,007 | -€16,730 | -27.5% |
| Deferred charges and accrued income | 490/1 | €684 | €696 | +€13 | +1.9% |
| Total equity and liabilities | 10/49 | €294,922 | €307,341 | +€12,419 | +4.2% |
| Equity | 10/15 | €227,625 | €227,621 | -€3 | 0.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €221,425 | €221,421 | -€3 | 0.0% |
| Distributable reserves | 133 | €221,425 | €221,421 | -€3 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €67,297 | €79,720 | +€12,423 | +18.5% |
| Amounts payable after more than one year | 17 | €8,633 | €0 | -€8,633 | -100% |
| Financial debts | 170/4 | €8,633 | €0 | -€8,633 | -100% |
| Amounts payable within one year | 42/48 | €58,664 | €79,720 | +€21,056 | +35.9% |
| Current portion of amounts payable after more than one year | 42 | €10,199 | €8,633 | -€1,565 | -15.3% |
| Financial debts | 43 | €4,745 | €5,097 | +€351 | +7.4% |
| Credit institutions | 430/8 | €4,745 | €5,097 | +€351 | +7.4% |
| Trade debts | 44 | €6,197 | €6,837 | +€639 | +10.3% |
| Suppliers | 440/4 | €6,197 | €6,837 | +€639 | +10.3% |
| Taxes, remuneration and social security | 45 | €35,804 | €28,785 | -€7,020 | -19.6% |
| Taxes | 450/3 | €35,804 | €28,785 | -€7,020 | -19.6% |
| Other amounts payable | 47/48 | €1,718 | €30,368 | +€28,650 | +1,668% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,787 | €14,353 | +€565 | +4.1% |
| Other operating charges | 640/8 | €4,610 | €2,479 | -€2,130 | -46.2% |
| Gross operating margin | 9900 | €102,510 | €78,653 | -€23,857 | -23.3% |
| Operating profit (loss) | 9901 | €84,113 | €61,821 | -€22,292 | -26.5% |
| Financial income | 75/76B | €10,020 | €10,323 | +€303 | +3.0% |
| Recurring financial income | 75 | €10,020 | €10,323 | +€303 | +3.0% |
| Financial charges | 65/66B | €1,669 | €1,645 | -€24 | -1.4% |
| Recurring financial charges | 65 | €1,669 | €1,645 | -€24 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €92,464 | €70,498 | -€21,966 | -23.8% |
| Income taxes | 67/77 | €29,753 | €23,346 | -€6,406 | -21.5% |
| Profit (loss) for the period | 9904 | €62,711 | €47,152 | -€15,559 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €62,711 | €47,152 | -€15,559 | -24.8% |
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 18 October 2026 via checked.be.