B&W Partners: 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 Partners
Largest movements
- Tangible fixed assets +€101,376
up €101,376 (+45.8%), from €221,243 to €322,619
of which Land and buildings: +€84,003
- Stocks and contracts -€95,000
down €95,000 (-55.9%), from €170,000 to €75,000
- Receivables within one year +€81,739
up €81,739 (+963%), from €8,487 to €90,226
- Cash -€34,682
down €34,682 (-87.1%), from €39,811 to €5,129
mainly Investment in fixed assets (net) (-€116,036) and Receivables within one year (-€81,739)
- Other debts +€185,971
up €185,971 (+296%), from €62,881 to €248,852
- Debts after one year -€57,568
down €57,568 (-50.3%), from €114,430 to €56,862
- Profit (loss) carried forward -€36,567
new in 2025: -€36,567
- Current portion of long-term debt -€36,245
down €36,245 (-55.5%), from €65,359 to €29,114
- Tax, wage and social debts -€22,378
down €22,378 (-75.0%), from €29,831 to €7,453
of which Taxes: -€23,578
- Gross operating margin -€112,766
down €112,766 (-94.1%), from €119,885 to €7,119
- Taxes -€28,020
down €28,020 (-99.4%), from €28,181 to €162
- Depreciation +€5,690
up €5,690 (+63.4%), from €8,970 to €14,660
- Financial charges -€3,651
down €3,651 (-35.7%), from €10,224 to €6,573
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 | €448,708 | €499,763 | +€51,054 | +11.4% |
| Fixed assets | 21/28 | €221,563 | €322,939 | +€101,376 | +45.8% |
| Tangible fixed assets | 22/27 | €221,243 | €322,619 | +€101,376 | +45.8% |
| Land and buildings | 22 | €216,329 | €300,331 | +€84,003 | +38.8% |
| Plant, machinery and equipment | 23 | €3,409 | €2,561 | -€848 | -24.9% |
| Furniture and vehicles | 24 | €1,505 | €19,727 | +€18,221 | +1,210% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €227,146 | €176,824 | -€50,322 | -22.2% |
| Stocks and contracts in progress | 3 | €170,000 | €75,000 | -€95,000 | -55.9% |
| Stocks | 30/36 | €170,000 | €75,000 | -€95,000 | -55.9% |
| Amounts receivable within one year | 40/41 | €8,487 | €90,226 | +€81,739 | +963% |
| Trade receivables | 40 | €8,487 | €90,226 | +€81,739 | +963% |
| Cash at bank and in hand | 54/58 | €39,811 | €5,129 | -€34,682 | -87.1% |
| Deferred charges and accrued income | 490/1 | €8,847 | €6,469 | -€2,378 | -26.9% |
| Total equity and liabilities | 10/49 | €448,708 | €499,763 | +€51,054 | +11.4% |
| Equity | 10/15 | €166,526 | €129,959 | -€36,567 | -22.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €66,526 | €66,526 | = | 0.0% |
| Distributable reserves | 133 | €66,526 | €66,526 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€36,567 | -€36,567 | |
| Amounts payable | 17/49 | €282,183 | €369,804 | +€87,621 | +31.1% |
| Amounts payable after more than one year | 17 | €114,430 | €56,862 | -€57,568 | -50.3% |
| Financial debts | 170/4 | €114,430 | €56,862 | -€57,568 | -50.3% |
| Amounts payable within one year | 42/48 | €167,753 | €312,942 | +€145,189 | +86.5% |
| Current portion of amounts payable after more than one year | 42 | €65,359 | €29,114 | -€36,245 | -55.5% |
| Financial debts | 43 | €1,602 | €66 | -€1,536 | -95.9% |
| Credit institutions | 430/8 | €1,602 | €66 | -€1,536 | -95.9% |
| Trade debts | 44 | €8,080 | €27,457 | +€19,377 | +240% |
| Suppliers | 440/4 | €8,080 | €27,457 | +€19,377 | +240% |
| Taxes, remuneration and social security | 45 | €29,831 | €7,453 | -€22,378 | -75.0% |
| Taxes | 450/3 | €29,831 | €6,253 | -€23,578 | -79.0% |
| Remuneration and social security | 454/9 | €0 | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €62,881 | €248,852 | +€185,971 | +296% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,970 | €14,660 | +€5,690 | +63.4% |
| Other operating charges | 640/8 | €2,604 | €2,884 | +€280 | +10.7% |
| Non-recurring operating charges | 66A | €7,677 | €20,000 | +€12,323 | +161% |
| Gross operating margin | 9900 | €119,885 | €7,119 | -€112,766 | -94.1% |
| Operating profit (loss) | 9901 | €100,633 | -€30,425 | -€131,058 | |
| Financial income | 75/76B | €0 | €593 | +€593 | +423,743% |
| Recurring financial income | 75 | €0 | €593 | +€593 | +423,743% |
| Financial charges | 65/66B | €10,224 | €6,573 | -€3,651 | -35.7% |
| Recurring financial charges | 65 | €10,224 | €6,573 | -€3,651 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €90,409 | -€36,405 | -€126,814 | |
| Income taxes | 67/77 | €28,181 | €162 | -€28,020 | -99.4% |
| Profit (loss) for the period | 9904 | €62,228 | -€36,567 | -€98,795 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,228 | -€36,567 | -€98,795 |
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 26 October 2026 via checked.be.