B4W: 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.
B4W
Largest movements
- Tangible fixed assets -€21,274
down €21,274 (-3.0%), from €716,209 to €694,934
of which Land and buildings: -€21,175
- Receivables within one year +€14,805
up €14,805 (+29.9%), from €49,561 to €64,366
of which Trade receivables: +€14,992
- Debts after one year -€37,658
down €37,658 (-5.6%), from €669,251 to €631,593
- Profit (loss) carried forward +€25,199
up €25,199, from -€19,193 to €6,006
- Financial charges -€1,113
down €1,113 (-5.8%), from €19,043 to €17,930
- Gross operating margin -€1,095
down €1,095 (-1.5%), from €72,578 to €71,483
- Depreciation +€926
up €926 (+4.5%), from €20,349 to €21,274
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 | €774,740 | €761,827 | -€12,913 | -1.7% |
| Fixed assets | 21/28 | €716,209 | €694,934 | -€21,274 | -3.0% |
| Tangible fixed assets | 22/27 | €716,209 | €694,934 | -€21,274 | -3.0% |
| Land and buildings | 22 | €715,446 | €694,272 | -€21,175 | -3.0% |
| Furniture and vehicles | 24 | €762 | €662 | -€100 | -13.1% |
| Current assets | 29/58 | €58,531 | €66,892 | +€8,361 | +14.3% |
| Amounts receivable within one year | 40/41 | €49,561 | €64,366 | +€14,805 | +29.9% |
| Trade receivables | 40 | €39,717 | €54,708 | +€14,992 | +37.7% |
| Other amounts receivable | 41 | €9,844 | €9,658 | -€187 | -1.9% |
| Cash at bank and in hand | 54/58 | €8,181 | €1,458 | -€6,723 | -82.2% |
| Deferred charges and accrued income | 490/1 | €789 | €1,068 | +€279 | +35.3% |
| Total equity and liabilities | 10/49 | €774,740 | €761,827 | -€12,913 | -1.7% |
| Equity | 10/15 | €60,807 | €86,006 | +€25,199 | +41.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,193 | €6,006 | +€25,199 | |
| Amounts payable | 17/49 | €713,933 | €675,821 | -€38,112 | -5.3% |
| Amounts payable after more than one year | 17 | €669,251 | €631,593 | -€37,658 | -5.6% |
| Financial debts | 170/4 | €669,251 | €631,593 | -€37,658 | -5.6% |
| Amounts payable within one year | 42/48 | €43,978 | €43,505 | -€473 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €36,683 | €37,658 | +€975 | +2.7% |
| Trade debts | 44 | €7,276 | €5,782 | -€1,494 | -20.5% |
| Suppliers | 440/4 | €7,276 | €5,782 | -€1,494 | -20.5% |
| Taxes, remuneration and social security | 45 | €19 | €58 | +€39 | +210.7% |
| Taxes | 450/3 | €19 | €58 | +€39 | +210.7% |
| Other amounts payable | 47/48 | €0 | €7 | +€7 | |
| Accrued charges and deferred income | 492/3 | €703 | €723 | +€20 | +2.8% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,349 | €21,274 | +€926 | +4.5% |
| Other operating charges | 640/8 | €6,885 | €7,121 | +€237 | +3.4% |
| Gross operating margin | 9900 | €72,578 | €71,483 | -€1,095 | -1.5% |
| Operating profit (loss) | 9901 | €45,345 | €43,087 | -€2,258 | -5.0% |
| Financial income | 75/76B | - | €41 | +€41 | |
| Recurring financial income | 75 | - | €41 | +€41 | |
| Financial charges | 65/66B | €19,043 | €17,930 | -€1,113 | -5.8% |
| Recurring financial charges | 65 | €19,043 | €17,930 | -€1,113 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €26,302 | €25,199 | -€1,104 | -4.2% |
| Profit (loss) for the period | 9904 | €26,302 | €25,199 | -€1,104 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,302 | €25,199 | -€1,104 | -4.2% |
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 8 October 2026 via checked.be.