BALWER: 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.
BALWER
Largest movements
- Tangible fixed assets -€102,847
down €102,847 (-8.9%), from €1.2m to €1.1m
- Cash -€61,587
down €61,587 (-77.6%), from €79,333 to €17,747
mainly Other debts (-€233,287) and Tax, wage and social debts (-€10,141)
- Other debts -€233,287
down €233,287 (-59.8%), from €390,072 to €156,785
- Reserves +€87,762
up €87,762 (+17.3%), from €506,200 to €593,962
of which Tax-exempt reserves: +€87,762
- Profit (loss) carried forward -€38,044
down €38,044 (-120.1%), from -€31,680 to -€69,724
- Provisions +€29,254
new in 2025: €29,254
- Gross operating margin +€105,857
up €105,857 (+147.5%), from €71,747 to €177,604
- Other operating charges +€13,633
up €13,633 (+175.1%), from €7,787 to €21,420
- Financial charges -€10,128
down €10,128 (-36.5%), from €27,785 to €17,657
- Depreciation -€2,451
down €2,451 (-3.9%), from €62,314 to €59,863
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 | €1,241,159 | €1,076,805 | -€164,354 | -13.2% |
| Fixed assets | 21/28 | €1,161,826 | €1,058,978 | -€102,847 | -8.9% |
| Tangible fixed assets | 22/27 | €1,161,826 | €1,058,978 | -€102,847 | -8.9% |
| Land and buildings | 22 | €1,161,826 | €1,058,978 | -€102,847 | -8.9% |
| Current assets | 29/58 | €79,333 | €17,827 | -€61,507 | -77.5% |
| Amounts receivable within one year | 40/41 | - | €80 | +€80 | |
| Other amounts receivable | 41 | - | €80 | +€80 | |
| Cash at bank and in hand | 54/58 | €79,333 | €17,747 | -€61,587 | -77.6% |
| Total equity and liabilities | 10/49 | €1,241,159 | €1,076,805 | -€164,354 | -13.2% |
| Equity | 10/15 | €816,520 | €866,238 | +€49,718 | +6.1% |
| Contributions | 10/11 | €342,000 | €342,000 | = | 0.0% |
| Capital | 10 | €342,000 | €342,000 | = | 0.0% |
| Issued capital | 100 | €342,000 | €342,000 | = | 0.0% |
| Reserves | 13 | €506,200 | €593,962 | +€87,762 | +17.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €87,762 | +€87,762 | |
| Distributable reserves | 133 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,680 | -€69,724 | -€38,044 | -120.1% |
| Provisions and deferred taxes | 16 | - | €29,254 | +€29,254 | |
| Deferred taxes | 168 | - | €29,254 | +€29,254 | |
| Amounts payable | 17/49 | €424,639 | €181,314 | -€243,325 | -57.3% |
| Amounts payable within one year | 42/48 | €423,569 | €180,202 | -€243,367 | -57.5% |
| Trade debts | 44 | €5,869 | €5,929 | +€61 | +1.0% |
| Suppliers | 440/4 | €5,869 | €5,929 | +€61 | +1.0% |
| Taxes, remuneration and social security | 45 | €27,629 | €17,488 | -€10,141 | -36.7% |
| Taxes | 450/3 | €27,629 | €17,488 | -€10,141 | -36.7% |
| Other amounts payable | 47/48 | €390,072 | €156,785 | -€233,287 | -59.8% |
| Accrued charges and deferred income | 492/3 | €1,070 | €1,112 | +€42 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,314 | €59,863 | -€2,451 | -3.9% |
| Other operating charges | 640/8 | €7,787 | €21,420 | +€13,633 | +175.1% |
| Gross operating margin | 9900 | €71,747 | €177,604 | +€105,857 | +147.5% |
| Operating profit (loss) | 9901 | €1,647 | €96,322 | +€94,674 | +5747.6% |
| Financial income | 75/76B | €323 | €307 | -€16 | -4.9% |
| Recurring financial income | 75 | €323 | €307 | -€16 | -4.9% |
| Financial charges | 65/66B | €27,785 | €17,657 | -€10,128 | -36.5% |
| Recurring financial charges | 65 | €27,785 | €17,657 | -€10,128 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | -€25,815 | €78,972 | +€104,786 | |
| Transfer to deferred taxes | 680 | - | €29,254 | +€29,254 | |
| Income taxes | 67/77 | €97 | - | -€97 | |
| Profit (loss) for the period | 9904 | -€25,912 | €49,718 | +€75,629 | |
| Transfer to tax-exempt reserves | 689 | - | €87,762 | +€87,762 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,912 | -€38,044 | -€12,132 | -46.8% |
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 5 October 2026 via checked.be.