BCW: 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.
BCW
Largest movements
- Tangible fixed assets -€111,202
down €111,202 (-19.8%), from €561,939 to €450,737
of which Leasing and similar rights: -€75,240
- Intangible fixed assets -€54,801
down €54,801 (-19.4%), from €282,479 to €227,678
- Stocks and contracts -€48,371
down €48,371 (-6.0%), from €800,510 to €752,139
- Receivables within one year +€25,414
up €25,414 (+31.8%), from €79,953 to €105,367
of which Trade receivables: +€25,414
- Cash -€22,036
down €22,036 (-69.9%), from €31,519 to €9,484
mainly Debts after one year (-€249,011) and Net result for the year (-€110,520)
- Other debts +€249,131
up €249,131 (+213%), from €116,739 to €365,870
- Debts after one year -€249,011
down €249,011 (-32.4%), from €769,553 to €520,542
- Reserves -€110,520
down €110,520 (-31.5%), from €351,031 to €240,511
of which Distributable reserves: -€110,520
- Short-term financial debts -€97,143
down €97,143 (-52.4%), from €185,357 to €88,214
- Gross operating margin -€100,698
down €100,698 (-19.9%), from €506,349 to €405,650
- Staff costs -€31,107
down €31,107 (-9.0%), from €344,367 to €313,260
- Depreciation -€5,998
down €5,998 (-3.3%), from €181,006 to €175,008
- Financial charges -€5,829
down €5,829 (-20.9%), from €27,953 to €22,123
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 | €1,770,112 | €1,562,875 | -€207,236 | -11.7% |
| Fixed assets | 21/28 | €844,418 | €678,415 | -€166,003 | -19.7% |
| Intangible fixed assets | 21 | €282,479 | €227,678 | -€54,801 | -19.4% |
| Tangible fixed assets | 22/27 | €561,939 | €450,737 | -€111,202 | -19.8% |
| Land and buildings | 22 | €6,616 | €2,921 | -€3,695 | -55.8% |
| Plant, machinery and equipment | 23 | €118,596 | €86,491 | -€32,105 | -27.1% |
| Leasing and similar rights | 25 | €436,240 | €361,000 | -€75,240 | -17.2% |
| Other tangible fixed assets | 26 | €487 | €325 | -€162 | -33.3% |
| Current assets | 29/58 | €925,694 | €884,460 | -€41,234 | -4.5% |
| Stocks and contracts in progress | 3 | €800,510 | €752,139 | -€48,371 | -6.0% |
| Stocks | 30/36 | €800,510 | €752,139 | -€48,371 | -6.0% |
| Amounts receivable within one year | 40/41 | €79,953 | €105,367 | +€25,414 | +31.8% |
| Trade receivables | 40 | €78,548 | €103,962 | +€25,414 | +32.4% |
| Other amounts receivable | 41 | €1,405 | €1,405 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €31,519 | €9,484 | -€22,036 | -69.9% |
| Deferred charges and accrued income | 490/1 | €13,711 | €17,471 | +€3,759 | +27.4% |
| Total equity and liabilities | 10/49 | €1,770,112 | €1,562,875 | -€207,236 | -11.7% |
| Equity | 10/15 | €413,031 | €302,511 | -€110,520 | -26.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €351,031 | €240,511 | -€110,520 | -31.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,000 | €23,000 | = | 0.0% |
| Distributable reserves | 133 | €321,831 | €211,311 | -€110,520 | -34.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,357,081 | €1,260,364 | -€96,717 | -7.1% |
| Amounts payable after more than one year | 17 | €769,553 | €520,542 | -€249,011 | -32.4% |
| Financial debts | 170/4 | €769,553 | €520,542 | -€249,011 | -32.4% |
| Amounts payable within one year | 42/48 | €587,528 | €739,823 | +€152,295 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €103,098 | €110,747 | +€7,649 | +7.4% |
| Financial debts | 43 | €185,357 | €88,214 | -€97,143 | -52.4% |
| Credit institutions | 430/8 | €185,357 | €88,214 | -€97,143 | -52.4% |
| Trade debts | 44 | €58,390 | €69,850 | +€11,460 | +19.6% |
| Suppliers | 440/4 | €58,390 | €69,850 | +€11,460 | +19.6% |
| Advances received on contracts in progress | 46 | €44,854 | €42,440 | -€2,414 | -5.4% |
| Taxes, remuneration and social security | 45 | €79,090 | €62,701 | -€16,389 | -20.7% |
| Taxes | 450/3 | €42,274 | €23,209 | -€19,065 | -45.1% |
| Remuneration and social security | 454/9 | €36,816 | €39,492 | +€2,676 | +7.3% |
| Other amounts payable | 47/48 | €116,739 | €365,870 | +€249,131 | +213% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €344,367 | €313,260 | -€31,107 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,006 | €175,008 | -€5,998 | -3.3% |
| Other operating charges | 640/8 | €4,771 | €5,822 | +€1,050 | +22.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €506,349 | €405,650 | -€100,698 | -19.9% |
| Operating profit (loss) | 9901 | -€23,796 | -€88,439 | -€64,643 | -272% |
| Financial income | 75/76B | €3 | €42 | +€40 | +1,461% |
| Recurring financial income | 75 | €3 | €42 | +€40 | +1,461% |
| Financial charges | 65/66B | €27,953 | €22,123 | -€5,829 | -20.9% |
| Recurring financial charges | 65 | €27,953 | €22,123 | -€5,829 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | -€51,746 | -€110,520 | -€58,774 | -114% |
| Profit (loss) for the period | 9904 | -€51,746 | -€110,520 | -€58,774 | -114% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,746 | -€110,520 | -€58,774 | -114% |
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 25 October 2026 via checked.be.