BDW CONCEPT: 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.
BDW CONCEPT
Largest movements
- Cash -€171,876
down €171,876 (-59.7%), from €287,952 to €116,076
mainly Contributions, distributions and other (-€170,588) and Receivables within one year (-€75,548)
- Receivables within one year +€75,548
up €75,548 (+307%), from €24,635 to €100,184
of which Trade receivables: +€73,015
- Tangible fixed assets -€49,448
down €49,448 (-13.1%), from €377,005 to €327,557
of which Furniture and vehicles: -€47,704
- Profit (loss) carried forward -€149,590
down €149,590 (-52.6%), from €284,609 to €135,019
- Debts after one year -€49,980
down €49,980 (-19.2%), from €260,696 to €210,716
- Tax, wage and social debts +€45,622
new in 2025: €45,622
- Other debts +€24,308
up €24,308 (+32.1%), from €75,692 to €100,000
- Trade debts -€17,853
down €17,853 (-30.9%), from €57,809 to €39,956
- Gross operating margin -€131,723
down €131,723 (-57.3%), from €229,912 to €98,189
- Taxes -€32,882
down €32,882 (-83.8%), from €39,252 to €6,370
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 | €738,058 | €591,293 | -€146,765 | -19.9% |
| Fixed assets | 21/28 | €377,005 | €327,557 | -€49,448 | -13.1% |
| Tangible fixed assets | 22/27 | €377,005 | €327,557 | -€49,448 | -13.1% |
| Land and buildings | 22 | €267,944 | €262,771 | -€5,172 | -1.9% |
| Plant, machinery and equipment | 23 | €7,983 | €11,411 | +€3,428 | +42.9% |
| Furniture and vehicles | 24 | €101,079 | €53,375 | -€47,704 | -47.2% |
| Current assets | 29/58 | €361,053 | €263,736 | -€97,317 | -27.0% |
| Stocks and contracts in progress | 3 | €39,762 | €41,397 | +€1,635 | +4.1% |
| Stocks | 30/36 | €39,762 | €41,397 | +€1,635 | +4.1% |
| Amounts receivable within one year | 40/41 | €24,635 | €100,184 | +€75,548 | +307% |
| Trade receivables | 40 | €20,797 | €93,812 | +€73,015 | +351% |
| Other amounts receivable | 41 | €3,838 | €6,372 | +€2,533 | +66.0% |
| Cash at bank and in hand | 54/58 | €287,952 | €116,076 | -€171,876 | -59.7% |
| Deferred charges and accrued income | 490/1 | €8,703 | €6,079 | -€2,624 | -30.2% |
| Total equity and liabilities | 10/49 | €738,058 | €591,293 | -€146,765 | -19.9% |
| Equity | 10/15 | €294,609 | €145,019 | -€149,590 | -50.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €284,609 | €135,019 | -€149,590 | -52.6% |
| Amounts payable | 17/49 | €443,449 | €446,274 | +€2,825 | +0.6% |
| Amounts payable after more than one year | 17 | €260,696 | €210,716 | -€49,980 | -19.2% |
| Financial debts | 170/4 | €260,696 | €210,716 | -€49,980 | -19.2% |
| Amounts payable within one year | 42/48 | €182,753 | €235,558 | +€52,805 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | €49,252 | €49,980 | +€728 | +1.5% |
| Trade debts | 44 | €57,809 | €39,956 | -€17,853 | -30.9% |
| Suppliers | 440/4 | €57,809 | €39,956 | -€17,853 | -30.9% |
| Taxes, remuneration and social security | 45 | - | €45,622 | +€45,622 | |
| Taxes | 450/3 | - | €45,622 | +€45,622 | |
| Other amounts payable | 47/48 | €75,692 | €100,000 | +€24,308 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,301 | €57,344 | +€1,043 | +1.9% |
| Other operating charges | 640/8 | €2,716 | €3,142 | +€425 | +15.7% |
| Gross operating margin | 9900 | €229,912 | €98,189 | -€131,723 | -57.3% |
| Operating profit (loss) | 9901 | €170,894 | €37,704 | -€133,191 | -77.9% |
| Financial charges | 65/66B | €11,561 | €10,335 | -€1,226 | -10.6% |
| Recurring financial charges | 65 | €11,561 | €10,335 | -€1,226 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €159,333 | €27,368 | -€131,965 | -82.8% |
| Income taxes | 67/77 | €39,252 | €6,370 | -€32,882 | -83.8% |
| Profit (loss) for the period | 9904 | €120,081 | €20,998 | -€99,083 | -82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €120,081 | €20,998 | -€99,083 | -82.5% |
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 13 October 2026 via checked.be.