BDW GROUP: 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.
BDW GROUP
Largest movements
- Cash +€536,417
up €536,417 (+413.9%), from €129,589 to €666,005
mainly Trade debts (+€506,267) and Tax, wage and social debts (+€196,442)
- Receivables within one year +€232,720
up €232,720 (+14.0%), from €1.7m to €1.9m
of which Trade receivables: +€206,054
- Stocks and contracts +€88,673
up €88,673 (+23.4%), from €378,610 to €467,283
- Trade debts +€506,267
up €506,267 (+69.0%), from €733,252 to €1.2m
- Tax, wage and social debts +€196,442
up €196,442 (+46.9%), from €419,000 to €615,442
of which Remuneration and social security: +€176,901
- Short-term financial debts +€116,668
up €116,668 (+14.4%), from €811,791 to €928,459
- Reserves +€49,057
up €49,057 (+17.9%), from €273,594 to €322,651
- Gross operating margin +€397,913
up €397,913 (+11.5%), from €3.5m to €3.9m
- Staff costs +€352,428
up €352,428 (+10.7%), from €3.3m to €3.6m
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 | €2,389,330 | €3,223,488 | +€834,158 | +34.9% |
| Fixed assets | 21/28 | €198,494 | €191,796 | -€6,699 | -3.4% |
| Tangible fixed assets | 22/27 | €48,683 | €45,084 | -€3,599 | -7.4% |
| Plant, machinery and equipment | 23 | €35,680 | €34,581 | -€1,098 | -3.1% |
| Furniture and vehicles | 24 | €13,003 | €10,503 | -€2,500 | -19.2% |
| Financial fixed assets | 28 | €149,812 | €146,712 | -€3,100 | -2.1% |
| Current assets | 29/58 | €2,190,835 | €3,031,692 | +€840,856 | +38.4% |
| Stocks and contracts in progress | 3 | €378,610 | €467,283 | +€88,673 | +23.4% |
| Stocks | 30/36 | €378,610 | €467,283 | +€88,673 | +23.4% |
| Amounts receivable within one year | 40/41 | €1,664,862 | €1,897,582 | +€232,720 | +14.0% |
| Trade receivables | 40 | €1,461,796 | €1,667,850 | +€206,054 | +14.1% |
| Other amounts receivable | 41 | €203,066 | €229,732 | +€26,666 | +13.1% |
| Current investments | 50/53 | €821 | €0 | -€821 | -100.0% |
| Cash at bank and in hand | 54/58 | €129,589 | €666,005 | +€536,417 | +413.9% |
| Deferred charges and accrued income | 490/1 | €16,954 | €822 | -€16,132 | -95.2% |
| Total equity and liabilities | 10/49 | €2,389,330 | €3,223,488 | +€834,158 | +34.9% |
| Equity | 10/15 | €373,594 | €422,651 | +€49,057 | +13.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €273,594 | €322,651 | +€49,057 | +17.9% |
| Distributable reserves | 133 | €273,594 | €322,651 | +€49,057 | +17.9% |
| Amounts payable | 17/49 | €2,015,736 | €2,800,837 | +€785,101 | +38.9% |
| Amounts payable after more than one year | 17 | €15,378 | €10,976 | -€4,403 | -28.6% |
| Financial debts | 170/4 | €15,378 | €10,976 | -€4,403 | -28.6% |
| Amounts payable within one year | 42/48 | €1,970,315 | €2,787,823 | +€817,508 | +41.5% |
| Current portion of amounts payable after more than one year | 42 | €4,470 | €4,403 | -€67 | -1.5% |
| Financial debts | 43 | €811,791 | €928,459 | +€116,668 | +14.4% |
| Credit institutions | 430/8 | €811,791 | €928,459 | +€116,668 | +14.4% |
| Trade debts | 44 | €733,252 | €1,239,519 | +€506,267 | +69.0% |
| Suppliers | 440/4 | €733,252 | €1,239,519 | +€506,267 | +69.0% |
| Taxes, remuneration and social security | 45 | €419,000 | €615,442 | +€196,442 | +46.9% |
| Taxes | 450/3 | €45,508 | €65,048 | +€19,540 | +42.9% |
| Remuneration and social security | 454/9 | €373,492 | €550,394 | +€176,901 | +47.4% |
| Other amounts payable | 47/48 | €1,802 | €0 | -€1,802 | -100.0% |
| Accrued charges and deferred income | 492/3 | €30,043 | €2,038 | -€28,005 | -93.2% |
| Remuneration, social security and pensions | 62 | €3,287,053 | €3,639,481 | +€352,428 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,053 | €21,287 | +€2,234 | +11.7% |
| Other operating charges | 640/8 | €5,186 | €8,191 | +€3,005 | +57.9% |
| Gross operating margin | 9900 | €3,471,057 | €3,868,970 | +€397,913 | +11.5% |
| Operating profit (loss) | 9901 | €159,766 | €200,011 | +€40,246 | +25.2% |
| Financial income | 75/76B | €35,916 | €17,404 | -€18,513 | -51.5% |
| Recurring financial income | 75 | €13,896 | €17,404 | +€3,508 | +25.2% |
| Non-recurring financial income | 76B | €22,020 | €0 | -€22,020 | -100.0% |
| Financial charges | 65/66B | €88,336 | €123,857 | +€35,521 | +40.2% |
| Recurring financial charges | 65 | €72,936 | €123,857 | +€50,921 | +69.8% |
| Non-recurring financial charges | 66B | €15,400 | €0 | -€15,400 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €107,346 | €93,558 | -€13,788 | -12.8% |
| Income taxes | 67/77 | €54,951 | €44,501 | -€10,450 | -19.0% |
| Profit (loss) for the period | 9904 | €52,395 | €49,057 | -€3,338 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,395 | €49,057 | -€3,338 | -6.4% |
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.