BDW RE: 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 RE
Largest movements
- Receivables within one year +€97,203
up €97,203 (+209.2%), from €46,457 to €143,660
of which Trade receivables: +€63,959
- Tangible fixed assets -€23,234
down €23,234 (-6.4%), from €363,653 to €340,419
- Cash -€4,970
down €4,970 (-85.9%), from €5,787 to €818
mainly Receivables within one year (-€97,203) and Investment in fixed assets (net) (-€45,509)
- Reserves +€106,084
up €106,084 (+78.7%), from €134,799 to €240,883
of which Distributable reserves: +€106,084
- Debts after one year -€38,482
down €38,482 (-30.4%), from €126,542 to €88,060
- Other debts +€12,348
up €12,348 (+66.9%), from €18,445 to €30,793
- Tax, wage and social debts -€5,969
down €5,969 (-20.1%), from €29,675 to €23,707
- Gross operating margin +€159,820
up €159,820 (+360.3%), from €44,354 to €204,174
- Financial charges +€3,733
up €3,733 (+18.8%), from €19,908 to €23,640
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 | €419,478 | €494,575 | +€75,097 | +17.9% |
| Fixed assets | 21/28 | €363,653 | €340,419 | -€23,234 | -6.4% |
| Tangible fixed assets | 22/27 | €363,653 | €340,419 | -€23,234 | -6.4% |
| Land and buildings | 22 | €93,863 | €83,135 | -€10,728 | -11.4% |
| Plant, machinery and equipment | 23 | €263,850 | €252,675 | -€11,175 | -4.2% |
| Furniture and vehicles | 24 | €5,941 | €4,609 | -€1,332 | -22.4% |
| Current assets | 29/58 | €55,825 | €154,156 | +€98,331 | +176.1% |
| Stocks and contracts in progress | 3 | €0 | €3,141 | +€3,141 | |
| Stocks | 30/36 | €0 | €3,141 | +€3,141 | |
| Amounts receivable within one year | 40/41 | €46,457 | €143,660 | +€97,203 | +209.2% |
| Trade receivables | 40 | €46,189 | €110,148 | +€63,959 | +138.5% |
| Other amounts receivable | 41 | €268 | €33,512 | +€33,245 | +12424.3% |
| Cash at bank and in hand | 54/58 | €5,787 | €818 | -€4,970 | -85.9% |
| Deferred charges and accrued income | 490/1 | €3,581 | €6,538 | +€2,957 | +82.6% |
| Total equity and liabilities | 10/49 | €419,478 | €494,575 | +€75,097 | +17.9% |
| Equity | 10/15 | €153,399 | €259,483 | +€106,084 | +69.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €134,799 | €240,883 | +€106,084 | +78.7% |
| Tax-exempt reserves | 132 | €28,750 | €28,750 | = | 0.0% |
| Distributable reserves | 133 | €106,049 | €212,133 | +€106,084 | +100.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €266,079 | €235,093 | -€30,987 | -11.6% |
| Amounts payable after more than one year | 17 | €126,542 | €88,060 | -€38,482 | -30.4% |
| Financial debts | 170/4 | €126,542 | €88,060 | -€38,482 | -30.4% |
| Amounts payable within one year | 42/48 | €136,919 | €144,403 | +€7,484 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €39,721 | €38,482 | -€1,239 | -3.1% |
| Financial debts | 43 | €10,124 | €10,067 | -€57 | -0.6% |
| Credit institutions | 430/8 | €10,124 | €10,067 | -€57 | -0.6% |
| Trade debts | 44 | €38,953 | €41,354 | +€2,401 | +6.2% |
| Suppliers | 440/4 | €38,953 | €41,354 | +€2,401 | +6.2% |
| Taxes, remuneration and social security | 45 | €29,675 | €23,707 | -€5,969 | -20.1% |
| Taxes | 450/3 | €29,675 | €23,707 | -€5,969 | -20.1% |
| Other amounts payable | 47/48 | €18,445 | €30,793 | +€12,348 | +66.9% |
| Accrued charges and deferred income | 492/3 | €2,618 | €2,629 | +€11 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,680 | €68,743 | +€1,063 | +1.6% |
| Other operating charges | 640/8 | €6,554 | €5,298 | -€1,255 | -19.2% |
| Gross operating margin | 9900 | €44,354 | €204,174 | +€159,820 | +360.3% |
| Operating profit (loss) | 9901 | -€29,880 | €130,133 | +€160,013 | |
| Financial income | 75/76B | €1 | €462 | +€462 | +75678.7% |
| Recurring financial income | 75 | €1 | €462 | +€462 | +75678.7% |
| Financial charges | 65/66B | €19,908 | €23,640 | +€3,733 | +18.8% |
| Recurring financial charges | 65 | €19,908 | €23,640 | +€3,733 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | -€49,787 | €106,954 | +€156,742 | |
| Income taxes | 67/77 | €890 | €871 | -€19 | -2.1% |
| Profit (loss) for the period | 9904 | -€50,677 | €106,084 | +€156,760 | |
| Profit (loss) for the period to be appropriated | 9905 | -€50,677 | €106,084 | +€156,760 |
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 3 October 2026 via checked.be.