BHW: 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.
BHW
Largest movements
- Cash +€83,198
up €83,198 (+76.3%), from €109,074 to €192,272
mainly Net result for the year (+€58,614) and Depreciation (+€25,575)
- Tangible fixed assets -€19,960
down €19,960 (-49.6%), from €40,233 to €20,273
- Deferred charges and accrued income -€13,511
down €13,511 (-75.6%), from €17,878 to €4,366
- Receivables within one year +€3,147
up €3,147 (+29.6%), from €10,625 to €13,772
- Reserves +€58,614
up €58,614 (+82.1%), from €71,359 to €129,973
- Debts after one year -€27,533
no longer reported in 2025 (was €27,533)
- Tax, wage and social debts +€23,283
up €23,283 (+81.7%), from €28,497 to €51,779
- Trade debts -€2,378
down €2,378 (-61.0%), from €3,896 to €1,518
- Gross operating margin -€33,077
down €33,077 (-23.0%), from €143,605 to €110,528
- Depreciation -€12,589
down €12,589 (-33.0%), from €38,164 to €25,575
- Taxes -€5,214
down €5,214 (-18.3%), from €28,497 to €23,283
- Financial charges -€1,662
down €1,662 (-47.0%), from €3,535 to €1,873
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 | €177,809 | €230,683 | +€52,874 | +29.7% |
| Fixed assets | 21/28 | €40,233 | €20,273 | -€19,960 | -49.6% |
| Tangible fixed assets | 22/27 | €40,233 | €20,273 | -€19,960 | -49.6% |
| Furniture and vehicles | 24 | €40,233 | €20,273 | -€19,960 | -49.6% |
| Current assets | 29/58 | €137,577 | €210,410 | +€72,833 | +52.9% |
| Amounts receivable within one year | 40/41 | €10,625 | €13,772 | +€3,147 | +29.6% |
| Trade receivables | 40 | €10,625 | €13,772 | +€3,147 | +29.6% |
| Cash at bank and in hand | 54/58 | €109,074 | €192,272 | +€83,198 | +76.3% |
| Deferred charges and accrued income | 490/1 | €17,878 | €4,366 | -€13,511 | -75.6% |
| Total equity and liabilities | 10/49 | €177,809 | €230,683 | +€52,874 | +29.7% |
| Equity | 10/15 | €76,359 | €134,973 | +€58,614 | +76.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €71,359 | €129,973 | +€58,614 | +82.1% |
| Distributable reserves | 133 | €71,359 | €129,973 | +€58,614 | +82.1% |
| Amounts payable | 17/49 | €101,450 | €95,710 | -€5,740 | -5.7% |
| Amounts payable after more than one year | 17 | €27,533 | - | -€27,533 | |
| Financial debts | 170/4 | €27,533 | - | -€27,533 | |
| Amounts payable within one year | 42/48 | €73,713 | €95,606 | +€21,892 | +29.7% |
| Current portion of amounts payable after more than one year | 42 | €26,350 | €27,533 | +€1,183 | +4.5% |
| Trade debts | 44 | €3,896 | €1,518 | -€2,378 | -61.0% |
| Suppliers | 440/4 | €3,896 | €1,518 | -€2,378 | -61.0% |
| Taxes, remuneration and social security | 45 | €28,497 | €51,779 | +€23,283 | +81.7% |
| Taxes | 450/3 | €28,497 | €51,779 | +€23,283 | +81.7% |
| Other amounts payable | 47/48 | €14,971 | €14,776 | -€195 | -1.3% |
| Accrued charges and deferred income | 492/3 | €204 | €104 | -€100 | -48.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,164 | €25,575 | -€12,589 | -33.0% |
| Other operating charges | 640/8 | €2,051 | €1,189 | -€862 | -42.0% |
| Gross operating margin | 9900 | €143,605 | €110,528 | -€33,077 | -23.0% |
| Operating profit (loss) | 9901 | €103,391 | €83,765 | -€19,626 | -19.0% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €3,535 | €1,873 | -€1,662 | -47.0% |
| Recurring financial charges | 65 | €3,535 | €1,873 | -€1,662 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €99,856 | €81,897 | -€17,959 | -18.0% |
| Income taxes | 67/77 | €28,497 | €23,283 | -€5,214 | -18.3% |
| Profit (loss) for the period | 9904 | €71,359 | €58,614 | -€12,745 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,359 | €58,614 | -€12,745 | -17.9% |
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 28 September 2026 via checked.be.