BW-express: 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.
BW-express
Largest movements
- Cash +€29,519
up €29,519 (+362.1%), from €8,152 to €37,671
mainly Net result for the year (+€47,071) and Depreciation (+€16,490)
- Receivables within one year +€28,279
up €28,279 (+75.3%), from €37,532 to €65,811
of which Trade receivables: +€19,915
- Tangible fixed assets -€22,561
down €22,561 (-26.7%), from €84,380 to €61,819
of which Furniture and vehicles: -€18,265
- Deferred charges and accrued income -€1,897
down €1,897 (-26.0%), from €7,309 to €5,412
- Reserves +€47,071
up €47,071 (+1439.2%), from €3,271 to €50,342
- Trade debts -€6,611
down €6,611 (-69.8%), from €9,476 to €2,865
- Other debts -€3,978
down €3,978 (-4.2%), from €94,920 to €90,942
- Tax, wage and social debts -€3,143
down €3,143 (-12.7%), from €24,707 to €21,564
of which Taxes: -€3,754
- Gross operating margin +€49,899
up €49,899 (+35.3%), from €141,355 to €191,254
- Taxes +€14,620
up €14,620 (+947.0%), from €1,544 to €16,164
- Staff costs -€9,210
down €9,210 (-7.9%), from €117,292 to €108,082
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 | €137,374 | €170,713 | +€33,340 | +24.3% |
| Fixed assets | 21/28 | €84,380 | €61,819 | -€22,561 | -26.7% |
| Tangible fixed assets | 22/27 | €84,380 | €61,819 | -€22,561 | -26.7% |
| Furniture and vehicles | 24 | €45,041 | €26,776 | -€18,265 | -40.6% |
| Other tangible fixed assets | 26 | €39,340 | €35,043 | -€4,296 | -10.9% |
| Current assets | 29/58 | €52,993 | €108,894 | +€55,901 | +105.5% |
| Amounts receivable within one year | 40/41 | €37,532 | €65,811 | +€28,279 | +75.3% |
| Trade receivables | 40 | €36,075 | €55,990 | +€19,915 | +55.2% |
| Other amounts receivable | 41 | €1,456 | €9,820 | +€8,364 | +574.4% |
| Cash at bank and in hand | 54/58 | €8,152 | €37,671 | +€29,519 | +362.1% |
| Deferred charges and accrued income | 490/1 | €7,309 | €5,412 | -€1,897 | -26.0% |
| Total equity and liabilities | 10/49 | €137,374 | €170,713 | +€33,340 | +24.3% |
| Equity | 10/15 | €8,271 | €55,342 | +€47,071 | +569.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €3,271 | €50,342 | +€47,071 | +1439.2% |
| Distributable reserves | 133 | €3,271 | €50,342 | +€47,071 | +1439.2% |
| Amounts payable | 17/49 | €129,103 | €115,371 | -€13,732 | -10.6% |
| Amounts payable within one year | 42/48 | €129,103 | €115,371 | -€13,732 | -10.6% |
| Trade debts | 44 | €9,476 | €2,865 | -€6,611 | -69.8% |
| Suppliers | 440/4 | €9,476 | €2,865 | -€6,611 | -69.8% |
| Taxes, remuneration and social security | 45 | €24,707 | €21,564 | -€3,143 | -12.7% |
| Taxes | 450/3 | €11,210 | €7,456 | -€3,754 | -33.5% |
| Remuneration and social security | 454/9 | €13,497 | €14,108 | +€611 | +4.5% |
| Other amounts payable | 47/48 | €94,920 | €90,942 | -€3,978 | -4.2% |
| Remuneration, social security and pensions | 62 | €117,292 | €108,082 | -€9,210 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,976 | €16,490 | -€1,486 | -8.3% |
| Other operating charges | 640/8 | €931 | €1,194 | +€264 | +28.3% |
| Non-recurring operating charges | 66A | - | €2,019 | +€2,019 | |
| Gross operating margin | 9900 | €141,355 | €191,254 | +€49,899 | +35.3% |
| Operating profit (loss) | 9901 | €5,156 | €63,469 | +€58,313 | +1131.0% |
| Financial income | 75/76B | - | €28 | +€28 | |
| Recurring financial income | 75 | - | €28 | +€28 | |
| Financial charges | 65/66B | €342 | €261 | -€81 | -23.7% |
| Recurring financial charges | 65 | €342 | €261 | -€81 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €4,814 | €63,236 | +€58,421 | +1213.5% |
| Income taxes | 67/77 | €1,544 | €16,164 | +€14,620 | +947.0% |
| Profit (loss) for the period | 9904 | €3,271 | €47,071 | +€43,801 | +1339.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,271 | €47,071 | +€43,801 | +1339.2% |
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 6 October 2026 via checked.be.