BW FINANCES: 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.
BW FINANCES
Largest movements
- Tangible fixed assets +€136,863
up €136,863 (+1,366%), from €10,017 to €146,880
of which Other tangible fixed assets: +€130,411
- Receivables within one year -€39,254
down €39,254 (-95.6%), from €41,061 to €1,807
of which Trade receivables: -€40,448
- Intangible fixed assets -€28,571
down €28,571 (-24.4%), from €117,058 to €88,487
- Cash -€11,950
down €11,950 (-41.0%), from €29,111 to €17,161
mainly Investment in fixed assets (net) (-€157,460) and Net result for the year (-€12,234)
- Debts after one year +€59,010
up €59,010 (+63.4%), from €93,121 to €152,131
- Profit (loss) carried forward -€12,234
down €12,234 (-18.0%), from €67,910 to €55,676
- Current portion of long-term debt +€10,420
up €10,420 (+36.6%), from €28,486 to €38,906
- Tax, wage and social debts +€3,065
up €3,065 (+16.7%), from €18,308 to €21,373
of which Remuneration and social security: +€9,662
- Staff costs +€65,255
up €65,255 (+101%), from €64,315 to €129,570
- Gross operating margin +€23,200
up €23,200 (+14.1%), from €165,090 to €188,290
- Depreciation +€16,476
up €16,476 (+50.4%), from €32,683 to €49,159
- Taxes -€3,058
down €3,058 (-16.7%), from €18,285 to €15,227
- Financial charges +€3,019
up €3,019 (+121%), from €2,495 to €5,514
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 | €245,070 | €304,584 | +€59,514 | +24.3% |
| Fixed assets | 21/28 | €133,725 | €242,026 | +€108,301 | +81.0% |
| Intangible fixed assets | 21 | €117,058 | €88,487 | -€28,571 | -24.4% |
| Tangible fixed assets | 22/27 | €10,017 | €146,880 | +€136,863 | +1,366% |
| Land and buildings | 22 | €1,125 | - | -€1,125 | |
| Plant, machinery and equipment | 23 | €1,978 | €1,178 | -€800 | -40.4% |
| Furniture and vehicles | 24 | €6,914 | €15,291 | +€8,377 | +121% |
| Other tangible fixed assets | 26 | - | €130,411 | +€130,411 | |
| Financial fixed assets | 28 | €6,650 | €6,659 | +€9 | +0.1% |
| Current assets | 29/58 | €111,345 | €62,558 | -€48,787 | -43.8% |
| Amounts receivable within one year | 40/41 | €41,061 | €1,807 | -€39,254 | -95.6% |
| Trade receivables | 40 | €41,061 | €613 | -€40,448 | -98.5% |
| Other amounts receivable | 41 | - | €1,194 | +€1,194 | |
| Cash at bank and in hand | 54/58 | €29,111 | €17,161 | -€11,950 | -41.0% |
| Deferred charges and accrued income | 490/1 | €41,173 | €43,590 | +€2,417 | +5.9% |
| Total equity and liabilities | 10/49 | €245,070 | €304,584 | +€59,514 | +24.3% |
| Equity | 10/15 | €102,692 | €90,458 | -€12,234 | -11.9% |
| Contributions | 10/11 | €31,620 | €31,620 | = | 0.0% |
| Reserves | 13 | €3,162 | €3,162 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,162 | €3,162 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,162 | €3,162 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,910 | €55,676 | -€12,234 | -18.0% |
| Amounts payable | 17/49 | €142,378 | €214,126 | +€71,748 | +50.4% |
| Amounts payable after more than one year | 17 | €93,121 | €152,131 | +€59,010 | +63.4% |
| Financial debts | 170/4 | €93,121 | €152,131 | +€59,010 | +63.4% |
| Amounts payable within one year | 42/48 | €49,257 | €61,995 | +€12,738 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €28,486 | €38,906 | +€10,420 | +36.6% |
| Trade debts | 44 | €2,463 | €1,716 | -€747 | -30.3% |
| Suppliers | 440/4 | €2,463 | €1,716 | -€747 | -30.3% |
| Taxes, remuneration and social security | 45 | €18,308 | €21,373 | +€3,065 | +16.7% |
| Taxes | 450/3 | €10,051 | €3,454 | -€6,597 | -65.6% |
| Remuneration and social security | 454/9 | €8,257 | €17,919 | +€9,662 | +117% |
| Remuneration, social security and pensions | 62 | €64,315 | €129,570 | +€65,255 | +101% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,683 | €49,159 | +€16,476 | +50.4% |
| Other operating charges | 640/8 | €2,891 | €195 | -€2,696 | -93.3% |
| Non-recurring operating charges | 66A | - | €1,125 | +€1,125 | |
| Gross operating margin | 9900 | €165,090 | €188,290 | +€23,200 | +14.1% |
| Operating profit (loss) | 9901 | €65,201 | €8,241 | -€56,960 | -87.4% |
| Financial income | 75/76B | €55 | €266 | +€211 | +384% |
| Recurring financial income | 75 | €55 | €266 | +€211 | +384% |
| Financial charges | 65/66B | €2,495 | €5,514 | +€3,019 | +121% |
| Recurring financial charges | 65 | €2,495 | €5,514 | +€3,019 | +121% |
| Profit (loss) for the period before taxes | 9903 | €62,761 | €2,993 | -€59,768 | -95.2% |
| Income taxes | 67/77 | €18,285 | €15,227 | -€3,058 | -16.7% |
| Profit (loss) for the period | 9904 | €44,476 | -€12,234 | -€56,710 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,476 | -€12,234 | -€56,710 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.