BW & HM: 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 & HM
Largest movements
- Tangible fixed assets -€5,968
down €5,968 (-52.2%), from €11,438 to €5,470
- Receivables within one year -€3,441
down €3,441 (-41.2%), from €8,342 to €4,901
of which Trade receivables: -€2,113
- Stocks and contracts -€1,945
down €1,945 (-36.0%), from €5,396 to €3,451
- Profit (loss) carried forward -€8,728
down €8,728 (-19.0%), from -€45,982 to -€54,710
- Debts after one year -€5,184
no longer reported in 2025 (was €5,184)
- Short-term financial debts +€2,403
new in 2025: €2,403
- Current portion of long-term debt -€369
down €369 (-6.6%), from €5,553 to €5,184
- Other debts +€291
up €291 (+0.8%), from €38,564 to €38,855
- Gross operating margin -€4,179
down €4,179, from €2,965 to -€1,214
- Other operating charges -€212
down €212 (-20.6%), from €1,029 to €817
- Financial charges -€76
down €76 (-9.4%), from €805 to €730
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 | €25,228 | €13,823 | -€11,405 | -45.2% |
| Fixed assets | 21/28 | €11,438 | €5,470 | -€5,968 | -52.2% |
| Tangible fixed assets | 22/27 | €11,438 | €5,470 | -€5,968 | -52.2% |
| Leasing and similar rights | 25 | €11,438 | €5,470 | -€5,968 | -52.2% |
| Current assets | 29/58 | €13,790 | €8,352 | -€5,437 | -39.4% |
| Stocks and contracts in progress | 3 | €5,396 | €3,451 | -€1,945 | -36.0% |
| Stocks | 30/36 | €5,396 | €3,451 | -€1,945 | -36.0% |
| Amounts receivable within one year | 40/41 | €8,342 | €4,901 | -€3,441 | -41.2% |
| Trade receivables | 40 | €7,014 | €4,901 | -€2,113 | -30.1% |
| Other amounts receivable | 41 | €1,328 | - | -€1,328 | |
| Cash at bank and in hand | 54/58 | €51 | - | -€51 | |
| Total equity and liabilities | 10/49 | €25,228 | €13,823 | -€11,405 | -45.2% |
| Equity | 10/15 | -€25,522 | -€34,250 | -€8,728 | -34.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,982 | -€54,710 | -€8,728 | -19.0% |
| Amounts payable | 17/49 | €50,750 | €48,073 | -€2,677 | -5.3% |
| Amounts payable after more than one year | 17 | €5,184 | - | -€5,184 | |
| Financial debts | 170/4 | €5,184 | - | -€5,184 | |
| Amounts payable within one year | 42/48 | €45,117 | €47,356 | +€2,239 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €5,553 | €5,184 | -€369 | -6.6% |
| Financial debts | 43 | - | €2,403 | +€2,403 | |
| Credit institutions | 430/8 | - | €2,403 | +€2,403 | |
| Trade debts | 44 | €1,000 | €840 | -€160 | -16.0% |
| Suppliers | 440/4 | €1,000 | €840 | -€160 | -16.0% |
| Taxes, remuneration and social security | 45 | - | €75 | +€75 | |
| Taxes | 450/3 | - | €75 | +€75 | |
| Other amounts payable | 47/48 | €38,564 | €38,855 | +€291 | +0.8% |
| Accrued charges and deferred income | 492/3 | €449 | €717 | +€267 | +59.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,968 | €5,968 | = | 0.0% |
| Other operating charges | 640/8 | €1,029 | €817 | -€212 | -20.6% |
| Gross operating margin | 9900 | €2,965 | -€1,214 | -€4,179 | |
| Operating profit (loss) | 9901 | -€4,031 | -€7,998 | -€3,967 | -98.4% |
| Financial charges | 65/66B | €805 | €730 | -€76 | -9.4% |
| Recurring financial charges | 65 | €805 | €730 | -€76 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,837 | -€8,728 | -€3,891 | -80.4% |
| Profit (loss) for the period | 9904 | -€4,837 | -€8,728 | -€3,891 | -80.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,837 | -€8,728 | -€3,891 | -80.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.