BW IMMO: 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.
What changed
BW IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€200,979
2024 · -€125,514-€75,465
Equity
€1.2m
2024 · €1.4m-€200,979
Cash
€31,060
2024 · €76,820-€45,760
Balance sheet total
€2.7m
2024 · €3.1m-€382,573
Largest movements
Assets
- Current investments -€150,000
down €150,000 (-100.0%), from €150,000 to €0
- Intangible fixed assets -€146,428
down €146,428 (-14.6%), from €1.0m to €854,165
- Cash -€45,760
down €45,760 (-59.6%), from €76,820 to €31,060
mainly Net result for the year (-€200,979) and Debts after one year (-€171,306)
- Tangible fixed assets -€32,704
down €32,704 (-1.8%), from €1.9m to €1.8m
of which Land and buildings: -€81,104
Equity and liabilities
- Debts after one year -€171,306
down €171,306 (-14.9%), from €1.2m to €979,413
- Profit (loss) carried forward -€166,273
down €166,273, from €151,277 to -€14,996
- Reserves -€34,706
down €34,706 (-3.4%), from €1.0m to €989,100
Income statement
- Depreciation +€144,828
up €144,828 (+164.2%), from €88,187 to €233,015
- Turnover +€144,514
new in 2025: €144,514
- Services and other goods +€58,991
new in 2025: €58,991
- Other operating charges -€56,478
down €56,478 (-79.1%), from €71,388 to €14,909
- Gross operating margin -€49,818
no longer reported in 2025 (was €49,818)
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.
Result 2024
-€125,514
Turnover
+€144,514
Other operating income
+€482
Services and other goods
-€58,991
Staff costs
+€1,553
Depreciation
-€144,828
Write-downs
+€1,415
Other operating charges
+€56,478
Other operating items
-€49,818
Financial income
-€13,651
Financial charges
-€11,896
Taxes
-€1,704
Deferred taxes and other
+€980
Result 2025
-€200,979
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.
From operations
+€33,429
Investment
+€96,092
Financing
-€175,281
Cash 2024
€76,820
From operations (derived)
+€33,429
Net result for the year
-€200,979
Depreciation
+€233,015
Receivables within one year
+€7,393
Deferred charges and accrued income
+€314
Provisions
-€11,569
Trade debts
+€6,475
Tax, wage and social debts
-€6,705
Other debts
+€9,727
Accrued charges and deferred income
-€4,242
Investment (derived)
+€96,092
Investment in fixed assets (net)
-€53,908
Current investments
+€150,000
Financing
-€175,281
Debts after one year
-€171,306
Current portion of long-term debt
-€3,975
Cash 2025
€31,060
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,128,870 | €2,746,297 | -€382,573 | -12.2% |
| Fixed assets | 21/28 | €2,862,247 | €2,683,139 | -€179,107 | -6.3% |
| Intangible fixed assets | 21 | €1,000,593 | €854,165 | -€146,428 | -14.6% |
| Tangible fixed assets | 22/27 | €1,857,046 | €1,824,342 | -€32,704 | -1.8% |
| Land and buildings | 22 | €1,857,046 | €1,775,942 | -€81,104 | -4.4% |
| Assets under construction and advance payments | 27 | - | €48,400 | +€48,400 | |
| Financial fixed assets | 28 | €4,608 | €4,633 | +€24 | +0.5% |
| Other financial fixed assets | 284/8 | - | €4,633 | +€4,633 | |
| Amounts receivable and cash guarantees | 285/8 | - | €4,633 | +€4,633 | |
| Current assets | 29/58 | €266,623 | €63,157 | -€203,466 | -76.3% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €37,004 | €29,612 | -€7,393 | -20.0% |
| Trade receivables | 40 | €5,010 | €2,615 | -€2,395 | -47.8% |
| Other amounts receivable | 41 | €31,995 | €26,997 | -€4,998 | -15.6% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100.0% |
| Other investments | 51/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €76,820 | €31,060 | -€45,760 | -59.6% |
| Deferred charges and accrued income | 490/1 | €2,799 | €2,486 | -€314 | -11.2% |
| Total equity and liabilities | 10/49 | €3,128,870 | €2,746,297 | -€382,573 | -12.2% |
| Equity | 10/15 | €1,446,943 | €1,245,964 | -€200,979 | -13.9% |
| Contributions | 10/11 | €271,860 | €271,860 | = | 0.0% |
| Reserves | 13 | €1,023,806 | €989,100 | -€34,706 | -3.4% |
| Tax-exempt reserves | 132 | €1,023,806 | €989,100 | -€34,706 | -3.4% |
| Profit (loss) carried forward | 14 | €151,277 | -€14,996 | -€166,273 | |
| Provisions and deferred taxes | 16 | €341,269 | €329,700 | -€11,569 | -3.4% |
| Deferred taxes | 168 | €341,269 | €329,700 | -€11,569 | -3.4% |
| Amounts payable | 17/49 | €1,340,659 | €1,170,633 | -€170,026 | -12.7% |
| Amounts payable after more than one year | 17 | €1,150,719 | €979,413 | -€171,306 | -14.9% |
| Financial debts | 170/4 | €1,150,719 | €979,413 | -€171,306 | -14.9% |
| Credit institutions | 173 | - | €979,413 | +€979,413 | |
| Amounts payable within one year | 42/48 | €185,690 | €191,213 | +€5,523 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €175,281 | €171,306 | -€3,975 | -2.3% |
| Trade debts | 44 | €2,700 | €9,176 | +€6,475 | +239.8% |
| Suppliers | 440/4 | €2,700 | €9,176 | +€6,475 | +239.8% |
| Taxes, remuneration and social security | 45 | €7,436 | €731 | -€6,705 | -90.2% |
| Taxes | 450/3 | €6,446 | €731 | -€5,715 | -88.7% |
| Remuneration and social security | 454/9 | €990 | €0 | -€990 | -100.0% |
| Other amounts payable | 47/48 | €273 | €10,000 | +€9,727 | +3562.6% |
| Accrued charges and deferred income | 492/3 | €4,250 | €7 | -€4,242 | -99.8% |
| Operating income | 70/76A | - | €144,996 | +€144,996 | |
| Turnover | 70 | - | €144,514 | +€144,514 | |
| Other operating income | 74 | - | €482 | +€482 | |
| Operating charges | 60/66A | - | €305,658 | +€305,658 | |
| Services and other goods | 61 | - | €58,991 | +€58,991 | |
| Remuneration, social security and pensions | 62 | €295 | -€1,258 | -€1,553 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,187 | €233,015 | +€144,828 | +164.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,415 | €0 | -€1,415 | -100.0% |
| Other operating charges | 640/8 | €71,388 | €14,909 | -€56,478 | -79.1% |
| Gross operating margin | 9900 | €49,818 | - | -€49,818 | |
| Operating profit (loss) | 9901 | -€111,467 | -€160,662 | -€49,195 | -44.1% |
| Financial income | 75/76B | €16,455 | €2,804 | -€13,651 | -83.0% |
| Recurring financial income | 75 | €16,455 | €2,804 | -€13,651 | -83.0% |
| Income from current assets | 751 | - | €1,739 | +€1,739 | |
| Other financial income | 752/9 | - | €1,064 | +€1,064 | |
| Financial charges | 65/66B | €41,617 | €53,513 | +€11,896 | +28.6% |
| Recurring financial charges | 65 | €41,617 | €53,513 | +€11,896 | +28.6% |
| Debt charges | 650 | - | €51,542 | +€51,542 | |
| Other financial charges | 652/9 | - | €1,971 | +€1,971 | |
| Profit (loss) for the period before taxes | 9903 | -€136,630 | -€211,371 | -€74,741 | -54.7% |
| Transfer from deferred taxes | 780 | €10,588 | €11,569 | +€980 | +9.3% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | -€527 | €1,176 | +€1,704 | |
| Taxes | 670/3 | - | €1,176 | +€1,176 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€125,514 | -€200,979 | -€75,465 | -60.1% |
| Transfer from tax-exempt reserves | 789 | €31,765 | €34,706 | +€2,941 | +9.3% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,749 | -€166,273 | -€72,524 | -77.4% |
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.