BW-MANAGEMENT: 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-MANAGEMENT
Largest movements
- Receivables within one year +€33,880
up €33,880 (+103%), from €33,003 to €66,883
- Cash -€32,786
down €32,786 (-18.2%), from €180,559 to €147,774
mainly Receivables within one year (-€33,880) and Contributions, distributions and other (-€21,278)
- Tangible fixed assets -€10,292
down €10,292 (-5.3%), from €193,285 to €182,993
- Debts after one year -€16,667
down €16,667 (-11.2%), from €149,389 to €132,722
- Tax, wage and social debts +€6,993
up €6,993 (+357%), from €1,956 to €8,949
of which Taxes: +€6,031
- Other debts +€4,834
up €4,834 (+5.8%), from €82,633 to €87,467
- Gross operating margin -€22,369
down €22,369 (-33.0%), from €67,882 to €45,512
- Depreciation -€16,410
down €16,410 (-61.5%), from €26,702 to €10,292
- Financial charges -€2,777
down €2,777 (-30.3%), from €9,154 to €6,376
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 | €406,847 | €397,650 | -€9,198 | -2.3% |
| Fixed assets | 21/28 | €193,285 | €182,993 | -€10,292 | -5.3% |
| Tangible fixed assets | 22/27 | €193,285 | €182,993 | -€10,292 | -5.3% |
| Land and buildings | 22 | €193,285 | €182,993 | -€10,292 | -5.3% |
| Current assets | 29/58 | €213,563 | €214,657 | +€1,094 | +0.5% |
| Amounts receivable within one year | 40/41 | €33,003 | €66,883 | +€33,880 | +103% |
| Trade receivables | 40 | €33,003 | €66,883 | +€33,880 | +103% |
| Cash at bank and in hand | 54/58 | €180,559 | €147,774 | -€32,786 | -18.2% |
| Total equity and liabilities | 10/49 | €406,847 | €397,650 | -€9,198 | -2.3% |
| Equity | 10/15 | €137,246 | €134,325 | -€2,920 | -2.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €117,246 | €114,325 | -€2,920 | -2.5% |
| Tax-exempt reserves | 132 | €36,097 | €32,816 | -€3,282 | -9.1% |
| Distributable reserves | 133 | €81,149 | €81,510 | +€361 | +0.4% |
| Provisions and deferred taxes | 16 | €18,587 | €16,898 | -€1,690 | -9.1% |
| Deferred taxes | 168 | €18,587 | €16,898 | -€1,690 | -9.1% |
| Amounts payable | 17/49 | €251,014 | €246,427 | -€4,588 | -1.8% |
| Amounts payable after more than one year | 17 | €149,389 | €132,722 | -€16,667 | -11.2% |
| Financial debts | 170/4 | €149,389 | €132,722 | -€16,667 | -11.2% |
| Amounts payable within one year | 42/48 | €101,626 | €113,705 | +€12,079 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €16,667 | €16,667 | = | 0.0% |
| Trade debts | 44 | €370 | €622 | +€252 | +68.3% |
| Suppliers | 440/4 | €370 | €622 | +€252 | +68.3% |
| Taxes, remuneration and social security | 45 | €1,956 | €8,949 | +€6,993 | +357% |
| Taxes | 450/3 | €1,956 | €7,987 | +€6,031 | +308% |
| Remuneration and social security | 454/9 | - | €962 | +€962 | |
| Other amounts payable | 47/48 | €82,633 | €87,467 | +€4,834 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,702 | €10,292 | -€16,410 | -61.5% |
| Other operating charges | 640/8 | €1,730 | €1,592 | -€138 | -8.0% |
| Gross operating margin | 9900 | €67,882 | €45,512 | -€22,369 | -33.0% |
| Operating profit (loss) | 9901 | €39,450 | €33,628 | -€5,822 | -14.8% |
| Financial charges | 65/66B | €9,154 | €6,376 | -€2,777 | -30.3% |
| Recurring financial charges | 65 | €9,154 | €6,376 | -€2,777 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €30,296 | €27,252 | -€3,045 | -10.0% |
| Transfer from deferred taxes | 780 | €1,690 | €1,690 | = | 0.0% |
| Income taxes | 67/77 | €10,588 | €10,583 | -€4 | 0.0% |
| Profit (loss) for the period | 9904 | €21,398 | €18,358 | -€3,040 | -14.2% |
| Transfer from tax-exempt reserves | 789 | €3,282 | €3,282 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,680 | €21,639 | -€3,040 | -12.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.