BW PARTNERS: 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.
What changed
BW PARTNERS
NACE 66.191, Agents and brokers in banking services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€402,460
2024 · €267,282+€135,178
Equity
€6,101
2024 · €5,641+€460
Cash
-
2024 · €0
Balance sheet total
€2.9m
2024 · €2.7m+€257,815
Largest movements
Assets
- Deferred charges and accrued income +€488,062
up €488,062 (+91.6%), from €532,653 to €1.0m
- Intangible fixed assets -€242,307
down €242,307 (-11.5%), from €2.1m to €1.9m
Equity and liabilities
- Trade debts +€354,626
up €354,626 (+282%), from €125,960 to €480,586
- Debts after one year -€214,355
down €214,355 (-11.7%), from €1.8m to €1.6m
- Other debts +€135,184
up €135,184 (+50.6%), from €267,036 to €402,220
- Short-term financial debts -€36,602
down €36,602 (-18.4%), from €198,939 to €162,337
Income statement
- Gross operating margin +€234,986
up €234,986 (+28.3%), from €829,980 to €1.1m
- Staff costs +€90,851
up €90,851 (+44.2%), from €205,728 to €296,579
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
€267,282
Gross operating margin
+€234,986
Staff costs
-€90,851
Depreciation
-€6,957
Other operating charges
-€1,825
Financial income
-€1
Financial charges
+€8,585
Taxes
-€8,760
Result 2025
€402,460
raises the resultlowers the result
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.
From operations
+€678,117
Investment
-€32,644
Financing
-€645,473
Cash 2024
€0
From operations (derived)
+€678,117
Net result for the year
+€402,460
Depreciation
+€262,891
Deferred charges and accrued income
-€488,062
Trade debts
+€354,626
Tax, wage and social debts
+€11,018
Other debts
+€135,184
Investment (derived)
-€32,644
Investment in fixed assets (net)
-€32,644
Financing
-€645,473
Debts after one year
-€214,355
Current portion of long-term debt
+€7,483
Short-term financial debts
-€36,602
Contributions, distributions and other
-€402,000
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,686,388 | €2,944,202 | +€257,815 | +9.6% |
| Formation expenses | 20 | €718 | €478 | -€240 | -33.4% |
| Fixed assets | 21/28 | €2,153,017 | €1,923,010 | -€230,007 | -10.7% |
| Intangible fixed assets | 21 | €2,104,372 | €1,862,064 | -€242,307 | -11.5% |
| Tangible fixed assets | 22/27 | €47,845 | €60,145 | +€12,300 | +25.7% |
| Land and buildings | 22 | €13,977 | €16,152 | +€2,175 | +15.6% |
| Furniture and vehicles | 24 | €33,868 | €43,993 | +€10,125 | +29.9% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €532,653 | €1,020,714 | +€488,062 | +91.6% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €532,653 | €1,020,714 | +€488,062 | +91.6% |
| Total equity and liabilities | 10/49 | €2,686,388 | €2,944,202 | +€257,815 | +9.6% |
| Equity | 10/15 | €5,641 | €6,101 | +€460 | +8.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €641 | €1,101 | +€460 | +71.7% |
| Amounts payable | 17/49 | €2,680,746 | €2,938,101 | +€257,355 | +9.6% |
| Amounts payable after more than one year | 17 | €1,832,662 | €1,618,308 | -€214,355 | -11.7% |
| Financial debts | 170/4 | €1,832,662 | €1,618,308 | -€214,355 | -11.7% |
| Amounts payable within one year | 42/48 | €848,084 | €1,319,794 | +€471,710 | +55.6% |
| Current portion of amounts payable after more than one year | 42 | €206,871 | €214,355 | +€7,483 | +3.6% |
| Financial debts | 43 | €198,939 | €162,337 | -€36,602 | -18.4% |
| Credit institutions | 430/8 | €198,939 | €162,337 | -€36,602 | -18.4% |
| Trade debts | 44 | €125,960 | €480,586 | +€354,626 | +282% |
| Suppliers | 440/4 | €125,960 | €480,586 | +€354,626 | +282% |
| Taxes, remuneration and social security | 45 | €49,278 | €60,296 | +€11,018 | +22.4% |
| Taxes | 450/3 | €26,065 | €32,983 | +€6,918 | +26.5% |
| Remuneration and social security | 454/9 | €23,213 | €27,313 | +€4,100 | +17.7% |
| Other amounts payable | 47/48 | €267,036 | €402,220 | +€135,184 | +50.6% |
| Remuneration, social security and pensions | 62 | €205,728 | €296,579 | +€90,851 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €255,934 | €262,891 | +€6,957 | +2.7% |
| Other operating charges | 640/8 | €2,817 | €4,642 | +€1,825 | +64.8% |
| Gross operating margin | 9900 | €829,980 | €1,064,966 | +€234,986 | +28.3% |
| Operating profit (loss) | 9901 | €365,502 | €500,854 | +€135,353 | +37.0% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €86,108 | €77,523 | -€8,585 | -10.0% |
| Recurring financial charges | 65 | €86,108 | €77,523 | -€8,585 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €279,394 | €423,331 | +€143,937 | +51.5% |
| Income taxes | 67/77 | €12,112 | €20,871 | +€8,760 | +72.3% |
| Profit (loss) for the period | 9904 | €267,282 | €402,460 | +€135,178 | +50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €267,282 | €402,460 | +€135,178 | +50.6% |
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 24 October 2026 via checked.be.