BW PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets -€9,226
down €9,226 (-4.0%), from €233,198 to €223,971
of which Land and buildings: -€7,883
- Receivables within one year -€5,413
down €5,413 (-3.0%), from €178,017 to €172,604
of which Trade receivables: -€5,413
- Current portion of long-term debt -€12,170
no longer reported in 2025 (was €12,170)
- Tax, wage and social debts -€6,618
down €6,618 (-66.3%), from €9,989 to €3,371
- Other debts +€5,307
up €5,307 (+17.8%), from €29,763 to €35,070
- Gross operating margin -€13,393
down €13,393 (-41.9%), from €32,002 to €18,609
- Taxes -€4,629
down €4,629 (-87.8%), from €5,271 to €643
- Financial charges +€345
up €345 (+9.0%), from €3,841 to €4,185
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 | €418,206 | €407,409 | -€10,797 | -2.6% |
| Fixed assets | 21/28 | €233,198 | €223,971 | -€9,226 | -4.0% |
| Tangible fixed assets | 22/27 | €233,198 | €223,971 | -€9,226 | -4.0% |
| Land and buildings | 22 | €223,039 | €215,156 | -€7,883 | -3.5% |
| Plant, machinery and equipment | 23 | €5,038 | €5,657 | +€619 | +12.3% |
| Furniture and vehicles | 24 | €5,120 | €3,159 | -€1,961 | -38.3% |
| Current assets | 29/58 | €185,009 | €183,438 | -€1,571 | -0.8% |
| Amounts receivable within one year | 40/41 | €178,017 | €172,604 | -€5,413 | -3.0% |
| Trade receivables | 40 | €76,265 | €70,851 | -€5,413 | -7.1% |
| Other amounts receivable | 41 | €101,753 | €101,753 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,833 | €8,615 | +€3,782 | +78.3% |
| Deferred charges and accrued income | 490/1 | €2,159 | €2,219 | +€60 | +2.8% |
| Total equity and liabilities | 10/49 | €418,206 | €407,409 | -€10,797 | -2.6% |
| Equity | 10/15 | €159,011 | €160,475 | +€1,464 | +0.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €129,011 | €130,475 | +€1,464 | +1.1% |
| Distributable reserves | 133 | €129,011 | €130,475 | +€1,464 | +1.1% |
| Amounts payable | 17/49 | €259,196 | €246,934 | -€12,261 | -4.7% |
| Amounts payable after more than one year | 17 | €205,278 | €205,278 | = | 0.0% |
| Financial debts | 170/4 | €80,278 | €80,278 | = | 0.0% |
| Other amounts payable | 178/9 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €53,918 | €41,657 | -€12,261 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €12,170 | - | -€12,170 | |
| Trade debts | 44 | €1,996 | €3,215 | +€1,219 | +61.1% |
| Suppliers | 440/4 | €1,996 | €3,215 | +€1,219 | +61.1% |
| Taxes, remuneration and social security | 45 | €9,989 | €3,371 | -€6,618 | -66.3% |
| Taxes | 450/3 | €9,989 | €3,371 | -€6,618 | -66.3% |
| Other amounts payable | 47/48 | €29,763 | €35,070 | +€5,307 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,641 | €10,619 | -€22 | -0.2% |
| Other operating charges | 640/8 | €1,425 | €1,699 | +€273 | +19.2% |
| Gross operating margin | 9900 | €32,002 | €18,609 | -€13,393 | -41.9% |
| Operating profit (loss) | 9901 | €19,936 | €6,291 | -€13,644 | -68.4% |
| Financial income | 75/76B | €0 | €1 | +€1 | +1733.3% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1733.3% |
| Financial charges | 65/66B | €3,841 | €4,185 | +€345 | +9.0% |
| Recurring financial charges | 65 | €3,841 | €4,185 | +€345 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €16,095 | €2,107 | -€13,988 | -86.9% |
| Income taxes | 67/77 | €5,271 | €643 | -€4,629 | -87.8% |
| Profit (loss) for the period | 9904 | €10,824 | €1,464 | -€9,360 | -86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,824 | €1,464 | -€9,360 | -86.5% |
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 3 October 2026 via checked.be.