Bwarm: 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.
Bwarm
Largest movements
- Cash +€162,668
up €162,668 (+123.4%), from €131,847 to €294,515
mainly Net result for the year (+€351,146) and Other debts (+€98,172)
- Receivables within one year +€110,281
up €110,281 (+24.8%), from €444,660 to €554,942
of which Trade receivables: +€59,505
- Receivables after one year +€92,550
up €92,550 (+39.8%), from €232,722 to €325,272
- Tangible fixed assets +€15,910
up €15,910 (+36.9%), from €43,095 to €59,005
of which Plant, machinery and equipment: +€10,679
- Reserves +€180,000
up €180,000 (+33.0%), from €545,000 to €725,000
- Other debts +€98,172
new in 2025: €98,172
- Tax, wage and social debts +€95,344
up €95,344 (+121.6%), from €78,420 to €173,764
of which Taxes: +€70,454
- Current portion of long-term debt +€33,674
new in 2025: €33,674
- Trade debts -€31,047
down €31,047 (-13.1%), from €237,023 to €205,976
- Gross operating margin +€122,042
up €122,042 (+21.4%), from €571,227 to €693,269
- Staff costs +€55,817
up €55,817 (+55.8%), from €99,952 to €155,769
- Taxes +€15,153
up €15,153 (+10.0%), from €150,946 to €166,099
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 | €885,611 | €1,258,401 | +€372,790 | +42.1% |
| Fixed assets | 21/28 | €48,545 | €59,505 | +€10,960 | +22.6% |
| Tangible fixed assets | 22/27 | €43,095 | €59,005 | +€15,910 | +36.9% |
| Plant, machinery and equipment | 23 | €13,349 | €24,028 | +€10,679 | +80.0% |
| Furniture and vehicles | 24 | €29,746 | €34,977 | +€5,231 | +17.6% |
| Financial fixed assets | 28 | €5,450 | €500 | -€4,950 | -90.8% |
| Current assets | 29/58 | €837,066 | €1,198,896 | +€361,830 | +43.2% |
| Amounts receivable after more than one year | 29 | €232,722 | €325,272 | +€92,550 | +39.8% |
| Other amounts receivable | 291 | €232,722 | €325,272 | +€92,550 | +39.8% |
| Stocks and contracts in progress | 3 | €26,250 | €22,306 | -€3,944 | -15.0% |
| Stocks | 30/36 | €26,250 | €22,306 | -€3,944 | -15.0% |
| Amounts receivable within one year | 40/41 | €444,660 | €554,942 | +€110,281 | +24.8% |
| Trade receivables | 40 | €386,041 | €445,546 | +€59,505 | +15.4% |
| Other amounts receivable | 41 | €58,620 | €109,396 | +€50,776 | +86.6% |
| Cash at bank and in hand | 54/58 | €131,847 | €294,515 | +€162,668 | +123.4% |
| Deferred charges and accrued income | 490/1 | €1,587 | €1,862 | +€275 | +17.3% |
| Total equity and liabilities | 10/49 | €885,611 | €1,258,401 | +€372,790 | +42.1% |
| Equity | 10/15 | €565,669 | €746,815 | +€181,146 | +32.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €545,000 | €725,000 | +€180,000 | +33.0% |
| Distributable reserves | 133 | €545,000 | €725,000 | +€180,000 | +33.0% |
| Profit (loss) carried forward | 14 | €8,269 | €9,415 | +€1,146 | +13.9% |
| Amounts payable | 17/49 | €319,942 | €511,586 | +€191,644 | +59.9% |
| Amounts payable within one year | 42/48 | €315,444 | €511,586 | +€196,143 | +62.2% |
| Current portion of amounts payable after more than one year | 42 | - | €33,674 | +€33,674 | |
| Trade debts | 44 | €237,023 | €205,976 | -€31,047 | -13.1% |
| Suppliers | 440/4 | €237,023 | €205,976 | -€31,047 | -13.1% |
| Taxes, remuneration and social security | 45 | €78,420 | €173,764 | +€95,344 | +121.6% |
| Taxes | 450/3 | €70,670 | €141,124 | +€70,454 | +99.7% |
| Remuneration and social security | 454/9 | €7,750 | €32,640 | +€24,889 | +321.1% |
| Other amounts payable | 47/48 | - | €98,172 | +€98,172 | |
| Accrued charges and deferred income | 492/3 | €4,499 | - | -€4,499 | |
| Remuneration, social security and pensions | 62 | €99,952 | €155,769 | +€55,817 | +55.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,178 | €22,280 | +€4,102 | +22.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,133 | - | -€5,133 | |
| Other operating charges | 640/8 | €1,741 | €6,506 | +€4,765 | +273.7% |
| Gross operating margin | 9900 | €571,227 | €693,269 | +€122,042 | +21.4% |
| Operating profit (loss) | 9901 | €446,223 | €508,713 | +€62,490 | +14.0% |
| Financial income | 75/76B | €8,718 | €13,284 | +€4,567 | +52.4% |
| Recurring financial income | 75 | €8,718 | €13,284 | +€4,567 | +52.4% |
| Financial charges | 65/66B | €1,639 | €4,752 | +€3,113 | +190.0% |
| Recurring financial charges | 65 | €1,639 | €4,752 | +€3,113 | +190.0% |
| Profit (loss) for the period before taxes | 9903 | €453,302 | €517,246 | +€63,944 | +14.1% |
| Income taxes | 67/77 | €150,946 | €166,099 | +€15,153 | +10.0% |
| Profit (loss) for the period | 9904 | €302,356 | €351,146 | +€48,791 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €302,356 | €351,146 | +€48,791 | +16.1% |
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 12 October 2026 via checked.be.