bwat bel: 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.
bwat bel
Largest movements
- Tangible fixed assets +€48,981
up €48,981 (+76.3%), from €64,181 to €113,162
of which Furniture and vehicles: +€56,876
- Intangible fixed assets -€1,888
down €1,888 (-19.9%), from €9,483 to €7,595
- Cash +€1,657
up €1,657 (+8.2%), from €20,257 to €21,914
mainly Other debts (+€59,437) and Depreciation (+€13,328)
- Other debts +€59,437
up €59,437 (+652%), from €9,111 to €68,549
- Debts after one year -€13,518
down €13,518 (-79.8%), from €16,946 to €3,428
- Profit (loss) carried forward +€3,434
up €3,434 (+5.7%), from €60,404 to €63,837
- Gross operating margin -€7,710
down €7,710 (-29.0%), from €26,547 to €18,837
- Taxes -€1,172
down €1,172 (-42.2%), from €2,778 to €1,606
- Depreciation -€808
down €808 (-5.7%), from €14,136 to €13,328
- Other operating charges -€807
down €807 (-68.0%), from €1,187 to €380
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 | €110,532 | €161,245 | +€50,713 | +45.9% |
| Fixed assets | 21/28 | €73,805 | €120,898 | +€47,093 | +63.8% |
| Intangible fixed assets | 21 | €9,483 | €7,595 | -€1,888 | -19.9% |
| Tangible fixed assets | 22/27 | €64,181 | €113,162 | +€48,981 | +76.3% |
| Plant, machinery and equipment | 23 | €58,320 | €50,425 | -€7,895 | -13.5% |
| Furniture and vehicles | 24 | €5,861 | €62,737 | +€56,876 | +970% |
| Financial fixed assets | 28 | €141 | €141 | = | 0.0% |
| Current assets | 29/58 | €36,727 | €40,347 | +€3,621 | +9.9% |
| Stocks and contracts in progress | 3 | €3,601 | €3,601 | = | 0.0% |
| Stocks | 30/36 | €3,601 | €3,601 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,083 | €12,896 | +€813 | +6.7% |
| Trade receivables | 40 | €6,655 | €0 | -€6,655 | -100% |
| Other amounts receivable | 41 | €5,428 | €12,896 | +€7,467 | +138% |
| Cash at bank and in hand | 54/58 | €20,257 | €21,914 | +€1,657 | +8.2% |
| Deferred charges and accrued income | 490/1 | €785 | €1,936 | +€1,151 | +147% |
| Total equity and liabilities | 10/49 | €110,532 | €161,245 | +€50,713 | +45.9% |
| Equity | 10/15 | €69,704 | €71,870 | +€2,165 | +3.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,404 | €63,837 | +€3,434 | +5.7% |
| Investment grants | 15 | €4,301 | €3,032 | -€1,268 | -29.5% |
| Amounts payable | 17/49 | €40,828 | €89,376 | +€48,548 | +119% |
| Amounts payable after more than one year | 17 | €16,946 | €3,428 | -€13,518 | -79.8% |
| Financial debts | 170/4 | €16,946 | €3,428 | -€13,518 | -79.8% |
| Amounts payable within one year | 42/48 | €22,720 | €84,841 | +€62,121 | +273% |
| Current portion of amounts payable after more than one year | 42 | €13,216 | €13,518 | +€302 | +2.3% |
| Trade debts | 44 | €393 | €1,169 | +€776 | +198% |
| Suppliers | 440/4 | €393 | €1,169 | +€776 | +198% |
| Taxes, remuneration and social security | 45 | €0 | €1,606 | +€1,606 | |
| Taxes | 450/3 | €0 | €1,606 | +€1,606 | |
| Other amounts payable | 47/48 | €9,111 | €68,549 | +€59,437 | +652% |
| Accrued charges and deferred income | 492/3 | €1,162 | €1,107 | -€55 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,136 | €13,328 | -€808 | -5.7% |
| Other operating charges | 640/8 | €1,187 | €380 | -€807 | -68.0% |
| Gross operating margin | 9900 | €26,547 | €18,837 | -€7,710 | -29.0% |
| Operating profit (loss) | 9901 | €11,224 | €5,129 | -€6,095 | -54.3% |
| Financial income | 75/76B | €1,269 | €1,268 | -€1 | 0.0% |
| Recurring financial income | 75 | €1,269 | €1,268 | -€1 | 0.0% |
| Financial charges | 65/66B | €1,529 | €1,358 | -€171 | -11.2% |
| Recurring financial charges | 65 | €1,529 | €1,358 | -€171 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €10,963 | €5,039 | -€5,924 | -54.0% |
| Income taxes | 67/77 | €2,778 | €1,606 | -€1,172 | -42.2% |
| Profit (loss) for the period | 9904 | €8,185 | €3,434 | -€4,752 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,185 | €3,434 | -€4,752 | -58.0% |
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 17 October 2026 via checked.be.