BWLR: 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.
BWLR
Largest movements
- Receivables within one year +€34,626
up €34,626 (+68.1%), from €50,870 to €85,496
of which Trade receivables: +€19,309
- Profit (loss) carried forward +€245,103
up €245,103 (+36.7%), from €668,599 to €913,702
- Debts after one year -€171,603
down €171,603 (-45.5%), from €377,354 to €205,751
- Current portion of long-term debt -€57,317
down €57,317 (-22.8%), from €250,919 to €193,602
- Gross operating margin +€35,875
up €35,875 (+524.5%), from €6,840 to €42,714
- Financial income -€7,918
down €7,918 (-3.1%), from €252,518 to €244,600
- Financial charges +€4,067
up €4,067 (+14.7%), from €27,680 to €31,747
- Depreciation +€840
up €840 (+10.8%), from €7,740 to €8,580
- Other operating charges +€521
up €521 (+76.3%), from €683 to €1,204
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 | €3,118,370 | €3,128,899 | +€10,530 | +0.3% |
| Fixed assets | 21/28 | €3,050,069 | €3,041,489 | -€8,580 | -0.3% |
| Tangible fixed assets | 22/27 | €40,069 | €31,489 | -€8,580 | -21.4% |
| Land and buildings | 22 | €22,436 | €19,348 | -€3,088 | -13.8% |
| Plant, machinery and equipment | 23 | €14,887 | €10,825 | -€4,062 | -27.3% |
| Furniture and vehicles | 24 | €2,745 | €1,316 | -€1,430 | -52.1% |
| Financial fixed assets | 28 | €3,010,000 | €3,010,000 | = | 0.0% |
| Current assets | 29/58 | €68,301 | €87,410 | +€19,109 | +28.0% |
| Amounts receivable within one year | 40/41 | €50,870 | €85,496 | +€34,626 | +68.1% |
| Trade receivables | 40 | €39,030 | €58,339 | +€19,309 | +49.5% |
| Other amounts receivable | 41 | €11,840 | €27,156 | +€15,316 | +129.4% |
| Cash at bank and in hand | 54/58 | €17,431 | €1,914 | -€15,516 | -89.0% |
| Total equity and liabilities | 10/49 | €3,118,370 | €3,128,899 | +€10,530 | +0.3% |
| Equity | 10/15 | €718,599 | €963,702 | +€245,103 | +34.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €668,599 | €913,702 | +€245,103 | +36.7% |
| Amounts payable | 17/49 | €2,399,770 | €2,165,197 | -€234,573 | -9.8% |
| Amounts payable after more than one year | 17 | €377,354 | €205,751 | -€171,603 | -45.5% |
| Financial debts | 170/4 | €377,354 | €205,751 | -€171,603 | -45.5% |
| Amounts payable within one year | 42/48 | €2,022,417 | €1,959,446 | -€62,971 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €250,919 | €193,602 | -€57,317 | -22.8% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €1,389 | - | -€1,389 | |
| Suppliers | 440/4 | €1,389 | - | -€1,389 | |
| Taxes, remuneration and social security | 45 | €12,780 | €15,955 | +€3,175 | +24.8% |
| Taxes | 450/3 | €10,099 | €13,252 | +€3,154 | +31.2% |
| Remuneration and social security | 454/9 | €2,681 | €2,703 | +€21 | +0.8% |
| Other amounts payable | 47/48 | €1,557,329 | €1,549,889 | -€7,440 | -0.5% |
| Non-recurring operating income | 76A | €5,475 | - | -€5,475 | |
| Remuneration, social security and pensions | 62 | - | €520 | +€520 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,740 | €8,580 | +€840 | +10.8% |
| Other operating charges | 640/8 | €683 | €1,204 | +€521 | +76.3% |
| Gross operating margin | 9900 | €6,840 | €42,714 | +€35,875 | +524.5% |
| Operating profit (loss) | 9901 | -€1,584 | €32,411 | +€33,994 | |
| Financial income | 75/76B | €252,518 | €244,600 | -€7,918 | -3.1% |
| Recurring financial income | 75 | €252,518 | €244,600 | -€7,918 | -3.1% |
| Financial charges | 65/66B | €27,680 | €31,747 | +€4,067 | +14.7% |
| Recurring financial charges | 65 | €27,680 | €31,747 | +€4,067 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €223,255 | €245,264 | +€22,009 | +9.9% |
| Income taxes | 67/77 | €124 | €161 | +€37 | +30.0% |
| Profit (loss) for the period | 9904 | €223,131 | €245,103 | +€21,972 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €223,131 | €245,103 | +€21,972 | +9.8% |
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.