BWR Projects: 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.
BWR Projects
Largest movements
- Receivables within one year +€43,096
up €43,096 (+3188.2%), from €1,352 to €44,448
of which Trade receivables: +€39,100
- Stocks and contracts +€14,072
new in 2025: €14,072
- Cash +€7,589
up €7,589 (+11.7%), from €64,905 to €72,495
mainly Net result for the year (+€46,415) and Trade debts (+€16,947)
- Tangible fixed assets -€6,266
down €6,266 (-19.8%), from €31,691 to €25,425
of which Furniture and vehicles: -€9,241
- Reserves +€44,749
up €44,749 (+96.8%), from €46,245 to €90,994
- Trade debts +€16,947
up €16,947 (+502.2%), from €3,375 to €20,322
- Debts after one year -€12,560
no longer reported in 2025 (was €12,560)
- Tax, wage and social debts +€5,187
up €5,187 (+38.2%), from €13,585 to €18,773
of which Taxes: +€5,445
- Other debts +€2,599
up €2,599 (+49.0%), from €5,299 to €7,898
- Gross operating margin +€36,694
up €36,694 (+44.5%), from €82,433 to €119,127
- Staff costs +€9,332
up €9,332 (+27.2%), from €34,259 to €43,591
- Taxes +€5,265
up €5,265 (+60.0%), from €8,776 to €14,042
- Financial charges +€1,812
up €1,812 (+167.6%), from €1,081 to €2,893
- Depreciation +€1,232
up €1,232 (+12.2%), from €10,103 to €11,334
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 | €101,209 | €160,094 | +€58,885 | +58.2% |
| Fixed assets | 21/28 | €32,036 | €25,770 | -€6,266 | -19.6% |
| Tangible fixed assets | 22/27 | €31,691 | €25,425 | -€6,266 | -19.8% |
| Plant, machinery and equipment | 23 | €4,856 | €7,831 | +€2,975 | +61.3% |
| Furniture and vehicles | 24 | €26,835 | €17,594 | -€9,241 | -34.4% |
| Financial fixed assets | 28 | €345 | €345 | = | 0.0% |
| Current assets | 29/58 | €69,173 | €134,324 | +€65,151 | +94.2% |
| Stocks and contracts in progress | 3 | - | €14,072 | +€14,072 | |
| Contracts in progress | 37 | - | €14,072 | +€14,072 | |
| Amounts receivable within one year | 40/41 | €1,352 | €44,448 | +€43,096 | +3188.2% |
| Trade receivables | 40 | €233 | €39,333 | +€39,100 | +16786.2% |
| Other amounts receivable | 41 | €1,119 | €5,115 | +€3,996 | +357.2% |
| Cash at bank and in hand | 54/58 | €64,905 | €72,495 | +€7,589 | +11.7% |
| Deferred charges and accrued income | 490/1 | €2,916 | €3,310 | +€394 | +13.5% |
| Total equity and liabilities | 10/49 | €101,209 | €160,094 | +€58,885 | +58.2% |
| Equity | 10/15 | €51,245 | €95,994 | +€44,749 | +87.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,245 | €90,994 | +€44,749 | +96.8% |
| Distributable reserves | 133 | €46,245 | €90,994 | +€44,749 | +96.8% |
| Amounts payable | 17/49 | €49,965 | €64,101 | +€14,136 | +28.3% |
| Amounts payable after more than one year | 17 | €12,560 | - | -€12,560 | |
| Financial debts | 170/4 | €12,560 | - | -€12,560 | |
| Amounts payable within one year | 42/48 | €34,739 | €59,552 | +€24,813 | +71.4% |
| Current portion of amounts payable after more than one year | 42 | €12,480 | €12,560 | +€80 | +0.6% |
| Trade debts | 44 | €3,375 | €20,322 | +€16,947 | +502.2% |
| Suppliers | 440/4 | €3,375 | €20,322 | +€16,947 | +502.2% |
| Taxes, remuneration and social security | 45 | €13,585 | €18,773 | +€5,187 | +38.2% |
| Taxes | 450/3 | €8,782 | €14,227 | +€5,445 | +62.0% |
| Remuneration and social security | 454/9 | €4,803 | €4,546 | -€257 | -5.4% |
| Other amounts payable | 47/48 | €5,299 | €7,898 | +€2,599 | +49.0% |
| Accrued charges and deferred income | 492/3 | €2,666 | €4,548 | +€1,883 | +70.6% |
| Remuneration, social security and pensions | 62 | €34,259 | €43,591 | +€9,332 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,103 | €11,334 | +€1,232 | +12.2% |
| Other operating charges | 640/8 | €192 | €863 | +€671 | +349.9% |
| Gross operating margin | 9900 | €82,433 | €119,127 | +€36,694 | +44.5% |
| Operating profit (loss) | 9901 | €37,879 | €63,338 | +€25,459 | +67.2% |
| Financial income | 75/76B | €62 | €12 | -€50 | -81.4% |
| Recurring financial income | 75 | €62 | €12 | -€50 | -81.4% |
| Financial charges | 65/66B | €1,081 | €2,893 | +€1,812 | +167.6% |
| Recurring financial charges | 65 | €1,081 | €2,893 | +€1,812 | +167.6% |
| Profit (loss) for the period before taxes | 9903 | €36,859 | €60,457 | +€23,597 | +64.0% |
| Income taxes | 67/77 | €8,776 | €14,042 | +€5,265 | +60.0% |
| Profit (loss) for the period | 9904 | €28,083 | €46,415 | +€18,332 | +65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,083 | €46,415 | +€18,332 | +65.3% |
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 10 October 2026 via checked.be.