BWV: 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.
BWV
Largest movements
- Receivables within one year -€225,702
down €225,702 (-51.0%), from €442,398 to €216,695
of which Trade receivables: -€205,571
- Tangible fixed assets -€70,508
down €70,508 (-22.0%), from €320,593 to €250,084
of which Land and buildings: -€41,410
- Stocks and contracts -€60,771
down €60,771 (-22.3%), from €272,599 to €211,828
of which Stocks: -€47,771
- Profit (loss) carried forward -€155,083
new in 2025: -€155,083
- Reserves -€79,949
down €79,949 (-24.6%), from €325,328 to €245,379
- Debts after one year -€67,803
down €67,803 (-29.1%), from €232,652 to €164,850
- Trade debts -€36,657
down €36,657 (-20.5%), from €178,850 to €142,193
- Tax, wage and social debts -€35,547
down €35,547 (-77.6%), from €45,813 to €10,266
of which Taxes: -€25,170
- Gross operating margin -€99,300
down €99,300 (-29.7%), from €334,233 to €234,933
- Taxes -€23,991
down €23,991 (-95.8%), from €25,036 to €1,044
- Financial income -€14,859
down €14,859 (-64.2%), from €23,158 to €8,299
of which Non-recurring financial income: -€23,148
- Staff costs +€7,502
up €7,502 (+5.1%), from €145,695 to €153,197
- Financial charges +€4,715
up €4,715 (+15.2%), from €30,921 to €35,636
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,048,851 | €692,234 | -€356,617 | -34.0% |
| Fixed assets | 21/28 | €324,693 | €254,184 | -€70,508 | -21.7% |
| Tangible fixed assets | 22/27 | €320,593 | €250,084 | -€70,508 | -22.0% |
| Land and buildings | 22 | €200,404 | €158,994 | -€41,410 | -20.7% |
| Plant, machinery and equipment | 23 | €31,113 | €28,668 | -€2,445 | -7.9% |
| Furniture and vehicles | 24 | €8,072 | €10,846 | +€2,773 | +34.4% |
| Leasing and similar rights | 25 | €81,003 | €51,576 | -€29,427 | -36.3% |
| Financial fixed assets | 28 | €4,100 | €4,100 | = | 0.0% |
| Current assets | 29/58 | €724,158 | €438,050 | -€286,109 | -39.5% |
| Stocks and contracts in progress | 3 | €272,599 | €211,828 | -€60,771 | -22.3% |
| Stocks | 30/36 | €112,599 | €64,828 | -€47,771 | -42.4% |
| Contracts in progress | 37 | €160,000 | €147,000 | -€13,000 | -8.1% |
| Amounts receivable within one year | 40/41 | €442,398 | €216,695 | -€225,702 | -51.0% |
| Trade receivables | 40 | €380,679 | €175,108 | -€205,571 | -54.0% |
| Other amounts receivable | 41 | €61,718 | €41,587 | -€20,131 | -32.6% |
| Deferred charges and accrued income | 490/1 | €9,161 | €9,526 | +€365 | +4.0% |
| Total equity and liabilities | 10/49 | €1,048,851 | €692,234 | -€356,617 | -34.0% |
| Equity | 10/15 | €343,928 | €108,897 | -€235,031 | -68.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €325,328 | €245,379 | -€79,949 | -24.6% |
| Distributable reserves | 133 | €325,328 | €245,379 | -€79,949 | -24.6% |
| Profit (loss) carried forward | 14 | - | -€155,083 | -€155,083 | |
| Amounts payable | 17/49 | €704,923 | €583,337 | -€121,586 | -17.2% |
| Amounts payable after more than one year | 17 | €232,652 | €164,850 | -€67,803 | -29.1% |
| Financial debts | 170/4 | €232,652 | €164,850 | -€67,803 | -29.1% |
| Amounts payable within one year | 42/48 | €463,986 | €392,638 | -€71,349 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €64,558 | €67,803 | +€3,245 | +5.0% |
| Financial debts | 43 | €141,740 | €158,913 | +€17,172 | +12.1% |
| Credit institutions | 430/8 | €141,740 | €158,913 | +€17,172 | +12.1% |
| Trade debts | 44 | €178,850 | €142,193 | -€36,657 | -20.5% |
| Suppliers | 440/4 | €178,850 | €142,193 | -€36,657 | -20.5% |
| Taxes, remuneration and social security | 45 | €45,813 | €10,266 | -€35,547 | -77.6% |
| Taxes | 450/3 | €25,522 | €352 | -€25,170 | -98.6% |
| Remuneration and social security | 454/9 | €20,290 | €9,914 | -€10,376 | -51.1% |
| Other amounts payable | 47/48 | €33,026 | €13,463 | -€19,562 | -59.2% |
| Accrued charges and deferred income | 492/3 | €8,284 | €25,850 | +€17,566 | +212.0% |
| Non-recurring operating income | 76A | €200 | - | -€200 | |
| Remuneration, social security and pensions | 62 | €145,695 | €153,197 | +€7,502 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,730 | €83,639 | +€909 | +1.1% |
| Other operating charges | 640/8 | €10,518 | €8,262 | -€2,255 | -21.4% |
| Non-recurring operating charges | 66A | €3,996 | €196,484 | +€192,488 | +4816.7% |
| Gross operating margin | 9900 | €334,233 | €234,933 | -€99,300 | -29.7% |
| Operating profit (loss) | 9901 | €91,294 | -€206,650 | -€297,944 | |
| Financial income | 75/76B | €23,158 | €8,299 | -€14,859 | -64.2% |
| Recurring financial income | 75 | €10 | €8,299 | +€8,289 | +81183.4% |
| Non-recurring financial income | 76B | €23,148 | - | -€23,148 | |
| Financial charges | 65/66B | €30,921 | €35,636 | +€4,715 | +15.2% |
| Recurring financial charges | 65 | €30,921 | €35,636 | +€4,715 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €83,531 | -€233,987 | -€317,518 | |
| Income taxes | 67/77 | €25,036 | €1,044 | -€23,991 | -95.8% |
| Profit (loss) for the period | 9904 | €58,496 | -€235,031 | -€293,527 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,496 | -€235,031 | -€293,527 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.