BWV MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€711,610
down €711,610 (-86.5%), from €822,590 to €110,980
mainly Contributions, distributions and other (-€3.3m) and Receivables within one year (-€530,915)
- Receivables within one year +€530,915
up €530,915 (+541%), from €98,146 to €629,061
of which Other amounts receivable: +€440,565
- Reserves -€2.0m
down €2.0m (-84.3%), from €2.4m to €382,980
of which Distributable reserves: -€2.1m
- Other debts +€1.8m
up €1.8m (+209%), from €854,792 to €2.6m
- Trade debts +€85,444
up €85,444 (+574%), from €14,880 to €100,324
- Financial income +€995,463
up €995,463 (+21,941%), from €4,537 to €1.0m
of which Financial income: +€995,463
- Services and other goods +€689,437
up €689,437 (+261%), from €263,972 to €953,409
- Turnover +€672,750
up €672,750 (+116%), from €578,250 to €1.3m
- Staff costs -€93,209
down €93,209 (-100%), from €93,209 to €0
- Other operating income -€39,604
down €39,604 (-100%), from €39,604 to €0
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 | €5,349,546 | €5,166,988 | -€182,558 | -3.4% |
| Fixed assets | 21/28 | €4,428,810 | €4,426,946 | -€1,864 | 0.0% |
| Tangible fixed assets | 22/27 | €1,864 | €0 | -€1,864 | -100% |
| Furniture and vehicles | 24 | €1,864 | €0 | -€1,864 | -100% |
| Financial fixed assets | 28 | €4,426,946 | €4,426,946 | -€0 | 0.0% |
| Affiliated companies | 280/1 | €4,426,946 | €4,426,946 | -€0 | 0.0% |
| Participating interests | 280 | €4,426,946 | €4,426,946 | -€0 | 0.0% |
| Current assets | 29/58 | €920,736 | €740,042 | -€180,694 | -19.6% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €98,146 | €629,061 | +€530,915 | +541% |
| Trade receivables | 40 | €88,428 | €178,778 | +€90,350 | +102% |
| Other amounts receivable | 41 | €9,719 | €450,284 | +€440,565 | +4,533% |
| Cash at bank and in hand | 54/58 | €822,590 | €110,980 | -€711,610 | -86.5% |
| Deferred charges and accrued income | 490/1 | - | €0 | = | |
| Total equity and liabilities | 10/49 | €5,349,546 | €5,166,988 | -€182,558 | -3.4% |
| Equity | 10/15 | €4,409,735 | €2,360,980 | -€2.0m | -46.5% |
| Contributions | 10/11 | €1,978,000 | €1,978,000 | = | 0.0% |
| Capital | 10 | €1,978,000 | €1,978,000 | = | 0.0% |
| Issued capital | 100 | €1,978,000 | €1,978,000 | = | 0.0% |
| Contributions outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €2,431,735 | €382,980 | -€2.0m | -84.3% |
| Non-distributable reserves | 130/1 | €150,705 | €210,767 | +€60,062 | +39.9% |
| Legal reserve | 130 | €150,705 | €210,767 | +€60,062 | +39.9% |
| Distributable reserves | 133 | €2,281,030 | €172,212 | -€2.1m | -92.5% |
| Amounts payable | 17/49 | €939,811 | €2,806,008 | +€1.9m | +199% |
| Amounts payable within one year | 42/48 | €938,735 | €2,804,932 | +€1.9m | +199% |
| Financial debts | 43 | - | €13,458 | +€13,458 | |
| Credit institutions | 430/8 | - | €13,458 | +€13,458 | |
| Trade debts | 44 | €14,880 | €100,324 | +€85,444 | +574% |
| Suppliers | 440/4 | €14,880 | €100,324 | +€85,444 | +574% |
| Taxes, remuneration and social security | 45 | €69,062 | €48,181 | -€20,881 | -30.2% |
| Taxes | 450/3 | €69,062 | €48,181 | -€20,881 | -30.2% |
| Other amounts payable | 47/48 | €854,792 | €2,642,969 | +€1.8m | +209% |
| Accrued charges and deferred income | 492/3 | €1,077 | €1,077 | -€0 | 0.0% |
| Operating income | 70/76A | €2,815,835 | €1,251,000 | -€1.6m | -55.6% |
| Turnover | 70 | €578,250 | €1,251,000 | +€672,750 | +116% |
| Other operating income | 74 | €39,604 | €0 | -€39,604 | -100% |
| Non-recurring operating income | 76A | €2,197,981 | - | -€2.2m | |
| Operating charges | 60/66A | €364,033 | €956,764 | +€592,731 | +163% |
| Services and other goods | 61 | €263,972 | €953,409 | +€689,437 | +261% |
| Remuneration, social security and pensions | 62 | €93,209 | €0 | -€93,209 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,286 | €1,864 | -€1,422 | -43.3% |
| Other operating charges | 640/8 | €3,565 | €1,491 | -€2,074 | -58.2% |
| Operating profit (loss) | 9901 | €2,451,803 | €294,236 | -€2.2m | -88.0% |
| Financial income | 75/76B | €4,537 | €1,000,000 | +€995,463 | +21,941% |
| Recurring financial income | 75 | €4,537 | €1,000,000 | +€995,463 | +21,941% |
| Income from financial fixed assets | 750 | €0 | €1,000,000 | +€1.0m | |
| Income from current assets | 751 | €4,537 | €0 | -€4,537 | -100% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €362 | €820 | +€458 | +127% |
| Recurring financial charges | 65 | €362 | €820 | +€458 | +127% |
| Debt charges | 650 | €164 | €599 | +€435 | +265% |
| Other financial charges | 652/9 | €198 | €221 | +€23 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €2,455,978 | €1,293,416 | -€1.2m | -47.3% |
| Income taxes | 67/77 | €66,784 | €92,171 | +€25,387 | +38.0% |
| Taxes | 670/3 | €66,784 | €92,171 | +€25,387 | +38.0% |
| Profit (loss) for the period | 9904 | €2,389,194 | €1,201,245 | -€1.2m | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,389,194 | €1,201,245 | -€1.2m | -49.7% |
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 14 October 2026 via checked.be.