C & W: what changed
C & W
Largest movements
- Receivables within one year +€36,603
up €36,603 (+43.5%), from €84,175 to €120,778
of which Trade receivables: +€116,856
- Tangible fixed assets -€8,350
down €8,350 (-30.6%), from €27,250 to €18,900
- Cash -€5,658
down €5,658 (-32.9%), from €17,192 to €11,534
mainly Receivables within one year (-€36,603) and Debts after one year (-€9,939)
- Trade debts +€17,748
up €17,748 (+128%), from €13,877 to €31,624
- Reserves +€13,090
up €13,090 (+26.0%), from €50,302 to €63,392
- Debts after one year -€9,939
down €9,939 (-30.9%), from €32,204 to €22,264
- Tax, wage and social debts +€1,929
up €1,929 (+15.0%), from €12,878 to €14,807
of which Taxes: +€1,139
- Taxes +€6,121
up €6,121 (+159%), from €3,859 to €9,980
- Gross operating margin +€5,635
up €5,635 (+3.5%), from €160,408 to €166,044
- Staff costs -€2,581
down €2,581 (-2.0%), from €128,835 to €126,253
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €137,345 | €160,627 | +€23,282 | +17.0% |
| Fixed assets | 21/28 | €27,250 | €18,900 | -€8,350 | -30.6% |
| Tangible fixed assets | 22/27 | €27,250 | €18,900 | -€8,350 | -30.6% |
| Plant, machinery and equipment | 23 | €27,250 | €18,900 | -€8,350 | -30.6% |
| Current assets | 29/58 | €110,094 | €141,727 | +€31,632 | +28.7% |
| Stocks and contracts in progress | 3 | €8,727 | €9,414 | +€687 | +7.9% |
| Stocks | 30/36 | €8,727 | €9,414 | +€687 | +7.9% |
| Amounts receivable within one year | 40/41 | €84,175 | €120,778 | +€36,603 | +43.5% |
| Trade receivables | 40 | - | €116,856 | +€116,856 | |
| Other amounts receivable | 41 | €84,175 | €3,922 | -€80,253 | -95.3% |
| Cash at bank and in hand | 54/58 | €17,192 | €11,534 | -€5,658 | -32.9% |
| Total equity and liabilities | 10/49 | €137,345 | €160,627 | +€23,282 | +17.0% |
| Equity | 10/15 | €68,902 | €81,992 | +€13,090 | +19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,302 | €63,392 | +€13,090 | +26.0% |
| Distributable reserves | 133 | €50,302 | €63,392 | +€13,090 | +26.0% |
| Amounts payable | 17/49 | €68,442 | €78,635 | +€10,192 | +14.9% |
| Amounts payable after more than one year | 17 | €32,204 | €22,264 | -€9,939 | -30.9% |
| Financial debts | 170/4 | €32,204 | €22,264 | -€9,939 | -30.9% |
| Amounts payable within one year | 42/48 | €36,239 | €56,371 | +€20,132 | +55.6% |
| Current portion of amounts payable after more than one year | 42 | €9,484 | €9,939 | +€455 | +4.8% |
| Trade debts | 44 | €13,877 | €31,624 | +€17,748 | +128% |
| Suppliers | 440/4 | €13,877 | €31,624 | +€17,748 | +128% |
| Taxes, remuneration and social security | 45 | €12,878 | €14,807 | +€1,929 | +15.0% |
| Taxes | 450/3 | €4,452 | €5,591 | +€1,139 | +25.6% |
| Remuneration and social security | 454/9 | €8,426 | €9,216 | +€790 | +9.4% |
| Remuneration, social security and pensions | 62 | €128,835 | €126,253 | -€2,581 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,608 | €8,350 | -€258 | -3.0% |
| Other operating charges | 640/8 | €4,349 | €3,944 | -€404 | -9.3% |
| Gross operating margin | 9900 | €160,408 | €166,044 | +€5,635 | +3.5% |
| Operating profit (loss) | 9901 | €18,616 | €27,495 | +€8,879 | +47.7% |
| Financial income | 75/76B | €505 | €1 | -€504 | -99.8% |
| Recurring financial income | 75 | €505 | €1 | -€504 | -99.8% |
| Financial charges | 65/66B | €4,573 | €4,427 | -€146 | -3.2% |
| Recurring financial charges | 65 | €4,573 | €4,427 | -€146 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €14,548 | €23,070 | +€8,521 | +58.6% |
| Income taxes | 67/77 | €3,859 | €9,980 | +€6,121 | +159% |
| Profit (loss) for the period | 9904 | €10,690 | €13,090 | +€2,400 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,690 | €13,090 | +€2,400 | +22.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.