CDW: what changed
Two fiscal 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.
CDW
Largest movements
- Receivables within one year +€235,559
up €235,559 (+448.3%), from €52,550 to €288,109
of which Other amounts receivable: +€218,538
- Tangible fixed assets +€146,751
new in 2025: €146,751
of which Furniture and vehicles: +€145,193
- Cash +€120,920
up €120,920 (+110.4%), from €109,553 to €230,474
mainly Net result for the year (+€433,743) and Trade debts (+€58,354)
- Reserves +€433,743
up €433,743 (+331.2%), from €130,962 to €564,705
- Trade debts +€58,354
up €58,354 (+60873.7%), from €96 to €58,449
- Financial income +€423,101
up €423,101 (+18872.3%), from €2,242 to €425,343
of which Financial income: +€425,011
- Gross operating margin -€8,658
down €8,658 (-15.8%), from €54,930 to €46,272
- Taxes -€6,933
down €6,933 (-62.6%), from €11,075 to €4,142
- Depreciation +€1,893
new in 2025: €1,893
- Other operating charges +€1,263
up €1,263 (+299.1%), from €422 to €1,685
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 | €1,399,703 | €1,902,934 | +€503,231 | +36.0% |
| Fixed assets | 21/28 | €1,237,600 | €1,384,351 | +€146,751 | +11.9% |
| Tangible fixed assets | 22/27 | - | €146,751 | +€146,751 | |
| Plant, machinery and equipment | 23 | - | €1,558 | +€1,558 | |
| Furniture and vehicles | 24 | - | €145,193 | +€145,193 | |
| Financial fixed assets | 28 | €1,237,600 | €1,237,600 | = | 0.0% |
| Current assets | 29/58 | €162,103 | €518,582 | +€356,480 | +219.9% |
| Amounts receivable within one year | 40/41 | €52,550 | €288,109 | +€235,559 | +448.3% |
| Trade receivables | 40 | €9,627 | €26,648 | +€17,021 | +176.8% |
| Other amounts receivable | 41 | €42,923 | €261,461 | +€218,538 | +509.1% |
| Cash at bank and in hand | 54/58 | €109,553 | €230,474 | +€120,920 | +110.4% |
| Total equity and liabilities | 10/49 | €1,399,703 | €1,902,934 | +€503,231 | +36.0% |
| Equity | 10/15 | €151,962 | €585,705 | +€433,743 | +285.4% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €130,962 | €564,705 | +€433,743 | +331.2% |
| Distributable reserves | 133 | €130,962 | €564,705 | +€433,743 | +331.2% |
| Amounts payable | 17/49 | €1,247,741 | €1,317,229 | +€69,488 | +5.6% |
| Amounts payable after more than one year | 17 | €1,200,100 | €1,200,100 | = | 0.0% |
| Financial debts | 170/4 | €1,200,100 | €1,200,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €17,470 | €87,127 | +€69,656 | +398.7% |
| Trade debts | 44 | €96 | €58,449 | +€58,354 | +60873.7% |
| Suppliers | 440/4 | €96 | €58,449 | +€58,354 | +60873.7% |
| Taxes, remuneration and social security | 45 | €17,375 | €27,234 | +€9,860 | +56.7% |
| Taxes | 450/3 | €17,375 | €24,123 | +€6,748 | +38.8% |
| Remuneration and social security | 454/9 | - | €3,111 | +€3,111 | |
| Other amounts payable | 47/48 | - | €1,443 | +€1,443 | |
| Accrued charges and deferred income | 492/3 | €30,171 | €30,003 | -€168 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,893 | +€1,893 | |
| Other operating charges | 640/8 | €422 | €1,685 | +€1,263 | +299.1% |
| Gross operating margin | 9900 | €54,930 | €46,272 | -€8,658 | -15.8% |
| Operating profit (loss) | 9901 | €54,508 | €42,694 | -€11,813 | -21.7% |
| Financial income | 75/76B | €2,242 | €425,343 | +€423,101 | +18872.3% |
| Recurring financial income | 75 | €332 | €425,343 | +€425,011 | +128050.0% |
| Non-recurring financial income | 76B | €1,910 | - | -€1,910 | |
| Financial charges | 65/66B | €30,226 | €30,153 | -€74 | -0.2% |
| Recurring financial charges | 65 | €30,226 | €30,153 | -€74 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €26,523 | €437,884 | +€411,361 | +1550.9% |
| Income taxes | 67/77 | €11,075 | €4,142 | -€6,933 | -62.6% |
| Profit (loss) for the period | 9904 | €15,449 | €433,743 | +€418,294 | +2707.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,449 | €433,743 | +€418,294 | +2707.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.