CDW HOLD: 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.
What changed
CDW HOLD
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€57,210
2024 · €109,896-€52,686
Equity
€1.3m
2024 · €1.3m+€16,377
Cash
€8,811
2024 · €42,861-€34,050
Balance sheet total
€1.9m
2024 · €1.8m+€139,618
Largest movements
Assets
- Tangible fixed assets +€140,620
up €140,620 (+29.4%), from €477,937 to €618,557
of which Land and buildings: +€171,376
- Cash -€34,050
down €34,050 (-79.4%), from €42,861 to €8,811
mainly Investment in fixed assets (net) (-€224,881) and Contributions, distributions and other (-€40,833)
- Financial fixed assets +€27,000
up €27,000 (+2.3%), from €1.2m to €1.2m
Equity and liabilities
- Debts after one year +€122,652
up €122,652 (+30.2%), from €406,581 to €529,233
Income statement
- Gross operating margin -€19,004
down €19,004 (-12.0%), from €158,778 to €139,774
- Depreciation +€14,668
up €14,668 (+34.4%), from €42,593 to €57,261
- Taxes -€7,601
down €7,601 (-20.5%), from €36,993 to €29,392
- Financial charges +€1,999
up €1,999 (+16.2%), from €12,317 to €14,316
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.
Result 2024
€109,896
Gross operating margin
-€19,004
Depreciation
-€14,668
Other operating charges
-€730
Other operating items
-€22,361
Financial income
-€1,525
Financial charges
-€1,999
Taxes
+€7,601
Result 2025
€57,210
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.
From operations
+€90,410
Investment
-€224,881
Financing
+€100,421
Cash 2024
€42,861
From operations (derived)
+€90,410
Net result for the year
+€57,210
Depreciation
+€57,261
Receivables within one year
-€5,863
Smaller working-capital items
-€523
Trade debts
-€2,527
Tax, wage and social debts
-€16,355
Accrued charges and deferred income
+€1,207
Investment (derived)
-€224,881
Investment in fixed assets (net)
-€224,881
Financing
+€100,421
Debts after one year
+€122,652
Current portion of long-term debt
+€18,602
Contributions, distributions and other
-€40,833
Cash 2025
€8,811
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,806,994 | €1,946,612 | +€139,618 | +7.7% |
| Fixed assets | 21/28 | €1,669,812 | €1,837,432 | +€167,620 | +10.0% |
| Tangible fixed assets | 22/27 | €477,937 | €618,557 | +€140,620 | +29.4% |
| Land and buildings | 22 | €397,548 | €568,924 | +€171,376 | +43.1% |
| Plant, machinery and equipment | 23 | - | €6,345 | +€6,345 | |
| Furniture and vehicles | 24 | €80,389 | €43,288 | -€37,101 | -46.2% |
| Financial fixed assets | 28 | €1,191,875 | €1,218,875 | +€27,000 | +2.3% |
| Current assets | 29/58 | €137,182 | €109,180 | -€28,002 | -20.4% |
| Amounts receivable within one year | 40/41 | €94,321 | €100,184 | +€5,863 | +6.2% |
| Trade receivables | 40 | €21,126 | €25,410 | +€4,284 | +20.3% |
| Other amounts receivable | 41 | €73,195 | €74,774 | +€1,579 | +2.2% |
| Cash at bank and in hand | 54/58 | €42,861 | €8,811 | -€34,050 | -79.4% |
| Deferred charges and accrued income | 490/1 | - | €185 | +€185 | |
| Total equity and liabilities | 10/49 | €1,806,994 | €1,946,612 | +€139,618 | +7.7% |
| Equity | 10/15 | €1,282,975 | €1,299,352 | +€16,377 | +1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,264,375 | €1,280,752 | +€16,377 | +1.3% |
| Non-distributable reserves | 130/1 | €399,480 | €414,480 | +€15,000 | +3.8% |
| Reserves not available under the articles | 1311 | €21,480 | €21,480 | = | 0.0% |
| Other | 1319 | €378,000 | €393,000 | +€15,000 | +4.0% |
| Tax-exempt reserves | 132 | €16,831 | €15,819 | -€1,012 | -6.0% |
| Distributable reserves | 133 | €848,064 | €850,453 | +€2,389 | +0.3% |
| Provisions and deferred taxes | 16 | €5,400 | €5,062 | -€338 | -6.3% |
| Deferred taxes | 168 | €5,400 | €5,062 | -€338 | -6.3% |
| Amounts payable | 17/49 | €518,619 | €642,198 | +€123,579 | +23.8% |
| Amounts payable after more than one year | 17 | €406,581 | €529,233 | +€122,652 | +30.2% |
| Financial debts | 170/4 | €406,581 | €529,233 | +€122,652 | +30.2% |
| Amounts payable within one year | 42/48 | €112,038 | €111,758 | -€280 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €65,477 | €84,079 | +€18,602 | +28.4% |
| Trade debts | 44 | €13,932 | €11,405 | -€2,527 | -18.1% |
| Suppliers | 440/4 | €13,932 | €11,405 | -€2,527 | -18.1% |
| Taxes, remuneration and social security | 45 | €32,046 | €15,691 | -€16,355 | -51.0% |
| Taxes | 450/3 | €32,044 | €15,691 | -€16,353 | -51.0% |
| Remuneration and social security | 454/9 | €2 | - | -€2 | |
| Other amounts payable | 47/48 | €583 | €583 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,207 | +€1,207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,593 | €57,261 | +€14,668 | +34.4% |
| Other operating charges | 640/8 | €1,104 | €1,834 | +€730 | +66.1% |
| Non-recurring operating charges | 66A | - | €22,361 | +€22,361 | |
| Gross operating margin | 9900 | €158,778 | €139,774 | -€19,004 | -12.0% |
| Operating profit (loss) | 9901 | €115,081 | €58,318 | -€56,763 | -49.3% |
| Financial income | 75/76B | €43,788 | €42,263 | -€1,525 | -3.5% |
| Recurring financial income | 75 | €43,788 | €42,263 | -€1,525 | -3.5% |
| Non-recurring financial income | 76B | - | €42,263 | +€42,263 | |
| Financial charges | 65/66B | €12,317 | €14,316 | +€1,999 | +16.2% |
| Recurring financial charges | 65 | €12,317 | €14,316 | +€1,999 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €146,552 | €86,265 | -€60,287 | -41.1% |
| Transfer from deferred taxes | 780 | €337 | €337 | = | 0.0% |
| Income taxes | 67/77 | €36,993 | €29,392 | -€7,601 | -20.5% |
| Profit (loss) for the period | 9904 | €109,896 | €57,210 | -€52,686 | -47.9% |
| Transfer from tax-exempt reserves | 789 | €1,013 | €1,012 | -€1 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €110,909 | €58,222 | -€52,687 | -47.5% |
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 29 September 2026 via checked.be.