CDW INVEST: 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.
What changed
CDW INVEST
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€463,981
2024 · €349,833+€114,147
Equity
€1.4m
2024 · €2.3m-€879,111
Cash
€63,929
2024 · €59,402+€4,527
Balance sheet total
€3.1m
2024 · €2.7m+€365,763
Largest movements
Assets
- Current investments +€601,052
up €601,052 (+48.6%), from €1.2m to €1.8m
- Tangible fixed assets -€243,547
down €243,547 (-47.9%), from €508,260 to €264,713
of which Land and buildings: -€240,539
Equity and liabilities
- Other debts +€1.2m
up €1.2m, from €0 to €1.2m
- Reserves -€879,111
down €879,111 (-38.9%), from €2.3m to €1.4m
of which Distributable reserves: -€879,111
- Short-term financial debts +€73,358
up €73,358 (+144%), from €50,901 to €124,259
- Debts after one year -€35,382
down €35,382 (-13.8%), from €257,033 to €221,651
Income statement
- Gross operating margin +€211,297
up €211,297 (+45.5%), from €464,271 to €675,568
- Taxes +€72,878
up €72,878 (+45.2%), from €161,294 to €234,172
- Financial income -€35,962
down €35,962 (-42.3%), from €84,925 to €48,963
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
€349,833
Gross operating margin
+€211,297
Depreciation
+€3,958
Other operating charges
-€478
Other operating items
+€6,119
Financial income
-€35,962
Financial charges
+€2,091
Taxes
-€72,878
Result 2025
€463,981
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.7m
Investment
-€365,937
Financing
-€1.3m
Cash 2024
€59,402
From operations (derived)
+€1.7m
Net result for the year
+€463,981
Depreciation
+€8,432
Receivables after one year
-€25,000
Receivables within one year
+€25,994
Deferred charges and accrued income
-€4,724
Smaller working-capital items
+€2,880
Tax, wage and social debts
-€17,380
Other debts
+€1.2m
Investment (derived)
-€365,937
Investment in fixed assets (net)
+€235,115
Current investments
-€601,052
Financing
-€1.3m
Debts after one year
-€35,382
Current portion of long-term debt
+€431
Short-term financial debts
+€73,358
Contributions, distributions and other
-€1.3m
Cash 2025
€63,929
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,696,386 | €3,062,149 | +€365,763 | +13.6% |
| Fixed assets | 21/28 | €508,260 | €264,713 | -€243,547 | -47.9% |
| Tangible fixed assets | 22/27 | €508,260 | €264,713 | -€243,547 | -47.9% |
| Land and buildings | 22 | €488,045 | €247,507 | -€240,539 | -49.3% |
| Plant, machinery and equipment | 23 | €975 | €419 | -€556 | -57.0% |
| Furniture and vehicles | 24 | €14,307 | €12,354 | -€1,953 | -13.6% |
| Other tangible fixed assets | 26 | €4,933 | €4,433 | -€500 | -10.1% |
| Current assets | 29/58 | €2,188,126 | €2,797,436 | +€609,310 | +27.8% |
| Amounts receivable after more than one year | 29 | €850,000 | €875,000 | +€25,000 | +2.9% |
| Other amounts receivable | 291 | €850,000 | €875,000 | +€25,000 | +2.9% |
| Amounts receivable within one year | 40/41 | €41,109 | €15,116 | -€25,994 | -63.2% |
| Trade receivables | 40 | €16,297 | €14,741 | -€1,556 | -9.5% |
| Other amounts receivable | 41 | €24,813 | €375 | -€24,438 | -98.5% |
| Current investments | 50/53 | €1,237,400 | €1,838,452 | +€601,052 | +48.6% |
| Cash at bank and in hand | 54/58 | €59,402 | €63,929 | +€4,527 | +7.6% |
| Deferred charges and accrued income | 490/1 | €215 | €4,939 | +€4,724 | +2,198% |
| Total equity and liabilities | 10/49 | €2,696,386 | €3,062,149 | +€365,763 | +13.6% |
| Equity | 10/15 | €2,278,256 | €1,399,144 | -€879,111 | -38.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,259,656 | €1,380,544 | -€879,111 | -38.9% |
| Non-distributable reserves | 130/1 | €484,000 | €484,000 | = | 0.0% |
| Own shares acquired | 1312 | €484,000 | €484,000 | = | 0.0% |
| Distributable reserves | 133 | €1,775,656 | €896,544 | -€879,111 | -49.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €418,131 | €1,663,005 | +€1.2m | +298% |
| Amounts payable after more than one year | 17 | €257,033 | €221,651 | -€35,382 | -13.8% |
| Financial debts | 170/4 | €257,033 | €221,651 | -€35,382 | -13.8% |
| Amounts payable within one year | 42/48 | €160,855 | €1,440,443 | +€1.3m | +795% |
| Current portion of amounts payable after more than one year | 42 | €34,951 | €35,382 | +€431 | +1.2% |
| Financial debts | 43 | €50,901 | €124,259 | +€73,358 | +144% |
| Credit institutions | 430/8 | €50,901 | €124,259 | +€73,358 | +144% |
| Trade debts | 44 | €8,646 | €10,858 | +€2,212 | +25.6% |
| Suppliers | 440/4 | €8,646 | €10,858 | +€2,212 | +25.6% |
| Taxes, remuneration and social security | 45 | €66,357 | €48,977 | -€17,380 | -26.2% |
| Taxes | 450/3 | €66,357 | €48,977 | -€17,380 | -26.2% |
| Other amounts payable | 47/48 | €0 | €1,220,966 | +€1.2m | |
| Accrued charges and deferred income | 492/3 | €243 | €911 | +€668 | +275% |
| Non-recurring operating income | 76A | €139,382 | €127,385 | -€11,997 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,390 | €8,432 | -€3,958 | -31.9% |
| Other operating charges | 640/8 | €4,696 | €5,175 | +€478 | +10.2% |
| Non-recurring operating charges | 66A | €6,119 | €0 | -€6,119 | -100% |
| Gross operating margin | 9900 | €464,271 | €675,568 | +€211,297 | +45.5% |
| Operating profit (loss) | 9901 | €441,065 | €661,961 | +€220,896 | +50.1% |
| Financial income | 75/76B | €84,925 | €48,963 | -€35,962 | -42.3% |
| Recurring financial income | 75 | €84,925 | €48,963 | -€35,962 | -42.3% |
| Financial charges | 65/66B | €14,862 | €12,771 | -€2,091 | -14.1% |
| Recurring financial charges | 65 | €14,862 | €12,771 | -€2,091 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €511,127 | €698,153 | +€187,025 | +36.6% |
| Income taxes | 67/77 | €161,294 | €234,172 | +€72,878 | +45.2% |
| Profit (loss) for the period | 9904 | €349,833 | €463,981 | +€114,147 | +32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €349,833 | €463,981 | +€114,147 | +32.6% |
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 30 October 2026 via checked.be.