CW: 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.
CW
Largest movements
- Stocks and contracts +€142,525
new in 2025: €142,525
- Cash +€7,347
up €7,347 (+7.1%), from €103,461 to €110,808
mainly Other debts (+€129,270) and Depreciation (+€15,912)
- Other debts +€129,270
up €129,270 (+5395.5%), from €2,396 to €131,666
- Trade debts +€13,068
up €13,068 (+126.7%), from €10,310 to €23,378
- Reserves +€8,771
up €8,771 (+4.3%), from €205,572 to €214,342
- Gross operating margin -€42,705
down €42,705 (-58.1%), from €73,450 to €30,744
- Taxes -€6,822
down €6,822 (-62.3%), from €10,951 to €4,129
- Depreciation -€1,624
down €1,624 (-9.3%), from €17,536 to €15,912
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 | €221,970 | €372,147 | +€150,177 | +67.7% |
| Fixed assets | 21/28 | €45,797 | €42,826 | -€2,971 | -6.5% |
| Tangible fixed assets | 22/27 | €45,797 | €42,826 | -€2,971 | -6.5% |
| Plant, machinery and equipment | 23 | €36,177 | €35,651 | -€525 | -1.5% |
| Furniture and vehicles | 24 | €9,621 | €7,174 | -€2,446 | -25.4% |
| Current assets | 29/58 | €176,173 | €329,321 | +€153,148 | +86.9% |
| Stocks and contracts in progress | 3 | - | €142,525 | +€142,525 | |
| Stocks | 30/36 | - | €142,525 | +€142,525 | |
| Amounts receivable within one year | 40/41 | €70,402 | €72,988 | +€2,586 | +3.7% |
| Trade receivables | 40 | €53,930 | €27,407 | -€26,523 | -49.2% |
| Other amounts receivable | 41 | €16,471 | €45,580 | +€29,109 | +176.7% |
| Cash at bank and in hand | 54/58 | €103,461 | €110,808 | +€7,347 | +7.1% |
| Deferred charges and accrued income | 490/1 | €2,310 | €3,000 | +€690 | +29.9% |
| Total equity and liabilities | 10/49 | €221,970 | €372,147 | +€150,177 | +67.7% |
| Equity | 10/15 | €205,572 | €214,342 | +€8,771 | +4.3% |
| Reserves | 13 | €205,572 | €214,342 | +€8,771 | +4.3% |
| Distributable reserves | 133 | €205,572 | €214,342 | +€8,771 | +4.3% |
| Amounts payable | 17/49 | €16,398 | €157,804 | +€141,406 | +862.3% |
| Amounts payable within one year | 42/48 | €16,398 | €157,804 | +€141,406 | +862.3% |
| Trade debts | 44 | €10,310 | €23,378 | +€13,068 | +126.7% |
| Suppliers | 440/4 | €10,310 | €23,378 | +€13,068 | +126.7% |
| Taxes, remuneration and social security | 45 | €3,693 | €2,760 | -€932 | -25.2% |
| Taxes | 450/3 | €1,010 | €21 | -€989 | -97.9% |
| Remuneration and social security | 454/9 | €2,683 | €2,740 | +€57 | +2.1% |
| Other amounts payable | 47/48 | €2,396 | €131,666 | +€129,270 | +5395.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,536 | €15,912 | -€1,624 | -9.3% |
| Other operating charges | 640/8 | €1,542 | €2,120 | +€578 | +37.5% |
| Gross operating margin | 9900 | €73,450 | €30,744 | -€42,705 | -58.1% |
| Operating profit (loss) | 9901 | €54,372 | €12,712 | -€41,659 | -76.6% |
| Financial income | 75/76B | €926 | €691 | -€235 | -25.3% |
| Recurring financial income | 75 | €926 | €691 | -€235 | -25.3% |
| Financial charges | 65/66B | €115 | €504 | +€389 | +339.6% |
| Recurring financial charges | 65 | €115 | €504 | +€389 | +339.6% |
| Profit (loss) for the period before taxes | 9903 | €55,183 | €12,900 | -€42,283 | -76.6% |
| Income taxes | 67/77 | €10,951 | €4,129 | -€6,822 | -62.3% |
| Profit (loss) for the period | 9904 | €44,232 | €8,771 | -€35,461 | -80.2% |
| Profit (loss) for the period to be appropriated | 9905 | €44,232 | €8,771 | -€35,461 | -80.2% |
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 4 October 2026 via checked.be.