CW SOLAR: 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 SOLAR
Largest movements
- Cash +€29,539
up €29,539 (+167.6%), from €17,627 to €47,165
mainly Accrued charges and deferred income (+€25,639) and Trade debts (+€8,214)
- Stocks and contracts -€8,073
down €8,073 (-13.3%), from €60,754 to €52,681
of which Contracts in progress: -€7,744
- Tangible fixed assets -€6,998
down €6,998 (-27.0%), from €25,882 to €18,884
of which Furniture and vehicles: -€6,438
- Receivables within one year +€6,295
up €6,295 (+24.6%), from €25,548 to €31,843
of which Trade receivables: +€7,033
- Accrued charges and deferred income +€25,639
new in 2025: €25,639
- Current portion of long-term debt -€21,594
down €21,594 (-41.9%), from €51,594 to €30,000
- Trade debts +€8,214
up €8,214 (+31.9%), from €25,762 to €33,975
- Tax, wage and social debts +€6,007
up €6,007 (+240.0%), from €2,503 to €8,510
of which Remuneration and social security: +€4,381
- Reserves +€3,833
up €3,833 (+38.5%), from €9,952 to €13,785
- Staff costs +€39,230
new in 2025: €39,230
- Gross operating margin +€22,966
up €22,966 (+77.2%), from €29,759 to €52,725
- Financial charges -€4,697
down €4,697 (-62.7%), from €7,493 to €2,797
- Depreciation -€2,111
down €2,111 (-23.2%), from €9,109 to €6,998
- Financial income +€1,638
up €1,638 (+215.5%), from €760 to €2,398
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 | €129,811 | €151,945 | +€22,134 | +17.1% |
| Fixed assets | 21/28 | €25,882 | €18,884 | -€6,998 | -27.0% |
| Tangible fixed assets | 22/27 | €25,882 | €18,884 | -€6,998 | -27.0% |
| Plant, machinery and equipment | 23 | €2,265 | €1,705 | -€560 | -24.7% |
| Furniture and vehicles | 24 | €23,617 | €17,179 | -€6,438 | -27.3% |
| Current assets | 29/58 | €103,929 | €133,061 | +€29,132 | +28.0% |
| Stocks and contracts in progress | 3 | €60,754 | €52,681 | -€8,073 | -13.3% |
| Stocks | 30/36 | €30,754 | €30,424 | -€330 | -1.1% |
| Contracts in progress | 37 | €30,000 | €22,256 | -€7,744 | -25.8% |
| Amounts receivable within one year | 40/41 | €25,548 | €31,843 | +€6,295 | +24.6% |
| Trade receivables | 40 | €17,729 | €24,762 | +€7,033 | +39.7% |
| Other amounts receivable | 41 | €7,819 | €7,081 | -€738 | -9.4% |
| Cash at bank and in hand | 54/58 | €17,627 | €47,165 | +€29,539 | +167.6% |
| Deferred charges and accrued income | 490/1 | - | €1,372 | +€1,372 | |
| Total equity and liabilities | 10/49 | €129,811 | €151,945 | +€22,134 | +17.1% |
| Equity | 10/15 | €49,952 | €53,785 | +€3,833 | +7.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €9,952 | €13,785 | +€3,833 | +38.5% |
| Distributable reserves | 133 | €9,952 | €13,785 | +€3,833 | +38.5% |
| Amounts payable | 17/49 | €79,859 | €98,160 | +€18,301 | +22.9% |
| Amounts payable within one year | 42/48 | €79,859 | €72,521 | -€7,338 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €51,594 | €30,000 | -€21,594 | -41.9% |
| Trade debts | 44 | €25,762 | €33,975 | +€8,214 | +31.9% |
| Suppliers | 440/4 | €25,762 | €33,975 | +€8,214 | +31.9% |
| Taxes, remuneration and social security | 45 | €2,503 | €8,510 | +€6,007 | +240.0% |
| Taxes | 450/3 | €2,503 | €4,129 | +€1,626 | +65.0% |
| Remuneration and social security | 454/9 | - | €4,381 | +€4,381 | |
| Other amounts payable | 47/48 | - | €36 | +€36 | |
| Accrued charges and deferred income | 492/3 | - | €25,639 | +€25,639 | |
| Remuneration, social security and pensions | 62 | - | €39,230 | +€39,230 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,109 | €6,998 | -€2,111 | -23.2% |
| Other operating charges | 640/8 | €1,462 | €644 | -€818 | -55.9% |
| Gross operating margin | 9900 | €29,759 | €52,725 | +€22,966 | +77.2% |
| Operating profit (loss) | 9901 | €19,189 | €5,852 | -€13,337 | -69.5% |
| Financial income | 75/76B | €760 | €2,398 | +€1,638 | +215.5% |
| Recurring financial income | 75 | €760 | €2,398 | +€1,638 | +215.5% |
| Financial charges | 65/66B | €7,493 | €2,797 | -€4,697 | -62.7% |
| Recurring financial charges | 65 | €7,493 | €2,797 | -€4,697 | -62.7% |
| Profit (loss) for the period before taxes | 9903 | €12,455 | €5,453 | -€7,002 | -56.2% |
| Income taxes | 67/77 | €2,503 | €1,620 | -€883 | -35.3% |
| Profit (loss) for the period | 9904 | €9,952 | €3,833 | -€6,119 | -61.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,952 | €3,833 | -€6,119 | -61.5% |
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 3 October 2026 via checked.be.