CWL: 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.
CWL
Largest movements
- Receivables within one year +€39,366
up €39,366 (+152%), from €25,909 to €65,275
of which Trade receivables: +€20,251
- Cash -€4,933
down €4,933 (-2.2%), from €226,987 to €222,054
mainly Contributions, distributions and other (-€225,294) and Receivables within one year (-€39,366)
- Tangible fixed assets -€3,158
down €3,158 (-29.7%), from €10,641 to €7,483
of which Other tangible fixed assets: -€2,220
- Other debts +€225,294
new in 2025: €225,294
- Profit (loss) carried forward -€190,505
down €190,505 (-84.6%), from €225,294 to €34,789
- Tax, wage and social debts -€24,315
down €24,315 (-68.2%), from €35,663 to €11,348
- Trade debts +€23,140
up €23,140 (+3,847%), from €601 to €23,742
- Gross operating margin -€76,934
down €76,934 (-60.7%), from €126,755 to €49,821
- Taxes -€16,632
down €16,632 (-62.6%), from €26,578 to €9,946
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €264,559 | €298,173 | +€33,615 | +12.7% |
| Fixed assets | 21/28 | €10,641 | €7,483 | -€3,158 | -29.7% |
| Tangible fixed assets | 22/27 | €10,641 | €7,483 | -€3,158 | -29.7% |
| Plant, machinery and equipment | 23 | €2,108 | €1,874 | -€233 | -11.1% |
| Furniture and vehicles | 24 | €1,531 | €827 | -€705 | -46.0% |
| Other tangible fixed assets | 26 | €7,002 | €4,783 | -€2,220 | -31.7% |
| Current assets | 29/58 | €253,918 | €290,690 | +€36,772 | +14.5% |
| Amounts receivable within one year | 40/41 | €25,909 | €65,275 | +€39,366 | +152% |
| Trade receivables | 40 | - | €20,251 | +€20,251 | |
| Other amounts receivable | 41 | €25,909 | €45,023 | +€19,115 | +73.8% |
| Cash at bank and in hand | 54/58 | €226,987 | €222,054 | -€4,933 | -2.2% |
| Deferred charges and accrued income | 490/1 | €1,022 | €3,361 | +€2,339 | +229% |
| Total equity and liabilities | 10/49 | €264,559 | €298,173 | +€33,615 | +12.7% |
| Equity | 10/15 | €228,294 | €37,789 | -€190,505 | -83.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €225,294 | €34,789 | -€190,505 | -84.6% |
| Amounts payable | 17/49 | €36,264 | €260,384 | +€224,120 | +618% |
| Amounts payable within one year | 42/48 | €36,264 | €260,384 | +€224,120 | +618% |
| Trade debts | 44 | €601 | €23,742 | +€23,140 | +3,847% |
| Suppliers | 440/4 | €601 | €23,742 | +€23,140 | +3,847% |
| Taxes, remuneration and social security | 45 | €35,663 | €11,348 | -€24,315 | -68.2% |
| Taxes | 450/3 | €35,663 | €11,348 | -€24,315 | -68.2% |
| Other amounts payable | 47/48 | - | €225,294 | +€225,294 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,150 | €3,158 | +€7 | +0.2% |
| Other operating charges | 640/8 | €512 | €747 | +€234 | +45.7% |
| Gross operating margin | 9900 | €126,755 | €49,821 | -€76,934 | -60.7% |
| Operating profit (loss) | 9901 | €123,092 | €45,917 | -€77,175 | -62.7% |
| Financial income | 75/76B | €1,022 | €1,736 | +€714 | +69.9% |
| Recurring financial income | 75 | €1,022 | €1,736 | +€714 | +69.9% |
| Financial charges | 65/66B | €2,772 | €2,918 | +€145 | +5.2% |
| Recurring financial charges | 65 | €2,772 | €2,918 | +€145 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €121,342 | €44,736 | -€76,606 | -63.1% |
| Income taxes | 67/77 | €26,578 | €9,946 | -€16,632 | -62.6% |
| Profit (loss) for the period | 9904 | €94,764 | €34,789 | -€59,975 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €94,764 | €34,789 | -€59,975 | -63.3% |
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 13 October 2026 via checked.be.