CWSI: 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.
CWSI
Largest movements
- Current investments +€398,749
up €398,749 (+111.6%), from €357,193 to €755,942
- Cash -€382,735
down €382,735 (-51.2%), from €747,670 to €364,935
mainly Current investments (-€398,749) and Receivables within one year (-€263,245)
- Receivables within one year +€263,245
up €263,245 (+448.8%), from €58,658 to €321,902
of which Trade receivables: +€221,585
- Tangible fixed assets -€27,931
down €27,931 (-3.2%), from €875,249 to €847,318
of which Land and buildings: -€21,453
- Reserves +€160,629
up €160,629 (+14.3%), from €1.1m to €1.3m
- Trade debts +€128,315
up €128,315 (+369.8%), from €34,697 to €163,012
- Tax, wage and social debts -€46,907
down €46,907 (-62.8%), from €74,687 to €27,780
of which Taxes: -€47,279
- Short-term financial debts +€46,632
up €46,632, from €0 to €46,632
- Debts after one year -€39,428
down €39,428 (-6.9%), from €568,106 to €528,679
- Depreciation +€5,506
up €5,506 (+18.1%), from €30,409 to €35,915
- Gross operating margin -€5,322
down €5,322 (-1.1%), from €490,623 to €485,301
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 | €2,089,090 | €2,340,552 | +€251,462 | +12.0% |
| Fixed assets | 21/28 | €892,789 | €864,858 | -€27,931 | -3.1% |
| Tangible fixed assets | 22/27 | €875,249 | €847,318 | -€27,931 | -3.2% |
| Land and buildings | 22 | €839,251 | €817,798 | -€21,453 | -2.6% |
| Plant, machinery and equipment | 23 | €4,244 | €9,227 | +€4,984 | +117.4% |
| Furniture and vehicles | 24 | €24,140 | €14,759 | -€9,381 | -38.9% |
| Other tangible fixed assets | 26 | €7,614 | €5,534 | -€2,080 | -27.3% |
| Financial fixed assets | 28 | €17,540 | €17,540 | = | 0.0% |
| Current assets | 29/58 | €1,196,301 | €1,475,694 | +€279,393 | +23.4% |
| Amounts receivable within one year | 40/41 | €58,658 | €321,902 | +€263,245 | +448.8% |
| Trade receivables | 40 | €45,995 | €267,580 | +€221,585 | +481.8% |
| Other amounts receivable | 41 | €12,662 | €54,322 | +€41,660 | +329.0% |
| Current investments | 50/53 | €357,193 | €755,942 | +€398,749 | +111.6% |
| Cash at bank and in hand | 54/58 | €747,670 | €364,935 | -€382,735 | -51.2% |
| Deferred charges and accrued income | 490/1 | €32,780 | €32,915 | +€135 | +0.4% |
| Total equity and liabilities | 10/49 | €2,089,090 | €2,340,552 | +€251,462 | +12.0% |
| Equity | 10/15 | €1,339,399 | €1,500,028 | +€160,629 | +12.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,124,410 | €1,285,039 | +€160,629 | +14.3% |
| Distributable reserves | 133 | €1,124,410 | €1,285,039 | +€160,629 | +14.3% |
| Profit (loss) carried forward | 14 | €184,989 | €184,989 | = | 0.0% |
| Amounts payable | 17/49 | €749,691 | €840,524 | +€90,833 | +12.1% |
| Amounts payable after more than one year | 17 | €568,106 | €528,679 | -€39,428 | -6.9% |
| Financial debts | 170/4 | €568,106 | €528,679 | -€39,428 | -6.9% |
| Amounts payable within one year | 42/48 | €181,585 | €311,846 | +€130,261 | +71.7% |
| Current portion of amounts payable after more than one year | 42 | €38,770 | €39,428 | +€658 | +1.7% |
| Financial debts | 43 | €0 | €46,632 | +€46,632 | |
| Credit institutions | 430/8 | €0 | €46,632 | +€46,632 | |
| Trade debts | 44 | €34,697 | €163,012 | +€128,315 | +369.8% |
| Suppliers | 440/4 | €34,697 | €163,012 | +€128,315 | +369.8% |
| Taxes, remuneration and social security | 45 | €74,687 | €27,780 | -€46,907 | -62.8% |
| Taxes | 450/3 | €64,145 | €16,865 | -€47,279 | -73.7% |
| Remuneration and social security | 454/9 | €10,542 | €10,914 | +€372 | +3.5% |
| Other amounts payable | 47/48 | €33,431 | €34,993 | +€1,563 | +4.7% |
| Non-recurring operating income | 76A | €9,917 | €0 | -€9,917 | -100.0% |
| Remuneration, social security and pensions | 62 | €52,036 | €55,104 | +€3,069 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,409 | €35,915 | +€5,506 | +18.1% |
| Other operating charges | 640/8 | €2,347 | €2,217 | -€130 | -5.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €490,623 | €485,301 | -€5,322 | -1.1% |
| Operating profit (loss) | 9901 | €405,832 | €392,065 | -€13,766 | -3.4% |
| Financial income | 75/76B | €17,043 | €15,911 | -€1,132 | -6.6% |
| Recurring financial income | 75 | €17,043 | €15,911 | -€1,132 | -6.6% |
| Financial charges | 65/66B | €11,265 | €10,990 | -€275 | -2.4% |
| Recurring financial charges | 65 | €11,265 | €10,990 | -€275 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €411,610 | €396,986 | -€14,624 | -3.6% |
| Income taxes | 67/77 | €131,415 | €128,300 | -€3,115 | -2.4% |
| Profit (loss) for the period | 9904 | €280,195 | €268,686 | -€11,509 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €280,195 | €268,686 | -€11,509 | -4.1% |
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 9 October 2026 via checked.be.