D&W: 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
D&W
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€514,644
2024 · €300,038+€214,606
Equity
€3.1m
2024 · €2.6m+€414,644
Cash
€691,061
2024 · €479,395+€211,666
Balance sheet total
€8.0m
2024 · €6.9m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€843,360
up €843,360 (+16.5%), from €5.1m to €6.0m
of which Land and buildings: +€843,360
- Cash +€211,666
up €211,666 (+44.2%), from €479,395 to €691,061
mainly Net result for the year (+€514,644) and Debts after one year (+€509,288)
Equity and liabilities
- Debts after one year +€509,288
up €509,288 (+15.8%), from €3.2m to €3.7m
of which Financial debts: +€513,938
- Reserves +€414,644
up €414,644 (+16.3%), from €2.5m to €3.0m
of which Tax-exempt reserves: +€439,221
- Provisions +€146,407
up €146,407 (+23.8%), from €614,432 to €760,839
Income statement
- Gross operating margin +€202,833
up €202,833 (+18.6%), from €1.1m to €1.3m
- Other operating charges -€89,031
down €89,031 (-55.1%), from €161,486 to €72,456
- Depreciation +€57,838
up €57,838 (+18.2%), from €317,325 to €375,163
- Taxes -€45,589
down €45,589 (-51.9%), from €87,809 to €42,220
- Staff costs -€38,075
down €38,075 (-26.2%), from €145,414 to €107,339
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
€300,038
Gross operating margin
+€202,833
Staff costs
+€38,075
Depreciation
-€57,838
Other operating charges
+€89,031
Financial income
-€6,304
Financial charges
+€11,184
Taxes
+€45,589
Deferred taxes and other
-€107,963
Result 2025
€514,644
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.
From operations
+€968,395
Investment
-€1.2m
Financing
+€461,793
Cash 2024
€479,395
From operations (derived)
+€968,395
Net result for the year
+€514,644
Depreciation
+€375,163
Receivables within one year
-€58,790
Smaller working-capital items
-€471
Provisions
+€146,407
Trade debts
+€17,410
Tax, wage and social debts
-€7,530
Other debts
-€18,437
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€461,793
Debts after one year
+€509,288
Current portion of long-term debt
+€2,347
Short-term financial debts
+€50,159
Contributions, distributions and other
-€100,000
Cash 2025
€691,061
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,901,962 | €8,014,951 | +€1.1m | +16.1% |
| Fixed assets | 21/28 | €5,124,840 | €5,968,200 | +€843,360 | +16.5% |
| Tangible fixed assets | 22/27 | €5,118,759 | €5,962,119 | +€843,360 | +16.5% |
| Land and buildings | 22 | €5,109,009 | €5,952,369 | +€843,360 | +16.5% |
| Furniture and vehicles | 24 | €9,750 | €9,750 | = | 0.0% |
| Financial fixed assets | 28 | €6,080 | €6,080 | = | 0.0% |
| Current assets | 29/58 | €1,777,122 | €2,046,751 | +€269,629 | +15.2% |
| Amounts receivable after more than one year | 29 | €1,290,000 | €1,290,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,290,000 | €1,290,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €58,790 | +€58,790 | |
| Other amounts receivable | 41 | - | €58,790 | +€58,790 | |
| Cash at bank and in hand | 54/58 | €479,395 | €691,061 | +€211,666 | +44.2% |
| Deferred charges and accrued income | 490/1 | €7,727 | €6,901 | -€826 | -10.7% |
| Total equity and liabilities | 10/49 | €6,901,962 | €8,014,951 | +€1.1m | +16.1% |
| Equity | 10/15 | €2,646,097 | €3,060,741 | +€414,644 | +15.7% |
| Contributions | 10/11 | €105,800 | €105,800 | = | 0.0% |
| Capital | 10 | €105,800 | €105,800 | = | 0.0% |
| Issued capital | 100 | €105,800 | €105,800 | = | 0.0% |
| Reserves | 13 | €2,537,911 | €2,952,554 | +€414,644 | +16.3% |
| Non-distributable reserves | 130/1 | €15,206 | €15,206 | = | 0.0% |
| Legal reserve | 130 | €10,580 | €10,580 | = | 0.0% |
| Other | 1319 | €4,626 | €4,626 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,843,296 | €2,282,517 | +€439,221 | +23.8% |
| Distributable reserves | 133 | €679,408 | €654,830 | -€24,577 | -3.6% |
| Profit (loss) carried forward | 14 | €2,387 | €2,387 | = | 0.0% |
| Provisions and deferred taxes | 16 | €614,432 | €760,839 | +€146,407 | +23.8% |
| Deferred taxes | 168 | €614,432 | €760,839 | +€146,407 | +23.8% |
| Amounts payable | 17/49 | €3,641,432 | €4,193,371 | +€551,939 | +15.2% |
| Amounts payable after more than one year | 17 | €3,213,651 | €3,722,939 | +€509,288 | +15.8% |
| Financial debts | 170/4 | €3,145,261 | €3,659,199 | +€513,938 | +16.3% |
| Other amounts payable | 178/9 | €68,390 | €63,740 | -€4,650 | -6.8% |
| Amounts payable within one year | 42/48 | €416,101 | €460,049 | +€43,948 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €265,259 | €267,605 | +€2,347 | +0.9% |
| Financial debts | 43 | €18,825 | €68,984 | +€50,159 | +266.5% |
| Credit institutions | 430/8 | €18,825 | €68,984 | +€50,159 | +266.5% |
| Trade debts | 44 | €10,568 | €27,977 | +€17,410 | +164.7% |
| Suppliers | 440/4 | €10,568 | €27,977 | +€17,410 | +164.7% |
| Taxes, remuneration and social security | 45 | €20,447 | €12,917 | -€7,530 | -36.8% |
| Taxes | 450/3 | €9,743 | €5,000 | -€4,743 | -48.7% |
| Remuneration and social security | 454/9 | €10,705 | €7,917 | -€2,788 | -26.0% |
| Other amounts payable | 47/48 | €101,003 | €82,566 | -€18,437 | -18.3% |
| Accrued charges and deferred income | 492/3 | €11,680 | €10,383 | -€1,297 | -11.1% |
| Non-recurring operating income | 76A | €308,837 | €706,210 | +€397,373 | +128.7% |
| Remuneration, social security and pensions | 62 | €145,414 | €107,339 | -€38,075 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €317,325 | €375,163 | +€57,838 | +18.2% |
| Other operating charges | 640/8 | €161,486 | €72,456 | -€89,031 | -55.1% |
| Gross operating margin | 9900 | €1,090,721 | €1,293,555 | +€202,833 | +18.6% |
| Operating profit (loss) | 9901 | €466,497 | €738,598 | +€272,101 | +58.3% |
| Financial income | 75/76B | €40,629 | €34,325 | -€6,304 | -15.5% |
| Recurring financial income | 75 | €40,629 | €34,325 | -€6,304 | -15.5% |
| Financial charges | 65/66B | €80,836 | €69,652 | -€11,184 | -13.8% |
| Recurring financial charges | 65 | €80,836 | €69,652 | -€11,184 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €426,290 | €703,270 | +€276,980 | +65.0% |
| Transfer from deferred taxes | 780 | €32,348 | €30,146 | -€2,203 | -6.8% |
| Transfer to deferred taxes | 680 | €70,793 | €176,553 | +€105,760 | +149.4% |
| Income taxes | 67/77 | €87,809 | €42,220 | -€45,589 | -51.9% |
| Profit (loss) for the period | 9904 | €300,038 | €514,644 | +€214,606 | +71.5% |
| Transfer from tax-exempt reserves | 789 | €97,045 | €90,437 | -€6,609 | -6.8% |
| Transfer to tax-exempt reserves | 689 | €212,378 | €529,658 | +€317,280 | +149.4% |
| Profit (loss) for the period to be appropriated | 9905 | €184,705 | €75,423 | -€109,282 | -59.2% |
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 12 October 2026 via checked.be.