D & W: 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.
What changed
D & W
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.6m
2024 · €149,563-€1.7m
Equity
€12.3m
2024 · €13.9m-€1.6m
Cash
€2.5m
2024 · €1.1m+€1.4m
Balance sheet total
€18.8m
2024 · €17.7m+€1.1m
Largest movements
Assets
- Cash +€1.4m
up €1.4m (+132.5%), from €1.1m to €2.5m
mainly Tax, wage and social debts (+€2.7m) and Stocks and contracts (+€264,000)
- Stocks and contracts -€264,000
down €264,000 (-3.0%), from €8.8m to €8.5m
Equity and liabilities
- Tax, wage and social debts +€2.7m
up €2.7m (+85207.3%), from €3,182 to €2.7m
- Profit (loss) carried forward -€1.6m
down €1.6m (-11.6%), from €13.8m to €12.2m
Income statement
- Taxes +€2.5m
up €2.5m (+4536.7%), from €56,069 to €2.6m
of which Taxes: +€2.5m
- Turnover +€1.4m
up €1.4m (+567.1%), from €243,843 to €1.6m
- Goods and materials +€445,502
up €445,502 (+2992.9%), from €14,885 to €460,387
- Financial charges +€109,748
up €109,748 (+1828.3%), from €6,003 to €115,751
- Services and other goods +€19,335
up €19,335 (+64.7%), from €29,891 to €49,225
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
€149,563
Turnover
+€1.4m
Other operating income
+€6,571
Goods and materials
-€445,502
Services and other goods
-€19,335
Other operating charges
-€9,054
Financial income
-€9,607
Financial charges
-€109,748
Taxes
-€2.5m
Result 2025
-€1.6m
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
+€1.5m
Investment
-€107,770
Financing
+€10,000
Cash 2024
€1.1m
From operations (derived)
+€1.5m
Net result for the year
-€1.6m
Depreciation
+€118,972
Stocks and contracts
+€264,000
Receivables within one year
+€57,657
Smaller working-capital items
+€5,686
Tax, wage and social debts
+€2.7m
Accrued charges and deferred income
-€11,982
Investment (derived)
-€107,770
Investment in fixed assets (net)
-€107,770
Financing
+€10,000
Debts after one year
+€10,000
Cash 2025
€2.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,706,508 | €18,824,623 | +€1.1m | +6.3% |
| Fixed assets | 21/28 | €7,619,469 | €7,608,267 | -€11,202 | -0.1% |
| Tangible fixed assets | 22/27 | €1,126,191 | €1,007,219 | -€118,972 | -10.6% |
| Other tangible fixed assets | 26 | €1,126,191 | €1,007,219 | -€118,972 | -10.6% |
| Financial fixed assets | 28 | €6,493,278 | €6,601,048 | +€107,770 | +1.7% |
| Affiliated companies | 280/1 | €6,493,278 | €6,601,048 | +€107,770 | +1.7% |
| Participating interests | 280 | €1,090,000 | €1,090,000 | = | 0.0% |
| Amounts receivable | 281 | €5,403,278 | €5,511,048 | +€107,770 | +2.0% |
| Current assets | 29/58 | €10,087,039 | €11,216,356 | +€1.1m | +11.2% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €8,812,460 | €8,548,460 | -€264,000 | -3.0% |
| Stocks | 30/36 | €8,812,460 | €8,548,460 | -€264,000 | -3.0% |
| Property held for sale | 35 | €8,812,460 | €8,548,460 | -€264,000 | -3.0% |
| Amounts receivable within one year | 40/41 | €129,471 | €71,814 | -€57,657 | -44.5% |
| Trade receivables | 40 | €23,540 | €10,896 | -€12,644 | -53.7% |
| Other amounts receivable | 41 | €105,931 | €60,919 | -€45,012 | -42.5% |
| Cash at bank and in hand | 54/58 | €1,094,108 | €2,544,082 | +€1.4m | +132.5% |
| Deferred charges and accrued income | 490/1 | €1,000 | €2,000 | +€1,000 | +100.0% |
| Total equity and liabilities | 10/49 | €17,706,508 | €18,824,623 | +€1.1m | +6.3% |
| Equity | 10/15 | €13,869,909 | €12,272,082 | -€1.6m | -11.5% |
| Contributions | 10/11 | €67,700 | €67,700 | = | 0.0% |
| Capital | 10 | €67,700 | €67,700 | = | 0.0% |
| Issued capital | 100 | €80,050 | €80,050 | = | 0.0% |
| Uncalled capital | 101 | €12,350 | €12,350 | = | 0.0% |
| Reserves | 13 | €8,005 | €8,005 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,005 | €8,005 | = | 0.0% |
| Legal reserve | 130 | €8,005 | €8,005 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,794,204 | €12,196,377 | -€1.6m | -11.6% |
| Amounts payable | 17/49 | €3,836,599 | €6,552,541 | +€2.7m | +70.8% |
| Amounts payable after more than one year | 17 | - | €10,000 | +€10,000 | |
| Other amounts payable | 178/9 | - | €10,000 | +€10,000 | |
| Amounts payable within one year | 42/48 | €3,822,617 | €6,540,541 | +€2.7m | +71.1% |
| Trade debts | 44 | €3,767,712 | €3,774,398 | +€6,686 | +0.2% |
| Suppliers | 440/4 | €3,767,712 | €3,774,398 | +€6,686 | +0.2% |
| Advances received on contracts in progress | 46 | €10,000 | €10,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,182 | €2,714,420 | +€2.7m | +85207.3% |
| Taxes | 450/3 | €3,182 | €2,714,420 | +€2.7m | +85207.3% |
| Other amounts payable | 47/48 | €41,723 | €41,723 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €13,982 | €2,000 | -€11,982 | -85.7% |
| Operating income | 70/76A | €275,919 | €1,665,445 | +€1.4m | +503.6% |
| Turnover | 70 | €243,843 | €1,626,799 | +€1.4m | +567.1% |
| Other operating income | 74 | €32,075 | €38,646 | +€6,571 | +20.5% |
| Operating charges | 60/66A | €182,662 | €656,552 | +€473,891 | +259.4% |
| Goods for resale, raw materials and consumables | 60 | €14,885 | €460,387 | +€445,502 | +2992.9% |
| Change in stocks: decrease (increase) | 609 | €14,885 | €460,387 | +€445,502 | +2992.9% |
| Services and other goods | 61 | €29,891 | €49,225 | +€19,335 | +64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,972 | €118,972 | = | 0.0% |
| Other operating charges | 640/8 | €18,913 | €27,968 | +€9,054 | +47.9% |
| Operating profit (loss) | 9901 | €93,257 | €1,008,893 | +€915,636 | +981.8% |
| Financial income | 75/76B | €118,378 | €108,770 | -€9,607 | -8.1% |
| Recurring financial income | 75 | €118,378 | €108,770 | -€9,607 | -8.1% |
| Income from financial fixed assets | 750 | €117,277 | €107,770 | -€9,507 | -8.1% |
| Other financial income | 752/9 | €1,100 | €1,000 | -€100 | -9.1% |
| Financial charges | 65/66B | €6,003 | €115,751 | +€109,748 | +1828.3% |
| Recurring financial charges | 65 | €6,003 | €115,751 | +€109,748 | +1828.3% |
| Other financial charges | 652/9 | €6,003 | €115,751 | +€109,748 | +1828.3% |
| Profit (loss) for the period before taxes | 9903 | €205,632 | €1,001,913 | +€796,281 | +387.2% |
| Income taxes | 67/77 | €56,069 | €2,599,739 | +€2.5m | +4536.7% |
| Taxes | 670/3 | €56,069 | €2,603,930 | +€2.5m | +4544.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €4,190 | +€4,190 | |
| Profit (loss) for the period | 9904 | €149,563 | -€1,597,827 | -€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €149,563 | -€1,597,827 | -€1.7m |
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.