D.W. Construct: 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.
D.W. Construct
Largest movements
- Tangible fixed assets -€121,626
down €121,626 (-6.0%), from €2.0m to €1.9m
of which Furniture and vehicles: -€69,562
- Deferred charges and accrued income +€76,268
up €76,268 (+28.9%), from €263,733 to €340,001
- Cash +€67,150
up €67,150 (+340.2%), from €19,738 to €86,888
mainly Short-term financial debts (+€215,949) and Depreciation (+€185,129)
- Receivables within one year -€39,299
down €39,299 (-5.6%), from €704,312 to €665,013
of which Trade receivables: -€41,691
- Debts after one year -€515,946
down €515,946 (-47.7%), from €1.1m to €566,583
- Short-term financial debts +€215,949
up €215,949 (+61.0%), from €354,179 to €570,128
of which Credit institutions: +€231,000
- Trade debts +€163,584
up €163,584 (+28.5%), from €574,682 to €738,266
- Profit (loss) carried forward +€129,545
up €129,545 (+30.0%), from €431,229 to €560,775
- Tax, wage and social debts +€57,604
up €57,604 (+490.5%), from €11,744 to €69,348
of which Taxes: +€50,393
- Gross operating margin +€112,477
up €112,477 (+17.4%), from €647,743 to €760,221
- Taxes +€37,720
up €37,720 (+426.1%), from €8,852 to €46,572
- Financial charges -€9,669
down €9,669 (-16.3%), from €59,334 to €49,665
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 | €3,014,723 | €2,997,216 | -€17,507 | -0.6% |
| Fixed assets | 21/28 | €2,026,940 | €1,905,314 | -€121,626 | -6.0% |
| Tangible fixed assets | 22/27 | €2,026,940 | €1,905,314 | -€121,626 | -6.0% |
| Land and buildings | 22 | €918,887 | €909,939 | -€8,948 | -1.0% |
| Plant, machinery and equipment | 23 | €106,723 | €116,511 | +€9,788 | +9.2% |
| Furniture and vehicles | 24 | €699,777 | €630,215 | -€69,562 | -9.9% |
| Leasing and similar rights | 25 | €301,553 | €248,648 | -€52,905 | -17.5% |
| Current assets | 29/58 | €987,783 | €1,091,903 | +€104,119 | +10.5% |
| Amounts receivable within one year | 40/41 | €704,312 | €665,013 | -€39,299 | -5.6% |
| Trade receivables | 40 | €597,337 | €555,645 | -€41,691 | -7.0% |
| Other amounts receivable | 41 | €106,976 | €109,368 | +€2,393 | +2.2% |
| Cash at bank and in hand | 54/58 | €19,738 | €86,888 | +€67,150 | +340.2% |
| Deferred charges and accrued income | 490/1 | €263,733 | €340,001 | +€76,268 | +28.9% |
| Total equity and liabilities | 10/49 | €3,014,723 | €2,997,216 | -€17,507 | -0.6% |
| Equity | 10/15 | €597,321 | €726,866 | +€129,545 | +21.7% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €42,145 | €42,145 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €29,750 | €29,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €431,229 | €560,775 | +€129,545 | +30.0% |
| Amounts payable | 17/49 | €2,417,403 | €2,270,350 | -€147,052 | -6.1% |
| Amounts payable after more than one year | 17 | €1,082,530 | €566,583 | -€515,946 | -47.7% |
| Financial debts | 170/4 | €1,082,530 | €566,583 | -€515,946 | -47.7% |
| Amounts payable within one year | 42/48 | €1,332,248 | €1,703,767 | +€371,519 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €224,282 | €213,497 | -€10,786 | -4.8% |
| Financial debts | 43 | €354,179 | €570,128 | +€215,949 | +61.0% |
| Credit institutions | 430/8 | €195,000 | €426,000 | +€231,000 | +118.5% |
| Other loans | 439 | €159,179 | €144,128 | -€15,051 | -9.5% |
| Trade debts | 44 | €574,682 | €738,266 | +€163,584 | +28.5% |
| Suppliers | 440/4 | €574,682 | €738,266 | +€163,584 | +28.5% |
| Taxes, remuneration and social security | 45 | €11,744 | €69,348 | +€57,604 | +490.5% |
| Taxes | 450/3 | €11,744 | €62,137 | +€50,393 | +429.1% |
| Remuneration and social security | 454/9 | €0 | €7,211 | +€7,211 | |
| Other amounts payable | 47/48 | €167,362 | €112,530 | -€54,832 | -32.8% |
| Accrued charges and deferred income | 492/3 | €2,625 | €0 | -€2,625 | -100.0% |
| Remuneration, social security and pensions | 62 | €317,330 | €312,703 | -€4,626 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,068 | €185,129 | -€6,939 | -3.6% |
| Other operating charges | 640/8 | €36,100 | €36,669 | +€569 | +1.6% |
| Gross operating margin | 9900 | €647,743 | €760,221 | +€112,477 | +17.4% |
| Operating profit (loss) | 9901 | €102,246 | €225,720 | +€123,474 | +120.8% |
| Financial income | 75/76B | €853 | €63 | -€790 | -92.7% |
| Recurring financial income | 75 | €853 | €63 | -€790 | -92.7% |
| Financial charges | 65/66B | €59,334 | €49,665 | -€9,669 | -16.3% |
| Recurring financial charges | 65 | €59,334 | €49,665 | -€9,669 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €43,765 | €176,117 | +€132,353 | +302.4% |
| Income taxes | 67/77 | €8,852 | €46,572 | +€37,720 | +426.1% |
| Profit (loss) for the period | 9904 | €34,913 | €129,545 | +€94,633 | +271.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,913 | €129,545 | +€94,633 | +271.1% |
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 8 October 2026 via checked.be.