D.W. PRINT: 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. PRINT
Largest movements
- Tangible fixed assets -€55,139
down €55,139 (-11.0%), from €500,935 to €445,796
of which Furniture and vehicles: -€29,373
- Receivables within one year -€54,609
down €54,609 (-42.8%), from €127,637 to €73,029
of which Trade receivables: -€58,854
- Cash +€35,056
up €35,056 (+681.8%), from €5,142 to €40,198
mainly Depreciation (+€67,419) and Receivables within one year (+€54,609)
- Deferred charges and accrued income -€7,733
down €7,733 (-21.6%), from €35,878 to €28,145
- Debts after one year -€28,473
down €28,473 (-37.5%), from €75,868 to €47,395
- Tax, wage and social debts -€20,476
down €20,476 (-90.7%), from €22,568 to €2,092
of which Taxes: -€22,568
- Current portion of long-term debt -€15,952
down €15,952 (-35.9%), from €44,425 to €28,473
- Profit (loss) carried forward -€14,774
down €14,774 (-7.3%), from €202,887 to €188,113
- Trade debts -€9,265
down €9,265 (-18.6%), from €49,752 to €40,487
- Depreciation +€20,372
up €20,372 (+43.3%), from €47,047 to €67,419
- Staff costs +€12,119
up €12,119 (+14.6%), from €82,848 to €94,967
- Gross operating margin +€7,355
up €7,355 (+4.9%), from €151,467 to €158,821
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 | €712,719 | €631,893 | -€80,826 | -11.3% |
| Fixed assets | 21/28 | €515,442 | €456,335 | -€59,108 | -11.5% |
| Intangible fixed assets | 21 | €14,508 | €10,539 | -€3,969 | -27.4% |
| Tangible fixed assets | 22/27 | €500,935 | €445,796 | -€55,139 | -11.0% |
| Land and buildings | 22 | €271,064 | €268,072 | -€2,992 | -1.1% |
| Plant, machinery and equipment | 23 | €55,451 | €32,678 | -€22,774 | -41.1% |
| Furniture and vehicles | 24 | €174,419 | €145,046 | -€29,373 | -16.8% |
| Current assets | 29/58 | €197,277 | €175,558 | -€21,719 | -11.0% |
| Stocks and contracts in progress | 3 | €28,620 | €34,186 | +€5,566 | +19.4% |
| Stocks | 30/36 | €28,620 | €34,186 | +€5,566 | +19.4% |
| Amounts receivable within one year | 40/41 | €127,637 | €73,029 | -€54,609 | -42.8% |
| Trade receivables | 40 | €124,121 | €65,268 | -€58,854 | -47.4% |
| Other amounts receivable | 41 | €3,516 | €7,761 | +€4,245 | +120.7% |
| Cash at bank and in hand | 54/58 | €5,142 | €40,198 | +€35,056 | +681.8% |
| Deferred charges and accrued income | 490/1 | €35,878 | €28,145 | -€7,733 | -21.6% |
| Total equity and liabilities | 10/49 | €712,719 | €631,893 | -€80,826 | -11.3% |
| Equity | 10/15 | €455,564 | €440,790 | -€14,774 | -3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €234,084 | €234,084 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,750 | €32,750 | = | 0.0% |
| Distributable reserves | 133 | €199,475 | €199,475 | = | 0.0% |
| Profit (loss) carried forward | 14 | €202,887 | €188,113 | -€14,774 | -7.3% |
| Amounts payable | 17/49 | €257,155 | €191,103 | -€66,052 | -25.7% |
| Amounts payable after more than one year | 17 | €75,868 | €47,395 | -€28,473 | -37.5% |
| Financial debts | 170/4 | €75,868 | €47,395 | -€28,473 | -37.5% |
| Amounts payable within one year | 42/48 | €181,288 | €143,709 | -€37,579 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €44,425 | €28,473 | -€15,952 | -35.9% |
| Trade debts | 44 | €49,752 | €40,487 | -€9,265 | -18.6% |
| Suppliers | 440/4 | €49,752 | €40,487 | -€9,265 | -18.6% |
| Taxes, remuneration and social security | 45 | €22,568 | €2,092 | -€20,476 | -90.7% |
| Taxes | 450/3 | €22,568 | - | -€22,568 | |
| Remuneration and social security | 454/9 | - | €2,092 | +€2,092 | |
| Other amounts payable | 47/48 | €64,543 | €72,657 | +€8,114 | +12.6% |
| Remuneration, social security and pensions | 62 | €82,848 | €94,967 | +€12,119 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,047 | €67,419 | +€20,372 | +43.3% |
| Other operating charges | 640/8 | €7,365 | €7,950 | +€585 | +7.9% |
| Non-recurring operating charges | 66A | €22,016 | - | -€22,016 | |
| Gross operating margin | 9900 | €151,467 | €158,821 | +€7,355 | +4.9% |
| Operating profit (loss) | 9901 | -€7,810 | -€11,515 | -€3,705 | -47.4% |
| Financial income | 75/76B | €1,257 | €1,730 | +€473 | +37.7% |
| Recurring financial income | 75 | €1,257 | €1,730 | +€473 | +37.7% |
| Financial charges | 65/66B | €2,874 | €4,371 | +€1,497 | +52.1% |
| Recurring financial charges | 65 | €2,874 | €4,371 | +€1,497 | +52.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,427 | -€14,156 | -€4,728 | -50.2% |
| Income taxes | 67/77 | €484 | €619 | +€134 | +27.8% |
| Profit (loss) for the period | 9904 | -€9,911 | -€14,774 | -€4,863 | -49.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,911 | -€14,774 | -€4,863 | -49.1% |
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 6 October 2026 via checked.be.