DEWA: what changed
DEWA
Largest movements
- Stocks and contracts +€232,130
up €232,130 (+29.9%), from €775,743 to €1.0m
- Receivables within one year +€72,906
up €72,906 (+9.3%), from €785,234 to €858,139
of which Trade receivables: +€98,693
- Tangible fixed assets -€40,804
down €40,804 (-16.8%), from €242,757 to €201,953
of which Furniture and vehicles: -€21,110
- Cash -€22,849
down €22,849 (-53.7%), from €42,537 to €19,688
mainly Stocks and contracts (-€232,130) and Receivables within one year (-€72,906)
- Advances received +€278,500
new in 2025: €278,500
- Trade debts +€89,210
up €89,210 (+20.1%), from €443,141 to €532,352
- Profit (loss) carried forward -€68,556
down €68,556, from €18,532 to -€50,024
- Tax, wage and social debts -€64,485
down €64,485 (-50.6%), from €127,487 to €63,002
of which Remuneration and social security: -€75,127
- Other debts +€52,913
up €52,913 (+33.6%), from €157,332 to €210,245
- Gross operating margin -€170,334
down €170,334 (-20.7%), from €820,914 to €650,580
- Other operating charges +€38,886
up €38,886 (+509%), from €7,634 to €46,520
- Staff costs +€20,862
up €20,862 (+3.7%), from €557,832 to €578,694
- Taxes -€17,508
no longer reported in 2025 (was €17,508)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,848,939 | €2,090,321 | +€241,383 | +13.1% |
| Fixed assets | 21/28 | €242,757 | €201,953 | -€40,804 | -16.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €242,757 | €201,953 | -€40,804 | -16.8% |
| Plant, machinery and equipment | 23 | €169,449 | €149,754 | -€19,695 | -11.6% |
| Furniture and vehicles | 24 | €73,308 | €52,199 | -€21,110 | -28.8% |
| Current assets | 29/58 | €1,606,182 | €1,888,369 | +€282,187 | +17.6% |
| Stocks and contracts in progress | 3 | €775,743 | €1,007,873 | +€232,130 | +29.9% |
| Stocks | 30/36 | €775,743 | €1,007,873 | +€232,130 | +29.9% |
| Amounts receivable within one year | 40/41 | €785,234 | €858,139 | +€72,906 | +9.3% |
| Trade receivables | 40 | €729,189 | €827,882 | +€98,693 | +13.5% |
| Other amounts receivable | 41 | €56,044 | €30,257 | -€25,787 | -46.0% |
| Cash at bank and in hand | 54/58 | €42,537 | €19,688 | -€22,849 | -53.7% |
| Deferred charges and accrued income | 490/1 | €2,669 | €2,669 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,848,939 | €2,090,321 | +€241,383 | +13.1% |
| Equity | 10/15 | €342,391 | €273,835 | -€68,556 | -20.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €261,859 | €261,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €255,659 | €255,659 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,532 | -€50,024 | -€68,556 | |
| Amounts payable | 17/49 | €1,506,548 | €1,816,486 | +€309,938 | +20.6% |
| Amounts payable after more than one year | 17 | €132,388 | €87,238 | -€45,150 | -34.1% |
| Financial debts | 170/4 | €132,388 | €87,238 | -€45,150 | -34.1% |
| Amounts payable within one year | 42/48 | €1,374,160 | €1,729,249 | +€355,088 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €46,200 | €45,150 | -€1,050 | -2.3% |
| Financial debts | 43 | €600,000 | €600,000 | = | 0.0% |
| Credit institutions | 430/8 | €600,000 | €600,000 | = | 0.0% |
| Trade debts | 44 | €443,141 | €532,352 | +€89,210 | +20.1% |
| Suppliers | 440/4 | €443,141 | €532,352 | +€89,210 | +20.1% |
| Advances received on contracts in progress | 46 | - | €278,500 | +€278,500 | |
| Taxes, remuneration and social security | 45 | €127,487 | €63,002 | -€64,485 | -50.6% |
| Taxes | 450/3 | €27,925 | €38,567 | +€10,642 | +38.1% |
| Remuneration and social security | 454/9 | €99,562 | €24,435 | -€75,127 | -75.5% |
| Other amounts payable | 47/48 | €157,332 | €210,245 | +€52,913 | +33.6% |
| Non-recurring operating income | 76A | €4,832 | €20 | -€4,812 | -99.6% |
| Remuneration, social security and pensions | 62 | €557,832 | €578,694 | +€20,862 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,123 | €48,784 | -€5,339 | -9.9% |
| Other operating charges | 640/8 | €7,634 | €46,520 | +€38,886 | +509% |
| Gross operating margin | 9900 | €820,914 | €650,580 | -€170,334 | -20.7% |
| Operating profit (loss) | 9901 | €201,324 | -€23,418 | -€224,742 | |
| Financial income | 75/76B | €393 | €556 | +€163 | +41.3% |
| Recurring financial income | 75 | €393 | €556 | +€163 | +41.3% |
| Financial charges | 65/66B | €45,678 | €45,693 | +€16 | 0.0% |
| Recurring financial charges | 65 | €45,678 | €45,693 | +€16 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €156,040 | -€68,556 | -€224,595 | |
| Income taxes | 67/77 | €17,508 | - | -€17,508 | |
| Profit (loss) for the period | 9904 | €138,532 | -€68,556 | -€207,088 | |
| Profit (loss) for the period to be appropriated | 9905 | €138,532 | -€68,556 | -€207,088 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.