DEWA: 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.
DEWA
Largest movements
- Tangible fixed assets -€308,848
down €308,848 (-4.5%), from €6.9m to €6.6m
- Current investments +€155,485
up €155,485 (+24.0%), from €648,256 to €803,741
- Current portion of long-term debt -€250,000
no longer reported in 2025 (was €250,000)
- Reserves +€86,205
up €86,205 (+2.4%), from €3.6m to €3.7m
of which Distributable reserves: +€86,205
- Financial charges -€44,386
down €44,386 (-29.9%), from €148,661 to €104,275
- Financial income +€27,494
up €27,494 (+192.9%), from €14,252 to €41,745
- Gross operating margin +€15,811
up €15,811 (+3.1%), from €505,316 to €521,127
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 | €7,789,363 | €7,621,968 | -€167,395 | -2.1% |
| Fixed assets | 21/28 | €6,904,699 | €6,595,851 | -€308,848 | -4.5% |
| Tangible fixed assets | 22/27 | €6,904,699 | €6,595,851 | -€308,848 | -4.5% |
| Land and buildings | 22 | €6,904,699 | €6,595,851 | -€308,848 | -4.5% |
| Current assets | 29/58 | €884,664 | €1,026,116 | +€141,453 | +16.0% |
| Amounts receivable within one year | 40/41 | €7,319 | €3,649 | -€3,670 | -50.1% |
| Trade receivables | 40 | €1,011 | €225 | -€785 | -77.7% |
| Other amounts receivable | 41 | €6,308 | €3,423 | -€2,885 | -45.7% |
| Current investments | 50/53 | €648,256 | €803,741 | +€155,485 | +24.0% |
| Cash at bank and in hand | 54/58 | €228,322 | €217,899 | -€10,423 | -4.6% |
| Deferred charges and accrued income | 490/1 | €767 | €828 | +€61 | +8.0% |
| Total equity and liabilities | 10/49 | €7,789,363 | €7,621,968 | -€167,395 | -2.1% |
| Equity | 10/15 | €6,281,754 | €6,367,960 | +€86,205 | +1.4% |
| Contributions | 10/11 | €2,706,200 | €2,706,200 | = | 0.0% |
| Capital | 10 | €2,706,200 | €2,706,200 | = | 0.0% |
| Issued capital | 100 | €2,718,600 | €2,718,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,575,554 | €3,661,760 | +€86,205 | +2.4% |
| Non-distributable reserves | 130/1 | €341,860 | €341,860 | = | 0.0% |
| Legal reserve | 130 | €341,860 | €341,860 | = | 0.0% |
| Distributable reserves | 133 | €3,233,694 | €3,319,900 | +€86,205 | +2.7% |
| Amounts payable | 17/49 | €1,507,608 | €1,254,008 | -€253,600 | -16.8% |
| Amounts payable within one year | 42/48 | €1,384,650 | €1,141,756 | -€242,894 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €250,000 | - | -€250,000 | |
| Trade debts | 44 | €15,953 | €28,701 | +€12,748 | +79.9% |
| Suppliers | 440/4 | €15,953 | €28,701 | +€12,748 | +79.9% |
| Other amounts payable | 47/48 | €1,118,696 | €1,113,055 | -€5,642 | -0.5% |
| Accrued charges and deferred income | 492/3 | €122,959 | €112,253 | -€10,706 | -8.7% |
| Non-recurring operating income | 76A | €356 | €159 | -€197 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €319,285 | €321,178 | +€1,893 | +0.6% |
| Other operating charges | 640/8 | €51,895 | €50,708 | -€1,187 | -2.3% |
| Gross operating margin | 9900 | €505,316 | €521,127 | +€15,811 | +3.1% |
| Operating profit (loss) | 9901 | €134,137 | €149,241 | +€15,105 | +11.3% |
| Financial income | 75/76B | €14,252 | €41,745 | +€27,494 | +192.9% |
| Recurring financial income | 75 | €14,252 | €41,745 | +€27,494 | +192.9% |
| Financial charges | 65/66B | €148,661 | €104,275 | -€44,386 | -29.9% |
| Recurring financial charges | 65 | €148,661 | €104,275 | -€44,386 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | -€273 | €86,712 | +€86,985 | |
| Income taxes | 67/77 | €484 | €506 | +€23 | +4.7% |
| Profit (loss) for the period | 9904 | -€757 | €86,205 | +€86,962 | |
| Profit (loss) for the period to be appropriated | 9905 | -€757 | €86,205 | +€86,962 |
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 7 October 2026 via checked.be.