DEWARD: 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
DEWARD
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€23,345
2024 · -€34,725+€58,070
Equity
€30,679
2024 · €7,334+€23,345
Cash
€6,310
2024 · €1,478+€4,832
Balance sheet total
€742,008
2024 · €738,104+€3,904
Largest movements
Assets
- Tangible fixed assets -€8,224
down €8,224 (-1.3%), from €610,455 to €602,231
of which Land and buildings: -€9,260
Equity and liabilities
- Profit (loss) carried forward +€23,345
up €23,345 (+14.9%), from -€156,356 to -€133,011
- Debts after one year -€8,650
down €8,650 (-25.7%), from €33,675 to €25,025
Income statement
- Gross operating margin +€47,957
up €47,957 (+243.2%), from €19,718 to €67,675
- Other operating charges -€11,611
down €11,611 (-54.5%), from €21,307 to €9,696
- Depreciation +€828
up €828 (+3.1%), from €27,052 to €27,880
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
-€34,725
Gross operating margin
+€47,957
Depreciation
-€828
Other operating charges
+€11,611
Financial income
+€138
Financial charges
-€664
Taxes
-€145
Result 2025
€23,345
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
+€39,331
Investment
-€19,656
Financing
-€14,843
Cash 2024
€1,478
From operations (derived)
+€39,331
Net result for the year
+€23,345
Depreciation
+€27,880
Receivables within one year
-€7,155
Deferred charges and accrued income
-€141
Trade debts
-€218
Tax, wage and social debts
-€171
Other debts
-€4,209
Accrued charges and deferred income
+€1
Investment (derived)
-€19,656
Investment in fixed assets (net)
-€19,656
Financing
-€14,843
Debts after one year
-€8,650
Current portion of long-term debt
-€6,194
Cash 2025
€6,310
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €738,104 | €742,008 | +€3,904 | +0.5% |
| Fixed assets | 21/28 | €619,854 | €611,630 | -€8,224 | -1.3% |
| Tangible fixed assets | 22/27 | €610,455 | €602,231 | -€8,224 | -1.3% |
| Land and buildings | 22 | €607,674 | €598,414 | -€9,260 | -1.5% |
| Plant, machinery and equipment | 23 | €2,421 | €3,633 | +€1,212 | +50.1% |
| Furniture and vehicles | 24 | €360 | €184 | -€176 | -48.9% |
| Financial fixed assets | 28 | €9,399 | €9,399 | = | 0.0% |
| Current assets | 29/58 | €118,250 | €130,378 | +€12,128 | +10.3% |
| Amounts receivable within one year | 40/41 | €115,002 | €122,157 | +€7,155 | +6.2% |
| Trade receivables | 40 | €103,252 | €109,989 | +€6,737 | +6.5% |
| Other amounts receivable | 41 | €11,750 | €12,168 | +€418 | +3.6% |
| Cash at bank and in hand | 54/58 | €1,478 | €6,310 | +€4,832 | +327.0% |
| Deferred charges and accrued income | 490/1 | €1,770 | €1,911 | +€141 | +8.0% |
| Total equity and liabilities | 10/49 | €738,104 | €742,008 | +€3,904 | +0.5% |
| Equity | 10/15 | €7,334 | €30,679 | +€23,345 | +318.3% |
| Contributions | 10/11 | €152,901 | €152,901 | = | 0.0% |
| Reserves | 13 | €10,789 | €10,789 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €10,789 | €10,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,356 | -€133,011 | +€23,345 | +14.9% |
| Amounts payable | 17/49 | €730,770 | €711,329 | -€19,441 | -2.7% |
| Amounts payable after more than one year | 17 | €33,675 | €25,025 | -€8,650 | -25.7% |
| Financial debts | 170/4 | €33,675 | €25,025 | -€8,650 | -25.7% |
| Amounts payable within one year | 42/48 | €697,072 | €686,280 | -€10,792 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €14,902 | €8,708 | -€6,194 | -41.6% |
| Trade debts | 44 | €4,044 | €3,826 | -€218 | -5.4% |
| Suppliers | 440/4 | €4,044 | €3,826 | -€218 | -5.4% |
| Taxes, remuneration and social security | 45 | €4,184 | €4,013 | -€171 | -4.1% |
| Taxes | 450/3 | €4,184 | €4,013 | -€171 | -4.1% |
| Other amounts payable | 47/48 | €673,942 | €669,733 | -€4,209 | -0.6% |
| Accrued charges and deferred income | 492/3 | €23 | €24 | +€1 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,052 | €27,880 | +€828 | +3.1% |
| Other operating charges | 640/8 | €21,307 | €9,696 | -€11,611 | -54.5% |
| Gross operating margin | 9900 | €19,718 | €67,675 | +€47,957 | +243.2% |
| Operating profit (loss) | 9901 | -€28,641 | €30,100 | +€58,740 | |
| Financial income | 75/76B | €687 | €825 | +€138 | +20.1% |
| Recurring financial income | 75 | €687 | €825 | +€138 | +20.1% |
| Financial charges | 65/66B | €5,800 | €6,464 | +€664 | +11.4% |
| Recurring financial charges | 65 | €5,800 | €6,464 | +€664 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | -€33,754 | €24,461 | +€58,214 | |
| Income taxes | 67/77 | €971 | €1,116 | +€145 | +14.9% |
| Profit (loss) for the period | 9904 | -€34,725 | €23,345 | +€58,070 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,725 | €23,345 | +€58,070 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.