DLW: what changed
Two financial 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.
DLW
Largest movements
- Cash -€37,233
down €37,233 (-30.5%), from €122,214 to €84,981
mainly Contributions, distributions and other (-€73,630) and Receivables within one year (-€16,282)
- Receivables within one year +€16,282
up €16,282 (+180%), from €9,061 to €25,343
of which Trade receivables: +€13,340
- Stocks and contracts -€10,840
down €10,840 (-70.7%), from €15,340 to €4,500
- Financial fixed assets -€2,800
no longer reported in 2025 (was €2,800)
- Current investments +€2,498
up €2,498 (+2.9%), from €87,000 to €89,498
- Reserves -€60,559
down €60,559 (-34.9%), from €173,755 to €113,196
- Other debts +€34,497
up €34,497 (+95.6%), from €36,092 to €70,589
- Tax, wage and social debts -€8,507
down €8,507 (-50.0%), from €17,004 to €8,497
of which Taxes: -€4,757
- Staff costs +€2,847
up €2,847 (+74.8%), from €3,807 to €6,654
- Financial income +€2,088
up €2,088 (+104%), from €2,004 to €4,092
- Financial charges -€1,009
down €1,009 (-33.9%), from €2,972 to €1,963
- Gross operating margin +€652
up €652 (+2.6%), from €24,736 to €25,388
- Depreciation -€624
down €624 (-27.0%), from €2,308 to €1,684
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.
Derived cash bridge
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 | €240,200 | €206,228 | -€33,972 | -14.1% |
| Fixed assets | 21/28 | €4,989 | €505 | -€4,484 | -89.9% |
| Tangible fixed assets | 22/27 | €2,189 | €505 | -€1,684 | -76.9% |
| Plant, machinery and equipment | 23 | €2,189 | €505 | -€1,684 | -76.9% |
| Financial fixed assets | 28 | €2,800 | - | -€2,800 | |
| Current assets | 29/58 | €235,210 | €205,723 | -€29,487 | -12.5% |
| Stocks and contracts in progress | 3 | €15,340 | €4,500 | -€10,840 | -70.7% |
| Contracts in progress | 37 | €15,340 | €4,500 | -€10,840 | -70.7% |
| Amounts receivable within one year | 40/41 | €9,061 | €25,343 | +€16,282 | +180% |
| Trade receivables | 40 | €8,870 | €22,211 | +€13,340 | +150% |
| Other amounts receivable | 41 | €191 | €3,132 | +€2,941 | +1,541% |
| Current investments | 50/53 | €87,000 | €89,498 | +€2,498 | +2.9% |
| Cash at bank and in hand | 54/58 | €122,214 | €84,981 | -€37,233 | -30.5% |
| Deferred charges and accrued income | 490/1 | €1,596 | €1,401 | -€195 | -12.2% |
| Total equity and liabilities | 10/49 | €240,200 | €206,228 | -€33,972 | -14.1% |
| Equity | 10/15 | €180,055 | €119,496 | -€60,559 | -33.6% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €173,755 | €113,196 | -€60,559 | -34.9% |
| Distributable reserves | 133 | €173,755 | €113,196 | -€60,559 | -34.9% |
| Amounts payable | 17/49 | €60,145 | €86,733 | +€26,588 | +44.2% |
| Amounts payable within one year | 42/48 | €60,145 | €86,733 | +€26,588 | +44.2% |
| Trade debts | 44 | €7,049 | €7,647 | +€598 | +8.5% |
| Suppliers | 440/4 | €7,049 | €7,647 | +€598 | +8.5% |
| Taxes, remuneration and social security | 45 | €17,004 | €8,497 | -€8,507 | -50.0% |
| Taxes | 450/3 | €13,254 | €8,497 | -€4,757 | -35.9% |
| Remuneration and social security | 454/9 | €3,750 | - | -€3,750 | |
| Other amounts payable | 47/48 | €36,092 | €70,589 | +€34,497 | +95.6% |
| Remuneration, social security and pensions | 62 | €3,807 | €6,654 | +€2,847 | +74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,308 | €1,684 | -€624 | -27.0% |
| Other operating charges | 640/8 | €247 | €382 | +€135 | +54.9% |
| Gross operating margin | 9900 | €24,736 | €25,388 | +€652 | +2.6% |
| Operating profit (loss) | 9901 | €18,375 | €16,668 | -€1,706 | -9.3% |
| Financial income | 75/76B | €2,004 | €4,092 | +€2,088 | +104% |
| Recurring financial income | 75 | €2,004 | €4,092 | +€2,088 | +104% |
| Financial charges | 65/66B | €2,972 | €1,963 | -€1,009 | -33.9% |
| Recurring financial charges | 65 | €2,972 | €1,963 | -€1,009 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €17,407 | €18,797 | +€1,390 | +8.0% |
| Income taxes | 67/77 | €5,168 | €5,726 | +€558 | +10.8% |
| Profit (loss) for the period | 9904 | €12,238 | €13,071 | +€832 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,238 | €13,071 | +€832 | +6.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.