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.
What changed
DLW
NACE 70.100, Activities of head offices
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€216,388
2025 · €803,287-€586,899
Equity
€2.5m
2025 · €2.3m+€216,388
Cash
€163,774
2025 · €58,194+€105,580
Balance sheet total
€2.7m
2025 · €2.8m-€20,396
Largest movements
Assets
- Receivables within one year -€195,559
down €195,559 (-37.5%), from €521,509 to €325,951
of which Other amounts receivable: -€196,585
- Cash +€105,580
up €105,580 (+181%), from €58,194 to €163,774
mainly Net result for the year (+€216,388) and Receivables within one year (+€195,559)
- Tangible fixed assets +€70,972
up €70,972 (+7.1%), from €995,319 to €1.1m
of which Furniture and vehicles: +€96,120
Equity and liabilities
- Reserves +€216,388
up €216,388 (+9.4%), from €2.3m to €2.5m
- Debts after one year -€200,521
down €200,521 (-65.2%), from €307,753 to €107,232
Income statement
- Turnover -€764,900
down €764,900 (-64.4%), from €1.2m to €422,000
- Taxes -€195,845
down €195,845 (-72.9%), from €268,506 to €72,661
of which Taxes: -€195,950
- Depreciation +€20,470
up €20,470 (+77.1%), from €26,559 to €47,028
- Services and other goods -€12,813
down €12,813 (-10.7%), from €119,968 to €107,155
From the 2025 result to the 2026 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 2025
€803,287
Turnover
-€764,900
Other operating income
-€8,927
Services and other goods
+€12,813
Staff costs
+€67
Depreciation
-€20,470
Other operating charges
-€517
Other operating items
+€1,100
Financial income
-€5,744
Financial charges
+€3,832
Taxes
+€195,845
Result 2026
€216,388
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€445,414
Investment
-€118,000
Financing
-€221,834
Cash 2025
€58,194
From operations (derived)
+€445,414
Net result for the year
+€216,388
Depreciation
+€47,028
Receivables within one year
+€195,559
Deferred charges and accrued income
+€1,389
Trade debts
+€3,074
Tax, wage and social debts
-€18,715
Other debts
+€691
Investment (derived)
-€118,000
Investment in fixed assets (net)
-€118,000
Financing
-€221,834
Debts after one year
-€200,521
Current portion of long-term debt
-€21,313
Cash 2026
€163,774
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,754,175 | €2,733,779 | -€20,396 | -0.7% |
| Fixed assets | 21/28 | €2,172,219 | €2,243,191 | +€70,972 | +3.3% |
| Tangible fixed assets | 22/27 | €995,319 | €1,066,291 | +€70,972 | +7.1% |
| Land and buildings | 22 | €990,619 | €965,470 | -€25,149 | -2.5% |
| Furniture and vehicles | 24 | €4,700 | €100,820 | +€96,120 | +2,045% |
| Financial fixed assets | 28 | €1,176,900 | €1,176,900 | = | 0.0% |
| Affiliated companies | 280/1 | €1,176,400 | €1,176,400 | = | 0.0% |
| Participating interests | 280 | €1,176,400 | €1,176,400 | = | 0.0% |
| Other financial fixed assets | 284/8 | €500 | €500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €581,956 | €490,588 | -€91,368 | -15.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €521,509 | €325,951 | -€195,559 | -37.5% |
| Trade receivables | 40 | €6,000 | €7,026 | +€1,026 | +17.1% |
| Other amounts receivable | 41 | €515,509 | €318,925 | -€196,585 | -38.1% |
| Cash at bank and in hand | 54/58 | €58,194 | €163,774 | +€105,580 | +181% |
| Deferred charges and accrued income | 490/1 | €2,252 | €863 | -€1,389 | -61.7% |
| Total equity and liabilities | 10/49 | €2,754,175 | €2,733,779 | -€20,396 | -0.7% |
| Equity | 10/15 | €2,328,980 | €2,545,368 | +€216,388 | +9.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,310,430 | €2,526,818 | +€216,388 | +9.4% |
| Distributable reserves | 133 | €2,310,430 | €2,526,818 | +€216,388 | +9.4% |
| Amounts payable | 17/49 | €425,194 | €188,410 | -€236,784 | -55.7% |
| Amounts payable after more than one year | 17 | €307,753 | €107,232 | -€200,521 | -65.2% |
| Financial debts | 170/4 | €307,753 | €107,232 | -€200,521 | -65.2% |
| Credit institutions | 173 | €307,753 | €107,232 | -€200,521 | -65.2% |
| Amounts payable within one year | 42/48 | €117,442 | €81,178 | -€36,263 | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €73,223 | €51,910 | -€21,313 | -29.1% |
| Trade debts | 44 | €8,816 | €11,890 | +€3,074 | +34.9% |
| Suppliers | 440/4 | €8,816 | €11,890 | +€3,074 | +34.9% |
| Taxes, remuneration and social security | 45 | €18,925 | €210 | -€18,715 | -98.9% |
| Taxes | 450/3 | €18,925 | €210 | -€18,715 | -98.9% |
| Other amounts payable | 47/48 | €16,478 | €17,169 | +€691 | +4.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €1,224,714 | €451,987 | -€772,727 | -63.1% |
| Turnover | 70 | €1,186,900 | €422,000 | -€764,900 | -64.4% |
| Other operating income | 74 | €37,814 | €28,887 | -€8,927 | -23.6% |
| Non-recurring operating income | 76A | - | €1,100 | +€1,100 | |
| Operating charges | 60/66A | €153,292 | €161,397 | +€8,105 | +5.3% |
| Services and other goods | 61 | €119,968 | €107,155 | -€12,813 | -10.7% |
| Remuneration, social security and pensions | 62 | €67 | €0 | -€67 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,559 | €47,028 | +€20,470 | +77.1% |
| Other operating charges | 640/8 | €6,698 | €7,214 | +€517 | +7.7% |
| Operating profit (loss) | 9901 | €1,071,422 | €290,589 | -€780,833 | -72.9% |
| Financial income | 75/76B | €16,959 | €11,215 | -€5,744 | -33.9% |
| Recurring financial income | 75 | €16,959 | €11,215 | -€5,744 | -33.9% |
| Income from current assets | 751 | €16,959 | €11,215 | -€5,744 | -33.9% |
| Other financial income | 752/9 | €0 | - | = | |
| Financial charges | 65/66B | €16,588 | €12,756 | -€3,832 | -23.1% |
| Recurring financial charges | 65 | €16,588 | €12,756 | -€3,832 | -23.1% |
| Debt charges | 650 | €15,850 | €7,926 | -€7,924 | -50.0% |
| Other financial charges | 652/9 | €737 | €4,830 | +€4,092 | +555% |
| Profit (loss) for the period before taxes | 9903 | €1,071,793 | €289,049 | -€782,744 | -73.0% |
| Income taxes | 67/77 | €268,506 | €72,661 | -€195,845 | -72.9% |
| Taxes | 670/3 | €268,750 | €72,800 | -€195,950 | -72.9% |
| Tax adjustments and reversals of tax provisions | 77 | €244 | €139 | -€105 | -43.0% |
| Profit (loss) for the period | 9904 | €803,287 | €216,388 | -€586,899 | -73.1% |
| Profit (loss) for the period to be appropriated | 9905 | €803,287 | €216,388 | -€586,899 | -73.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.