DW: 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.
DW
Largest movements
- Receivables after one year -€75,303
down €75,303 (-100.0%), from €75,303 to €0
- Cash -€73,738
down €73,738 (-95.6%), from €77,159 to €3,421
mainly Contributions, distributions and other (-€193,884) and Investment in fixed assets (net) (-€68,931)
- Current investments +€43,907
new in 2025: €43,907
- Tangible fixed assets +€29,780
up €29,780 (+36.2%), from €82,188 to €111,968
of which Leasing and similar rights: +€31,387
- Receivables within one year +€3,678
up €3,678 (+15.0%), from €24,450 to €28,128
of which Other amounts receivable: +€3,678
- Reserves -€136,682
down €136,682 (-83.4%), from €163,884 to €27,202
- Other debts +€42,265
up €42,265 (+1426.3%), from €2,963 to €45,228
- Debts after one year +€22,102
up €22,102 (+42.9%), from €51,496 to €73,597
- Tax, wage and social debts -€5,686
down €5,686 (-32.9%), from €17,295 to €11,609
- Current portion of long-term debt +€4,367
up €4,367 (+16.8%), from €25,927 to €30,294
- Gross operating margin -€22,462
down €22,462 (-14.6%), from €153,601 to €131,139
- Depreciation +€9,827
up €9,827 (+33.5%), from €29,325 to €39,152
- Taxes -€6,142
down €6,142 (-24.3%), from €25,296 to €19,154
- Other operating charges +€3,422
up €3,422 (+90.8%), from €3,769 to €7,191
- Financial charges +€2,205
up €2,205 (+50.4%), from €4,371 to €6,576
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 | €262,180 | €192,733 | -€69,448 | -26.5% |
| Fixed assets | 21/28 | €82,188 | €111,968 | +€29,780 | +36.2% |
| Tangible fixed assets | 22/27 | €82,188 | €111,968 | +€29,780 | +36.2% |
| Furniture and vehicles | 24 | €8,719 | €7,520 | -€1,199 | -13.8% |
| Leasing and similar rights | 25 | €72,482 | €103,869 | +€31,387 | +43.3% |
| Other tangible fixed assets | 26 | €987 | €579 | -€408 | -41.4% |
| Current assets | 29/58 | €179,992 | €80,765 | -€99,227 | -55.1% |
| Amounts receivable after more than one year | 29 | €75,303 | €0 | -€75,303 | -100.0% |
| Other amounts receivable | 291 | €75,303 | €0 | -€75,303 | -100.0% |
| Amounts receivable within one year | 40/41 | €24,450 | €28,128 | +€3,678 | +15.0% |
| Trade receivables | 40 | €24,200 | €24,200 | = | 0.0% |
| Other amounts receivable | 41 | €250 | €3,928 | +€3,678 | +1470.2% |
| Current investments | 50/53 | - | €43,907 | +€43,907 | |
| Cash at bank and in hand | 54/58 | €77,159 | €3,421 | -€73,738 | -95.6% |
| Deferred charges and accrued income | 490/1 | €3,080 | €5,309 | +€2,229 | +72.4% |
| Total equity and liabilities | 10/49 | €262,180 | €192,733 | -€69,448 | -26.5% |
| Equity | 10/15 | €163,984 | €27,302 | -€136,682 | -83.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €163,884 | €27,202 | -€136,682 | -83.4% |
| Distributable reserves | 133 | €163,884 | €27,202 | -€136,682 | -83.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €98,196 | €165,431 | +€67,235 | +68.5% |
| Amounts payable after more than one year | 17 | €51,496 | €73,597 | +€22,102 | +42.9% |
| Financial debts | 170/4 | €51,496 | €73,597 | +€22,102 | +42.9% |
| Amounts payable within one year | 42/48 | €46,700 | €91,834 | +€45,133 | +96.6% |
| Current portion of amounts payable after more than one year | 42 | €25,927 | €30,294 | +€4,367 | +16.8% |
| Trade debts | 44 | €515 | €4,704 | +€4,189 | +813.1% |
| Suppliers | 440/4 | €515 | €4,704 | +€4,189 | +813.1% |
| Taxes, remuneration and social security | 45 | €17,295 | €11,609 | -€5,686 | -32.9% |
| Taxes | 450/3 | €17,295 | €11,609 | -€5,686 | -32.9% |
| Other amounts payable | 47/48 | €2,963 | €45,228 | +€42,265 | +1426.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,325 | €39,152 | +€9,827 | +33.5% |
| Other operating charges | 640/8 | €3,769 | €7,191 | +€3,422 | +90.8% |
| Non-recurring operating charges | 66A | €555 | €3,592 | +€3,038 | +547.7% |
| Gross operating margin | 9900 | €153,601 | €131,139 | -€22,462 | -14.6% |
| Operating profit (loss) | 9901 | €119,952 | €81,204 | -€38,749 | -32.3% |
| Financial income | 75/76B | €895 | €1,728 | +€833 | +93.0% |
| Recurring financial income | 75 | €895 | €1,728 | +€833 | +93.0% |
| Financial charges | 65/66B | €4,371 | €6,576 | +€2,205 | +50.4% |
| Recurring financial charges | 65 | €4,371 | €6,576 | +€2,205 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €116,476 | €76,355 | -€40,121 | -34.4% |
| Income taxes | 67/77 | €25,296 | €19,154 | -€6,142 | -24.3% |
| Profit (loss) for the period | 9904 | €91,180 | €57,202 | -€33,979 | -37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €91,180 | €57,202 | -€33,979 | -37.3% |
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 10 October 2026 via checked.be.