DW Co: 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 Co
Largest movements
- Tangible fixed assets +€63,079
up €63,079 (+2,309%), from €2,732 to €65,811
of which Furniture and vehicles: +€59,870
- Cash +€39,633
up €39,633 (+39.3%), from €100,791 to €140,425
mainly Net result for the year (+€71,348) and Provisions (+€37,169)
- Receivables within one year -€12,648
down €12,648 (-23.5%), from €53,758 to €41,110
of which Trade receivables: -€12,636
- Provisions +€37,169
new in 2025: €37,169
- Debts after one year +€24,484
new in 2025: €24,484
- Reserves +€12,524
up €12,524 (+9.7%), from €128,992 to €141,516
- Trade debts +€10,581
up €10,581 (+1,073%), from €986 to €11,567
- Current portion of long-term debt +€6,700
new in 2025: €6,700
- Provisions +€37,169
new in 2025: €37,169
- Depreciation +€8,807
up €8,807 (+663%), from €1,329 to €10,136
- Gross operating margin -€8,569
down €8,569 (-5.3%), from €161,969 to €153,400
- Taxes -€4,352
down €4,352 (-11.5%), from €37,765 to €33,413
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 | €171,596 | €261,232 | +€89,636 | +52.2% |
| Fixed assets | 21/28 | €2,732 | €65,811 | +€63,079 | +2,309% |
| Tangible fixed assets | 22/27 | €2,732 | €65,811 | +€63,079 | +2,309% |
| Plant, machinery and equipment | 23 | €653 | €3,862 | +€3,209 | +491% |
| Furniture and vehicles | 24 | €2,078 | €61,948 | +€59,870 | +2,881% |
| Current assets | 29/58 | €168,865 | €195,421 | +€26,557 | +15.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €53,758 | €41,110 | -€12,648 | -23.5% |
| Trade receivables | 40 | €53,438 | €40,802 | -€12,636 | -23.6% |
| Other amounts receivable | 41 | €320 | €308 | -€12 | -3.9% |
| Current investments | 50/53 | €11,000 | €11,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €100,791 | €140,425 | +€39,633 | +39.3% |
| Deferred charges and accrued income | 490/1 | €3,316 | €2,887 | -€428 | -12.9% |
| Total equity and liabilities | 10/49 | €171,596 | €261,232 | +€89,636 | +52.2% |
| Equity | 10/15 | €147,592 | €160,116 | +€12,524 | +8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €128,992 | €141,516 | +€12,524 | +9.7% |
| Distributable reserves | 133 | €128,992 | €141,516 | +€12,524 | +9.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €37,169 | +€37,169 | |
| Provisions for liabilities and charges | 160/5 | - | €37,169 | +€37,169 | |
| Other liabilities and charges | 164/5 | - | €37,169 | +€37,169 | |
| Amounts payable | 17/49 | €24,004 | €63,947 | +€39,942 | +166% |
| Amounts payable after more than one year | 17 | - | €24,484 | +€24,484 | |
| Financial debts | 170/4 | - | €24,484 | +€24,484 | |
| Amounts payable within one year | 42/48 | €24,004 | €39,462 | +€15,458 | +64.4% |
| Current portion of amounts payable after more than one year | 42 | - | €6,700 | +€6,700 | |
| Financial debts | 43 | €128 | €0 | -€128 | -100% |
| Other loans | 439 | €128 | €0 | -€128 | -100% |
| Trade debts | 44 | €986 | €11,567 | +€10,581 | +1,073% |
| Suppliers | 440/4 | €986 | €11,567 | +€10,581 | +1,073% |
| Taxes, remuneration and social security | 45 | €22,891 | €21,195 | -€1,696 | -7.4% |
| Taxes | 450/3 | €22,891 | €21,195 | -€1,696 | -7.4% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,329 | €10,136 | +€8,807 | +663% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €37,169 | +€37,169 | |
| Other operating charges | 640/8 | €1,539 | €1,171 | -€368 | -23.9% |
| Gross operating margin | 9900 | €161,969 | €153,400 | -€8,569 | -5.3% |
| Operating profit (loss) | 9901 | €159,101 | €104,924 | -€54,177 | -34.1% |
| Financial income | 75/76B | €219 | €612 | +€393 | +180% |
| Recurring financial income | 75 | €219 | €612 | +€393 | +180% |
| Financial charges | 65/66B | €167 | €775 | +€609 | +365% |
| Recurring financial charges | 65 | €167 | €775 | +€609 | +365% |
| Profit (loss) for the period before taxes | 9903 | €159,153 | €104,761 | -€54,393 | -34.2% |
| Income taxes | 67/77 | €37,765 | €33,413 | -€4,352 | -11.5% |
| Profit (loss) for the period | 9904 | €121,389 | €71,348 | -€50,041 | -41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €121,389 | €71,348 | -€50,041 | -41.2% |
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 25 October 2026 via checked.be.