DW CONCEPTS: 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.
DW CONCEPTS
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-82.0%), from €1.4m to €247,551
- Cash +€102,529
up €102,529 (+100.4%), from €102,071 to €204,600
mainly Stocks and contracts (+€1.1m) and Receivables within one year (+€58,570)
- Receivables within one year -€58,570
down €58,570 (-24.6%), from €238,473 to €179,904
of which Trade receivables: -€56,300
- Debts after one year -€989,609
down €989,609 (-71.7%), from €1.4m to €390,863
- Trade debts -€80,286
down €80,286 (-54.6%), from €146,980 to €66,695
- Gross operating margin -€39,036
down €39,036 (-46.4%), from €84,169 to €45,133
- Financial charges -€35,371
down €35,371 (-48.5%), from €72,890 to €37,519
- Depreciation +€7,455
up €7,455 (+460.0%), from €1,621 to €9,075
- Financial income +€7,395
up €7,395 (+583.8%), from €1,267 to €8,662
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 | €1,950,188 | €880,810 | -€1.1m | -54.8% |
| Fixed assets | 21/28 | €232,227 | €247,652 | +€15,425 | +6.6% |
| Tangible fixed assets | 22/27 | €230,142 | €245,567 | +€15,425 | +6.7% |
| Land and buildings | 22 | €224,420 | €224,420 | = | 0.0% |
| Furniture and vehicles | 24 | €5,722 | €21,147 | +€15,425 | +269.6% |
| Financial fixed assets | 28 | €2,085 | €2,085 | = | 0.0% |
| Current assets | 29/58 | €1,717,961 | €633,159 | -€1.1m | -63.1% |
| Stocks and contracts in progress | 3 | €1,377,416 | €247,551 | -€1.1m | -82.0% |
| Stocks | 30/36 | €1,377,416 | €247,551 | -€1.1m | -82.0% |
| Amounts receivable within one year | 40/41 | €238,473 | €179,904 | -€58,570 | -24.6% |
| Trade receivables | 40 | €77,500 | €21,200 | -€56,300 | -72.6% |
| Other amounts receivable | 41 | €160,973 | €158,704 | -€2,270 | -1.4% |
| Cash at bank and in hand | 54/58 | €102,071 | €204,600 | +€102,529 | +100.4% |
| Deferred charges and accrued income | 490/1 | - | €1,104 | +€1,104 | |
| Total equity and liabilities | 10/49 | €1,950,188 | €880,810 | -€1.1m | -54.8% |
| Equity | 10/15 | €388,901 | €388,863 | -€38 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €370,301 | €370,263 | -€38 | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €368,441 | €368,403 | -€38 | 0.0% |
| Amounts payable | 17/49 | €1,561,287 | €491,948 | -€1.1m | -68.5% |
| Amounts payable after more than one year | 17 | €1,380,472 | €390,863 | -€989,609 | -71.7% |
| Financial debts | 170/4 | €1,380,472 | €390,863 | -€989,609 | -71.7% |
| Amounts payable within one year | 42/48 | €180,815 | €101,085 | -€79,730 | -44.1% |
| Current portion of amounts payable after more than one year | 42 | €27,994 | €23,609 | -€4,385 | -15.7% |
| Trade debts | 44 | €146,980 | €66,695 | -€80,286 | -54.6% |
| Suppliers | 440/4 | €146,980 | €66,695 | -€80,286 | -54.6% |
| Taxes, remuneration and social security | 45 | €5,841 | €10,781 | +€4,940 | +84.6% |
| Taxes | 450/3 | €5,841 | €10,781 | +€4,940 | +84.6% |
| Non-recurring operating income | 76A | €40,000 | €0 | -€40,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,621 | €9,075 | +€7,455 | +460.0% |
| Other operating charges | 640/8 | €2,146 | €1,910 | -€237 | -11.0% |
| Gross operating margin | 9900 | €84,169 | €45,133 | -€39,036 | -46.4% |
| Operating profit (loss) | 9901 | €80,402 | €34,148 | -€46,254 | -57.5% |
| Financial income | 75/76B | €1,267 | €8,662 | +€7,395 | +583.8% |
| Recurring financial income | 75 | €1,267 | €8,662 | +€7,395 | +583.8% |
| Financial charges | 65/66B | €72,890 | €37,519 | -€35,371 | -48.5% |
| Recurring financial charges | 65 | €72,890 | €37,519 | -€35,371 | -48.5% |
| Profit (loss) for the period before taxes | 9903 | €8,779 | €5,291 | -€3,488 | -39.7% |
| Income taxes | 67/77 | €5,452 | €5,329 | -€124 | -2.3% |
| Profit (loss) for the period | 9904 | €3,326 | -€38 | -€3,365 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,326 | -€38 | -€3,365 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.