DW Group: 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 Group
Largest movements
- Cash -€28,482
down €28,482 (-38.9%), from €73,190 to €44,708
mainly Debts after one year (-€37,654) and Net result for the year (-€31,104)
- Intangible fixed assets -€27,000
down €27,000 (-12.5%), from €216,000 to €189,000
- Receivables within one year -€9,873
down €9,873 (-13.8%), from €71,637 to €61,764
of which Trade receivables: -€5,955
- Tangible fixed assets -€6,268
down €6,268 (-33.2%), from €18,878 to €12,610
- Debts after one year -€37,654
down €37,654 (-28.3%), from €132,899 to €95,245
- Profit (loss) carried forward -€31,104
down €31,104, from €4,913 to -€26,191
- Trade debts +€16,332
up €16,332 (+77.4%), from €21,113 to €37,445
- Accrued charges and deferred income -€9,397
down €9,397 (-83.0%), from €11,316 to €1,920
- Tax, wage and social debts -€8,239
down €8,239 (-75.6%), from €10,900 to €2,662
of which Taxes: -€6,645
- Gross operating margin -€97,471
down €97,471 (-63.2%), from €154,250 to €56,779
- Staff costs -€40,690
down €40,690 (-50.9%), from €79,984 to €39,294
- Taxes -€6,645
no longer reported in 2025 (was €6,645)
- Depreciation -€3,230
down €3,230 (-8.3%), from €39,008 to €35,778
- Other operating charges +€2,833
up €2,833 (+121.7%), from €2,328 to €5,162
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 | €407,847 | €337,444 | -€70,403 | -17.3% |
| Fixed assets | 21/28 | €234,878 | €201,610 | -€33,268 | -14.2% |
| Intangible fixed assets | 21 | €216,000 | €189,000 | -€27,000 | -12.5% |
| Tangible fixed assets | 22/27 | €18,878 | €12,610 | -€6,268 | -33.2% |
| Plant, machinery and equipment | 23 | €8,495 | €6,590 | -€1,905 | -22.4% |
| Furniture and vehicles | 24 | €3,598 | €1,654 | -€1,943 | -54.0% |
| Other tangible fixed assets | 26 | €6,785 | €4,366 | -€2,419 | -35.7% |
| Current assets | 29/58 | €172,969 | €135,833 | -€37,136 | -21.5% |
| Stocks and contracts in progress | 3 | €28,142 | €28,142 | = | 0.0% |
| Stocks | 30/36 | €28,142 | €28,142 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €71,637 | €61,764 | -€9,873 | -13.8% |
| Trade receivables | 40 | €48,123 | €42,167 | -€5,955 | -12.4% |
| Other amounts receivable | 41 | €23,514 | €19,597 | -€3,917 | -16.7% |
| Cash at bank and in hand | 54/58 | €73,190 | €44,708 | -€28,482 | -38.9% |
| Deferred charges and accrued income | 490/1 | - | €1,219 | +€1,219 | |
| Total equity and liabilities | 10/49 | €407,847 | €337,444 | -€70,403 | -17.3% |
| Equity | 10/15 | €193,622 | €162,518 | -€31,104 | -16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €170,109 | €170,109 | = | 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 | €168,249 | €168,249 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,913 | -€26,191 | -€31,104 | |
| Amounts payable | 17/49 | €214,224 | €174,925 | -€39,299 | -18.3% |
| Amounts payable after more than one year | 17 | €132,899 | €95,245 | -€37,654 | -28.3% |
| Financial debts | 170/4 | €132,899 | €95,245 | -€37,654 | -28.3% |
| Amounts payable within one year | 42/48 | €70,009 | €77,761 | +€7,752 | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €37,996 | €37,654 | -€342 | -0.9% |
| Trade debts | 44 | €21,113 | €37,445 | +€16,332 | +77.4% |
| Suppliers | 440/4 | €21,113 | €37,445 | +€16,332 | +77.4% |
| Taxes, remuneration and social security | 45 | €10,900 | €2,662 | -€8,239 | -75.6% |
| Taxes | 450/3 | €6,645 | - | -€6,645 | |
| Remuneration and social security | 454/9 | €4,256 | €2,662 | -€1,594 | -37.5% |
| Accrued charges and deferred income | 492/3 | €11,316 | €1,920 | -€9,397 | -83.0% |
| Remuneration, social security and pensions | 62 | €79,984 | €39,294 | -€40,690 | -50.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,008 | €35,778 | -€3,230 | -8.3% |
| Other operating charges | 640/8 | €2,328 | €5,162 | +€2,833 | +121.7% |
| Gross operating margin | 9900 | €154,250 | €56,779 | -€97,471 | -63.2% |
| Operating profit (loss) | 9901 | €32,930 | -€23,454 | -€56,384 | |
| Financial income | 75/76B | €0 | €239 | +€239 | +2391900.0% |
| Recurring financial income | 75 | €0 | €239 | +€239 | +2391900.0% |
| Financial charges | 65/66B | €10,009 | €7,889 | -€2,120 | -21.2% |
| Recurring financial charges | 65 | €10,009 | €7,889 | -€2,120 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €22,920 | -€31,104 | -€54,025 | |
| Income taxes | 67/77 | €6,645 | - | -€6,645 | |
| Profit (loss) for the period | 9904 | €16,276 | -€31,104 | -€47,380 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,276 | -€31,104 | -€47,380 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.