DW LLM: 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 LLM
Largest movements
- Cash -€36,768
down €36,768 (-27.6%), from €133,210 to €96,442
mainly Contributions, distributions and other (-€189,223) and Tax, wage and social debts (-€8,532)
- Receivables within one year +€1,508
up €1,508, from €0 to €1,508
- Reserves -€108,013
down €108,013 (-100%), from €108,013 to €0
- Other debts +€80,863
up €80,863 (+23,297%), from €347 to €81,210
- Tax, wage and social debts -€8,532
down €8,532 (-34.9%), from €24,446 to €15,914
of which Taxes: -€6,002
- Gross operating margin +€36,549
up €36,549 (+53.7%), from €68,064 to €104,613
- Taxes +€7,815
up €7,815 (+58.3%), from €13,404 to €21,218
- Financial charges -€1,083
down €1,083 (-49.7%), from €2,178 to €1,095
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 | €134,932 | €99,155 | -€35,778 | -26.5% |
| Fixed assets | 21/28 | €573 | €0 | -€573 | -100% |
| Tangible fixed assets | 22/27 | €573 | €0 | -€573 | -100% |
| Furniture and vehicles | 24 | €573 | €0 | -€573 | -100% |
| Current assets | 29/58 | €134,359 | €99,155 | -€35,204 | -26.2% |
| Amounts receivable within one year | 40/41 | €0 | €1,508 | +€1,508 | |
| Other amounts receivable | 41 | €0 | €1,508 | +€1,508 | |
| Cash at bank and in hand | 54/58 | €133,210 | €96,442 | -€36,768 | -27.6% |
| Deferred charges and accrued income | 490/1 | €1,149 | €1,205 | +€56 | +4.8% |
| Total equity and liabilities | 10/49 | €134,932 | €99,155 | -€35,778 | -26.5% |
| Equity | 10/15 | €110,013 | €2,000 | -€108,013 | -98.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €108,013 | €0 | -€108,013 | -100% |
| Distributable reserves | 133 | €108,013 | €0 | -€108,013 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €24,919 | €97,155 | +€72,236 | +290% |
| Amounts payable within one year | 42/48 | €24,919 | €97,155 | +€72,236 | +290% |
| Trade debts | 44 | €126 | €31 | -€95 | -75.5% |
| Suppliers | 440/4 | €126 | €31 | -€95 | -75.5% |
| Taxes, remuneration and social security | 45 | €24,446 | €15,914 | -€8,532 | -34.9% |
| Taxes | 450/3 | €21,916 | €15,914 | -€6,002 | -27.4% |
| Remuneration and social security | 454/9 | €2,529 | €0 | -€2,529 | -100% |
| Other amounts payable | 47/48 | €347 | €81,210 | +€80,863 | +23,297% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €650 | €573 | -€77 | -11.8% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €68,064 | €104,613 | +€36,549 | +53.7% |
| Operating profit (loss) | 9901 | €66,909 | €103,520 | +€36,611 | +54.7% |
| Financial income | 75/76B | €5 | €3 | -€2 | -40.5% |
| Recurring financial income | 75 | €5 | €3 | -€2 | -40.5% |
| Financial charges | 65/66B | €2,178 | €1,095 | -€1,083 | -49.7% |
| Recurring financial charges | 65 | €2,178 | €1,095 | -€1,083 | -49.7% |
| Profit (loss) for the period before taxes | 9903 | €64,736 | €102,428 | +€37,692 | +58.2% |
| Income taxes | 67/77 | €13,404 | €21,218 | +€7,815 | +58.3% |
| Profit (loss) for the period | 9904 | €51,333 | €81,210 | +€29,877 | +58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,333 | €81,210 | +€29,877 | +58.2% |
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 14 October 2026 via checked.be.