DW projects: what changed
What changed
DW projects
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€10,653
2024 · €10,227+€426
Equity
€376,023
2024 · €365,370+€10,653
Cash
€103,688
2024 · €44,645+€59,043
Balance sheet total
€392,769
2024 · €394,423-€1,655
Largest movements
Assets
- Cash +€59,043
up €59,043 (+132%), from €44,645 to €103,688
mainly Receivables within one year (+€26,441) and Current investments (+€25,000)
- Receivables within one year -€26,441
down €26,441 (-39.7%), from €66,570 to €40,129
of which Trade receivables: -€25,994
- Current investments -€25,000
down €25,000 (-33.3%), from €75,000 to €50,000
- Tangible fixed assets -€7,850
down €7,850 (-10.3%), from €76,109 to €68,260
of which Land and buildings: -€6,900
Equity and liabilities
- Tax, wage and social debts -€14,309
down €14,309 (-93.1%), from €15,374 to €1,065
- Reserves +€10,653
up €10,653 (+4.3%), from €250,074 to €260,727
Income statement
- Gross operating margin +€7,228
up €7,228 (+2.6%), from €277,786 to €285,014
- Staff costs +€7,127
up €7,127 (+2.9%), from €249,325 to €256,453
- Taxes +€3,190
up €3,190 (+57.4%), from €5,553 to €8,743
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€10,227
Gross operating margin
+€7,228
Staff costs
-€7,127
Depreciation
+€1,861
Other operating charges
-€449
Other operating items
+€465
Financial income
+€1,467
Financial charges
+€170
Taxes
-€3,190
Result 2025
€10,653
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€34,988
Investment
+€24,056
Financing
€0
Cash 2024
€44,645
From operations (derived)
+€34,988
Net result for the year
+€10,653
Depreciation
+€8,625
Stocks and contracts
+€1,701
Receivables within one year
+€26,441
Deferred charges and accrued income
-€124
Trade debts
+€2,406
Tax, wage and social debts
-€14,309
Other debts
-€404
Investment (derived)
+€24,056
Investment in fixed assets (net)
-€944
Current investments
+€25,000
Cash 2025
€103,688
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €394,423 | €392,769 | -€1,655 | -0.4% |
| Fixed assets | 21/28 | €76,500 | €68,819 | -€7,681 | -10.0% |
| Tangible fixed assets | 22/27 | €76,109 | €68,260 | -€7,850 | -10.3% |
| Land and buildings | 22 | €71,300 | €64,400 | -€6,900 | -9.7% |
| Plant, machinery and equipment | 23 | €4,809 | €3,860 | -€950 | -19.7% |
| Financial fixed assets | 28 | €391 | €560 | +€169 | +43.2% |
| Current assets | 29/58 | €317,923 | €323,949 | +€6,026 | +1.9% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €99,901 | €98,200 | -€1,701 | -1.7% |
| Stocks | 30/36 | €32,401 | €36,200 | +€3,800 | +11.7% |
| Contracts in progress | 37 | €67,500 | €62,000 | -€5,500 | -8.1% |
| Amounts receivable within one year | 40/41 | €66,570 | €40,129 | -€26,441 | -39.7% |
| Trade receivables | 40 | €63,070 | €37,076 | -€25,994 | -41.2% |
| Other amounts receivable | 41 | €3,500 | €3,053 | -€447 | -12.8% |
| Current investments | 50/53 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €44,645 | €103,688 | +€59,043 | +132% |
| Deferred charges and accrued income | 490/1 | €6,808 | €6,932 | +€124 | +1.8% |
| Total equity and liabilities | 10/49 | €394,423 | €392,769 | -€1,655 | -0.4% |
| Equity | 10/15 | €365,370 | €376,023 | +€10,653 | +2.9% |
| Contributions | 10/11 | €115,296 | €115,296 | = | 0.0% |
| Reserves | 13 | €250,074 | €260,727 | +€10,653 | +4.3% |
| Distributable reserves | 133 | €250,074 | €260,727 | +€10,653 | +4.3% |
| Amounts payable | 17/49 | €29,053 | €16,746 | -€12,308 | -42.4% |
| Amounts payable within one year | 42/48 | €29,053 | €16,746 | -€12,308 | -42.4% |
| Trade debts | 44 | €10,463 | €12,869 | +€2,406 | +23.0% |
| Suppliers | 440/4 | €10,463 | €12,869 | +€2,406 | +23.0% |
| Taxes, remuneration and social security | 45 | €15,374 | €1,065 | -€14,309 | -93.1% |
| Taxes | 450/3 | €15,374 | €1,065 | -€14,309 | -93.1% |
| Other amounts payable | 47/48 | €3,216 | €2,812 | -€404 | -12.6% |
| Remuneration, social security and pensions | 62 | €249,325 | €256,453 | +€7,127 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,487 | €8,625 | -€1,861 | -17.7% |
| Other operating charges | 640/8 | €2,022 | €2,471 | +€449 | +22.2% |
| Non-recurring operating charges | 66A | €465 | - | -€465 | |
| Gross operating margin | 9900 | €277,786 | €285,014 | +€7,228 | +2.6% |
| Operating profit (loss) | 9901 | €15,487 | €17,465 | +€1,978 | +12.8% |
| Financial income | 75/76B | €546 | €2,013 | +€1,467 | +269% |
| Recurring financial income | 75 | €546 | €2,013 | +€1,467 | +269% |
| Financial charges | 65/66B | €252 | €82 | -€170 | -67.5% |
| Recurring financial charges | 65 | €252 | €82 | -€170 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | €15,780 | €19,396 | +€3,616 | +22.9% |
| Income taxes | 67/77 | €5,553 | €8,743 | +€3,190 | +57.4% |
| Profit (loss) for the period | 9904 | €10,227 | €10,653 | +€426 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,227 | €10,653 | +€426 | +4.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.