DW PROPERTIES: 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.
What changed
DW PROPERTIES
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€32,953
2024 · -€168,537+€201,490
Equity
€10.9m
2024 · €9.4m+€1.5m
Cash
€1.6m
2024 · €269,573+€1.4m
Balance sheet total
€63.8m
2024 · €62.1m+€1.7m
Largest movements
Assets
- Financial fixed assets +€6.4m
up €6.4m (+158.2%), from €4.1m to €10.5m
- Stocks and contracts -€5.1m
down €5.1m (-20.3%), from €25.1m to €20.0m
- Cash +€1.4m
up €1.4m (+501.1%), from €269,573 to €1.6m
mainly Stocks and contracts (+€5.1m) and Contributions, distributions and other (+€1.5m)
- Receivables within one year -€1.1m
down €1.1m (-29.7%), from €3.6m to €2.5m
of which Other amounts receivable: -€1.6m
Equity and liabilities
- Revaluation surpluses +€1.2m
up €1.2m (+14.8%), from €8.4m to €9.6m
- Other debts +€1.1m
up €1.1m (+45.9%), from €2.4m to €3.6m
- Current portion of long-term debt -€865,075
down €865,075 (-21.5%), from €4.0m to €3.2m
Income statement
- Financial income +€1.3m
up €1.3m (+1004.5%), from €126,589 to €1.4m
of which Financial income: +€1.3m
- Gross operating margin -€1.1m
down €1.1m (-31.4%), from €3.6m to €2.5m
- Taxes -€89,297
down €89,297 (-94.4%), from €94,628 to €5,331
- Depreciation -€88,118
down €88,118 (-8.1%), from €1.1m to €996,569
- Financial charges -€48,033
down €48,033 (-2.1%), from €2.3m to €2.2m
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.
Result 2024
-€168,537
Gross operating margin
-€1.1m
Staff costs
-€18,755
Depreciation
+€88,118
Write-downs
-€39,774
Other operating charges
+€13,055
Other operating items
-€106,725
Financial income
+€1.3m
Financial charges
+€48,033
Taxes
+€89,297
Result 2025
€32,953
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.
From operations
+€8.4m
Investment
-€7.8m
Financing
+€761,667
Cash 2024
€269,573
From operations (derived)
+€8.4m
Net result for the year
+€32,953
Depreciation
+€996,569
Stocks and contracts
+€5.1m
Receivables within one year
+€1.1m
Deferred charges and accrued income
+€299,873
Provisions
+€30,668
Trade debts
-€512,820
Tax, wage and social debts
-€2,923
Other debts
+€1.1m
Accrued charges and deferred income
+€235,971
Investment (derived)
-€7.8m
Investment in fixed assets (net)
-€7.8m
Financing
+€761,667
Debts after one year
+€574,978
Current portion of long-term debt
-€865,075
Short-term financial debts
-€445,669
Contributions, distributions and other
+€1.5m
Cash 2025
€1.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,131,652 | €63,800,502 | +€1.7m | +2.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €32,677,523 | €39,466,716 | +€6.8m | +20.8% |
| Tangible fixed assets | 22/27 | €28,618,082 | €28,984,490 | +€366,408 | +1.3% |
| Land and buildings | 22 | €28,600,460 | €28,953,627 | +€353,167 | +1.2% |
| Furniture and vehicles | 24 | €17,054 | €30,579 | +€13,525 | +79.3% |
| Other tangible fixed assets | 26 | €567 | €284 | -€284 | -50.0% |
| Financial fixed assets | 28 | €4,059,442 | €10,482,227 | +€6.4m | +158.2% |
| Current assets | 29/58 | €29,454,129 | €24,333,786 | -€5.1m | -17.4% |
| Stocks and contracts in progress | 3 | €25,145,618 | €20,032,469 | -€5.1m | -20.3% |
| Stocks | 30/36 | €25,145,618 | €20,032,469 | -€5.1m | -20.3% |
| Amounts receivable within one year | 40/41 | €3,560,007 | €2,501,824 | -€1.1m | -29.7% |
| Trade receivables | 40 | €516,284 | €1,024,472 | +€508,188 | +98.4% |
| Other amounts receivable | 41 | €3,043,723 | €1,477,352 | -€1.6m | -51.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €269,573 | €1,620,434 | +€1.4m | +501.1% |
| Deferred charges and accrued income | 490/1 | €478,931 | €179,058 | -€299,873 | -62.6% |
| Total equity and liabilities | 10/49 | €62,131,652 | €63,800,502 | +€1.7m | +2.7% |
| Equity | 10/15 | €9,413,210 | €10,943,597 | +€1.5m | +16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €8,356,356 | €9,594,298 | +€1.2m | +14.8% |
| Reserves | 13 | €578,156 | €834,212 | +€256,055 | +44.3% |
| Tax-exempt reserves | 132 | €164,192 | €160,755 | -€3,437 | -2.1% |
| Distributable reserves | 133 | €413,965 | €673,457 | +€259,492 | +62.7% |
| Profit (loss) carried forward | 14 | €460,097 | €496,487 | +€36,390 | +7.9% |
| Provisions and deferred taxes | 16 | €4,505,162 | €4,535,830 | +€30,668 | +0.7% |
| Provisions for liabilities and charges | 160/5 | €4,289,162 | €4,331,360 | +€42,198 | +1.0% |
| Other liabilities and charges | 164/5 | €4,289,162 | €4,331,360 | +€42,198 | +1.0% |
| Deferred taxes | 168 | €216,000 | €204,470 | -€11,530 | -5.3% |
| Amounts payable | 17/49 | €48,213,280 | €48,321,075 | +€107,795 | +0.2% |
| Amounts payable after more than one year | 17 | €32,612,840 | €33,187,818 | +€574,978 | +1.8% |
| Financial debts | 170/4 | €32,210,015 | €32,852,954 | +€642,939 | +2.0% |
| Other amounts payable | 178/9 | €402,825 | €334,864 | -€67,961 | -16.9% |
| Amounts payable within one year | 42/48 | €15,279,524 | €14,576,370 | -€703,154 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €4,022,667 | €3,157,592 | -€865,075 | -21.5% |
| Financial debts | 43 | €7,190,393 | €6,744,723 | -€445,669 | -6.2% |
| Credit institutions | 430/8 | €1,068,395 | €251,878 | -€816,516 | -76.4% |
| Other loans | 439 | €6,121,998 | €6,492,845 | +€370,847 | +6.1% |
| Trade debts | 44 | €1,465,440 | €952,621 | -€512,820 | -35.0% |
| Suppliers | 440/4 | €1,465,440 | €952,621 | -€512,820 | -35.0% |
| Advances received on contracts in progress | 46 | €10,000 | €10,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €145,390 | €142,468 | -€2,923 | -2.0% |
| Taxes | 450/3 | €135,429 | €130,177 | -€5,252 | -3.9% |
| Remuneration and social security | 454/9 | €9,962 | €12,291 | +€2,329 | +23.4% |
| Other amounts payable | 47/48 | €2,445,633 | €3,568,966 | +€1.1m | +45.9% |
| Accrued charges and deferred income | 492/3 | €320,917 | €556,887 | +€235,971 | +73.5% |
| Non-recurring operating income | 76A | €476,990 | €0 | -€476,990 | -100.0% |
| Remuneration, social security and pensions | 62 | €77,122 | €95,876 | +€18,755 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,084,687 | €996,569 | -€88,118 | -8.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€39,774 | €0 | +€39,774 | |
| Other operating charges | 640/8 | €458,902 | €445,846 | -€13,055 | -2.8% |
| Non-recurring operating charges | 66A | €4,390 | €111,115 | +€106,725 | +2431.2% |
| Gross operating margin | 9900 | €3,644,133 | €2,500,734 | -€1.1m | -31.4% |
| Operating profit (loss) | 9901 | €2,058,806 | €851,327 | -€1.2m | -58.6% |
| Financial income | 75/76B | €126,589 | €1,398,229 | +€1.3m | +1004.5% |
| Recurring financial income | 75 | €126,589 | €1,396,673 | +€1.3m | +1003.3% |
| Non-recurring financial income | 76B | - | €1,556 | +€1,556 | |
| Financial charges | 65/66B | €2,270,835 | €2,222,802 | -€48,033 | -2.1% |
| Recurring financial charges | 65 | €2,270,835 | €2,222,802 | -€48,033 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | -€85,440 | €26,754 | +€112,194 | |
| Transfer from deferred taxes | 780 | €11,530 | €11,530 | = | 0.0% |
| Income taxes | 67/77 | €94,628 | €5,331 | -€89,297 | -94.4% |
| Profit (loss) for the period | 9904 | -€168,537 | €32,953 | +€201,490 | |
| Transfer from tax-exempt reserves | 789 | €3,437 | €3,437 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€165,100 | €36,390 | +€201,490 |
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 7 October 2026 via checked.be.