DW & S: 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 & S
Largest movements
- Cash +€41,906
up €41,906 (+66.6%), from €62,923 to €104,829
mainly Net result for the year (+€21,699) and Receivables within one year (+€21,215)
- Receivables within one year -€21,215
down €21,215 (-54.4%), from €39,003 to €17,788
of which Trade receivables: -€22,192
- Tangible fixed assets -€9,048
down €9,048 (-36.9%), from €24,527 to €15,479
of which Furniture and vehicles: -€8,088
- Other debts +€14,997
new in 2025: €14,997
- Debts after one year -€8,229
no longer reported in 2025 (was €8,229)
- Reserves +€6,702
up €6,702 (+9.4%), from €71,172 to €77,874
- Tax, wage and social debts +€2,694
up €2,694 (+19.4%), from €13,855 to €16,548
- Current portion of long-term debt -€2,017
down €2,017 (-19.2%), from €10,478 to €8,462
- Gross operating margin -€10,159
down €10,159 (-19.6%), from €51,858 to €41,699
- Taxes -€2,544
down €2,544 (-20.4%), from €12,456 to €9,912
- Depreciation -€1,503
down €1,503 (-14.2%), from €10,551 to €9,048
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 | €128,640 | €140,621 | +€11,981 | +9.3% |
| Fixed assets | 21/28 | €24,527 | €15,479 | -€9,048 | -36.9% |
| Tangible fixed assets | 22/27 | €24,527 | €15,479 | -€9,048 | -36.9% |
| Land and buildings | 22 | €2,780 | €2,129 | -€651 | -23.4% |
| Plant, machinery and equipment | 23 | €309 | - | -€309 | |
| Furniture and vehicles | 24 | €21,438 | €13,350 | -€8,088 | -37.7% |
| Current assets | 29/58 | €104,113 | €125,142 | +€21,029 | +20.2% |
| Amounts receivable within one year | 40/41 | €39,003 | €17,788 | -€21,215 | -54.4% |
| Trade receivables | 40 | €34,945 | €12,753 | -€22,192 | -63.5% |
| Other amounts receivable | 41 | €4,058 | €5,035 | +€977 | +24.1% |
| Cash at bank and in hand | 54/58 | €62,923 | €104,829 | +€41,906 | +66.6% |
| Deferred charges and accrued income | 490/1 | €2,187 | €2,525 | +€338 | +15.4% |
| Total equity and liabilities | 10/49 | €128,640 | €140,621 | +€11,981 | +9.3% |
| Equity | 10/15 | €93,622 | €98,606 | +€4,984 | +5.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €71,172 | €77,874 | +€6,702 | +9.4% |
| Distributable reserves | 133 | €71,172 | €77,874 | +€6,702 | +9.4% |
| Profit (loss) carried forward | 14 | €16,250 | €14,532 | -€1,718 | -10.6% |
| Amounts payable | 17/49 | €35,018 | €42,015 | +€6,996 | +20.0% |
| Amounts payable after more than one year | 17 | €8,229 | - | -€8,229 | |
| Financial debts | 170/4 | €8,229 | - | -€8,229 | |
| Amounts payable within one year | 42/48 | €26,789 | €42,015 | +€15,225 | +56.8% |
| Current portion of amounts payable after more than one year | 42 | €10,478 | €8,462 | -€2,017 | -19.2% |
| Trade debts | 44 | €2,457 | €2,008 | -€449 | -18.3% |
| Suppliers | 440/4 | €2,457 | €2,008 | -€449 | -18.3% |
| Taxes, remuneration and social security | 45 | €13,855 | €16,548 | +€2,694 | +19.4% |
| Taxes | 450/3 | €13,855 | €16,548 | +€2,694 | +19.4% |
| Other amounts payable | 47/48 | - | €14,997 | +€14,997 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,551 | €9,048 | -€1,503 | -14.2% |
| Other operating charges | 640/8 | €1,077 | €1,005 | -€71 | -6.6% |
| Gross operating margin | 9900 | €51,858 | €41,699 | -€10,159 | -19.6% |
| Operating profit (loss) | 9901 | €40,231 | €31,645 | -€8,585 | -21.3% |
| Financial income | 75/76B | €187 | €272 | +€85 | +45.2% |
| Recurring financial income | 75 | €187 | €272 | +€85 | +45.2% |
| Financial charges | 65/66B | €653 | €307 | -€346 | -53.0% |
| Recurring financial charges | 65 | €653 | €307 | -€346 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | €39,765 | €31,610 | -€8,154 | -20.5% |
| Income taxes | 67/77 | €12,456 | €9,912 | -€2,544 | -20.4% |
| Profit (loss) for the period | 9904 | €27,309 | €21,699 | -€5,610 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,309 | €21,699 | -€5,610 | -20.5% |
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.