DWDR: 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.
DWDR
Largest movements
- Tangible fixed assets +€185,982
up €185,982 (+39.8%), from €467,361 to €653,343
of which Land and buildings: +€186,168
- Cash -€93,751
down €93,751 (-62.0%), from €151,095 to €57,344
mainly Contributions, distributions and other (-€235,300) and Investment in fixed assets (net) (-€229,470)
- Receivables within one year -€16,554
down €16,554 (-36.8%), from €44,938 to €28,384
of which Trade receivables: -€16,726
- Other debts +€241,992
up €241,992 (+2734.4%), from €8,850 to €250,842
- Reserves -€138,758
down €138,758 (-23.1%), from €600,789 to €462,031
of which Distributable reserves: -€138,758
- Current portion of long-term debt -€28,897
down €28,897 (-84.2%), from €34,306 to €5,410
- Other operating charges +€25,489
up €25,489 (+668.0%), from €3,816 to €29,305
- Depreciation +€8,761
up €8,761 (+25.2%), from €34,727 to €43,488
- Taxes -€7,266
down €7,266 (-18.1%), from €40,231 to €32,965
- Gross operating margin +€6,197
up €6,197 (+3.1%), from €197,938 to €204,135
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 | €675,740 | €751,137 | +€75,396 | +11.2% |
| Fixed assets | 21/28 | €467,761 | €653,743 | +€185,982 | +39.8% |
| Tangible fixed assets | 22/27 | €467,361 | €653,343 | +€185,982 | +39.8% |
| Land and buildings | 22 | €466,044 | €652,212 | +€186,168 | +39.9% |
| Plant, machinery and equipment | 23 | €1,161 | €1,113 | -€48 | -4.2% |
| Furniture and vehicles | 24 | €156 | €17 | -€138 | -88.8% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €207,979 | €97,394 | -€110,585 | -53.2% |
| Amounts receivable within one year | 40/41 | €44,938 | €28,384 | -€16,554 | -36.8% |
| Trade receivables | 40 | €42,295 | €25,570 | -€16,726 | -39.5% |
| Other amounts receivable | 41 | €2,642 | €2,814 | +€172 | +6.5% |
| Cash at bank and in hand | 54/58 | €151,095 | €57,344 | -€93,751 | -62.0% |
| Deferred charges and accrued income | 490/1 | €11,947 | €11,666 | -€280 | -2.3% |
| Total equity and liabilities | 10/49 | €675,740 | €751,137 | +€75,396 | +11.2% |
| Equity | 10/15 | €619,339 | €480,581 | -€138,758 | -22.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €600,789 | €462,031 | -€138,758 | -23.1% |
| 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 | €598,929 | €460,171 | -€138,758 | -23.2% |
| Amounts payable | 17/49 | €56,401 | €270,555 | +€214,154 | +379.7% |
| Amounts payable within one year | 42/48 | €56,401 | €270,555 | +€214,154 | +379.7% |
| Current portion of amounts payable after more than one year | 42 | €34,306 | €5,410 | -€28,897 | -84.2% |
| Trade debts | 44 | €594 | €474 | -€120 | -20.2% |
| Suppliers | 440/4 | €594 | €474 | -€120 | -20.2% |
| Taxes, remuneration and social security | 45 | €12,651 | €13,830 | +€1,179 | +9.3% |
| Taxes | 450/3 | €12,651 | €13,830 | +€1,179 | +9.3% |
| Other amounts payable | 47/48 | €8,850 | €250,842 | +€241,992 | +2734.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,727 | €43,488 | +€8,761 | +25.2% |
| Other operating charges | 640/8 | €3,816 | €29,305 | +€25,489 | +668.0% |
| Gross operating margin | 9900 | €197,938 | €204,135 | +€6,197 | +3.1% |
| Operating profit (loss) | 9901 | €159,395 | €131,342 | -€28,053 | -17.6% |
| Financial income | 75/76B | €747 | €863 | +€116 | +15.6% |
| Recurring financial income | 75 | €747 | €863 | +€116 | +15.6% |
| Financial charges | 65/66B | €2,279 | €2,698 | +€419 | +18.4% |
| Recurring financial charges | 65 | €2,279 | €2,698 | +€419 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €157,863 | €129,508 | -€28,355 | -18.0% |
| Income taxes | 67/77 | €40,231 | €32,965 | -€7,266 | -18.1% |
| Profit (loss) for the period | 9904 | €117,632 | €96,542 | -€21,090 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €117,632 | €96,542 | -€21,090 | -17.9% |
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.