DWF HORECA - SERVICE: what changed
DWF HORECA - SERVICE
Largest movements
- Receivables within one year +€63,392
up €63,392 (+37.0%), from €171,194 to €234,586
of which Trade receivables: +€63,136
- Stocks and contracts +€27,534
up €27,534 (+15.9%), from €173,551 to €201,085
- Cash -€16,262
down €16,262 (-20.9%), from €77,747 to €61,485
mainly Receivables within one year (-€63,392) and Stocks and contracts (-€27,534)
- Tangible fixed assets -€9,705
down €9,705 (-21.0%), from €46,112 to €36,407
of which Furniture and vehicles: -€10,827
- Reserves +€43,567
up €43,567 (+12.1%), from €359,495 to €403,063
of which Distributable reserves: +€43,567
- Tax, wage and social debts +€19,443
up €19,443 (+41.4%), from €47,011 to €66,454
of which Taxes: +€25,433
- Trade debts +€11,630
up €11,630 (+66.2%), from €17,575 to €29,205
- Debts after one year -€6,342
down €6,342 (-30.1%), from €21,059 to €14,717
- Staff costs -€25,144
down €25,144 (-16.8%), from €149,630 to €124,486
- Taxes +€5,911
up €5,911 (+26.6%), from €22,259 to €28,169
- Write-downs +€4,030
new in 2025: €4,030
- Gross operating margin -€2,857
down €2,857 (-1.2%), from €243,578 to €240,721
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €471,840 | €540,406 | +€68,566 | +14.5% |
| Fixed assets | 21/28 | €46,712 | €37,007 | -€9,705 | -20.8% |
| Tangible fixed assets | 22/27 | €46,112 | €36,407 | -€9,705 | -21.0% |
| Plant, machinery and equipment | 23 | €4,404 | €4,275 | -€130 | -2.9% |
| Furniture and vehicles | 24 | €41,708 | €30,881 | -€10,827 | -26.0% |
| Other tangible fixed assets | 26 | €0 | €1,252 | +€1,252 | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €425,128 | €503,399 | +€78,271 | +18.4% |
| Stocks and contracts in progress | 3 | €173,551 | €201,085 | +€27,534 | +15.9% |
| Stocks | 30/36 | €173,551 | €201,085 | +€27,534 | +15.9% |
| Amounts receivable within one year | 40/41 | €171,194 | €234,586 | +€63,392 | +37.0% |
| Trade receivables | 40 | €165,916 | €229,053 | +€63,136 | +38.1% |
| Other amounts receivable | 41 | €5,277 | €5,533 | +€256 | +4.8% |
| Cash at bank and in hand | 54/58 | €77,747 | €61,485 | -€16,262 | -20.9% |
| Deferred charges and accrued income | 490/1 | €2,636 | €6,243 | +€3,607 | +137% |
| Total equity and liabilities | 10/49 | €471,840 | €540,406 | +€68,566 | +14.5% |
| Equity | 10/15 | €379,495 | €423,063 | +€43,567 | +11.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €359,495 | €403,063 | +€43,567 | +12.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €357,495 | €401,063 | +€43,567 | +12.2% |
| Amounts payable | 17/49 | €92,345 | €117,344 | +€24,999 | +27.1% |
| Amounts payable after more than one year | 17 | €21,059 | €14,717 | -€6,342 | -30.1% |
| Financial debts | 170/4 | €21,059 | €14,717 | -€6,342 | -30.1% |
| Amounts payable within one year | 42/48 | €71,286 | €102,627 | +€31,341 | +44.0% |
| Current portion of amounts payable after more than one year | 42 | €6,075 | €6,342 | +€268 | +4.4% |
| Trade debts | 44 | €17,575 | €29,205 | +€11,630 | +66.2% |
| Suppliers | 440/4 | €17,575 | €29,205 | +€11,630 | +66.2% |
| Advances received on contracts in progress | 46 | €625 | €625 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €47,011 | €66,454 | +€19,443 | +41.4% |
| Taxes | 450/3 | €25,819 | €51,252 | +€25,433 | +98.5% |
| Remuneration and social security | 454/9 | €21,192 | €15,202 | -€5,990 | -28.3% |
| Remuneration, social security and pensions | 62 | €149,630 | €124,486 | -€25,144 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,416 | €14,470 | +€54 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,030 | +€4,030 | |
| Other operating charges | 640/8 | €880 | €739 | -€141 | -16.1% |
| Gross operating margin | 9900 | €243,578 | €240,721 | -€2,857 | -1.2% |
| Operating profit (loss) | 9901 | €78,652 | €96,996 | +€18,344 | +23.3% |
| Financial income | 75/76B | €691 | €1,162 | +€471 | +68.1% |
| Recurring financial income | 75 | €691 | €1,162 | +€471 | +68.1% |
| Financial charges | 65/66B | €1,365 | €1,422 | +€57 | +4.2% |
| Recurring financial charges | 65 | €1,365 | €1,422 | +€57 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €77,978 | €96,737 | +€18,758 | +24.1% |
| Income taxes | 67/77 | €22,259 | €28,169 | +€5,911 | +26.6% |
| Profit (loss) for the period | 9904 | €55,720 | €68,567 | +€12,848 | +23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,720 | €68,567 | +€12,848 | +23.1% |
Next steps
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 1 November 2026 via checked.be.