DWL: 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.
DWL
Largest movements
- Stocks and contracts -€1.1m
no longer reported in 2025 (was €1.1m)
- Cash -€450,391
down €450,391 (-92.8%), from €485,221 to €34,830
mainly Short-term financial debts (-€1.1m) and Debts after one year (-€370,193)
- Tangible fixed assets -€117,937
down €117,937 (-15.5%), from €762,041 to €644,104
of which Land and buildings: -€192,808
- Receivables within one year +€73,476
up €73,476 (+636.7%), from €11,541 to €85,017
of which Other amounts receivable: +€68,999
- Short-term financial debts -€1.1m
no longer reported in 2025 (was €1.1m)
- Debts after one year -€370,193
down €370,193 (-56.2%), from €658,716 to €288,523
- Reserves +€227,564
up €227,564 (+866.1%), from €26,273 to €253,837
- Other debts -€149,874
down €149,874 (-75.4%), from €198,850 to €48,975
- Profit (loss) carried forward -€132,537
down €132,537 (-58.2%), from €227,564 to €95,027
- Gross operating margin -€187,061
down €187,061 (-46.8%), from €399,537 to €212,476
- Taxes -€46,864
down €46,864 (-66.4%), from €70,554 to €23,691
- Financial charges -€14,143
down €14,143 (-28.1%), from €50,245 to €36,101
- Depreciation +€6,547
up €6,547 (+15.5%), from €42,259 to €48,807
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 | €2,376,604 | €779,650 | -€1.6m | -67.2% |
| Fixed assets | 21/28 | €762,041 | €644,104 | -€117,937 | -15.5% |
| Tangible fixed assets | 22/27 | €762,041 | €644,104 | -€117,937 | -15.5% |
| Land and buildings | 22 | €752,751 | €559,943 | -€192,808 | -25.6% |
| Plant, machinery and equipment | 23 | - | €9,408 | +€9,408 | |
| Furniture and vehicles | 24 | €1,517 | €1,706 | +€190 | +12.5% |
| Other tangible fixed assets | 26 | €7,774 | €73,047 | +€65,274 | +839.7% |
| Current assets | 29/58 | €1,614,563 | €135,546 | -€1.5m | -91.6% |
| Stocks and contracts in progress | 3 | €1,101,495 | - | -€1.1m | |
| Stocks | 30/36 | €1,101,495 | - | -€1.1m | |
| Amounts receivable within one year | 40/41 | €11,541 | €85,017 | +€73,476 | +636.7% |
| Trade receivables | 40 | - | €4,477 | +€4,477 | |
| Other amounts receivable | 41 | €11,541 | €80,540 | +€68,999 | +597.9% |
| Cash at bank and in hand | 54/58 | €485,221 | €34,830 | -€450,391 | -92.8% |
| Deferred charges and accrued income | 490/1 | €16,306 | €15,699 | -€607 | -3.7% |
| Total equity and liabilities | 10/49 | €2,376,604 | €779,650 | -€1.6m | -67.2% |
| Equity | 10/15 | €260,837 | €355,863 | +€95,027 | +36.4% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €26,273 | €253,837 | +€227,564 | +866.1% |
| Distributable reserves | 133 | €26,273 | €253,837 | +€227,564 | +866.1% |
| Profit (loss) carried forward | 14 | €227,564 | €95,027 | -€132,537 | -58.2% |
| Amounts payable | 17/49 | €2,115,768 | €423,786 | -€1.7m | -80.0% |
| Amounts payable after more than one year | 17 | €658,716 | €288,523 | -€370,193 | -56.2% |
| Financial debts | 170/4 | €658,716 | €288,523 | -€370,193 | -56.2% |
| Amounts payable within one year | 42/48 | €1,437,086 | €128,575 | -€1.3m | -91.1% |
| Current portion of amounts payable after more than one year | 42 | €139,086 | €70,909 | -€68,176 | -49.0% |
| Financial debts | 43 | €1,057,480 | - | -€1.1m | |
| Credit institutions | 430/8 | €1,057,480 | - | -€1.1m | |
| Trade debts | 44 | €35,539 | €6,795 | -€28,744 | -80.9% |
| Suppliers | 440/4 | €35,539 | €6,795 | -€28,744 | -80.9% |
| Taxes, remuneration and social security | 45 | €6,131 | €1,895 | -€4,236 | -69.1% |
| Taxes | 450/3 | €6,131 | €1,895 | -€4,236 | -69.1% |
| Other amounts payable | 47/48 | €198,850 | €48,975 | -€149,874 | -75.4% |
| Accrued charges and deferred income | 492/3 | €19,965 | €6,688 | -€13,277 | -66.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,259 | €48,807 | +€6,547 | +15.5% |
| Other operating charges | 640/8 | €10,359 | €9,954 | -€406 | -3.9% |
| Gross operating margin | 9900 | €399,537 | €212,476 | -€187,061 | -46.8% |
| Operating profit (loss) | 9901 | €346,919 | €153,716 | -€193,203 | -55.7% |
| Financial income | 75/76B | €1,444 | €1,103 | -€340 | -23.6% |
| Recurring financial income | 75 | €1,444 | €1,103 | -€340 | -23.6% |
| Financial charges | 65/66B | €50,245 | €36,101 | -€14,143 | -28.1% |
| Recurring financial charges | 65 | €50,245 | €36,101 | -€14,143 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €298,118 | €118,718 | -€179,400 | -60.2% |
| Income taxes | 67/77 | €70,554 | €23,691 | -€46,864 | -66.4% |
| Profit (loss) for the period | 9904 | €227,564 | €95,027 | -€132,537 | -58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €227,564 | €95,027 | -€132,537 | -58.2% |
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 8 October 2026 via checked.be.