DWS: 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.
DWS
Largest movements
- Tangible fixed assets -€90,394
down €90,394 (-27.5%), from €329,198 to €238,804
- Cash +€57,143
up €57,143 (+208.1%), from €27,458 to €84,601
mainly Net result for the year (+€131,991) and Investment in fixed assets (net) (+€78,832)
- Debts after one year -€190,353
down €190,353 (-100.0%), from €190,353 to €0
- Reserves +€118,776
up €118,776 (+382.3%), from €31,070 to €149,846
of which Tax-exempt reserves: +€118,775
- Provisions +€37,880
new in 2025: €37,880
- Profit (loss) carried forward +€13,215
up €13,215 (+22.9%), from -€57,802 to -€44,587
- Current portion of long-term debt -€10,255
down €10,255 (-62.3%), from €16,463 to €6,208
- Gross operating margin +€185,671
up €185,671 (+3124.2%), from €5,943 to €191,614
- Financial charges -€34,715
down €34,715 (-79.4%), from €43,717 to €9,002
- Depreciation -€4,832
down €4,832 (-29.5%), from €16,393 to €11,561
- Other operating charges -€2,454
down €2,454 (-67.5%), from €3,634 to €1,180
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 | €359,656 | €326,405 | -€33,251 | -9.2% |
| Fixed assets | 21/28 | €330,198 | €239,804 | -€90,394 | -27.4% |
| Tangible fixed assets | 22/27 | €329,198 | €238,804 | -€90,394 | -27.5% |
| Land and buildings | 22 | €329,198 | €238,804 | -€90,394 | -27.5% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €29,458 | €86,601 | +€57,143 | +194.0% |
| Amounts receivable within one year | 40/41 | €2,000 | €2,000 | = | 0.0% |
| Trade receivables | 40 | €2,000 | €2,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €27,458 | €84,601 | +€57,143 | +208.1% |
| Total equity and liabilities | 10/49 | €359,656 | €326,405 | -€33,251 | -9.2% |
| Equity | 10/15 | -€20,532 | €111,459 | +€131,991 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,550 | - | -€18,550 | |
| Uncalled capital | 101 | €12,350 | - | -€12,350 | |
| Reserves | 13 | €31,070 | €149,846 | +€118,776 | +382.3% |
| Tax-exempt reserves | 132 | - | €118,775 | +€118,775 | |
| Distributable reserves | 133 | €31,070 | €31,070 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€57,802 | -€44,587 | +€13,215 | +22.9% |
| Provisions and deferred taxes | 16 | - | €37,880 | +€37,880 | |
| Deferred taxes | 168 | - | €37,880 | +€37,880 | |
| Amounts payable | 17/49 | €380,188 | €177,066 | -€203,122 | -53.4% |
| Amounts payable after more than one year | 17 | €190,353 | €0 | -€190,353 | -100.0% |
| Financial debts | 170/4 | €190,353 | €0 | -€190,353 | -100.0% |
| Amounts payable within one year | 42/48 | €189,835 | €177,066 | -€12,769 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €16,463 | €6,208 | -€10,255 | -62.3% |
| Trade debts | 44 | €1 | €124 | +€123 | +12305.0% |
| Suppliers | 440/4 | €1 | €124 | +€123 | +12305.0% |
| Other amounts payable | 47/48 | €173,371 | €170,734 | -€2,637 | -1.5% |
| Non-recurring operating income | 76A | - | €171,181 | +€171,181 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,393 | €11,561 | -€4,832 | -29.5% |
| Other operating charges | 640/8 | €3,634 | €1,180 | -€2,454 | -67.5% |
| Gross operating margin | 9900 | €5,943 | €191,614 | +€185,671 | +3124.2% |
| Operating profit (loss) | 9901 | -€14,084 | €178,872 | +€192,956 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €43,717 | €9,002 | -€34,715 | -79.4% |
| Recurring financial charges | 65 | €43,717 | €9,002 | -€34,715 | -79.4% |
| Profit (loss) for the period before taxes | 9903 | -€57,801 | €169,871 | +€227,672 | |
| Transfer from deferred taxes | 780 | - | €3,628 | +€3,628 | |
| Transfer to deferred taxes | 680 | - | €41,508 | +€41,508 | |
| Income taxes | 67/77 | €1 | €0 | -€1 | -100.0% |
| Profit (loss) for the period | 9904 | -€57,802 | €131,991 | +€189,793 | |
| Transfer from tax-exempt reserves | 789 | - | €10,884 | +€10,884 | |
| Transfer to tax-exempt reserves | 689 | - | €129,659 | +€129,659 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,802 | €13,215 | +€71,017 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.