EWL: what changed
What changed
EWL
NACE 41.003, General construction of other non-residential buildings
filed annual accounts (NBB)
Net result for the year
-€145,383
2024 · -€40,855-€104,528
Equity
-€29,763
2024 · €115,620-€145,383
Cash
€4,555
2024 · €10,990-€6,435
Balance sheet total
€1.6m
2024 · €804,850+€770,710
Largest movements
Assets
- Stocks and contracts +€1.3m
up €1.3m (+697%), from €180,107 to €1.4m
- Tangible fixed assets -€503,124
down €503,124 (-87.5%), from €574,878 to €71,754
of which Assets under construction and advance payments: -€270,663
- Receivables within one year +€25,523
up €25,523 (+73.5%), from €34,724 to €60,247
of which Other amounts receivable: +€25,445
Equity and liabilities
- Short-term financial debts +€844,650
up €844,650 (+719%), from €117,500 to €962,150
of which Other loans: +€510,796
- Profit (loss) carried forward -€145,383
down €145,383, from €15,620 to -€129,763
- Other debts +€92,231
up €92,231 (+132%), from €69,984 to €162,215
- Tax, wage and social debts -€64,166
down €64,166 (-96.9%), from €66,244 to €2,078
of which Taxes: -€64,844
- Debts after one year +€38,176
up €38,176 (+10.6%), from €359,014 to €397,190
Income statement
- Gross operating margin -€55,760
down €55,760 (-64.8%), from €86,024 to €30,264
- Staff costs +€44,352
up €44,352 (+312%), from €14,212 to €58,564
- Other operating charges -€18,993
down €18,993 (-71.0%), from €26,744 to €7,750
- Financial charges +€18,550
up €18,550 (+31.6%), from €58,760 to €77,310
- Financial income -€4,002
down €4,002 (-93.8%), from €4,264 to €262
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.
Result 2024
-€40,855
Gross operating margin
-€55,760
Staff costs
-€44,352
Depreciation
+€194
Other operating charges
+€18,993
Other operating items
-€955
Financial income
-€4,002
Financial charges
-€18,550
Taxes
-€96
Result 2025
-€145,383
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.4m
Investment
+€472,082
Financing
+€886,308
Cash 2024
€10,990
From operations (derived)
-€1.4m
Net result for the year
-€145,383
Depreciation
+€31,042
Stocks and contracts
-€1.3m
Receivables within one year
-€25,523
Deferred charges and accrued income
+€369
Trade debts
+€6,901
Tax, wage and social debts
-€64,166
Other debts
+€92,231
Accrued charges and deferred income
-€5,180
Investment (derived)
+€472,082
Investment in fixed assets (net)
+€472,082
Financing
+€886,308
Debts after one year
+€38,176
Current portion of long-term debt
+€3,482
Short-term financial debts
+€844,650
Cash 2025
€4,555
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €804,850 | €1,575,560 | +€770,710 | +95.8% |
| Fixed assets | 21/28 | €578,653 | €75,529 | -€503,124 | -86.9% |
| Tangible fixed assets | 22/27 | €574,878 | €71,754 | -€503,124 | -87.5% |
| Land and buildings | 22 | €201,559 | €0 | -€201,559 | -100% |
| Plant, machinery and equipment | 23 | €32,734 | €21,832 | -€10,902 | -33.3% |
| Furniture and vehicles | 24 | €69,922 | €49,922 | -€20,000 | -28.6% |
| Assets under construction and advance payments | 27 | €270,663 | €0 | -€270,663 | -100% |
| Financial fixed assets | 28 | €3,775 | €3,775 | = | 0.0% |
| Current assets | 29/58 | €226,197 | €1,500,031 | +€1.3m | +563% |
| Stocks and contracts in progress | 3 | €180,107 | €1,435,221 | +€1.3m | +697% |
| Stocks | 30/36 | €180,107 | €1,435,221 | +€1.3m | +697% |
| Amounts receivable within one year | 40/41 | €34,724 | €60,247 | +€25,523 | +73.5% |
| Trade receivables | 40 | €32,416 | €32,495 | +€78 | +0.2% |
| Other amounts receivable | 41 | €2,308 | €27,753 | +€25,445 | +1,102% |
| Cash at bank and in hand | 54/58 | €10,990 | €4,555 | -€6,435 | -58.6% |
| Deferred charges and accrued income | 490/1 | €376 | €7 | -€369 | -98.1% |
| Total equity and liabilities | 10/49 | €804,850 | €1,575,560 | +€770,710 | +95.8% |
| Equity | 10/15 | €115,620 | -€29,763 | -€145,383 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,620 | -€129,763 | -€145,383 | |
| Amounts payable | 17/49 | €689,230 | €1,605,323 | +€916,093 | +133% |
| Amounts payable after more than one year | 17 | €359,014 | €397,190 | +€38,176 | +10.6% |
| Financial debts | 170/4 | €359,014 | €397,190 | +€38,176 | +10.6% |
| Amounts payable within one year | 42/48 | €324,390 | €1,207,487 | +€883,097 | +272% |
| Current portion of amounts payable after more than one year | 42 | €19,721 | €23,203 | +€3,482 | +17.7% |
| Financial debts | 43 | €117,500 | €962,150 | +€844,650 | +719% |
| Credit institutions | 430/8 | €112,500 | €446,354 | +€333,854 | +297% |
| Other loans | 439 | €5,000 | €515,796 | +€510,796 | +10,216% |
| Trade debts | 44 | €50,941 | €57,841 | +€6,901 | +13.5% |
| Suppliers | 440/4 | €50,941 | €57,841 | +€6,901 | +13.5% |
| Taxes, remuneration and social security | 45 | €66,244 | €2,078 | -€64,166 | -96.9% |
| Taxes | 450/3 | €64,844 | €0 | -€64,844 | -100% |
| Remuneration and social security | 454/9 | €1,401 | €2,078 | +€677 | +48.4% |
| Other amounts payable | 47/48 | €69,984 | €162,215 | +€92,231 | +132% |
| Accrued charges and deferred income | 492/3 | €5,826 | €645 | -€5,180 | -88.9% |
| Remuneration, social security and pensions | 62 | €14,212 | €58,564 | +€44,352 | +312% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,235 | €31,042 | -€194 | -0.6% |
| Other operating charges | 640/8 | €26,744 | €7,750 | -€18,993 | -71.0% |
| Non-recurring operating charges | 66A | - | €955 | +€955 | |
| Gross operating margin | 9900 | €86,024 | €30,264 | -€55,760 | -64.8% |
| Operating profit (loss) | 9901 | €13,832 | -€68,048 | -€81,880 | |
| Financial income | 75/76B | €4,264 | €262 | -€4,002 | -93.8% |
| Recurring financial income | 75 | €4,264 | €262 | -€4,002 | -93.8% |
| Financial charges | 65/66B | €58,760 | €77,310 | +€18,550 | +31.6% |
| Recurring financial charges | 65 | €58,760 | €77,310 | +€18,550 | +31.6% |
| Profit (loss) for the period before taxes | 9903 | -€40,663 | -€145,095 | -€104,432 | -257% |
| Income taxes | 67/77 | €192 | €288 | +€96 | +50.2% |
| Profit (loss) for the period | 9904 | -€40,855 | -€145,383 | -€104,528 | -256% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,855 | -€145,383 | -€104,528 | -256% |
Next steps
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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 4 November 2026 via checked.be.