EWL: 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.
EWL
Largest movements
- Receivables within one year -€343,474
down €343,474 (-21.8%), from €1.6m to €1.2m
of which Trade receivables: -€358,834
- Cash -€238,270
down €238,270 (-85.5%), from €278,710 to €40,440
mainly Trade debts (-€260,458) and Stocks and contracts (-€171,134)
- Stocks and contracts +€171,134
up €171,134 (+24.1%), from €708,859 to €879,994
of which Stocks: +€101,115
- Current investments +€100,110
up €100,110 (+603.6%), from €16,586 to €116,696
- Tangible fixed assets +€58,433
up €58,433 (+20.4%), from €286,591 to €345,024
of which Other tangible fixed assets: +€69,202
- Trade debts -€260,458
down €260,458 (-27.0%), from €965,877 to €705,419
- Tax, wage and social debts +€111,566
up €111,566 (+72.7%), from €153,371 to €264,937
of which Remuneration and social security: +€103,632
- Debts after one year -€47,857
down €47,857 (-72.9%), from €65,659 to €17,803
- Staff costs +€454,685
up €454,685 (+27.9%), from €1.6m to €2.1m
- Gross operating margin +€425,551
up €425,551 (+23.2%), from €1.8m to €2.3m
- Other operating charges -€37,422
down €37,422 (-64.2%), from €58,256 to €20,834
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 | €3,240,824 | €3,022,693 | -€218,131 | -6.7% |
| Fixed assets | 21/28 | €314,991 | €406,224 | +€91,233 | +29.0% |
| Tangible fixed assets | 22/27 | €286,591 | €345,024 | +€58,433 | +20.4% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €8,167 | €5,727 | -€2,440 | -29.9% |
| Furniture and vehicles | 24 | €22,746 | €14,417 | -€8,329 | -36.6% |
| Other tangible fixed assets | 26 | €255,678 | €324,880 | +€69,202 | +27.1% |
| Financial fixed assets | 28 | €28,400 | €61,200 | +€32,800 | +115.5% |
| Current assets | 29/58 | €2,925,833 | €2,616,468 | -€309,364 | -10.6% |
| Stocks and contracts in progress | 3 | €708,859 | €879,994 | +€171,134 | +24.1% |
| Stocks | 30/36 | €360,510 | €461,625 | +€101,115 | +28.0% |
| Contracts in progress | 37 | €348,350 | €418,369 | +€70,019 | +20.1% |
| Amounts receivable within one year | 40/41 | €1,577,757 | €1,234,283 | -€343,474 | -21.8% |
| Trade receivables | 40 | €1,189,567 | €830,732 | -€358,834 | -30.2% |
| Other amounts receivable | 41 | €388,190 | €403,551 | +€15,361 | +4.0% |
| Current investments | 50/53 | €16,586 | €116,696 | +€100,110 | +603.6% |
| Cash at bank and in hand | 54/58 | €278,710 | €40,440 | -€238,270 | -85.5% |
| Deferred charges and accrued income | 490/1 | €343,920 | €345,055 | +€1,135 | +0.3% |
| Total equity and liabilities | 10/49 | €3,240,824 | €3,022,693 | -€218,131 | -6.7% |
| Equity | 10/15 | €1,562,384 | €1,573,845 | +€11,461 | +0.7% |
| Contributions | 10/11 | €306,200 | €306,200 | = | 0.0% |
| Reserves | 13 | €383,597 | €370,242 | -€13,355 | -3.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €174,334 | €160,979 | -€13,355 | -7.7% |
| Distributable reserves | 133 | €209,262 | €209,262 | = | 0.0% |
| Profit (loss) carried forward | 14 | €872,588 | €897,404 | +€24,816 | +2.8% |
| Provisions and deferred taxes | 16 | €58,111 | €53,660 | -€4,452 | -7.7% |
| Deferred taxes | 168 | €58,111 | €53,660 | -€4,452 | -7.7% |
| Amounts payable | 17/49 | €1,620,328 | €1,395,188 | -€225,141 | -13.9% |
| Amounts payable after more than one year | 17 | €65,659 | €17,803 | -€47,857 | -72.9% |
| Financial debts | 170/4 | €65,659 | €17,803 | -€47,857 | -72.9% |
| Amounts payable within one year | 42/48 | €1,548,141 | €1,376,830 | -€171,311 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €50,416 | €52,128 | +€1,713 | +3.4% |
| Financial debts | 43 | €378,477 | €354,346 | -€24,131 | -6.4% |
| Credit institutions | 430/8 | €378,477 | €354,346 | -€24,131 | -6.4% |
| Trade debts | 44 | €965,877 | €705,419 | -€260,458 | -27.0% |
| Suppliers | 440/4 | €965,877 | €705,419 | -€260,458 | -27.0% |
| Taxes, remuneration and social security | 45 | €153,371 | €264,937 | +€111,566 | +72.7% |
| Taxes | 450/3 | €8,492 | €16,426 | +€7,934 | +93.4% |
| Remuneration and social security | 454/9 | €144,879 | €248,511 | +€103,632 | +71.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €6,528 | €555 | -€5,973 | -91.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,631,275 | €2,085,959 | +€454,685 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,004 | €46,789 | +€3,785 | +8.8% |
| Other operating charges | 640/8 | €58,256 | €20,834 | -€37,422 | -64.2% |
| Gross operating margin | 9900 | €1,832,139 | €2,257,690 | +€425,551 | +23.2% |
| Operating profit (loss) | 9901 | €99,605 | €104,107 | +€4,503 | +4.5% |
| Financial income | 75/76B | €3,299 | €8,362 | +€5,063 | +153.5% |
| Recurring financial income | 75 | €3,299 | €8,362 | +€5,063 | +153.5% |
| Financial charges | 65/66B | €94,108 | €86,518 | -€7,591 | -8.1% |
| Recurring financial charges | 65 | €94,108 | €86,518 | -€7,591 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €8,795 | €25,951 | +€17,156 | +195.1% |
| Transfer from deferred taxes | 780 | €3,906 | €4,452 | +€545 | +14.0% |
| Income taxes | 67/77 | €16,229 | €18,942 | +€2,712 | +16.7% |
| Profit (loss) for the period | 9904 | -€3,528 | €11,461 | +€14,989 | |
| Transfer from tax-exempt reserves | 789 | €10,901 | €13,355 | +€2,454 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,373 | €24,816 | +€17,443 | +236.6% |
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 4 October 2026 via checked.be.