Exploitatiemaatschappij IW: what changed
Two financial 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.
Exploitatiemaatschappij IW
Largest movements
- Receivables within one year -€364,015
down €364,015 (-89.9%), from €404,923 to €40,908
of which Other amounts receivable: -€370,765
- Cash -€240,332
down €240,332 (-35.2%), from €683,485 to €443,153
mainly Contributions, distributions and other (-€1.0m) and Net result for the year (-€48,253)
- Tangible fixed assets -€232,137
down €232,137 (-32.4%), from €716,420 to €484,283
of which Land and buildings: -€237,109
- Current investments -€191,291
down €191,291 (-100.0%), from €191,291 to €0
- Contributions -€1.0m
down €1.0m (-49.5%), from €2.0m to €1.0m
- Profit (loss) carried forward -€48,253
down €48,253 (-6.3%), from -€766,942 to -€815,194
- Other debts +€29,733
up €29,733 (+6.3%), from €469,442 to €499,175
- Gross operating margin -€52,752
down €52,752 (-4.6%), from €1.1m to €1.1m
- Other operating charges -€34,323
down €34,323 (-8.4%), from €410,600 to €376,278
- Staff costs -€17,424
down €17,424 (-3.2%), from €543,070 to €525,646
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 | €2,036,100 | €998,132 | -€1.0m | -51.0% |
| Fixed assets | 21/28 | €746,927 | €504,622 | -€242,305 | -32.4% |
| Intangible fixed assets | 21 | €30,507 | €20,339 | -€10,168 | -33.3% |
| Tangible fixed assets | 22/27 | €716,420 | €484,283 | -€232,137 | -32.4% |
| Land and buildings | 22 | €711,327 | €474,218 | -€237,109 | -33.3% |
| Plant, machinery and equipment | 23 | €2,833 | €8,636 | +€5,803 | +204.9% |
| Furniture and vehicles | 24 | €2,260 | €1,429 | -€831 | -36.8% |
| Current assets | 29/58 | €1,289,173 | €493,510 | -€795,663 | -61.7% |
| Stocks and contracts in progress | 3 | €1,617 | €1,658 | +€41 | +2.5% |
| Stocks | 30/36 | €1,617 | €1,658 | +€41 | +2.5% |
| Amounts receivable within one year | 40/41 | €404,923 | €40,908 | -€364,015 | -89.9% |
| Trade receivables | 40 | €20,505 | €27,255 | +€6,750 | +32.9% |
| Other amounts receivable | 41 | €384,418 | €13,653 | -€370,765 | -96.4% |
| Current investments | 50/53 | €191,291 | €0 | -€191,291 | -100.0% |
| Cash at bank and in hand | 54/58 | €683,485 | €443,153 | -€240,332 | -35.2% |
| Deferred charges and accrued income | 490/1 | €7,857 | €7,791 | -€66 | -0.8% |
| Total equity and liabilities | 10/49 | €2,036,100 | €998,132 | -€1.0m | -51.0% |
| Equity | 10/15 | €1,253,463 | €205,211 | -€1.0m | -83.6% |
| Contributions | 10/11 | €2,018,550 | €1,018,550 | -€1.0m | -49.5% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100.0% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100.0% |
| Distributable reserves | 133 | - | €1,855 | +€1,855 | |
| Profit (loss) carried forward | 14 | -€766,942 | -€815,194 | -€48,253 | -6.3% |
| Amounts payable | 17/49 | €782,636 | €792,921 | +€10,285 | +1.3% |
| Amounts payable within one year | 42/48 | €780,100 | €790,385 | +€10,285 | +1.3% |
| Trade debts | 44 | €175,015 | €175,957 | +€942 | +0.5% |
| Suppliers | 440/4 | €175,015 | €175,957 | +€942 | +0.5% |
| Advances received on contracts in progress | 46 | €24,083 | €19,189 | -€4,894 | -20.3% |
| Taxes, remuneration and social security | 45 | €111,560 | €96,064 | -€15,496 | -13.9% |
| Taxes | 450/3 | €11,023 | €12,221 | +€1,198 | +10.9% |
| Remuneration and social security | 454/9 | €100,537 | €83,844 | -€16,694 | -16.6% |
| Other amounts payable | 47/48 | €469,442 | €499,175 | +€29,733 | +6.3% |
| Accrued charges and deferred income | 492/3 | €2,537 | €2,537 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €543,070 | €525,646 | -€17,424 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,878 | €250,254 | +€11,376 | +4.8% |
| Other operating charges | 640/8 | €410,600 | €376,278 | -€34,323 | -8.4% |
| Gross operating margin | 9900 | €1,143,708 | €1,090,956 | -€52,752 | -4.6% |
| Operating profit (loss) | 9901 | -€48,840 | -€61,222 | -€12,382 | -25.4% |
| Financial income | 75/76B | €15,904 | €14,083 | -€1,821 | -11.5% |
| Recurring financial income | 75 | €15,904 | €14,083 | -€1,821 | -11.5% |
| Financial charges | 65/66B | €755 | €945 | +€190 | +25.2% |
| Recurring financial charges | 65 | €755 | €945 | +€190 | +25.2% |
| Profit (loss) for the period before taxes | 9903 | -€33,690 | -€48,083 | -€14,393 | -42.7% |
| Income taxes | 67/77 | €160 | €170 | +€10 | +6.0% |
| Profit (loss) for the period | 9904 | -€33,850 | -€48,253 | -€14,403 | -42.5% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,850 | -€48,253 | -€14,403 | -42.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.