F & W management: 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.
F & W management
Largest movements
- Cash -€31,127
down €31,127 (-70.8%), from €43,978 to €12,851
mainly Contributions, distributions and other (-€29,610) and Other debts (-€18,581)
- Current investments -€24,541
down €24,541 (-92.1%), from €26,657 to €2,116
- Receivables within one year +€12,727
up €12,727 (+32.5%), from €39,164 to €51,892
of which Other amounts receivable: +€7,370
- Tangible fixed assets -€3,640
down €3,640 (-24.1%), from €15,097 to €11,456
of which Furniture and vehicles: -€2,652
- Other debts -€18,581
down €18,581 (-100%), from €18,581 to €0
- Reserves -€18,320
down €18,320 (-22.2%), from €82,461 to €64,141
of which Distributable reserves: -€18,320
- Current portion of long-term debt -€8,782
down €8,782 (-100%), from €8,782 to €0
- Gross operating margin -€11,549
down €11,549 (-38.3%), from €30,150 to €18,601
- Financial income +€2,921
up €2,921 (+333%), from €877 to €3,797
- Taxes -€2,077
down €2,077 (-23.8%), from €8,713 to €6,636
- Financial charges -€454
down €454 (-59.3%), from €766 to €312
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.
Derived cash bridge
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 | €124,896 | €78,315 | -€46,581 | -37.3% |
| Fixed assets | 21/28 | €15,097 | €11,456 | -€3,640 | -24.1% |
| Tangible fixed assets | 22/27 | €15,097 | €11,456 | -€3,640 | -24.1% |
| Plant, machinery and equipment | 23 | €7,744 | €6,755 | -€988 | -12.8% |
| Furniture and vehicles | 24 | €7,353 | €4,701 | -€2,652 | -36.1% |
| Current assets | 29/58 | €109,799 | €66,859 | -€42,941 | -39.1% |
| Amounts receivable within one year | 40/41 | €39,164 | €51,892 | +€12,727 | +32.5% |
| Trade receivables | 40 | €1,464 | €6,821 | +€5,358 | +366% |
| Other amounts receivable | 41 | €37,701 | €45,071 | +€7,370 | +19.5% |
| Current investments | 50/53 | €26,657 | €2,116 | -€24,541 | -92.1% |
| Cash at bank and in hand | 54/58 | €43,978 | €12,851 | -€31,127 | -70.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €124,896 | €78,315 | -€46,581 | -37.3% |
| Equity | 10/15 | €88,661 | €70,341 | -€18,320 | -20.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €82,461 | €64,141 | -€18,320 | -22.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €82,461 | €64,141 | -€18,320 | -22.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,235 | €7,974 | -€28,261 | -78.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €36,235 | €7,974 | -€28,261 | -78.0% |
| Current portion of amounts payable after more than one year | 42 | €8,782 | €0 | -€8,782 | -100% |
| Trade debts | 44 | €2,687 | €2,211 | -€475 | -17.7% |
| Suppliers | 440/4 | €2,687 | €2,211 | -€475 | -17.7% |
| Taxes, remuneration and social security | 45 | €6,186 | €5,763 | -€423 | -6.8% |
| Taxes | 450/3 | €6,186 | €5,763 | -€423 | -6.8% |
| Other amounts payable | 47/48 | €18,581 | €0 | -€18,581 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €1,741 | €1,610 | -€132 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,640 | €3,640 | = | 0.0% |
| Other operating charges | 640/8 | €338 | €520 | +€182 | +53.8% |
| Gross operating margin | 9900 | €30,150 | €18,601 | -€11,549 | -38.3% |
| Operating profit (loss) | 9901 | €26,172 | €14,441 | -€11,730 | -44.8% |
| Financial income | 75/76B | €877 | €3,797 | +€2,921 | +333% |
| Recurring financial income | 75 | €877 | €3,797 | +€2,921 | +333% |
| Financial charges | 65/66B | €766 | €312 | -€454 | -59.3% |
| Recurring financial charges | 65 | €766 | €312 | -€454 | -59.3% |
| Profit (loss) for the period before taxes | 9903 | €26,282 | €17,927 | -€8,356 | -31.8% |
| Income taxes | 67/77 | €8,713 | €6,636 | -€2,077 | -23.8% |
| Profit (loss) for the period | 9904 | €17,569 | €11,290 | -€6,279 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,569 | €11,290 | -€6,279 | -35.7% |
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 27 October 2026 via checked.be.