FDW PROJECTS: 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.
FDW PROJECTS
Largest movements
- Tangible fixed assets -€57,578
down €57,578 (-5.2%), from €1.1m to €1.0m
of which Land and buildings: -€54,145
- Cash +€52,334
up €52,334 (+50.5%), from €103,674 to €156,008
mainly Other debts (+€296,487) and Net result for the year (+€115,204)
- Receivables within one year +€41,908
up €41,908 (+5.5%), from €761,054 to €802,962
of which Other amounts receivable: +€31,592
- Other debts +€296,487
up €296,487 (+76.6%), from €386,981 to €683,469
- Reserves -€185,000
down €185,000 (-24.3%), from €759,860 to €574,860
of which Distributable reserves: -€185,000
- Debts after one year -€82,399
down €82,399 (-12.0%), from €687,759 to €605,360
- Other operating charges -€66,809
down €66,809 (-90.2%), from €74,054 to €7,244
- Gross operating margin -€51,198
down €51,198 (-16.2%), from €316,120 to €264,922
- Financial income -€9,606
down €9,606 (-94.7%), from €10,148 to €543
- Depreciation +€4,584
up €4,584 (+7.5%), from €60,804 to €65,388
- Taxes -€4,505
down €4,505 (-11.2%), from €40,082 to €35,577
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 | €1,991,321 | €2,020,176 | +€28,854 | +1.4% |
| Fixed assets | 21/28 | €1,126,594 | €1,061,206 | -€65,388 | -5.8% |
| Intangible fixed assets | 21 | €23,427 | €15,618 | -€7,809 | -33.3% |
| Tangible fixed assets | 22/27 | €1,103,166 | €1,045,588 | -€57,578 | -5.2% |
| Land and buildings | 22 | €1,052,355 | €998,209 | -€54,145 | -5.1% |
| Plant, machinery and equipment | 23 | €50,359 | €47,379 | -€2,981 | -5.9% |
| Furniture and vehicles | 24 | €452 | - | -€452 | |
| Financial fixed assets | 28 | €0 | €0 | = | 0.0% |
| Current assets | 29/58 | €864,728 | €958,970 | +€94,242 | +10.9% |
| Amounts receivable within one year | 40/41 | €761,054 | €802,962 | +€41,908 | +5.5% |
| Trade receivables | 40 | €228,224 | €238,539 | +€10,316 | +4.5% |
| Other amounts receivable | 41 | €532,830 | €564,423 | +€31,592 | +5.9% |
| Cash at bank and in hand | 54/58 | €103,674 | €156,008 | +€52,334 | +50.5% |
| Total equity and liabilities | 10/49 | €1,991,321 | €2,020,176 | +€28,854 | +1.4% |
| Equity | 10/15 | €779,377 | €594,580 | -€184,796 | -23.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €759,860 | €574,860 | -€185,000 | -24.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €758,000 | €573,000 | -€185,000 | -24.4% |
| Profit (loss) carried forward | 14 | €917 | €1,120 | +€204 | +22.2% |
| Amounts payable | 17/49 | €1,211,945 | €1,425,595 | +€213,650 | +17.6% |
| Amounts payable after more than one year | 17 | €687,759 | €605,360 | -€82,399 | -12.0% |
| Financial debts | 170/4 | €687,759 | €605,360 | -€82,399 | -12.0% |
| Amounts payable within one year | 42/48 | €488,564 | €789,953 | +€301,389 | +61.7% |
| Current portion of amounts payable after more than one year | 42 | €89,136 | €90,369 | +€1,234 | +1.4% |
| Trade debts | 44 | - | €4,342 | +€4,342 | |
| Suppliers | 440/4 | - | €4,342 | +€4,342 | |
| Taxes, remuneration and social security | 45 | €12,447 | €11,772 | -€675 | -5.4% |
| Taxes | 450/3 | €12,447 | €11,772 | -€675 | -5.4% |
| Other amounts payable | 47/48 | €386,981 | €683,469 | +€296,487 | +76.6% |
| Accrued charges and deferred income | 492/3 | €35,622 | €30,283 | -€5,339 | -15.0% |
| Non-recurring operating income | 76A | - | €2,087 | +€2,087 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,804 | €65,388 | +€4,584 | +7.5% |
| Other operating charges | 640/8 | €74,054 | €7,244 | -€66,809 | -90.2% |
| Gross operating margin | 9900 | €316,120 | €264,922 | -€51,198 | -16.2% |
| Operating profit (loss) | 9901 | €181,263 | €192,290 | +€11,027 | +6.1% |
| Financial income | 75/76B | €10,148 | €543 | -€9,606 | -94.7% |
| Recurring financial income | 75 | €10,148 | €543 | -€9,606 | -94.7% |
| Financial charges | 65/66B | €39,721 | €42,052 | +€2,330 | +5.9% |
| Recurring financial charges | 65 | €39,721 | €42,052 | +€2,330 | +5.9% |
| Profit (loss) for the period before taxes | 9903 | €151,690 | €150,781 | -€909 | -0.6% |
| Income taxes | 67/77 | €40,082 | €35,577 | -€4,505 | -11.2% |
| Profit (loss) for the period | 9904 | €111,607 | €115,204 | +€3,596 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €111,607 | €115,204 | +€3,596 | +3.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.