FWM: 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.
FWM
Largest movements
- Tangible fixed assets -€52,950
down €52,950 (-4.4%), from €1.2m to €1.1m
of which Land and buildings: -€60,825
- Cash +€43,286
up €43,286 (+113.4%), from €38,177 to €81,463
mainly Depreciation (+€62,628) and Net result for the year (+€62,231)
- Receivables within one year -€14,247
down €14,247 (-28.6%), from €49,874 to €35,627
of which Other amounts receivable: -€16,074
- Reserves +€62,231
up €62,231 (+22.9%), from €272,063 to €334,294
- Debts after one year -€60,807
down €60,807 (-8.9%), from €680,558 to €619,751
- Trade debts -€21,931
down €21,931 (-79.6%), from €27,565 to €5,634
- Accrued charges and deferred income +€21,749
up €21,749 (+7249.7%), from €300 to €22,049
- Financial charges +€21,315
up €21,315 (+117.4%), from €18,161 to €39,476
- Gross operating margin +€5,852
up €5,852 (+3.2%), from €183,462 to €189,314
- Depreciation +€2,075
up €2,075 (+3.4%), from €60,553 to €62,628
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 | €1,402,704 | €1,396,315 | -€6,389 | -0.5% |
| Fixed assets | 21/28 | €1,202,593 | €1,149,643 | -€52,950 | -4.4% |
| Tangible fixed assets | 22/27 | €1,202,593 | €1,149,643 | -€52,950 | -4.4% |
| Land and buildings | 22 | €1,201,345 | €1,140,520 | -€60,825 | -5.1% |
| Plant, machinery and equipment | 23 | €1,164 | €9,123 | +€7,959 | +683.8% |
| Furniture and vehicles | 24 | €84 | - | -€84 | |
| Current assets | 29/58 | €200,111 | €246,672 | +€46,561 | +23.3% |
| Stocks and contracts in progress | 3 | €92,318 | €100,871 | +€8,553 | +9.3% |
| Stocks | 30/36 | €92,318 | €100,871 | +€8,553 | +9.3% |
| Amounts receivable within one year | 40/41 | €49,874 | €35,627 | -€14,247 | -28.6% |
| Trade receivables | 40 | €26,863 | €28,690 | +€1,827 | +6.8% |
| Other amounts receivable | 41 | €23,011 | €6,937 | -€16,074 | -69.9% |
| Current investments | 50/53 | €19,074 | €27,562 | +€8,488 | +44.5% |
| Cash at bank and in hand | 54/58 | €38,177 | €81,463 | +€43,286 | +113.4% |
| Deferred charges and accrued income | 490/1 | €668 | €1,149 | +€481 | +72.0% |
| Total equity and liabilities | 10/49 | €1,402,704 | €1,396,315 | -€6,389 | -0.5% |
| Equity | 10/15 | €312,063 | €374,294 | +€62,231 | +19.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €272,063 | €334,294 | +€62,231 | +22.9% |
| Distributable reserves | 133 | €272,063 | €334,294 | +€62,231 | +22.9% |
| Amounts payable | 17/49 | €1,090,641 | €1,022,021 | -€68,620 | -6.3% |
| Amounts payable after more than one year | 17 | €680,558 | €619,751 | -€60,807 | -8.9% |
| Financial debts | 170/4 | €680,558 | €619,751 | -€60,807 | -8.9% |
| Amounts payable within one year | 42/48 | €409,783 | €380,221 | -€29,562 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €59,874 | €60,807 | +€933 | +1.6% |
| Trade debts | 44 | €27,565 | €5,634 | -€21,931 | -79.6% |
| Suppliers | 440/4 | €27,565 | €5,634 | -€21,931 | -79.6% |
| Other amounts payable | 47/48 | €322,344 | €313,780 | -€8,564 | -2.7% |
| Accrued charges and deferred income | 492/3 | €300 | €22,049 | +€21,749 | +7249.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,553 | €62,628 | +€2,075 | +3.4% |
| Other operating charges | 640/8 | €3,795 | €4,621 | +€826 | +21.8% |
| Gross operating margin | 9900 | €183,462 | €189,314 | +€5,852 | +3.2% |
| Operating profit (loss) | 9901 | €119,114 | €122,065 | +€2,951 | +2.5% |
| Financial income | 75/76B | €11 | €60 | +€49 | +445.5% |
| Recurring financial income | 75 | €11 | €60 | +€49 | +445.5% |
| Financial charges | 65/66B | €18,161 | €39,476 | +€21,315 | +117.4% |
| Recurring financial charges | 65 | €18,161 | €39,476 | +€21,315 | +117.4% |
| Profit (loss) for the period before taxes | 9903 | €100,964 | €82,649 | -€18,315 | -18.1% |
| Income taxes | 67/77 | €19,460 | €20,418 | +€958 | +4.9% |
| Profit (loss) for the period | 9904 | €81,504 | €62,231 | -€19,273 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €81,504 | €62,231 | -€19,273 | -23.6% |
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 3 October 2026 via checked.be.