H. & A.D.W.: 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.
H. & A.D.W.
Largest movements
- Stocks and contracts +€95,893
up €95,893 (+34.2%), from €280,447 to €376,340
- Tangible fixed assets -€13,400
down €13,400 (-4.2%), from €322,400 to €309,000
- Receivables within one year -€11,689
down €11,689 (-5.0%), from €234,614 to €222,925
of which Other amounts receivable: -€11,235
- Other debts +€67,551
up €67,551 (+28.0%), from €241,300 to €308,851
- Debts after one year -€17,404
down €17,404 (-8.8%), from €197,251 to €179,846
- Taxes +€7,792
up €7,792 (+111%), from €6,997 to €14,789
- Gross operating margin +€2,154
up €2,154 (+6.3%), from €34,096 to €36,250
- Other operating charges +€675
up €675 (+22.3%), from €3,021 to €3,696
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 | €846,944 | €908,990 | +€62,046 | +7.3% |
| Fixed assets | 21/28 | €322,400 | €309,000 | -€13,400 | -4.2% |
| Tangible fixed assets | 22/27 | €322,400 | €309,000 | -€13,400 | -4.2% |
| Land and buildings | 22 | €322,400 | €309,000 | -€13,400 | -4.2% |
| Current assets | 29/58 | €524,544 | €599,990 | +€75,446 | +14.4% |
| Stocks and contracts in progress | 3 | €280,447 | €376,340 | +€95,893 | +34.2% |
| Stocks | 30/36 | €280,447 | €376,340 | +€95,893 | +34.2% |
| Amounts receivable within one year | 40/41 | €234,614 | €222,925 | -€11,689 | -5.0% |
| Trade receivables | 40 | €454 | - | -€454 | |
| Other amounts receivable | 41 | €234,160 | €222,925 | -€11,235 | -4.8% |
| Cash at bank and in hand | 54/58 | €9,433 | €724 | -€8,709 | -92.3% |
| Deferred charges and accrued income | 490/1 | €50 | - | -€50 | |
| Total equity and liabilities | 10/49 | €846,944 | €908,990 | +€62,046 | +7.3% |
| Equity | 10/15 | €356,929 | €362,440 | +€5,511 | +1.5% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €286,929 | €292,440 | +€5,511 | +1.9% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €92,563 | €83,546 | -€9,017 | -9.7% |
| Distributable reserves | 133 | €187,366 | €201,894 | +€14,528 | +7.8% |
| Provisions and deferred taxes | 16 | €30,854 | €27,849 | -€3,006 | -9.7% |
| Deferred taxes | 168 | €30,854 | €27,849 | -€3,006 | -9.7% |
| Amounts payable | 17/49 | €459,161 | €518,701 | +€59,541 | +13.0% |
| Amounts payable after more than one year | 17 | €197,251 | €179,846 | -€17,404 | -8.8% |
| Financial debts | 170/4 | €197,251 | €179,846 | -€17,404 | -8.8% |
| Amounts payable within one year | 42/48 | €261,910 | €338,855 | +€76,945 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €17,404 | €17,404 | = | 0.0% |
| Trade debts | 44 | €2,209 | €3,633 | +€1,424 | +64.5% |
| Suppliers | 440/4 | €2,209 | €3,633 | +€1,424 | +64.5% |
| Taxes, remuneration and social security | 45 | €997 | €8,967 | +€7,970 | +799% |
| Taxes | 450/3 | €997 | €8,967 | +€7,970 | +799% |
| Other amounts payable | 47/48 | €241,300 | €308,851 | +€67,551 | +28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,400 | €13,400 | = | 0.0% |
| Other operating charges | 640/8 | €3,021 | €3,696 | +€675 | +22.3% |
| Gross operating margin | 9900 | €34,096 | €36,250 | +€2,154 | +6.3% |
| Operating profit (loss) | 9901 | €17,675 | €19,154 | +€1,479 | +8.4% |
| Financial income | 75/76B | €2,400 | €2,301 | -€99 | -4.1% |
| Recurring financial income | 75 | €2,400 | €2,301 | -€99 | -4.1% |
| Financial charges | 65/66B | €4,122 | €4,161 | +€39 | +0.9% |
| Recurring financial charges | 65 | €4,122 | €4,161 | +€39 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €15,953 | €17,294 | +€1,341 | +8.4% |
| Transfer from deferred taxes | 780 | €3,006 | €3,006 | = | 0.0% |
| Income taxes | 67/77 | €6,997 | €14,789 | +€7,792 | +111% |
| Profit (loss) for the period | 9904 | €11,961 | €5,511 | -€6,451 | -53.9% |
| Transfer from tax-exempt reserves | 789 | €9,017 | €9,017 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,979 | €14,528 | -€6,451 | -30.7% |
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 23 October 2026 via checked.be.