HW BVBA: 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.
What changed
HW BVBA
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€14,550
2024 · €59,628-€74,178
Equity
-€184,028
2024 · -€169,478-€14,550
Cash
€6,898
2024 · €7,455-€557
Balance sheet total
€201,734
2024 · €239,438-€37,704
Largest movements
Assets
- Tangible fixed assets -€38,936
down €38,936 (-16.9%), from €229,855 to €190,919
Equity and liabilities
- Debts after one year -€28,599
down €28,599 (-10.0%), from €286,566 to €257,967
of which Financial debts: -€64,982
- Profit (loss) carried forward -€14,550
down €14,550 (-8.2%), from -€177,538 to -€192,088
- Accrued charges and deferred income +€12,336
up €12,336, from €0 to €12,336
- Other debts -€2,975
down €2,975 (-6.5%), from €45,965 to €42,990
Income statement
- Gross operating margin -€86,798
down €86,798 (-70.8%), from €122,521 to €35,724
- Taxes -€16,185
down €16,185 (-100%), from €16,185 to €0
- Financial charges +€3,074
up €3,074 (+57.5%), from €5,348 to €8,422
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.
Result 2024
€59,628
Gross operating margin
-€86,798
Depreciation
-€432
Other operating charges
-€60
Financial income
-€0
Financial charges
-€3,074
Taxes
+€16,185
Result 2025
-€14,550
raises the resultlowers the result
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.
From operations
+€29,381
Investment
-€904
Financing
-€29,034
Cash 2024
€7,455
From operations (derived)
+€29,381
Net result for the year
-€14,550
Depreciation
+€39,839
Receivables within one year
-€1,563
Deferred charges and accrued income
-€226
Trade debts
-€1,689
Tax, wage and social debts
-€1,791
Other debts
-€2,975
Accrued charges and deferred income
+€12,336
Investment (derived)
-€904
Investment in fixed assets (net)
-€904
Financing
-€29,034
Debts after one year
-€28,599
Current portion of long-term debt
-€435
Cash 2025
€6,898
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €239,438 | €201,734 | -€37,704 | -15.7% |
| Fixed assets | 21/28 | €229,855 | €190,919 | -€38,936 | -16.9% |
| Tangible fixed assets | 22/27 | €229,855 | €190,919 | -€38,936 | -16.9% |
| Land and buildings | 22 | €121,392 | €102,247 | -€19,146 | -15.8% |
| Plant, machinery and equipment | 23 | €3,472 | €2,352 | -€1,119 | -32.2% |
| Furniture and vehicles | 24 | €3,814 | €3,028 | -€786 | -20.6% |
| Other tangible fixed assets | 26 | €101,177 | €83,292 | -€17,885 | -17.7% |
| Current assets | 29/58 | €9,583 | €10,815 | +€1,232 | +12.9% |
| Amounts receivable within one year | 40/41 | €1,269 | €2,832 | +€1,563 | +123% |
| Trade receivables | 40 | €684 | €2,237 | +€1,553 | +227% |
| Other amounts receivable | 41 | €585 | €595 | +€10 | +1.7% |
| Cash at bank and in hand | 54/58 | €7,455 | €6,898 | -€557 | -7.5% |
| Deferred charges and accrued income | 490/1 | €858 | €1,084 | +€226 | +26.3% |
| Total equity and liabilities | 10/49 | €239,438 | €201,734 | -€37,704 | -15.7% |
| Equity | 10/15 | -€169,478 | -€184,028 | -€14,550 | -8.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€177,538 | -€192,088 | -€14,550 | -8.2% |
| Amounts payable | 17/49 | €408,916 | €385,762 | -€23,154 | -5.7% |
| Amounts payable after more than one year | 17 | €286,566 | €257,967 | -€28,599 | -10.0% |
| Financial debts | 170/4 | €177,226 | €112,244 | -€64,982 | -36.7% |
| Other amounts payable | 178/9 | €109,340 | €145,723 | +€36,383 | +33.3% |
| Amounts payable within one year | 42/48 | €122,350 | €115,459 | -€6,891 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €65,418 | €64,982 | -€435 | -0.7% |
| Trade debts | 44 | €2,991 | €1,302 | -€1,689 | -56.5% |
| Suppliers | 440/4 | €2,991 | €1,302 | -€1,689 | -56.5% |
| Taxes, remuneration and social security | 45 | €7,976 | €6,185 | -€1,791 | -22.5% |
| Taxes | 450/3 | €7,976 | €6,185 | -€1,791 | -22.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €45,965 | €42,990 | -€2,975 | -6.5% |
| Accrued charges and deferred income | 492/3 | €0 | €12,336 | +€12,336 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,408 | €39,839 | +€432 | +1.1% |
| Other operating charges | 640/8 | €1,953 | €2,013 | +€60 | +3.0% |
| Gross operating margin | 9900 | €122,521 | €35,724 | -€86,798 | -70.8% |
| Operating profit (loss) | 9901 | €81,160 | -€6,129 | -€87,289 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -41.2% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -41.2% |
| Financial charges | 65/66B | €5,348 | €8,422 | +€3,074 | +57.5% |
| Recurring financial charges | 65 | €5,348 | €8,422 | +€3,074 | +57.5% |
| Profit (loss) for the period before taxes | 9903 | €75,813 | -€14,550 | -€90,363 | |
| Income taxes | 67/77 | €16,185 | €0 | -€16,185 | -100% |
| Profit (loss) for the period | 9904 | €59,628 | -€14,550 | -€74,178 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,628 | -€14,550 | -€74,178 |
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 16 October 2026 via checked.be.