HW.Connect: 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.
HW.Connect
Largest movements
- Stocks and contracts +€30,774
up €30,774 (+46.3%), from €66,459 to €97,232
- Tangible fixed assets -€18,932
down €18,932 (-4.3%), from €444,686 to €425,754
of which Land and buildings: -€17,446
- Receivables within one year -€18,659
down €18,659 (-33.2%), from €56,230 to €37,571
of which Trade receivables: -€16,823
- Debts after one year -€27,249
down €27,249 (-10.6%), from €257,853 to €230,604
- Other debts +€25,307
up €25,307 (+10.6%), from €238,225 to €263,532
- Profit (loss) carried forward -€22,698
down €22,698, from €15,276 to -€7,422
- Trade debts +€8,902
up €8,902 (+34.9%), from €25,478 to €34,380
- Tax, wage and social debts +€6,939
up €6,939 (+141%), from €4,932 to €11,871
- Gross operating margin -€24,603
down €24,603 (-49.4%), from €49,796 to €25,193
- Depreciation +€1,326
up €1,326 (+4.3%), from €30,570 to €31,896
- Other operating charges +€1,149
up €1,149 (+46.1%), from €2,491 to €3,640
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 | €574,993 | €567,008 | -€7,985 | -1.4% |
| Formation expenses | 20 | €2,679 | €1,528 | -€1,151 | -43.0% |
| Fixed assets | 21/28 | €444,686 | €425,754 | -€18,932 | -4.3% |
| Tangible fixed assets | 22/27 | €444,686 | €425,754 | -€18,932 | -4.3% |
| Land and buildings | 22 | €407,498 | €390,052 | -€17,446 | -4.3% |
| Plant, machinery and equipment | 23 | €32,387 | €30,944 | -€1,443 | -4.5% |
| Furniture and vehicles | 24 | €4,802 | €4,758 | -€43 | -0.9% |
| Current assets | 29/58 | €127,628 | €139,726 | +€12,098 | +9.5% |
| Stocks and contracts in progress | 3 | €66,459 | €97,232 | +€30,774 | +46.3% |
| Stocks | 30/36 | €66,459 | €97,232 | +€30,774 | +46.3% |
| Amounts receivable within one year | 40/41 | €56,230 | €37,571 | -€18,659 | -33.2% |
| Trade receivables | 40 | €54,211 | €37,388 | -€16,823 | -31.0% |
| Other amounts receivable | 41 | €2,019 | €183 | -€1,836 | -90.9% |
| Cash at bank and in hand | 54/58 | €174 | €4,839 | +€4,666 | +2,686% |
| Deferred charges and accrued income | 490/1 | €4,766 | €83 | -€4,682 | -98.3% |
| Total equity and liabilities | 10/49 | €574,993 | €567,008 | -€7,985 | -1.4% |
| Equity | 10/15 | €20,276 | -€2,422 | -€22,698 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,276 | -€7,422 | -€22,698 | |
| Amounts payable | 17/49 | €554,717 | €569,430 | +€14,713 | +2.7% |
| Amounts payable after more than one year | 17 | €257,853 | €230,604 | -€27,249 | -10.6% |
| Financial debts | 170/4 | €257,853 | €230,604 | -€27,249 | -10.6% |
| Amounts payable within one year | 42/48 | €296,473 | €338,468 | +€41,996 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €27,838 | €28,685 | +€847 | +3.0% |
| Trade debts | 44 | €25,478 | €34,380 | +€8,902 | +34.9% |
| Suppliers | 440/4 | €25,478 | €34,380 | +€8,902 | +34.9% |
| Taxes, remuneration and social security | 45 | €4,932 | €11,871 | +€6,939 | +141% |
| Taxes | 450/3 | €4,932 | €11,871 | +€6,939 | +141% |
| Other amounts payable | 47/48 | €238,225 | €263,532 | +€25,307 | +10.6% |
| Accrued charges and deferred income | 492/3 | €391 | €358 | -€34 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,570 | €31,896 | +€1,326 | +4.3% |
| Other operating charges | 640/8 | €2,491 | €3,640 | +€1,149 | +46.1% |
| Non-recurring operating charges | 66A | - | €2,327 | +€2,327 | |
| Gross operating margin | 9900 | €49,796 | €25,193 | -€24,603 | -49.4% |
| Operating profit (loss) | 9901 | €16,735 | -€12,670 | -€29,405 | |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €9,914 | €10,029 | +€115 | +1.2% |
| Recurring financial charges | 65 | €9,914 | €10,029 | +€115 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €6,821 | -€22,698 | -€29,519 | |
| Profit (loss) for the period | 9904 | €6,821 | -€22,698 | -€29,519 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,821 | -€22,698 | -€29,519 |
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 15 October 2026 via checked.be.