HW Construction: what changed
What changed
HW Construction
NACE 43.110, Demolition
filed annual accounts (NBB)
Net result for the year
€28,432
2024 · €12,042+€16,390
Equity
-€216,631
2024 · -€245,751+€29,120
Cash
€2,813
2024 · €32,517-€29,704
Balance sheet total
€176,066
2024 · €252,370-€76,304
Largest movements
Assets
- Cash -€29,704
down €29,704 (-91.3%), from €32,517 to €2,813
mainly Trade debts (-€102,414) and Tax, wage and social debts (-€8,125)
- Stocks and contracts -€23,547
down €23,547 (-63.8%), from €36,929 to €13,382
of which Contracts in progress: -€15,155
- Tangible fixed assets -€23,186
down €23,186 (-16.2%), from €143,359 to €120,173
of which Furniture and vehicles: -€18,566
Equity and liabilities
- Trade debts -€102,414
down €102,414 (-46.2%), from €221,438 to €119,024
- Profit (loss) carried forward +€28,432
up €28,432 (+10.8%), from -€264,351 to -€235,919
- Tax, wage and social debts -€8,125
down €8,125 (-67.7%), from €11,998 to €3,873
of which Taxes: -€9,792
- Debts after one year +€5,337
up €5,337 (+2.1%), from €257,200 to €262,537
Income statement
- Gross operating margin +€47,297
up €47,297 (+62.8%), from €75,291 to €122,588
- Depreciation +€30,771
new in 2025: €30,771
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€12,042
Gross operating margin
+€47,297
Staff costs
-€40
Depreciation
-€30,771
Other operating charges
-€209
Financial income
+€423
Financial charges
-€529
Taxes
+€219
Result 2025
€28,432
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€27,655
Investment
-€7,585
Financing
+€5,536
Cash 2024
€32,517
From operations (derived)
-€27,655
Net result for the year
+€28,432
Depreciation
+€30,771
Stocks and contracts
+€23,547
Receivables within one year
-€133
Trade debts
-€102,414
Tax, wage and social debts
-€8,125
Other debts
-€332
Accrued charges and deferred income
+€599
Investment (derived)
-€7,585
Investment in fixed assets (net)
-€7,585
Financing
+€5,536
Debts after one year
+€5,337
Current portion of long-term debt
-€489
Contributions, distributions and other
+€688
Cash 2025
€2,813
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €252,370 | €176,066 | -€76,304 | -30.2% |
| Fixed assets | 21/28 | €143,359 | €120,173 | -€23,186 | -16.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €143,359 | €120,173 | -€23,186 | -16.2% |
| Plant, machinery and equipment | 23 | €40,223 | €31,151 | -€9,072 | -22.6% |
| Furniture and vehicles | 24 | €42,372 | €23,806 | -€18,566 | -43.8% |
| Assets under construction and advance payments | 27 | €60,764 | €65,216 | +€4,452 | +7.3% |
| Current assets | 29/58 | €109,011 | €55,893 | -€53,118 | -48.7% |
| Stocks and contracts in progress | 3 | €36,929 | €13,382 | -€23,547 | -63.8% |
| Stocks | 30/36 | €10,530 | €2,138 | -€8,392 | -79.7% |
| Contracts in progress | 37 | €26,399 | €11,244 | -€15,155 | -57.4% |
| Amounts receivable within one year | 40/41 | €39,565 | €39,698 | +€133 | +0.3% |
| Trade receivables | 40 | €35,885 | €26,423 | -€9,463 | -26.4% |
| Other amounts receivable | 41 | €3,680 | €13,276 | +€9,596 | +261% |
| Cash at bank and in hand | 54/58 | €32,517 | €2,813 | -€29,704 | -91.3% |
| Total equity and liabilities | 10/49 | €252,370 | €176,066 | -€76,304 | -30.2% |
| Equity | 10/15 | -€245,751 | -€216,631 | +€29,120 | +11.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Share premium | 1100/10 | - | €18,600 | +€18,600 | |
| Reserves | 13 | - | €688 | +€688 | |
| Distributable reserves | 133 | - | €688 | +€688 | |
| Profit (loss) carried forward | 14 | -€264,351 | -€235,919 | +€28,432 | +10.8% |
| Amounts payable | 17/49 | €498,120 | €392,697 | -€105,424 | -21.2% |
| Amounts payable after more than one year | 17 | €257,200 | €262,537 | +€5,337 | +2.1% |
| Financial debts | 170/4 | €257,200 | €262,537 | +€5,337 | +2.1% |
| Amounts payable within one year | 42/48 | €240,920 | €129,560 | -€111,360 | -46.2% |
| Current portion of amounts payable after more than one year | 42 | €7,152 | €6,663 | -€489 | -6.8% |
| Trade debts | 44 | €221,438 | €119,024 | -€102,414 | -46.2% |
| Suppliers | 440/4 | €221,438 | €119,024 | -€102,414 | -46.2% |
| Taxes, remuneration and social security | 45 | €11,998 | €3,873 | -€8,125 | -67.7% |
| Taxes | 450/3 | €11,998 | €2,206 | -€9,792 | -81.6% |
| Remuneration and social security | 454/9 | - | €1,667 | +€1,667 | |
| Other amounts payable | 47/48 | €332 | - | -€332 | |
| Accrued charges and deferred income | 492/3 | - | €599 | +€599 | |
| Non-recurring operating income | 76A | €11,009 | - | -€11,009 | |
| Remuneration, social security and pensions | 62 | €53,751 | €53,791 | +€40 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €30,771 | +€30,771 | |
| Other operating charges | 640/8 | €661 | €870 | +€209 | +31.6% |
| Gross operating margin | 9900 | €75,291 | €122,588 | +€47,297 | +62.8% |
| Operating profit (loss) | 9901 | €20,879 | €37,156 | +€16,277 | +78.0% |
| Financial income | 75/76B | €1,239 | €1,662 | +€423 | +34.1% |
| Recurring financial income | 75 | €1,239 | €1,662 | +€423 | +34.1% |
| Financial charges | 65/66B | €9,651 | €10,181 | +€529 | +5.5% |
| Recurring financial charges | 65 | €9,651 | €10,181 | +€529 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €12,467 | €28,637 | +€16,170 | +130% |
| Income taxes | 67/77 | €425 | €205 | -€219 | -51.7% |
| Profit (loss) for the period | 9904 | €12,042 | €28,432 | +€16,390 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €12,042 | €28,432 | +€16,390 | +136% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.