HW IMMO: 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 IMMO
Largest movements
- Cash +€15,177
up €15,177 (+106%), from €14,268 to €29,445
mainly Net result for the year (+€19,721) and Trade debts (+€13,463)
- Tangible fixed assets -€6,716
down €6,716 (-3.7%), from €179,996 to €173,280
of which Land and buildings: -€6,439
- Receivables within one year +€5,250
up €5,250 (+23.5%), from €22,303 to €27,553
of which Trade receivables: +€5,250
- Profit (loss) carried forward +€19,721
up €19,721, from -€1,453 to €18,267
- Debts after one year -€18,390
down €18,390 (-23.4%), from €78,608 to €60,218
- Trade debts +€13,463
up €13,463 (+410%), from €3,286 to €16,749
- Tax, wage and social debts -€3,113
down €3,113 (-14.9%), from €20,847 to €17,733
of which Remuneration and social security: -€13,342
- Purchases and services -€33,907
down €33,907 (-19.8%), from €171,573 to €137,666
- Gross operating margin +€23,577
up €23,577 (+41.3%), from €57,076 to €80,652
- Turnover -€10,330
down €10,330 (-4.5%), from €228,649 to €218,319
- Staff costs -€2,664
down €2,664 (-5.7%), from €46,424 to €43,760
- Other operating charges +€2,564
up €2,564 (+76.5%), from €3,353 to €5,917
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 | €216,876 | €230,587 | +€13,711 | +6.3% |
| Fixed assets | 21/28 | €180,306 | €173,590 | -€6,716 | -3.7% |
| Tangible fixed assets | 22/27 | €179,996 | €173,280 | -€6,716 | -3.7% |
| Land and buildings | 22 | €179,167 | €172,727 | -€6,439 | -3.6% |
| Furniture and vehicles | 24 | €829 | €553 | -€276 | -33.3% |
| Financial fixed assets | 28 | €310 | €310 | = | 0.0% |
| Current assets | 29/58 | €36,571 | €56,997 | +€20,427 | +55.9% |
| Amounts receivable within one year | 40/41 | €22,303 | €27,553 | +€5,250 | +23.5% |
| Trade receivables | 40 | €1,892 | €7,142 | +€5,250 | +278% |
| Other amounts receivable | 41 | €20,411 | €20,411 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,268 | €29,445 | +€15,177 | +106% |
| Total equity and liabilities | 10/49 | €216,876 | €230,587 | +€13,711 | +6.3% |
| Equity | 10/15 | €19,007 | €38,727 | +€19,721 | +104% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 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 | -€1,453 | €18,267 | +€19,721 | |
| Amounts payable | 17/49 | €197,870 | €191,860 | -€6,010 | -3.0% |
| Amounts payable after more than one year | 17 | €78,608 | €60,218 | -€18,390 | -23.4% |
| Financial debts | 170/4 | €78,608 | €60,218 | -€18,390 | -23.4% |
| Amounts payable within one year | 42/48 | €119,262 | €131,642 | +€12,381 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €16,983 | €17,990 | +€1,007 | +5.9% |
| Trade debts | 44 | €3,286 | €16,749 | +€13,463 | +410% |
| Suppliers | 440/4 | €3,286 | €16,749 | +€13,463 | +410% |
| Advances received on contracts in progress | 46 | €4,100 | €4,100 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €20,847 | €17,733 | -€3,113 | -14.9% |
| Taxes | 450/3 | €4,959 | €15,188 | +€10,228 | +206% |
| Remuneration and social security | 454/9 | €15,888 | €2,546 | -€13,342 | -84.0% |
| Other amounts payable | 47/48 | €74,046 | €75,070 | +€1,024 | +1.4% |
| Turnover | 70 | €228,649 | €218,319 | -€10,330 | -4.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €171,573 | €137,666 | -€33,907 | -19.8% |
| Remuneration, social security and pensions | 62 | €46,424 | €43,760 | -€2,664 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,716 | €6,716 | = | 0.0% |
| Other operating charges | 640/8 | €3,353 | €5,917 | +€2,564 | +76.5% |
| Non-recurring operating charges | 66A | €179 | €86 | -€93 | -52.0% |
| Gross operating margin | 9900 | €57,076 | €80,652 | +€23,577 | +41.3% |
| Operating profit (loss) | 9901 | €404 | €24,174 | +€23,770 | +5,878% |
| Financial charges | 65/66B | €6,418 | €4,453 | -€1,964 | -30.6% |
| Recurring financial charges | 65 | €6,418 | €4,453 | -€1,964 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,013 | €19,721 | +€25,734 | |
| Profit (loss) for the period | 9904 | -€6,013 | €19,721 | +€25,734 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,013 | €19,721 | +€25,734 |
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 25 October 2026 via checked.be.