HW MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+48.5%), from €3.3m to €4.9m
of which Land and buildings: +€1.6m
- Receivables within one year +€338,426
up €338,426 (+373%), from €90,759 to €429,185
of which Trade receivables: +€427,581
- Debts after one year +€1.3m
up €1.3m (+148%), from €858,967 to €2.1m
- Other debts +€542,506
up €542,506 (+71.6%), from €757,467 to €1.3m
- Contributions +€217,650
up €217,650 (+21,765%), from €1,000 to €218,650
- Reserves -€107,809
down €107,809 (-14.6%), from €737,475 to €629,667
of which Distributable reserves: -€107,809
- Gross operating margin +€125,031
up €125,031 (+46.1%), from €270,945 to €395,976
- Financial charges +€40,712
up €40,712 (+52.9%), from €77,023 to €117,735
- Depreciation +€17,651
up €17,651 (+28.6%), from €61,736 to €79,388
- Taxes +€17,095
up €17,095 (+36.4%), from €47,011 to €64,105
- Financial income -€7,243
no longer reported in 2025 (was €7,243)
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 | €3,693,981 | €5,631,073 | +€1.9m | +52.4% |
| Fixed assets | 21/28 | €3,289,267 | €4,885,352 | +€1.6m | +48.5% |
| Tangible fixed assets | 22/27 | €3,289,267 | €4,885,352 | +€1.6m | +48.5% |
| Land and buildings | 22 | €3,236,017 | €4,815,848 | +€1.6m | +48.8% |
| Plant, machinery and equipment | 23 | €29,910 | €52,039 | +€22,129 | +74.0% |
| Furniture and vehicles | 24 | €23,341 | €17,465 | -€5,875 | -25.2% |
| Current assets | 29/58 | €404,714 | €745,722 | +€341,007 | +84.3% |
| Amounts receivable within one year | 40/41 | €90,759 | €429,185 | +€338,426 | +373% |
| Trade receivables | 40 | - | €427,581 | +€427,581 | |
| Other amounts receivable | 41 | €90,759 | €1,604 | -€89,155 | -98.2% |
| Current investments | 50/53 | €296,253 | €296,253 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,815 | €18,305 | +€2,490 | +15.7% |
| Deferred charges and accrued income | 490/1 | €1,888 | €1,979 | +€91 | +4.8% |
| Total equity and liabilities | 10/49 | €3,693,981 | €5,631,073 | +€1.9m | +52.4% |
| Equity | 10/15 | €1,690,263 | €1,800,105 | +€109,841 | +6.5% |
| Contributions | 10/11 | €1,000 | €218,650 | +€217,650 | +21,765% |
| Revaluation surpluses | 12 | €951,788 | €951,788 | = | 0.0% |
| Reserves | 13 | €737,475 | €629,667 | -€107,809 | -14.6% |
| Non-distributable reserves | 130/1 | €296,253 | €296,253 | = | 0.0% |
| Own shares acquired | 1312 | €296,253 | €296,253 | = | 0.0% |
| Distributable reserves | 133 | €441,223 | €333,414 | -€107,809 | -24.4% |
| Amounts payable | 17/49 | €2,003,718 | €3,830,969 | +€1.8m | +91.2% |
| Amounts payable after more than one year | 17 | €858,967 | €2,128,978 | +€1.3m | +148% |
| Financial debts | 170/4 | €858,967 | €2,128,978 | +€1.3m | +148% |
| Amounts payable within one year | 42/48 | €1,144,170 | €1,698,148 | +€553,978 | +48.4% |
| Current portion of amounts payable after more than one year | 42 | €134,005 | €154,468 | +€20,462 | +15.3% |
| Financial debts | 43 | €185,465 | €190,582 | +€5,117 | +2.8% |
| Credit institutions | 430/8 | €185,465 | €190,582 | +€5,117 | +2.8% |
| Trade debts | 44 | €3,044 | €24,084 | +€21,040 | +691% |
| Suppliers | 440/4 | €3,044 | €24,084 | +€21,040 | +691% |
| Taxes, remuneration and social security | 45 | €64,188 | €29,041 | -€35,146 | -54.8% |
| Taxes | 450/3 | €61,063 | €28,954 | -€32,109 | -52.6% |
| Remuneration and social security | 454/9 | €3,124 | €87 | -€3,037 | -97.2% |
| Other amounts payable | 47/48 | €757,467 | €1,299,973 | +€542,506 | +71.6% |
| Accrued charges and deferred income | 492/3 | €581 | €3,842 | +€3,261 | +561% |
| Non-recurring operating income | 76A | - | €9,686 | +€9,686 | |
| Remuneration, social security and pensions | 62 | €22,404 | €18,305 | -€4,099 | -18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,736 | €79,388 | +€17,651 | +28.6% |
| Other operating charges | 640/8 | €12,188 | €6,601 | -€5,587 | -45.8% |
| Gross operating margin | 9900 | €270,945 | €395,976 | +€125,031 | +46.1% |
| Operating profit (loss) | 9901 | €174,617 | €291,682 | +€117,065 | +67.0% |
| Financial income | 75/76B | €7,243 | - | -€7,243 | |
| Recurring financial income | 75 | €7,243 | - | -€7,243 | |
| Financial charges | 65/66B | €77,023 | €117,735 | +€40,712 | +52.9% |
| Recurring financial charges | 65 | €77,023 | €117,735 | +€40,712 | +52.9% |
| Profit (loss) for the period before taxes | 9903 | €104,836 | €173,947 | +€69,110 | +65.9% |
| Income taxes | 67/77 | €47,011 | €64,105 | +€17,095 | +36.4% |
| Profit (loss) for the period | 9904 | €57,826 | €109,841 | +€52,016 | +90.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,826 | €109,841 | +€52,016 | +90.0% |
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.