HW services: 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 services
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+866%), from €152,753 to €1.5m
of which Land and buildings: +€1.3m
- Cash -€62,948
down €62,948 (-67.3%), from €93,544 to €30,597
mainly Investment in fixed assets (net) (-€1.4m) and Stocks and contracts (-€31,670)
- Stocks and contracts +€31,670
up €31,670 (+180%), from €17,565 to €49,235
- Debts after one year +€1.2m
up €1.2m (+1,424%), from €85,437 to €1.3m
- Current portion of long-term debt +€102,960
up €102,960 (+178%), from €57,725 to €160,686
- Trade debts -€24,589
down €24,589 (-99.8%), from €24,633 to €45
- Tax, wage and social debts +€21,338
up €21,338 (+75.0%), from €28,449 to €49,788
of which Taxes: +€19,173
- Short-term financial debts -€19,767
down €19,767 (-100%), from €19,767 to €0
- Gross operating margin +€205,595
up €205,595 (+99.1%), from €207,368 to €412,963
- Other operating charges +€134,105
up €134,105 (+11,704%), from €1,146 to €135,251
- Staff costs +€74,326
up €74,326 (+617%), from €12,042 to €86,368
- Depreciation +€57,424
up €57,424 (+94.6%), from €60,723 to €118,147
- Financial charges +€40,697
up €40,697 (+476%), from €8,557 to €49,254
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 | €285,573 | €1,564,307 | +€1.3m | +448% |
| Fixed assets | 21/28 | €158,941 | €1,476,940 | +€1.3m | +829% |
| Intangible fixed assets | 21 | €2,063 | €1,447 | -€616 | -29.9% |
| Tangible fixed assets | 22/27 | €152,753 | €1,475,493 | +€1.3m | +866% |
| Land and buildings | 22 | - | €1,280,481 | +€1.3m | |
| Plant, machinery and equipment | 23 | €103,237 | €85,781 | -€17,455 | -16.9% |
| Furniture and vehicles | 24 | €11,150 | €23,453 | +€12,303 | +110% |
| Leasing and similar rights | 25 | €38,367 | €85,777 | +€47,411 | +124% |
| Financial fixed assets | 28 | €4,125 | €0 | -€4,125 | -100% |
| Current assets | 29/58 | €126,631 | €87,368 | -€39,264 | -31.0% |
| Stocks and contracts in progress | 3 | €17,565 | €49,235 | +€31,670 | +180% |
| Stocks | 30/36 | €17,565 | €49,235 | +€31,670 | +180% |
| Amounts receivable within one year | 40/41 | €11,914 | €6,930 | -€4,984 | -41.8% |
| Trade receivables | 40 | €3,693 | €2,146 | -€1,547 | -41.9% |
| Other amounts receivable | 41 | €8,222 | €4,784 | -€3,437 | -41.8% |
| Cash at bank and in hand | 54/58 | €93,544 | €30,597 | -€62,948 | -67.3% |
| Deferred charges and accrued income | 490/1 | €3,608 | €606 | -€3,002 | -83.2% |
| Total equity and liabilities | 10/49 | €285,573 | €1,564,307 | +€1.3m | +448% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €266,973 | €1,545,707 | +€1.3m | +479% |
| Amounts payable after more than one year | 17 | €85,437 | €1,301,967 | +€1.2m | +1,424% |
| Financial debts | 170/4 | €85,437 | €1,301,967 | +€1.2m | +1,424% |
| Amounts payable within one year | 42/48 | €181,536 | €243,740 | +€62,204 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €57,725 | €160,686 | +€102,960 | +178% |
| Financial debts | 43 | €19,767 | €0 | -€19,767 | -100% |
| Credit institutions | 430/8 | €19,767 | €0 | -€19,767 | -100% |
| Trade debts | 44 | €24,633 | €45 | -€24,589 | -99.8% |
| Suppliers | 440/4 | €24,633 | €45 | -€24,589 | -99.8% |
| Taxes, remuneration and social security | 45 | €28,449 | €49,788 | +€21,338 | +75.0% |
| Taxes | 450/3 | €22,555 | €41,727 | +€19,173 | +85.0% |
| Remuneration and social security | 454/9 | €5,895 | €8,061 | +€2,166 | +36.7% |
| Other amounts payable | 47/48 | €50,961 | €33,222 | -€17,739 | -34.8% |
| Remuneration, social security and pensions | 62 | €12,042 | €86,368 | +€74,326 | +617% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,723 | €118,147 | +€57,424 | +94.6% |
| Other operating charges | 640/8 | €1,146 | €135,251 | +€134,105 | +11,704% |
| Gross operating margin | 9900 | €207,368 | €412,963 | +€205,595 | +99.1% |
| Operating profit (loss) | 9901 | €133,457 | €73,198 | -€60,260 | -45.2% |
| Financial income | 75/76B | €336 | €3,024 | +€2,688 | +799% |
| Recurring financial income | 75 | €336 | €3,024 | +€2,688 | +799% |
| Financial charges | 65/66B | €8,557 | €49,254 | +€40,697 | +476% |
| Recurring financial charges | 65 | €8,557 | €49,254 | +€40,697 | +476% |
| Profit (loss) for the period before taxes | 9903 | €125,237 | €26,968 | -€98,269 | -78.5% |
| Income taxes | 67/77 | €27,504 | €2,378 | -€25,126 | -91.4% |
| Profit (loss) for the period | 9904 | €97,733 | €24,590 | -€73,143 | -74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €97,733 | €24,590 | -€73,143 | -74.8% |
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.