HWL SERVICE: 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.
HWL SERVICE
Largest movements
- Cash +€107,523
up €107,523 (+20.9%), from €515,060 to €622,583
mainly Net result for the year (+€163,208) and Tax, wage and social debts (+€35,084)
- Tangible fixed assets -€33,072
down €33,072 (-28.1%), from €117,891 to €84,819
of which Leasing and similar rights: -€33,784
- Receivables within one year +€19,402
up €19,402 (+19.9%), from €97,424 to €116,826
of which Trade receivables: +€19,039
- Reserves +€89,094
up €89,094 (+16.7%), from €533,288 to €622,382
- Tax, wage and social debts +€35,084
up €35,084 (+747%), from €4,695 to €39,779
- Debts after one year -€23,331
down €23,331 (-43.7%), from €53,329 to €29,998
- Gross operating margin +€58,047
up €58,047 (+27.4%), from €211,496 to €269,543
- Taxes +€19,140
up €19,140 (+36.9%), from €51,852 to €70,992
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 | €736,394 | €829,374 | +€92,980 | +12.6% |
| Fixed assets | 21/28 | €117,891 | €84,819 | -€33,072 | -28.1% |
| Tangible fixed assets | 22/27 | €117,891 | €84,819 | -€33,072 | -28.1% |
| Plant, machinery and equipment | 23 | €5,426 | €3,180 | -€2,247 | -41.4% |
| Furniture and vehicles | 24 | €9,018 | €12,489 | +€3,470 | +38.5% |
| Leasing and similar rights | 25 | €99,072 | €65,288 | -€33,784 | -34.1% |
| Other tangible fixed assets | 26 | €4,375 | €3,862 | -€512 | -11.7% |
| Current assets | 29/58 | €618,503 | €744,555 | +€126,052 | +20.4% |
| Stocks and contracts in progress | 3 | €4,135 | €4,050 | -€85 | -2.1% |
| Stocks | 30/36 | €4,135 | €4,050 | -€85 | -2.1% |
| Amounts receivable within one year | 40/41 | €97,424 | €116,826 | +€19,402 | +19.9% |
| Trade receivables | 40 | €97,337 | €116,376 | +€19,039 | +19.6% |
| Other amounts receivable | 41 | €87 | €450 | +€363 | +417% |
| Cash at bank and in hand | 54/58 | €515,060 | €622,583 | +€107,523 | +20.9% |
| Deferred charges and accrued income | 490/1 | €1,883 | €1,096 | -€787 | -41.8% |
| Total equity and liabilities | 10/49 | €736,394 | €829,374 | +€92,980 | +12.6% |
| Equity | 10/15 | €539,488 | €628,582 | +€89,094 | +16.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €533,288 | €622,382 | +€89,094 | +16.7% |
| Distributable reserves | 133 | €533,288 | €622,382 | +€89,094 | +16.7% |
| Amounts payable | 17/49 | €196,906 | €200,792 | +€3,886 | +2.0% |
| Amounts payable after more than one year | 17 | €53,329 | €29,998 | -€23,331 | -43.7% |
| Financial debts | 170/4 | €53,329 | €29,998 | -€23,331 | -43.7% |
| Amounts payable within one year | 42/48 | €143,190 | €170,394 | +€27,205 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €42,355 | €35,112 | -€7,243 | -17.1% |
| Trade debts | 44 | €17,767 | €12,254 | -€5,513 | -31.0% |
| Suppliers | 440/4 | €17,767 | €12,254 | -€5,513 | -31.0% |
| Taxes, remuneration and social security | 45 | €4,695 | €39,779 | +€35,084 | +747% |
| Taxes | 450/3 | €4,695 | €39,779 | +€35,084 | +747% |
| Other amounts payable | 47/48 | €78,372 | €83,249 | +€4,877 | +6.2% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating income | 76A | - | €14,292 | +€14,292 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,556 | €31,469 | +€913 | +3.0% |
| Other operating charges | 640/8 | €217 | €219 | +€3 | +1.2% |
| Gross operating margin | 9900 | €211,496 | €269,543 | +€58,047 | +27.4% |
| Operating profit (loss) | 9901 | €180,723 | €237,855 | +€57,132 | +31.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,775 | €3,656 | -€119 | -3.2% |
| Recurring financial charges | 65 | €3,775 | €3,656 | -€119 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €176,948 | €234,199 | +€57,251 | +32.4% |
| Income taxes | 67/77 | €51,852 | €70,992 | +€19,140 | +36.9% |
| Profit (loss) for the period | 9904 | €125,096 | €163,208 | +€38,111 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €125,096 | €163,208 | +€38,111 | +30.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.