HWM: 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.
HWM
Largest movements
- Current investments +€344,543
up €344,543 (+22.3%), from €1.5m to €1.9m
- Cash -€208,143
down €208,143 (-63.0%), from €330,166 to €122,024
mainly Current investments (-€344,543) and Investment in fixed assets (net) (-€109,320)
- Tangible fixed assets +€98,535
up €98,535 (+775.3%), from €12,710 to €111,245
of which Furniture and vehicles: +€100,747
- Receivables within one year +€30,815
up €30,815 (+52.4%), from €58,788 to €89,602
of which Other amounts receivable: +€25,980
- Reserves +€323,000
up €323,000 (+17.8%), from €1.8m to €2.1m
of which Distributable reserves: +€328,000
- Tax, wage and social debts -€23,143
down €23,143 (-65.5%), from €35,343 to €12,200
of which Taxes: -€13,690
- Financial charges -€24,442
down €24,442 (-84.3%), from €28,993 to €4,551
- Gross operating margin +€10,213
up €10,213 (+2.7%), from €371,923 to €382,136
- Taxes -€9,520
down €9,520 (-7.0%), from €135,516 to €125,996
- Financial income +€8,472
up €8,472 (+11.2%), from €75,695 to €84,168
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.
Cash bridge derived
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 | €1,949,031 | €2,215,368 | +€266,337 | +13.7% |
| Fixed assets | 21/28 | €12,710 | €111,245 | +€98,535 | +775.3% |
| Tangible fixed assets | 22/27 | €12,710 | €111,245 | +€98,535 | +775.3% |
| Land and buildings | 22 | €2,405 | €1,203 | -€1,203 | -50.0% |
| Plant, machinery and equipment | 23 | €2,423 | €1,414 | -€1,009 | -41.6% |
| Furniture and vehicles | 24 | €7,882 | €108,629 | +€100,747 | +1278.2% |
| Current assets | 29/58 | €1,936,321 | €2,104,123 | +€167,802 | +8.7% |
| Amounts receivable within one year | 40/41 | €58,788 | €89,602 | +€30,815 | +52.4% |
| Trade receivables | 40 | €58,784 | €63,619 | +€4,834 | +8.2% |
| Other amounts receivable | 41 | €3 | €25,983 | +€25,980 | +799389.5% |
| Current investments | 50/53 | €1,542,399 | €1,886,941 | +€344,543 | +22.3% |
| Cash at bank and in hand | 54/58 | €330,166 | €122,024 | -€208,143 | -63.0% |
| Deferred charges and accrued income | 490/1 | €4,969 | €5,556 | +€587 | +11.8% |
| Total equity and liabilities | 10/49 | €1,949,031 | €2,215,368 | +€266,337 | +13.7% |
| Equity | 10/15 | €1,837,882 | €2,161,712 | +€323,830 | +17.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,814,510 | €2,137,510 | +€323,000 | +17.8% |
| Non-distributable reserves | 130/1 | €5,000 | - | -€5,000 | |
| Reserves not available under the articles | 1311 | €5,000 | - | -€5,000 | |
| Distributable reserves | 133 | €1,809,510 | €2,137,510 | +€328,000 | +18.1% |
| Profit (loss) carried forward | 14 | €4,772 | €5,602 | +€830 | +17.4% |
| Amounts payable | 17/49 | €111,149 | €53,657 | -€57,492 | -51.7% |
| Amounts payable within one year | 42/48 | €92,155 | €51,591 | -€40,564 | -44.0% |
| Trade debts | 44 | - | €2,215 | +€2,215 | |
| Suppliers | 440/4 | - | €2,215 | +€2,215 | |
| Taxes, remuneration and social security | 45 | €35,343 | €12,200 | -€23,143 | -65.5% |
| Taxes | 450/3 | €25,890 | €12,200 | -€13,690 | -52.9% |
| Remuneration and social security | 454/9 | €9,453 | - | -€9,453 | |
| Other amounts payable | 47/48 | €56,812 | €37,176 | -€19,636 | -34.6% |
| Accrued charges and deferred income | 492/3 | €18,994 | €2,066 | -€16,928 | -89.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,242 | €10,785 | -€457 | -4.1% |
| Other operating charges | 640/8 | €1,928 | €1,143 | -€786 | -40.7% |
| Gross operating margin | 9900 | €371,923 | €382,136 | +€10,213 | +2.7% |
| Operating profit (loss) | 9901 | €358,753 | €370,209 | +€11,456 | +3.2% |
| Financial income | 75/76B | €75,695 | €84,168 | +€8,472 | +11.2% |
| Recurring financial income | 75 | €75,695 | €84,168 | +€8,472 | +11.2% |
| Financial charges | 65/66B | €28,993 | €4,551 | -€24,442 | -84.3% |
| Recurring financial charges | 65 | €28,993 | €4,551 | -€24,442 | -84.3% |
| Profit (loss) for the period before taxes | 9903 | €405,456 | €449,825 | +€44,369 | +10.9% |
| Income taxes | 67/77 | €135,516 | €125,996 | -€9,520 | -7.0% |
| Profit (loss) for the period | 9904 | €269,940 | €323,830 | +€53,890 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €269,940 | €323,830 | +€53,890 | +20.0% |
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 9 October 2026 via checked.be.