HWQ PROJECTS: 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.
HWQ PROJECTS
Largest movements
- Cash -€140,496
down €140,496 (-57.0%), from €246,545 to €106,049
mainly Current investments (-€130,896) and Contributions, distributions and other (-€90,000)
- Current investments +€130,896
up €130,896 (+131%), from €100,000 to €230,896
- Tangible fixed assets +€11,401
up €11,401 (+2.0%), from €560,330 to €571,731
of which Furniture and vehicles: +€17,362
- Other debts +€80,351
up €80,351 (+1,304%), from €6,163 to €86,514
- Reserves -€54,689
down €54,689 (-7.6%), from €720,142 to €665,452
of which Distributable reserves: -€54,689
- Debts after one year -€20,063
down €20,063 (-19.3%), from €103,694 to €83,631
- Tax, wage and social debts -€12,175
down €12,175 (-42.4%), from €28,741 to €16,566
- Gross operating margin -€71,090
down €71,090 (-46.0%), from €154,617 to €83,526
- Taxes -€22,403
down €22,403 (-53.4%), from €41,966 to €19,563
- Financial charges +€3,390
up €3,390 (+71.9%), from €4,715 to €8,105
- Depreciation +€2,014
up €2,014 (+13.6%), from €14,848 to €16,862
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 | €964,325 | €965,736 | +€1,411 | +0.1% |
| Fixed assets | 21/28 | €561,092 | €572,009 | +€10,917 | +1.9% |
| Intangible fixed assets | 21 | €762 | €278 | -€484 | -63.5% |
| Tangible fixed assets | 22/27 | €560,330 | €571,731 | +€11,401 | +2.0% |
| Land and buildings | 22 | €530,003 | €520,249 | -€9,754 | -1.8% |
| Plant, machinery and equipment | 23 | - | €3,794 | +€3,794 | |
| Furniture and vehicles | 24 | €30,327 | €47,688 | +€17,362 | +57.2% |
| Current assets | 29/58 | €403,233 | €393,727 | -€9,507 | -2.4% |
| Amounts receivable within one year | 40/41 | €45,766 | €49,189 | +€3,423 | +7.5% |
| Trade receivables | 40 | €36,985 | €17,573 | -€19,412 | -52.5% |
| Other amounts receivable | 41 | €8,781 | €31,616 | +€22,835 | +260% |
| Current investments | 50/53 | €100,000 | €230,896 | +€130,896 | +131% |
| Cash at bank and in hand | 54/58 | €246,545 | €106,049 | -€140,496 | -57.0% |
| Deferred charges and accrued income | 490/1 | €10,922 | €7,593 | -€3,329 | -30.5% |
| Total equity and liabilities | 10/49 | €964,325 | €965,736 | +€1,411 | +0.1% |
| Equity | 10/15 | €782,142 | €727,452 | -€54,689 | -7.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €720,142 | €665,452 | -€54,689 | -7.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,063 | €12,063 | = | 0.0% |
| Distributable reserves | 133 | €701,879 | €647,190 | -€54,689 | -7.8% |
| Provisions and deferred taxes | 16 | €4,958 | €4,958 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €4,958 | €4,958 | = | 0.0% |
| Environmental obligations | 163 | €4,958 | €4,958 | = | 0.0% |
| Amounts payable | 17/49 | €177,225 | €233,325 | +€56,100 | +31.7% |
| Amounts payable after more than one year | 17 | €103,694 | €83,631 | -€20,063 | -19.3% |
| Financial debts | 170/4 | €103,694 | €83,631 | -€20,063 | -19.3% |
| Amounts payable within one year | 42/48 | €72,649 | €145,574 | +€72,926 | +100% |
| Current portion of amounts payable after more than one year | 42 | €19,901 | €20,063 | +€162 | +0.8% |
| Trade debts | 44 | €17,844 | €22,432 | +€4,588 | +25.7% |
| Suppliers | 440/4 | €17,844 | €22,432 | +€4,588 | +25.7% |
| Taxes, remuneration and social security | 45 | €28,741 | €16,566 | -€12,175 | -42.4% |
| Taxes | 450/3 | €28,741 | €16,566 | -€12,175 | -42.4% |
| Other amounts payable | 47/48 | €6,163 | €86,514 | +€80,351 | +1,304% |
| Accrued charges and deferred income | 492/3 | €882 | €4,120 | +€3,237 | +367% |
| Non-recurring operating income | 76A | €5,785 | - | -€5,785 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,848 | €16,862 | +€2,014 | +13.6% |
| Other operating charges | 640/8 | €6,848 | €7,624 | +€776 | +11.3% |
| Gross operating margin | 9900 | €154,617 | €83,526 | -€71,090 | -46.0% |
| Operating profit (loss) | 9901 | €132,921 | €59,041 | -€73,880 | -55.6% |
| Financial income | 75/76B | €3,384 | €3,938 | +€553 | +16.3% |
| Recurring financial income | 75 | €3,384 | €3,938 | +€553 | +16.3% |
| Financial charges | 65/66B | €4,715 | €8,105 | +€3,390 | +71.9% |
| Recurring financial charges | 65 | €4,715 | €8,105 | +€3,390 | +71.9% |
| Profit (loss) for the period before taxes | 9903 | €131,591 | €54,874 | -€76,717 | -58.3% |
| Income taxes | 67/77 | €41,966 | €19,563 | -€22,403 | -53.4% |
| Profit (loss) for the period | 9904 | €89,625 | €35,311 | -€54,314 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €89,625 | €35,311 | -€54,314 | -60.6% |
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 28 October 2026 via checked.be.