HWR: what changed
Two fiscal 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.
HWR
Largest movements
- Cash +€56,948
up €56,948 (+74.5%), from €76,454 to €133,403
mainly Other debts (+€99,288) and Net result for the year (+€49,007)
- Receivables within one year +€11,870
up €11,870 (+48.4%), from €24,506 to €36,376
of which Other amounts receivable: +€11,983
- Deferred charges and accrued income +€3,139
up €3,139 (+1664.8%), from €189 to €3,328
- Other debts +€99,288
up €99,288 (+5968.1%), from €1,664 to €100,952
- Reserves -€50,993
down €50,993 (-72.5%), from €70,344 to €19,352
- Trade debts +€30,595
up €30,595 (+3485.5%), from €878 to €31,473
of which Suppliers: +€28,733
- Tax, wage and social debts -€7,932
down €7,932 (-33.7%), from €23,513 to €15,582
of which Taxes: -€7,996
- Staff costs +€13,691
up €13,691 (+297.2%), from €4,607 to €18,298
- Taxes -€1,984
down €1,984 (-13.3%), from €14,967 to €12,983
- Gross operating margin +€1,526
up €1,526 (+1.9%), from €80,887 to €82,413
- Other operating charges +€1,078
up €1,078 (+1014.6%), from €106 to €1,184
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 | €101,399 | €173,356 | +€71,958 | +71.0% |
| Fixed assets | 21/28 | €250 | €250 | = | 0.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €101,149 | €173,106 | +€71,958 | +71.1% |
| Amounts receivable within one year | 40/41 | €24,506 | €36,376 | +€11,870 | +48.4% |
| Trade receivables | 40 | €24,132 | €24,019 | -€113 | -0.5% |
| Other amounts receivable | 41 | €374 | €12,357 | +€11,983 | +3203.8% |
| Cash at bank and in hand | 54/58 | €76,454 | €133,403 | +€56,948 | +74.5% |
| Deferred charges and accrued income | 490/1 | €189 | €3,328 | +€3,139 | +1664.8% |
| Total equity and liabilities | 10/49 | €101,399 | €173,356 | +€71,958 | +71.0% |
| Equity | 10/15 | €75,344 | €24,352 | -€50,993 | -67.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €70,344 | €19,352 | -€50,993 | -72.5% |
| Distributable reserves | 133 | €70,344 | €19,352 | -€50,993 | -72.5% |
| Amounts payable | 17/49 | €26,055 | €149,005 | +€122,950 | +471.9% |
| Amounts payable within one year | 42/48 | €26,055 | €149,005 | +€122,950 | +471.9% |
| Trade debts | 44 | €878 | €31,473 | +€30,595 | +3485.5% |
| Suppliers | 440/4 | €878 | €29,611 | +€28,733 | +3273.4% |
| Bills of exchange payable | 441 | - | €1,862 | +€1,862 | |
| Advances received on contracts in progress | 46 | - | €998 | +€998 | |
| Taxes, remuneration and social security | 45 | €23,513 | €15,582 | -€7,932 | -33.7% |
| Taxes | 450/3 | €23,513 | €15,518 | -€7,996 | -34.0% |
| Remuneration and social security | 454/9 | - | €64 | +€64 | |
| Other amounts payable | 47/48 | €1,664 | €100,952 | +€99,288 | +5968.1% |
| Remuneration, social security and pensions | 62 | €4,607 | €18,298 | +€13,691 | +297.2% |
| Other operating charges | 640/8 | €106 | €1,184 | +€1,078 | +1014.6% |
| Non-recurring operating charges | 66A | €2,084 | €460 | -€1,624 | -77.9% |
| Gross operating margin | 9900 | €80,887 | €82,413 | +€1,526 | +1.9% |
| Operating profit (loss) | 9901 | €74,090 | €62,471 | -€11,619 | -15.7% |
| Financial income | 75/76B | €103 | €88 | -€16 | -15.2% |
| Recurring financial income | 75 | €103 | €88 | -€16 | -15.2% |
| Financial charges | 65/66B | €476 | €568 | +€92 | +19.4% |
| Recurring financial charges | 65 | €476 | €568 | +€92 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €73,718 | €61,990 | -€11,727 | -15.9% |
| Income taxes | 67/77 | €14,967 | €12,983 | -€1,984 | -13.3% |
| Profit (loss) for the period | 9904 | €58,751 | €49,007 | -€9,743 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €58,751 | €49,007 | -€9,743 | -16.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.