HWRD: 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.
HWRD
Largest movements
- Receivables within one year +€14,520
up €14,520 (+120.0%), from €12,100 to €26,620
- Tangible fixed assets -€7,086
down €7,086 (-28.2%), from €25,160 to €18,074
- Cash -€1,275
down €1,275 (-52.7%), from €2,418 to €1,144
mainly Receivables within one year (-€14,520) and Debts after one year (-€8,435)
- Other debts +€13,551
up €13,551 (+41.3%), from €32,798 to €46,349
- Debts after one year -€8,435
down €8,435 (-49.2%), from €17,141 to €8,707
- Tax, wage and social debts +€3,936
up €3,936 (+374.5%), from €1,051 to €4,987
- Profit (loss) carried forward -€3,365
down €3,365 (-15.3%), from -€21,986 to -€25,351
- Gross operating margin +€19,237
up €19,237, from -€11,837 to €7,400
- Depreciation +€533
up €533 (+6.2%), from €8,640 to €9,172
- Other operating charges +€407
up €407 (+142.2%), from €287 to €694
- Financial charges -€327
down €327 (-29.9%), from €1,094 to €767
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 | €39,678 | €45,838 | +€6,160 | +15.5% |
| Fixed assets | 21/28 | €25,160 | €18,074 | -€7,086 | -28.2% |
| Tangible fixed assets | 22/27 | €25,160 | €18,074 | -€7,086 | -28.2% |
| Furniture and vehicles | 24 | €25,160 | €18,074 | -€7,086 | -28.2% |
| Current assets | 29/58 | €14,518 | €27,764 | +€13,245 | +91.2% |
| Amounts receivable within one year | 40/41 | €12,100 | €26,620 | +€14,520 | +120.0% |
| Trade receivables | 40 | €12,100 | €26,620 | +€14,520 | +120.0% |
| Cash at bank and in hand | 54/58 | €2,418 | €1,144 | -€1,275 | -52.7% |
| Total equity and liabilities | 10/49 | €39,678 | €45,838 | +€6,160 | +15.5% |
| Equity | 10/15 | -€19,603 | -€22,967 | -€3,365 | -17.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €2,000 | +€2,000 | |
| Other | 1109/19 | - | €2,000 | +€2,000 | |
| Reserves | 13 | €383 | €383 | = | 0.0% |
| Distributable reserves | 133 | €383 | €383 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,986 | -€25,351 | -€3,365 | -15.3% |
| Amounts payable | 17/49 | €59,281 | €68,805 | +€9,524 | +16.1% |
| Amounts payable after more than one year | 17 | €17,141 | €8,707 | -€8,435 | -49.2% |
| Financial debts | 170/4 | €17,141 | €8,707 | -€8,435 | -49.2% |
| Amounts payable within one year | 42/48 | €42,139 | €60,098 | +€17,959 | +42.6% |
| Current portion of amounts payable after more than one year | 42 | €8,172 | €8,435 | +€263 | +3.2% |
| Trade debts | 44 | €118 | €327 | +€209 | +177.0% |
| Suppliers | 440/4 | €118 | €327 | +€209 | +177.0% |
| Taxes, remuneration and social security | 45 | €1,051 | €4,987 | +€3,936 | +374.5% |
| Taxes | 450/3 | €1,051 | €4,987 | +€3,936 | +374.5% |
| Other amounts payable | 47/48 | €32,798 | €46,349 | +€13,551 | +41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,640 | €9,172 | +€533 | +6.2% |
| Other operating charges | 640/8 | €287 | €694 | +€407 | +142.2% |
| Gross operating margin | 9900 | -€11,837 | €7,400 | +€19,237 | |
| Operating profit (loss) | 9901 | -€20,764 | -€2,467 | +€18,297 | +88.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | +14600.0% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +14600.0% |
| Financial charges | 65/66B | €1,094 | €767 | -€327 | -29.9% |
| Recurring financial charges | 65 | €1,094 | €767 | -€327 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | -€21,858 | -€3,233 | +€18,626 | +85.2% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€21,986 | -€3,365 | +€18,622 | +84.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,986 | -€3,365 | +€18,622 | +84.7% |
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.