HWTS: 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.
HWTS
Largest movements
- Tangible fixed assets +€526,417
up €526,417 (+26.2%), from €2.0m to €2.5m
of which Land and buildings: +€529,267
- Receivables within one year -€127,104
down €127,104 (-99.8%), from €127,314 to €210
of which Trade receivables: -€127,314
- Cash -€65,012
down €65,012 (-79.9%), from €81,361 to €16,349
mainly Investment in fixed assets (net) (-€613,140) and Tax, wage and social debts (-€71,564)
- Debts after one year +€330,902
up €330,902 (+35.8%), from €923,775 to €1.3m
- Tax, wage and social debts -€71,564
down €71,564 (-75.1%), from €95,238 to €23,674
of which Remuneration and social security: -€70,013
- Profit (loss) carried forward +€45,178
up €45,178 (+303%), from €14,931 to €60,109
- Current portion of long-term debt +€30,554
up €30,554 (+34.6%), from €88,199 to €118,753
- Staff costs -€536,300
down €536,300 (-99.7%), from €537,819 to €1,519
- Gross operating margin -€457,659
down €457,659 (-70.1%), from €652,966 to €195,307
- Depreciation +€40,707
up €40,707 (+88.5%), from €46,016 to €86,723
- Taxes -€18,007
down €18,007 (-98.7%), from €18,242 to €235
- Financial charges +€13,272
up €13,272 (+34.2%), from €38,820 to €52,092
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 | €2,222,295 | €2,548,532 | +€326,237 | +14.7% |
| Fixed assets | 21/28 | €2,005,556 | €2,531,973 | +€526,417 | +26.2% |
| Tangible fixed assets | 22/27 | €2,005,556 | €2,531,973 | +€526,417 | +26.2% |
| Land and buildings | 22 | €1,991,415 | €2,520,682 | +€529,267 | +26.6% |
| Furniture and vehicles | 24 | €8,393 | €6,128 | -€2,265 | -27.0% |
| Other tangible fixed assets | 26 | €5,748 | €5,163 | -€585 | -10.2% |
| Current assets | 29/58 | €216,739 | €16,559 | -€200,180 | -92.4% |
| Amounts receivable within one year | 40/41 | €127,314 | €210 | -€127,104 | -99.8% |
| Trade receivables | 40 | €127,314 | - | -€127,314 | |
| Other amounts receivable | 41 | - | €210 | +€210 | |
| Cash at bank and in hand | 54/58 | €81,361 | €16,349 | -€65,012 | -79.9% |
| Deferred charges and accrued income | 490/1 | €8,064 | - | -€8,064 | |
| Total equity and liabilities | 10/49 | €2,222,295 | €2,548,532 | +€326,237 | +14.7% |
| Equity | 10/15 | €78,310 | €123,488 | +€45,178 | +57.7% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €8,379 | €8,379 | = | 0.0% |
| Distributable reserves | 133 | €8,379 | €8,379 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,931 | €60,109 | +€45,178 | +303% |
| Amounts payable | 17/49 | €2,143,985 | €2,425,044 | +€281,059 | +13.1% |
| Amounts payable after more than one year | 17 | €923,775 | €1,254,677 | +€330,902 | +35.8% |
| Financial debts | 170/4 | €923,775 | €1,254,677 | +€330,902 | +35.8% |
| Amounts payable within one year | 42/48 | €1,220,210 | €1,170,367 | -€49,843 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €88,199 | €118,753 | +€30,554 | +34.6% |
| Trade debts | 44 | €16,722 | €16,813 | +€91 | +0.5% |
| Suppliers | 440/4 | €16,722 | €16,813 | +€91 | +0.5% |
| Taxes, remuneration and social security | 45 | €95,238 | €23,674 | -€71,564 | -75.1% |
| Taxes | 450/3 | €1,948 | €397 | -€1,551 | -79.6% |
| Remuneration and social security | 454/9 | €93,290 | €23,277 | -€70,013 | -75.0% |
| Other amounts payable | 47/48 | €1,020,051 | €1,011,127 | -€8,924 | -0.9% |
| Non-recurring operating income | 76A | - | €474 | +€474 | |
| Remuneration, social security and pensions | 62 | €537,819 | €1,519 | -€536,300 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,016 | €86,723 | +€40,707 | +88.5% |
| Other operating charges | 640/8 | €3,875 | €9,560 | +€5,685 | +147% |
| Gross operating margin | 9900 | €652,966 | €195,307 | -€457,659 | -70.1% |
| Operating profit (loss) | 9901 | €65,256 | €97,505 | +€32,249 | +49.4% |
| Financial charges | 65/66B | €38,820 | €52,092 | +€13,272 | +34.2% |
| Recurring financial charges | 65 | €38,820 | €52,092 | +€13,272 | +34.2% |
| Profit (loss) for the period before taxes | 9903 | €26,436 | €45,413 | +€18,977 | +71.8% |
| Income taxes | 67/77 | €18,242 | €235 | -€18,007 | -98.7% |
| Profit (loss) for the period | 9904 | €8,194 | €45,178 | +€36,984 | +451% |
| Profit (loss) for the period to be appropriated | 9905 | €8,194 | €45,178 | +€36,984 | +451% |
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 29 October 2026 via checked.be.