HWV Management: 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.
HWV Management
Largest movements
- Cash +€38,070
up €38,070 (+81.0%), from €47,021 to €85,091
mainly Net result for the year (+€42,661) and Deferred charges and accrued income (+€8,233)
- Receivables within one year +€16,915
up €16,915 (+77.8%), from €21,744 to €38,659
of which Other amounts receivable: +€19,746
- Deferred charges and accrued income -€8,233
down €8,233 (-77.2%), from €10,663 to €2,430
- Tangible fixed assets +€1,409
up €1,409 (+11.5%), from €12,248 to €13,657
of which Plant, machinery and equipment: +€3,386
- Reserves +€42,661
up €42,661 (+56.6%), from €75,363 to €118,024
- Tax, wage and social debts +€4,546
up €4,546 (+57.3%), from €7,937 to €12,483
of which Taxes: +€4,546
- Depreciation +€1,658
up €1,658 (+76.9%), from €2,156 to €3,814
- Financial charges -€664
down €664 (-14.7%), from €4,531 to €3,867
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 | €91,675 | €139,837 | +€48,162 | +52.5% |
| Fixed assets | 21/28 | €12,248 | €13,657 | +€1,409 | +11.5% |
| Tangible fixed assets | 22/27 | €12,248 | €13,657 | +€1,409 | +11.5% |
| Plant, machinery and equipment | 23 | €4,129 | €7,515 | +€3,386 | +82.0% |
| Furniture and vehicles | 24 | €8,119 | €6,143 | -€1,976 | -24.3% |
| Current assets | 29/58 | €79,427 | €126,180 | +€46,753 | +58.9% |
| Amounts receivable within one year | 40/41 | €21,744 | €38,659 | +€16,915 | +77.8% |
| Trade receivables | 40 | €14,709 | €11,877 | -€2,831 | -19.2% |
| Other amounts receivable | 41 | €7,035 | €26,781 | +€19,746 | +280.7% |
| Cash at bank and in hand | 54/58 | €47,021 | €85,091 | +€38,070 | +81.0% |
| Deferred charges and accrued income | 490/1 | €10,663 | €2,430 | -€8,233 | -77.2% |
| Total equity and liabilities | 10/49 | €91,675 | €139,837 | +€48,162 | +52.5% |
| Equity | 10/15 | €80,363 | €123,024 | +€42,661 | +53.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €75,363 | €118,024 | +€42,661 | +56.6% |
| Distributable reserves | 133 | €75,363 | €118,024 | +€42,661 | +56.6% |
| Amounts payable | 17/49 | €11,312 | €16,813 | +€5,501 | +48.6% |
| Amounts payable within one year | 42/48 | €11,131 | €16,813 | +€5,682 | +51.0% |
| Financial debts | 43 | €177 | €287 | +€109 | +61.5% |
| Credit institutions | 430/8 | €177 | €287 | +€109 | +61.5% |
| Trade debts | 44 | €3,017 | €4,044 | +€1,026 | +34.0% |
| Suppliers | 440/4 | €3,017 | €4,044 | +€1,026 | +34.0% |
| Taxes, remuneration and social security | 45 | €7,937 | €12,483 | +€4,546 | +57.3% |
| Taxes | 450/3 | €7,937 | €12,483 | +€4,546 | +57.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €180 | €0 | -€180 | -100.0% |
| Remuneration, social security and pensions | 62 | €9 | €0 | -€9 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,156 | €3,814 | +€1,658 | +76.9% |
| Other operating charges | 640/8 | €650 | €500 | -€150 | -23.1% |
| Gross operating margin | 9900 | €62,333 | €62,838 | +€505 | +0.8% |
| Operating profit (loss) | 9901 | €59,519 | €58,524 | -€994 | -1.7% |
| Financial income | 75/76B | €189 | €747 | +€558 | +295.2% |
| Recurring financial income | 75 | €189 | €747 | +€558 | +295.2% |
| Financial charges | 65/66B | €4,531 | €3,867 | -€664 | -14.7% |
| Recurring financial charges | 65 | €4,531 | €3,867 | -€664 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €55,176 | €55,405 | +€228 | +0.4% |
| Income taxes | 67/77 | €12,708 | €12,744 | +€36 | +0.3% |
| Profit (loss) for the period | 9904 | €42,468 | €42,661 | +€192 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €42,468 | €42,661 | +€192 | +0.5% |
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 11 October 2026 via checked.be.