iW 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.
iW Management
Largest movements
- Receivables after one year -€120,000
no longer reported in 2025 (was €120,000)
- Financial fixed assets +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Receivables within one year -€72,591
down €72,591 (-14.3%), from €508,485 to €435,894
of which Trade receivables: -€200,554
- Current investments +€22,500
up €22,500 (+36.7%), from €61,320 to €83,820
- Cash +€18,196
up €18,196 (+26.6%), from €68,316 to €86,512
mainly Receivables after one year (+€120,000) and Receivables within one year (+€72,591)
- Other debts -€64,178
down €64,178 (-76.2%), from €84,248 to €20,070
- Reserves +€19,222
up €19,222 (+2.2%), from €857,161 to €876,383
- Write-downs +€200,000
new in 2025: €200,000
- Taxes -€46,802
down €46,802 (-85.3%), from €54,860 to €8,057
- Gross operating margin +€36,511
up €36,511 (+16.5%), from €221,088 to €257,599
- Other operating charges -€8,398
down €8,398 (-32.5%), from €25,822 to €17,425
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 | €999,864 | €939,289 | -€60,575 | -6.1% |
| Fixed assets | 21/28 | €240,571 | €331,751 | +€91,180 | +37.9% |
| Tangible fixed assets | 22/27 | €40,571 | €31,751 | -€8,820 | -21.7% |
| Plant, machinery and equipment | 23 | €2,867 | €2,130 | -€737 | -25.7% |
| Furniture and vehicles | 24 | €37,704 | €29,621 | -€8,083 | -21.4% |
| Financial fixed assets | 28 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Current assets | 29/58 | €759,293 | €607,537 | -€151,755 | -20.0% |
| Amounts receivable after more than one year | 29 | €120,000 | - | -€120,000 | |
| Other amounts receivable | 291 | €120,000 | - | -€120,000 | |
| Amounts receivable within one year | 40/41 | €508,485 | €435,894 | -€72,591 | -14.3% |
| Trade receivables | 40 | €224,352 | €23,798 | -€200,554 | -89.4% |
| Other amounts receivable | 41 | €284,132 | €412,096 | +€127,964 | +45.0% |
| Current investments | 50/53 | €61,320 | €83,820 | +€22,500 | +36.7% |
| Cash at bank and in hand | 54/58 | €68,316 | €86,512 | +€18,196 | +26.6% |
| Deferred charges and accrued income | 490/1 | €1,172 | €1,312 | +€140 | +11.9% |
| Total equity and liabilities | 10/49 | €999,864 | €939,289 | -€60,575 | -6.1% |
| Equity | 10/15 | €869,561 | €888,783 | +€19,222 | +2.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €857,161 | €876,383 | +€19,222 | +2.2% |
| Distributable reserves | 133 | €857,161 | €876,383 | +€19,222 | +2.2% |
| Amounts payable | 17/49 | €130,303 | €50,505 | -€79,798 | -61.2% |
| Amounts payable after more than one year | 17 | €25,815 | €16,720 | -€9,095 | -35.2% |
| Financial debts | 170/4 | €25,815 | €16,720 | -€9,095 | -35.2% |
| Amounts payable within one year | 42/48 | €104,489 | €33,786 | -€70,703 | -67.7% |
| Current portion of amounts payable after more than one year | 42 | €8,856 | €9,095 | +€239 | +2.7% |
| Trade debts | 44 | €6,034 | €3,465 | -€2,569 | -42.6% |
| Suppliers | 440/4 | €6,034 | €3,465 | -€2,569 | -42.6% |
| Taxes, remuneration and social security | 45 | €5,351 | €1,155 | -€4,195 | -78.4% |
| Taxes | 450/3 | €5,351 | €1,155 | -€4,195 | -78.4% |
| Other amounts payable | 47/48 | €84,248 | €20,070 | -€64,178 | -76.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,731 | €10,761 | +€30 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €200,000 | +€200,000 | |
| Other operating charges | 640/8 | €25,822 | €17,425 | -€8,398 | -32.5% |
| Gross operating margin | 9900 | €221,088 | €257,599 | +€36,511 | +16.5% |
| Operating profit (loss) | 9901 | €184,534 | €29,413 | -€155,122 | -84.1% |
| Financial income | 75/76B | €2,144 | €1 | -€2,143 | -100.0% |
| Recurring financial income | 75 | €2,144 | €1 | -€2,143 | -100.0% |
| Financial charges | 65/66B | €1,787 | €2,134 | +€347 | +19.4% |
| Recurring financial charges | 65 | €1,787 | €2,134 | +€347 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €184,891 | €27,280 | -€157,611 | -85.2% |
| Income taxes | 67/77 | €54,860 | €8,057 | -€46,802 | -85.3% |
| Profit (loss) for the period | 9904 | €130,031 | €19,222 | -€110,809 | -85.2% |
| Profit (loss) for the period to be appropriated | 9905 | €130,031 | €19,222 | -€110,809 | -85.2% |
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 16 October 2026 via checked.be.