IWEL: 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.
IWEL
Largest movements
- Tangible fixed assets +€21,366
up €21,366 (+10.1%), from €211,020 to €232,386
of which Furniture and vehicles: +€30,220
- Receivables within one year -€3,562
down €3,562 (-90.4%), from €3,939 to €377
- Reserves +€21,455
up €21,455 (+373.8%), from €5,740 to €27,195
of which Distributable reserves: +€21,455
- Current portion of long-term debt -€17,106
down €17,106 (-44.5%), from €38,451 to €21,345
- Profit (loss) carried forward +€14,557
up €14,557, from -€14,557 to €0
- Other debts -€8,051
down €8,051 (-5.9%), from €136,446 to €128,395
- Debts after one year +€8,025
up €8,025 (+24.0%), from €33,411 to €41,436
- Gross operating margin +€9,385
up €9,385 (+13.3%), from €70,706 to €80,091
- Depreciation +€6,493
up €6,493 (+24.2%), from €26,788 to €33,281
- Other operating charges +€2,889
up €2,889 (+172.5%), from €1,675 to €4,564
- Taxes +€2,333
up €2,333 (+1672.1%), from €140 to €2,472
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 | €222,865 | €243,812 | +€20,947 | +9.4% |
| Fixed assets | 21/28 | €211,020 | €232,386 | +€21,366 | +10.1% |
| Tangible fixed assets | 22/27 | €211,020 | €232,386 | +€21,366 | +10.1% |
| Land and buildings | 22 | €206,833 | €199,889 | -€6,944 | -3.4% |
| Plant, machinery and equipment | 23 | €3,389 | €1,479 | -€1,911 | -56.4% |
| Furniture and vehicles | 24 | €798 | €31,018 | +€30,220 | +3788.6% |
| Current assets | 29/58 | €11,845 | €11,426 | -€418 | -3.5% |
| Amounts receivable within one year | 40/41 | €3,939 | €377 | -€3,562 | -90.4% |
| Trade receivables | 40 | €3,939 | €377 | -€3,562 | -90.4% |
| Cash at bank and in hand | 54/58 | €7,080 | €9,217 | +€2,137 | +30.2% |
| Deferred charges and accrued income | 490/1 | €825 | €1,832 | +€1,007 | +122.0% |
| Total equity and liabilities | 10/49 | €222,865 | €243,812 | +€20,947 | +9.4% |
| Equity | 10/15 | €9,782 | €45,795 | +€36,013 | +368.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,740 | €27,195 | +€21,455 | +373.8% |
| Tax-exempt reserves | 132 | €3,880 | €3,880 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €23,315 | +€21,455 | +1153.5% |
| Profit (loss) carried forward | 14 | -€14,557 | €0 | +€14,557 | |
| Amounts payable | 17/49 | €213,083 | €198,017 | -€15,065 | -7.1% |
| Amounts payable after more than one year | 17 | €33,411 | €41,436 | +€8,025 | +24.0% |
| Financial debts | 170/4 | €33,411 | €41,436 | +€8,025 | +24.0% |
| Amounts payable within one year | 42/48 | €179,672 | €156,581 | -€23,091 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €38,451 | €21,345 | -€17,106 | -44.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,282 | €4,205 | +€1,923 | +84.3% |
| Suppliers | 440/4 | €2,282 | €4,205 | +€1,923 | +84.3% |
| Taxes, remuneration and social security | 45 | €2,493 | €2,636 | +€143 | +5.7% |
| Taxes | 450/3 | €2,493 | €2,636 | +€143 | +5.7% |
| Other amounts payable | 47/48 | €136,446 | €128,395 | -€8,051 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,788 | €33,281 | +€6,493 | +24.2% |
| Other operating charges | 640/8 | €1,675 | €4,564 | +€2,889 | +172.5% |
| Gross operating margin | 9900 | €70,706 | €80,091 | +€9,385 | +13.3% |
| Operating profit (loss) | 9901 | €42,243 | €42,247 | +€4 | 0.0% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €4,132 | €3,762 | -€370 | -8.9% |
| Recurring financial charges | 65 | €4,132 | €3,762 | -€370 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €38,111 | €38,485 | +€374 | +1.0% |
| Income taxes | 67/77 | €140 | €2,472 | +€2,333 | +1672.1% |
| Profit (loss) for the period | 9904 | €37,972 | €36,013 | -€1,959 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,972 | €36,013 | -€1,959 | -5.2% |
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 29 September 2026 via checked.be.