IWM: 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.
What changed
IWM
NACE 82.100, Office administrative and support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€66,125
2024 · €71,444-€5,319
Equity
€1.3m
2024 · €1.2m+€64,459
Cash
€20,835
2024 · €17,679+€3,156
Balance sheet total
€2.9m
2024 · €2.9m-€9,886
Largest movements
Assets
- Tangible fixed assets -€93,082
down €93,082 (-4.7%), from €2.0m to €1.9m
of which Land and buildings: -€105,878
- Receivables after one year +€38,782
up €38,782 (+18.7%), from €207,576 to €246,358
- Receivables within one year +€32,537
up €32,537 (+14.0%), from €232,095 to €264,633
of which Trade receivables: +€36,499
Equity and liabilities
- Debts after one year -€111,522
down €111,522 (-8.6%), from €1.3m to €1.2m
of which Financial debts: -€105,072
- Reserves +€64,459
up €64,459 (+5.5%), from €1.2m to €1.2m
of which Distributable reserves: +€80,296
Income statement
- Gross operating margin -€16,160
down €16,160 (-4.9%), from €331,654 to €315,494
- Depreciation -€5,997
down €5,997 (-3.5%), from €172,684 to €166,688
- Financial charges -€3,591
down €3,591 (-8.4%), from €42,831 to €39,239
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.
Result 2024
€71,444
Gross operating margin
-€16,160
Depreciation
+€5,997
Other operating charges
-€199
Financial income
+€1,050
Financial charges
+€3,591
Taxes
-€268
Deferred taxes and other
+€671
Result 2025
€66,125
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€197,893
Investment
-€81,637
Financing
-€113,100
Cash 2024
€17,679
From operations (derived)
+€197,893
Net result for the year
+€66,125
Depreciation
+€166,688
Receivables after one year
-€38,782
Receivables within one year
-€32,537
Deferred charges and accrued income
-€690
Provisions
-€3,959
Trade debts
+€12,496
Tax, wage and social debts
+€481
Other debts
+€19,964
Accrued charges and deferred income
+€8,109
Investment (derived)
-€81,637
Investment in fixed assets (net)
-€73,606
Current investments
-€8,031
Financing
-€113,100
Debts after one year
-€111,522
Current portion of long-term debt
-€2,905
Short-term financial debts
+€2,993
Contributions, distributions and other
-€1,666
Cash 2025
€20,835
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,879,919 | €2,870,033 | -€9,886 | -0.3% |
| Fixed assets | 21/28 | €2,396,034 | €2,302,953 | -€93,082 | -3.9% |
| Tangible fixed assets | 22/27 | €1,961,334 | €1,868,253 | -€93,082 | -4.7% |
| Land and buildings | 22 | €1,872,496 | €1,766,618 | -€105,878 | -5.7% |
| Plant, machinery and equipment | 23 | €7,249 | €11,892 | +€4,643 | +64.0% |
| Furniture and vehicles | 24 | €31,416 | €56,386 | +€24,970 | +79.5% |
| Leasing and similar rights | 25 | €50,173 | €33,357 | -€16,817 | -33.5% |
| Financial fixed assets | 28 | €434,700 | €434,700 | = | 0.0% |
| Current assets | 29/58 | €483,885 | €567,080 | +€83,195 | +17.2% |
| Amounts receivable after more than one year | 29 | €207,576 | €246,358 | +€38,782 | +18.7% |
| Trade receivables | 290 | €207,576 | €246,358 | +€38,782 | +18.7% |
| Stocks and contracts in progress | 3 | €15,250 | €15,250 | = | 0.0% |
| Stocks | 30/36 | €15,250 | €15,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €232,095 | €264,633 | +€32,537 | +14.0% |
| Trade receivables | 40 | €31,095 | €67,595 | +€36,499 | +117% |
| Other amounts receivable | 41 | €201,000 | €197,038 | -€3,962 | -2.0% |
| Current investments | 50/53 | €3,426 | €11,457 | +€8,031 | +234% |
| Cash at bank and in hand | 54/58 | €17,679 | €20,835 | +€3,156 | +17.9% |
| Deferred charges and accrued income | 490/1 | €7,858 | €8,548 | +€690 | +8.8% |
| Total equity and liabilities | 10/49 | €2,879,919 | €2,870,033 | -€9,886 | -0.3% |
| Equity | 10/15 | €1,199,176 | €1,263,635 | +€64,459 | +5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,180,576 | €1,245,035 | +€64,459 | +5.5% |
| Tax-exempt reserves | 132 | €383,392 | €367,555 | -€15,838 | -4.1% |
| Distributable reserves | 133 | €797,184 | €877,481 | +€80,296 | +10.1% |
| Provisions and deferred taxes | 16 | €95,848 | €91,889 | -€3,959 | -4.1% |
| Deferred taxes | 168 | €95,848 | €91,889 | -€3,959 | -4.1% |
| Amounts payable | 17/49 | €1,584,895 | €1,514,509 | -€70,385 | -4.4% |
| Amounts payable after more than one year | 17 | €1,297,787 | €1,186,265 | -€111,522 | -8.6% |
| Financial debts | 170/4 | €1,274,704 | €1,169,632 | -€105,072 | -8.2% |
| Other amounts payable | 178/9 | €23,083 | €16,633 | -€6,450 | -27.9% |
| Amounts payable within one year | 42/48 | €277,550 | €310,579 | +€33,028 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €134,791 | €131,886 | -€2,905 | -2.2% |
| Financial debts | 43 | €31,720 | €34,713 | +€2,993 | +9.4% |
| Credit institutions | 430/8 | €31,720 | €34,713 | +€2,993 | +9.4% |
| Trade debts | 44 | €13,874 | €26,370 | +€12,496 | +90.1% |
| Suppliers | 440/4 | €13,874 | €26,370 | +€12,496 | +90.1% |
| Taxes, remuneration and social security | 45 | €25,709 | €26,190 | +€481 | +1.9% |
| Taxes | 450/3 | €21,848 | €23,610 | +€1,762 | +8.1% |
| Remuneration and social security | 454/9 | €3,861 | €2,579 | -€1,282 | -33.2% |
| Other amounts payable | 47/48 | €71,457 | €91,420 | +€19,964 | +27.9% |
| Accrued charges and deferred income | 492/3 | €9,557 | €17,666 | +€8,109 | +84.8% |
| Non-recurring operating income | 76A | €61,928 | €45,916 | -€16,012 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €172,684 | €166,688 | -€5,997 | -3.5% |
| Other operating charges | 640/8 | €17,565 | €17,764 | +€199 | +1.1% |
| Gross operating margin | 9900 | €331,654 | €315,494 | -€16,160 | -4.9% |
| Operating profit (loss) | 9901 | €141,405 | €131,042 | -€10,363 | -7.3% |
| Financial income | 75/76B | €6,169 | €7,220 | +€1,050 | +17.0% |
| Recurring financial income | 75 | €6,169 | €7,220 | +€1,050 | +17.0% |
| Financial charges | 65/66B | €42,831 | €39,239 | -€3,591 | -8.4% |
| Recurring financial charges | 65 | €42,831 | €39,239 | -€3,591 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €104,744 | €99,022 | -€5,721 | -5.5% |
| Transfer from deferred taxes | 780 | €3,289 | €3,959 | +€671 | +20.4% |
| Income taxes | 67/77 | €36,589 | €36,857 | +€268 | +0.7% |
| Profit (loss) for the period | 9904 | €71,444 | €66,125 | -€5,319 | -7.4% |
| Transfer from tax-exempt reserves | 789 | €13,155 | €15,838 | +€2,683 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,599 | €81,962 | -€2,636 | -3.1% |
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 26 October 2026 via checked.be.