IWMC: 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.
IWMC
Largest movements
- Receivables within one year -€8,656
down €8,656 (-88.3%), from €9,805 to €1,149
- Tangible fixed assets -€3,667
down €3,667 (-5.1%), from €71,431 to €67,763
of which Plant, machinery and equipment: -€2,519
- Current portion of long-term debt -€10,986
down €10,986 (-66.9%), from €16,414 to €5,428
- Profit (loss) carried forward +€5,504
up €5,504 (+39.5%), from -€13,938 to -€8,434
- Debts after one year -€5,428
no longer reported in 2025 (was €5,428)
- Trade debts -€4,047
no longer reported in 2025 (was €4,047)
- Financial charges -€4,942
down €4,942 (-56.1%), from €8,815 to €3,873
of which Non-recurring financial charges: -€7,179
- Depreciation +€1,296
up €1,296 (+9.2%), from €14,105 to €15,402
- Gross operating margin +€709
up €709 (+2.8%), from €24,884 to €25,593
- Other operating charges -€432
down €432 (-34.4%), from €1,258 to €825
- Taxes -€303
down €303 (-74.9%), from €405 to €102
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 | €120,490 | €107,744 | -€12,746 | -10.6% |
| Fixed assets | 21/28 | €71,431 | €67,763 | -€3,667 | -5.1% |
| Tangible fixed assets | 22/27 | €71,431 | €67,763 | -€3,667 | -5.1% |
| Plant, machinery and equipment | 23 | €68,688 | €66,169 | -€2,519 | -3.7% |
| Furniture and vehicles | 24 | €2,743 | €1,595 | -€1,148 | -41.9% |
| Current assets | 29/58 | €49,059 | €39,980 | -€9,079 | -18.5% |
| Stocks and contracts in progress | 3 | €25,412 | €24,828 | -€584 | -2.3% |
| Stocks | 30/36 | €25,412 | €24,828 | -€584 | -2.3% |
| Amounts receivable within one year | 40/41 | €9,805 | €1,149 | -€8,656 | -88.3% |
| Trade receivables | 40 | €9,805 | €1,149 | -€8,656 | -88.3% |
| Cash at bank and in hand | 54/58 | €13,428 | €12,731 | -€697 | -5.2% |
| Deferred charges and accrued income | 490/1 | €414 | €1,273 | +€859 | +207% |
| Total equity and liabilities | 10/49 | €120,490 | €107,744 | -€12,746 | -10.6% |
| Equity | 10/15 | €83,342 | €88,846 | +€5,504 | +6.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €91,080 | €91,080 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €89,220 | €89,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,938 | -€8,434 | +€5,504 | +39.5% |
| Amounts payable | 17/49 | €37,148 | €18,897 | -€18,250 | -49.1% |
| Amounts payable after more than one year | 17 | €5,428 | - | -€5,428 | |
| Financial debts | 170/4 | €5,428 | - | -€5,428 | |
| Amounts payable within one year | 42/48 | €31,296 | €18,474 | -€12,822 | -41.0% |
| Current portion of amounts payable after more than one year | 42 | €16,414 | €5,428 | -€10,986 | -66.9% |
| Trade debts | 44 | €4,047 | - | -€4,047 | |
| Suppliers | 440/4 | €4,047 | - | -€4,047 | |
| Taxes, remuneration and social security | 45 | €3,005 | €4,049 | +€1,044 | +34.8% |
| Taxes | 450/3 | €3,005 | €4,049 | +€1,044 | +34.8% |
| Other amounts payable | 47/48 | €7,830 | €8,996 | +€1,167 | +14.9% |
| Accrued charges and deferred income | 492/3 | €423 | €423 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,105 | €15,402 | +€1,296 | +9.2% |
| Other operating charges | 640/8 | €1,258 | €825 | -€432 | -34.4% |
| Gross operating margin | 9900 | €24,884 | €25,593 | +€709 | +2.8% |
| Operating profit (loss) | 9901 | €9,521 | €9,366 | -€155 | -1.6% |
| Financial income | 75/76B | €292 | €113 | -€179 | -61.3% |
| Recurring financial income | 75 | €1 | €113 | +€112 | +8,088% |
| Non-recurring financial income | 76B | €291 | - | -€291 | |
| Financial charges | 65/66B | €8,815 | €3,873 | -€4,942 | -56.1% |
| Recurring financial charges | 65 | €1,635 | €3,873 | +€2,238 | +137% |
| Non-recurring financial charges | 66B | €7,179 | - | -€7,179 | |
| Profit (loss) for the period before taxes | 9903 | €998 | €5,606 | +€4,608 | +461% |
| Income taxes | 67/77 | €405 | €102 | -€303 | -74.9% |
| Profit (loss) for the period | 9904 | €594 | €5,504 | +€4,911 | +827% |
| Profit (loss) for the period to be appropriated | 9905 | €594 | €5,504 | +€4,911 | +827% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.