IWP PROJECTS: what changed
What changed
IWP PROJECTS
NACE 43.350, Other building finishing work
filed annual accounts (NBB)
Net result for the year
€83,092
2024 · €52,582+€30,510
Equity
€70,898
2024 · €117,805-€46,908
Cash
€47,672
2024 · €45,060+€2,612
Balance sheet total
€410,537
2024 · €345,326+€65,211
Largest movements
Assets
- Receivables within one year +€92,024
up €92,024 (+98.9%), from €93,080 to €185,103
of which Other amounts receivable: +€81,224
- Tangible fixed assets -€22,997
down €22,997 (-13.2%), from €173,642 to €150,645
of which Plant, machinery and equipment: -€18,871
- Deferred charges and accrued income -€7,359
down €7,359 (-38.5%), from €19,108 to €11,748
Equity and liabilities
- Other debts +€111,792
up €111,792 (+614%), from €18,208 to €130,000
- Profit (loss) carried forward -€99,205
down €99,205 (-100%), from €99,205 to €0
- Reserves +€52,298
new in 2025: €52,298
- Short-term financial debts +€21,283
up €21,283 (+831%), from €2,560 to €23,843
- Debts after one year -€19,690
down €19,690 (-20.0%), from €98,221 to €78,531
Income statement
- Gross operating margin +€21,785
up €21,785 (+13.6%), from €160,211 to €181,995
- Staff costs -€19,812
down €19,812 (-35.7%), from €55,558 to €35,746
- Taxes +€16,775
up €16,775 (+116%), from €14,405 to €31,180
- Depreciation -€9,332
down €9,332 (-29.4%), from €31,753 to €22,421
- Financial income -€1,823
down €1,823 (-50.8%), from €3,586 to €1,762
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€52,582
Gross operating margin
+€21,785
Staff costs
+€19,812
Depreciation
+€9,332
Other operating charges
+€106
Other operating items
-€2,843
Financial income
-€1,823
Financial charges
+€917
Taxes
-€16,775
Result 2025
€83,092
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€131,465
Investment
+€576
Financing
-€129,429
Cash 2024
€45,060
From operations (derived)
+€131,465
Net result for the year
+€83,092
Depreciation
+€22,421
Stocks and contracts
-€931
Receivables within one year
-€92,024
Deferred charges and accrued income
+€7,359
Trade debts
+€4,246
Tax, wage and social debts
-€4,886
Other debts
+€111,792
Accrued charges and deferred income
+€396
Investment (derived)
+€576
Investment in fixed assets (net)
+€576
Financing
-€129,429
Debts after one year
-€19,690
Current portion of long-term debt
-€1,022
Short-term financial debts
+€21,283
Contributions, distributions and other
-€130,000
Cash 2025
€47,672
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €345,326 | €410,537 | +€65,211 | +18.9% |
| Fixed assets | 21/28 | €173,642 | €150,645 | -€22,997 | -13.2% |
| Tangible fixed assets | 22/27 | €173,642 | €150,645 | -€22,997 | -13.2% |
| Land and buildings | 22 | €105,338 | €109,985 | +€4,647 | +4.4% |
| Plant, machinery and equipment | 23 | €28,712 | €9,840 | -€18,871 | -65.7% |
| Furniture and vehicles | 24 | €39,593 | €30,820 | -€8,773 | -22.2% |
| Current assets | 29/58 | €171,684 | €259,891 | +€88,208 | +51.4% |
| Stocks and contracts in progress | 3 | €14,436 | €15,367 | +€931 | +6.5% |
| Stocks | 30/36 | €14,436 | €15,367 | +€931 | +6.5% |
| Amounts receivable within one year | 40/41 | €93,080 | €185,103 | +€92,024 | +98.9% |
| Trade receivables | 40 | €65,084 | €75,884 | +€10,800 | +16.6% |
| Other amounts receivable | 41 | €27,996 | €109,220 | +€81,224 | +290% |
| Cash at bank and in hand | 54/58 | €45,060 | €47,672 | +€2,612 | +5.8% |
| Deferred charges and accrued income | 490/1 | €19,108 | €11,748 | -€7,359 | -38.5% |
| Total equity and liabilities | 10/49 | €345,326 | €410,537 | +€65,211 | +18.9% |
| Equity | 10/15 | €117,805 | €70,898 | -€46,908 | -39.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €52,298 | +€52,298 | |
| Distributable reserves | 133 | - | €52,298 | +€52,298 | |
| Profit (loss) carried forward | 14 | €99,205 | €0 | -€99,205 | -100% |
| Amounts payable | 17/49 | €227,521 | €339,639 | +€112,118 | +49.3% |
| Amounts payable after more than one year | 17 | €98,221 | €78,531 | -€19,690 | -20.0% |
| Financial debts | 170/4 | €98,221 | €78,531 | -€19,690 | -20.0% |
| Amounts payable within one year | 42/48 | €129,271 | €260,684 | +€131,413 | +102% |
| Current portion of amounts payable after more than one year | 42 | €32,195 | €31,173 | -€1,022 | -3.2% |
| Financial debts | 43 | €2,560 | €23,843 | +€21,283 | +831% |
| Credit institutions | 430/8 | €2,560 | €23,843 | +€21,283 | +831% |
| Trade debts | 44 | €67,300 | €71,547 | +€4,246 | +6.3% |
| Suppliers | 440/4 | €67,300 | €71,547 | +€4,246 | +6.3% |
| Taxes, remuneration and social security | 45 | €9,008 | €4,121 | -€4,886 | -54.2% |
| Taxes | 450/3 | €9,008 | €293 | -€8,715 | -96.8% |
| Remuneration and social security | 454/9 | €0 | €3,829 | +€3,829 | |
| Other amounts payable | 47/48 | €18,208 | €130,000 | +€111,792 | +614% |
| Accrued charges and deferred income | 492/3 | €29 | €424 | +€396 | +1,380% |
| Non-recurring operating income | 76A | €700 | €14,622 | +€13,922 | +1,989% |
| Remuneration, social security and pensions | 62 | €55,558 | €35,746 | -€19,812 | -35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,753 | €22,421 | -€9,332 | -29.4% |
| Other operating charges | 640/8 | €2,724 | €2,618 | -€106 | -3.9% |
| Non-recurring operating charges | 66A | €208 | €3,051 | +€2,843 | +1,365% |
| Gross operating margin | 9900 | €160,211 | €181,995 | +€21,785 | +13.6% |
| Operating profit (loss) | 9901 | €69,968 | €118,160 | +€48,192 | +68.9% |
| Financial income | 75/76B | €3,586 | €1,762 | -€1,823 | -50.8% |
| Recurring financial income | 75 | €3,586 | €1,762 | -€1,823 | -50.8% |
| Financial charges | 65/66B | €6,566 | €5,649 | -€917 | -14.0% |
| Recurring financial charges | 65 | €6,566 | €5,649 | -€917 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €66,988 | €114,273 | +€47,285 | +70.6% |
| Income taxes | 67/77 | €14,405 | €31,180 | +€16,775 | +116% |
| Profit (loss) for the period | 9904 | €52,582 | €83,092 | +€30,510 | +58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,582 | €83,092 | +€30,510 | +58.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.