IWS: 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.
IWS
Largest movements
- Receivables within one year +€180,620
up €180,620 (+21.6%), from €836,215 to €1.0m
of which Other amounts receivable: +€180,378
- Tangible fixed assets -€167,047
down €167,047 (-90.9%), from €183,740 to €16,693
of which Land and buildings: -€157,050
- Cash +€75,300
up €75,300 (+656.8%), from €11,464 to €86,764
mainly Investment in fixed assets (net) (+€197,800) and Net result for the year (+€70,012)
- Deferred charges and accrued income -€61,818
down €61,818 (-99.4%), from €62,202 to €384
- Intangible fixed assets -€40,750
no longer reported in 2025 (was €40,750)
- Debts after one year -€72,535
no longer reported in 2025 (was €72,535)
- Trade debts -€42,960
down €42,960 (-99.8%), from €43,053 to €93
- Reserves +€38,716
up €38,716 (+4.2%), from €914,790 to €953,505
of which Distributable reserves: +€38,716
- Profit (loss) carried forward +€31,296
no longer reported in 2025 (was -€31,296)
- Tax, wage and social debts +€23,441
up €23,441 (+251.9%), from €9,307 to €32,748
- Gross operating margin +€109,197
up €109,197 (+1058.2%), from €10,319 to €119,516
- Depreciation -€29,520
down €29,520 (-74.7%), from €39,518 to €9,997
- Taxes +€23,793
up €23,793 (+19311.1%), from €123 to €23,916
- Financial charges +€10,945
up €10,945 (+209.1%), from €5,235 to €16,181
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 | €1,134,371 | €1,120,677 | -€13,695 | -1.2% |
| Fixed assets | 21/28 | €224,490 | €16,693 | -€207,797 | -92.6% |
| Intangible fixed assets | 21 | €40,750 | - | -€40,750 | |
| Tangible fixed assets | 22/27 | €183,740 | €16,693 | -€167,047 | -90.9% |
| Land and buildings | 22 | €157,050 | - | -€157,050 | |
| Plant, machinery and equipment | 23 | €9 | - | -€9 | |
| Furniture and vehicles | 24 | €26,681 | €16,693 | -€9,988 | -37.4% |
| Current assets | 29/58 | €909,881 | €1,103,984 | +€194,102 | +21.3% |
| Amounts receivable within one year | 40/41 | €836,215 | €1,016,835 | +€180,620 | +21.6% |
| Trade receivables | 40 | €57,681 | €57,923 | +€242 | +0.4% |
| Other amounts receivable | 41 | €778,534 | €958,912 | +€180,378 | +23.2% |
| Cash at bank and in hand | 54/58 | €11,464 | €86,764 | +€75,300 | +656.8% |
| Deferred charges and accrued income | 490/1 | €62,202 | €384 | -€61,818 | -99.4% |
| Total equity and liabilities | 10/49 | €1,134,371 | €1,120,677 | -€13,695 | -1.2% |
| Equity | 10/15 | €889,693 | €959,705 | +€70,012 | +7.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €914,790 | €953,505 | +€38,716 | +4.2% |
| 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 | €912,930 | €951,645 | +€38,716 | +4.2% |
| Profit (loss) carried forward | 14 | -€31,296 | - | +€31,296 | |
| Amounts payable | 17/49 | €244,678 | €160,971 | -€83,707 | -34.2% |
| Amounts payable after more than one year | 17 | €72,535 | - | -€72,535 | |
| Financial debts | 170/4 | €72,535 | - | -€72,535 | |
| Amounts payable within one year | 42/48 | €172,143 | €160,971 | -€11,172 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €14,922 | - | -€14,922 | |
| Trade debts | 44 | €43,053 | €93 | -€42,960 | -99.8% |
| Suppliers | 440/4 | €43,053 | €93 | -€42,960 | -99.8% |
| Taxes, remuneration and social security | 45 | €9,307 | €32,748 | +€23,441 | +251.9% |
| Taxes | 450/3 | €9,307 | €32,748 | +€23,441 | +251.9% |
| Other amounts payable | 47/48 | €104,861 | €128,130 | +€23,269 | +22.2% |
| Non-recurring operating income | 76A | - | €188,832 | +€188,832 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,518 | €9,997 | -€29,520 | -74.7% |
| Other operating charges | 640/8 | €3,070 | €3,690 | +€619 | +20.2% |
| Gross operating margin | 9900 | €10,319 | €119,516 | +€109,197 | +1058.2% |
| Operating profit (loss) | 9901 | -€32,269 | €105,829 | +€138,098 | |
| Financial income | 75/76B | €4,067 | €4,280 | +€213 | +5.2% |
| Recurring financial income | 75 | €4,067 | €4,280 | +€213 | +5.2% |
| Financial charges | 65/66B | €5,235 | €16,181 | +€10,945 | +209.1% |
| Recurring financial charges | 65 | €5,235 | €16,181 | +€10,945 | +209.1% |
| Profit (loss) for the period before taxes | 9903 | -€33,438 | €93,928 | +€127,366 | |
| Income taxes | 67/77 | €123 | €23,916 | +€23,793 | +19311.1% |
| Profit (loss) for the period | 9904 | -€33,561 | €70,012 | +€103,573 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,561 | €70,012 | +€103,573 |
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 9 October 2026 via checked.be.