IWS-Projects: 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.
IWS-Projects
Largest movements
- Cash +€15,742
up €15,742 (+20.8%), from €75,715 to €91,457
mainly Net result for the year (+€13,192) and Receivables within one year (+€7,011)
- Deferred charges and accrued income +€12,511
up €12,511 (+252.1%), from €4,962 to €17,473
- Receivables within one year -€7,011
down €7,011 (-13.2%), from €52,925 to €45,914
of which Trade receivables: -€9,329
- Reserves +€13,192
up €13,192 (+13.6%), from €96,789 to €109,980
- Accrued charges and deferred income +€4,481
up €4,481 (+17.0%), from €26,322 to €30,803
- Tax, wage and social debts +€1,867
up €1,867 (+39.2%), from €4,761 to €6,628
of which Remuneration and social security: +€1,922
- Gross operating margin +€49,184
up €49,184 (+76.7%), from €64,144 to €113,329
- Staff costs +€44,771
up €44,771 (+150.9%), from €29,661 to €74,431
- Taxes +€2,120
up €2,120 (+30.4%), from €6,968 to €9,087
- Depreciation +€2,024
up €2,024 (+90.8%), from €2,229 to €4,253
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 | €150,469 | €170,961 | +€20,491 | +13.6% |
| Fixed assets | 21/28 | €10,677 | €10,504 | -€173 | -1.6% |
| Tangible fixed assets | 22/27 | €10,677 | €10,504 | -€173 | -1.6% |
| Plant, machinery and equipment | 23 | €2,162 | €1,350 | -€812 | -37.5% |
| Furniture and vehicles | 24 | €8,515 | €9,153 | +€638 | +7.5% |
| Current assets | 29/58 | €139,793 | €160,457 | +€20,665 | +14.8% |
| Stocks and contracts in progress | 3 | €6,191 | €5,614 | -€577 | -9.3% |
| Stocks | 30/36 | €6,191 | €5,614 | -€577 | -9.3% |
| Amounts receivable within one year | 40/41 | €52,925 | €45,914 | -€7,011 | -13.2% |
| Trade receivables | 40 | €29,986 | €20,657 | -€9,329 | -31.1% |
| Other amounts receivable | 41 | €22,939 | €25,257 | +€2,318 | +10.1% |
| Cash at bank and in hand | 54/58 | €75,715 | €91,457 | +€15,742 | +20.8% |
| Deferred charges and accrued income | 490/1 | €4,962 | €17,473 | +€12,511 | +252.1% |
| Total equity and liabilities | 10/49 | €150,469 | €170,961 | +€20,491 | +13.6% |
| Equity | 10/15 | €102,989 | €116,180 | +€13,192 | +12.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €96,789 | €109,980 | +€13,192 | +13.6% |
| Distributable reserves | 133 | €96,789 | €109,980 | +€13,192 | +13.6% |
| Amounts payable | 17/49 | €47,481 | €54,781 | +€7,300 | +15.4% |
| Amounts payable within one year | 42/48 | €21,159 | €23,977 | +€2,819 | +13.3% |
| Trade debts | 44 | €14,486 | €14,757 | +€271 | +1.9% |
| Suppliers | 440/4 | €14,486 | €14,757 | +€271 | +1.9% |
| Taxes, remuneration and social security | 45 | €4,761 | €6,628 | +€1,867 | +39.2% |
| Taxes | 450/3 | €56 | €0 | -€56 | -100.0% |
| Remuneration and social security | 454/9 | €4,705 | €6,628 | +€1,922 | +40.9% |
| Other amounts payable | 47/48 | €1,912 | €2,593 | +€681 | +35.6% |
| Accrued charges and deferred income | 492/3 | €26,322 | €30,803 | +€4,481 | +17.0% |
| Remuneration, social security and pensions | 62 | €29,661 | €74,431 | +€44,771 | +150.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,229 | €4,253 | +€2,024 | +90.8% |
| Other operating charges | 640/8 | €1,965 | €2,063 | +€98 | +5.0% |
| Non-recurring operating charges | 66A | - | €59 | +€59 | |
| Gross operating margin | 9900 | €64,144 | €113,329 | +€49,184 | +76.7% |
| Operating profit (loss) | 9901 | €30,290 | €32,522 | +€2,233 | +7.4% |
| Financial income | 75/76B | €287 | €256 | -€31 | -10.8% |
| Recurring financial income | 75 | €287 | €256 | -€31 | -10.8% |
| Financial charges | 65/66B | €9,696 | €10,499 | +€803 | +8.3% |
| Recurring financial charges | 65 | €9,696 | €10,499 | +€803 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €20,881 | €22,279 | +€1,398 | +6.7% |
| Income taxes | 67/77 | €6,968 | €9,087 | +€2,120 | +30.4% |
| Profit (loss) for the period | 9904 | €13,913 | €13,192 | -€722 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,913 | €13,192 | -€722 | -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 8 October 2026 via checked.be.