LWD: 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.
LWD
Largest movements
- Stocks and contracts -€14,150
down €14,150 (-20.0%), from €70,750 to €56,600
- Profit (loss) carried forward +€44,888
up €44,888, from -€44,888 to €0
- Trade debts -€34,814
down €34,814 (-20.5%), from €169,839 to €135,025
- Reserves -€23,727
down €23,727 (-38.4%), from €61,767 to €38,040
- Other debts +€11,121
up €11,121 (+17.3%), from €64,359 to €75,480
- Current portion of long-term debt -€10,101
down €10,101 (-60.3%), from €16,741 to €6,640
- Write-downs -€56,600
down €56,600 (-80.0%), from €70,750 to €14,150
- Gross operating margin +€12,098
up €12,098 (+36.6%), from €33,080 to €45,178
- Taxes +€2,116
up €2,116, from €0 to €2,116
- Financial charges +€1,815
up €1,815 (+84.2%), from €2,157 to €3,972
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €292,544 | €278,889 | -€13,656 | -4.7% |
| Fixed assets | 21/28 | €206,330 | €204,767 | -€1,563 | -0.8% |
| Tangible fixed assets | 22/27 | €206,330 | €204,767 | -€1,563 | -0.8% |
| Land and buildings | 22 | €190,400 | €190,400 | = | 0.0% |
| Furniture and vehicles | 24 | €5,530 | €3,967 | -€1,563 | -28.3% |
| Other tangible fixed assets | 26 | €10,400 | €10,400 | = | 0.0% |
| Current assets | 29/58 | €86,214 | €74,122 | -€12,092 | -14.0% |
| Stocks and contracts in progress | 3 | €70,750 | €56,600 | -€14,150 | -20.0% |
| Stocks | 30/36 | €70,750 | €56,600 | -€14,150 | -20.0% |
| Amounts receivable within one year | 40/41 | €10,297 | €10,724 | +€427 | +4.1% |
| Trade receivables | 40 | €10,000 | €10,382 | +€382 | +3.8% |
| Other amounts receivable | 41 | €297 | €341 | +€45 | +15.1% |
| Cash at bank and in hand | 54/58 | €4,505 | €6,192 | +€1,687 | +37.4% |
| Deferred charges and accrued income | 490/1 | €663 | €606 | -€57 | -8.5% |
| Total equity and liabilities | 10/49 | €292,544 | €278,889 | -€13,656 | -4.7% |
| Equity | 10/15 | €35,478 | €56,640 | +€21,162 | +59.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,767 | €38,040 | -€23,727 | -38.4% |
| Distributable reserves | 133 | €61,767 | €38,040 | -€23,727 | -38.4% |
| Profit (loss) carried forward | 14 | -€44,888 | €0 | +€44,888 | |
| Amounts payable | 17/49 | €257,066 | €222,249 | -€34,817 | -13.5% |
| Amounts payable after more than one year | 17 | €5,322 | €0 | -€5,322 | -100% |
| Financial debts | 170/4 | €5,322 | €0 | -€5,322 | -100% |
| Amounts payable within one year | 42/48 | €251,656 | €219,261 | -€32,395 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €16,741 | €6,640 | -€10,101 | -60.3% |
| Trade debts | 44 | €169,839 | €135,025 | -€34,814 | -20.5% |
| Suppliers | 440/4 | €169,839 | €135,025 | -€34,814 | -20.5% |
| Taxes, remuneration and social security | 45 | €717 | €2,116 | +€1,399 | +195% |
| Taxes | 450/3 | €717 | €2,116 | +€1,399 | +195% |
| Other amounts payable | 47/48 | €64,359 | €75,480 | +€11,121 | +17.3% |
| Accrued charges and deferred income | 492/3 | €88 | €2,988 | +€2,900 | +3,294% |
| Remuneration, social security and pensions | 62 | €900 | €1,249 | +€349 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,999 | €1,563 | -€435 | -21.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €70,750 | €14,150 | -€56,600 | -80.0% |
| Other operating charges | 640/8 | €802 | €966 | +€164 | +20.4% |
| Gross operating margin | 9900 | €33,080 | €45,178 | +€12,098 | +36.6% |
| Operating profit (loss) | 9901 | -€41,371 | €27,250 | +€68,621 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,157 | €3,972 | +€1,815 | +84.2% |
| Recurring financial charges | 65 | €2,157 | €3,972 | +€1,815 | +84.2% |
| Profit (loss) for the period before taxes | 9903 | -€43,528 | €23,278 | +€66,806 | |
| Income taxes | 67/77 | €0 | €2,116 | +€2,116 | |
| Profit (loss) for the period | 9904 | -€43,528 | €21,162 | +€64,689 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,528 | €21,162 | +€64,689 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.