NGWADI: 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.
NGWADI
Largest movements
- Receivables after one year +€220,100
up €220,100 (+73.4%), from €300,000 to €520,100
- Stocks and contracts -€166,388
down €166,388 (-21.4%), from €778,836 to €612,448
- Receivables within one year +€150,350
up €150,350 (+427%), from €35,193 to €185,544
of which Trade receivables: +€129,069
- Tangible fixed assets -€145,700
down €145,700 (-24.5%), from €594,722 to €449,022
of which Other tangible fixed assets: -€80,025
- Cash +€84,151
up €84,151 (+33.7%), from €249,926 to €334,078
mainly Net result for the year (+€494,510) and Stocks and contracts (+€166,388)
- Reserves +€900,000
up €900,000 (+90.0%), from €1.0m to €1.9m
- Profit (loss) carried forward -€405,490
down €405,490 (-93.0%), from €436,172 to €30,682
- Tax, wage and social debts -€386,598
down €386,598 (-79.5%), from €486,154 to €99,556
of which Taxes: -€367,430
- Trade debts +€45,601
up €45,601 (+852%), from €5,351 to €50,953
- Gross operating margin +€828,272
up €828,272 (+1,251%), from €66,227 to €894,498
- Depreciation +€27,396
up €27,396 (+21.8%), from €125,778 to €153,175
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 | €1,958,677 | €2,101,191 | +€142,513 | +7.3% |
| Fixed assets | 21/28 | €594,722 | €449,022 | -€145,700 | -24.5% |
| Tangible fixed assets | 22/27 | €594,722 | €449,022 | -€145,700 | -24.5% |
| Plant, machinery and equipment | 23 | €2,753 | €4,393 | +€1,640 | +59.6% |
| Furniture and vehicles | 24 | €265,835 | €198,520 | -€67,315 | -25.3% |
| Other tangible fixed assets | 26 | €326,133 | €246,108 | -€80,025 | -24.5% |
| Current assets | 29/58 | €1,363,955 | €1,652,169 | +€288,214 | +21.1% |
| Amounts receivable after more than one year | 29 | €300,000 | €520,100 | +€220,100 | +73.4% |
| Other amounts receivable | 291 | €300,000 | €520,100 | +€220,100 | +73.4% |
| Stocks and contracts in progress | 3 | €778,836 | €612,448 | -€166,388 | -21.4% |
| Stocks | 30/36 | €778,836 | €612,448 | -€166,388 | -21.4% |
| Amounts receivable within one year | 40/41 | €35,193 | €185,544 | +€150,350 | +427% |
| Trade receivables | 40 | €14,959 | €144,027 | +€129,069 | +863% |
| Other amounts receivable | 41 | €20,235 | €41,516 | +€21,282 | +105% |
| Cash at bank and in hand | 54/58 | €249,926 | €334,078 | +€84,151 | +33.7% |
| Total equity and liabilities | 10/49 | €1,958,677 | €2,101,191 | +€142,513 | +7.3% |
| Equity | 10/15 | €1,456,172 | €1,950,682 | +€494,510 | +34.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,000,000 | €1,900,000 | +€900,000 | +90.0% |
| Distributable reserves | 133 | €1,000,000 | €1,900,000 | +€900,000 | +90.0% |
| Profit (loss) carried forward | 14 | €436,172 | €30,682 | -€405,490 | -93.0% |
| Amounts payable | 17/49 | €502,505 | €150,509 | -€351,996 | -70.0% |
| Amounts payable within one year | 42/48 | €502,505 | €150,509 | -€351,996 | -70.0% |
| Trade debts | 44 | €5,351 | €50,953 | +€45,601 | +852% |
| Suppliers | 440/4 | €5,351 | €50,953 | +€45,601 | +852% |
| Advances received on contracts in progress | 46 | €11,000 | - | -€11,000 | |
| Taxes, remuneration and social security | 45 | €486,154 | €99,556 | -€386,598 | -79.5% |
| Taxes | 450/3 | €457,430 | €90,000 | -€367,430 | -80.3% |
| Remuneration and social security | 454/9 | €28,724 | €9,556 | -€19,168 | -66.7% |
| Remuneration, social security and pensions | 62 | €154,442 | €152,631 | -€1,810 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,778 | €153,175 | +€27,396 | +21.8% |
| Other operating charges | 640/8 | €1,082 | €114 | -€968 | -89.4% |
| Gross operating margin | 9900 | €66,227 | €894,498 | +€828,272 | +1,251% |
| Operating profit (loss) | 9901 | -€215,076 | €588,578 | +€803,654 | |
| Financial charges | 65/66B | €3,214 | €4,069 | +€855 | +26.6% |
| Recurring financial charges | 65 | €3,214 | €4,069 | +€855 | +26.6% |
| Profit (loss) for the period before taxes | 9903 | -€218,290 | €584,510 | +€802,799 | |
| Income taxes | 67/77 | €95,183 | €90,000 | -€5,183 | -5.4% |
| Profit (loss) for the period | 9904 | -€313,473 | €494,510 | +€807,983 | |
| Profit (loss) for the period to be appropriated | 9905 | -€313,473 | €494,510 | +€807,983 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.