NW FUEL: 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.
NW FUEL
Largest movements
- Cash -€27,474
down €27,474 (-37.0%), from €74,211 to €46,737
mainly Tax, wage and social debts (-€12,207) and Current investments (-€12,045)
- Current investments +€12,045
new in 2025: €12,045
- Stocks and contracts -€7,722
down €7,722 (-15.5%), from €49,817 to €42,095
- Receivables within one year +€1,484
up €1,484 (+110%), from €1,350 to €2,834
of which Trade receivables: +€798
- Tax, wage and social debts -€12,207
down €12,207 (-76.2%), from €16,012 to €3,806
of which Taxes: -€12,843
- Debts after one year -€11,171
down €11,171 (-41.9%), from €26,689 to €15,519
- Reserves +€5,289
up €5,289 (+9.7%), from €54,674 to €59,963
- Current portion of long-term debt -€2,937
down €2,937 (-20.8%), from €14,108 to €11,171
- Other debts -€1,978
down €1,978 (-41.9%), from €4,721 to €2,743
- Gross operating margin -€87,415
down €87,415 (-74.3%), from €117,626 to €30,212
- Staff costs -€21,030
down €21,030 (-52.2%), from €40,308 to €19,277
- Taxes -€12,840
down €12,840 (-87.5%), from €14,671 to €1,831
- Financial charges -€2,965
down €2,965 (-44.2%), from €6,711 to €3,746
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 | €125,586 | €104,297 | -€21,289 | -17.0% |
| Fixed assets | 21/28 | - | €378 | +€378 | |
| Tangible fixed assets | 22/27 | - | €378 | +€378 | |
| Plant, machinery and equipment | 23 | - | €378 | +€378 | |
| Current assets | 29/58 | €125,586 | €103,919 | -€21,667 | -17.3% |
| Stocks and contracts in progress | 3 | €49,817 | €42,095 | -€7,722 | -15.5% |
| Stocks | 30/36 | €49,817 | €42,095 | -€7,722 | -15.5% |
| Amounts receivable within one year | 40/41 | €1,350 | €2,834 | +€1,484 | +110% |
| Trade receivables | 40 | €759 | €1,557 | +€798 | +105% |
| Other amounts receivable | 41 | €591 | €1,277 | +€686 | +116% |
| Current investments | 50/53 | - | €12,045 | +€12,045 | |
| Cash at bank and in hand | 54/58 | €74,211 | €46,737 | -€27,474 | -37.0% |
| Deferred charges and accrued income | 490/1 | €208 | €208 | = | 0.0% |
| Total equity and liabilities | 10/49 | €125,586 | €104,297 | -€21,289 | -17.0% |
| Equity | 10/15 | €59,674 | €64,963 | +€5,289 | +8.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €54,674 | €59,963 | +€5,289 | +9.7% |
| Distributable reserves | 133 | €54,674 | €59,963 | +€5,289 | +9.7% |
| Amounts payable | 17/49 | €65,912 | €39,334 | -€26,578 | -40.3% |
| Amounts payable after more than one year | 17 | €26,689 | €15,519 | -€11,171 | -41.9% |
| Financial debts | 170/4 | €26,689 | €15,519 | -€11,171 | -41.9% |
| Amounts payable within one year | 42/48 | €39,223 | €23,815 | -€15,408 | -39.3% |
| Current portion of amounts payable after more than one year | 42 | €14,108 | €11,171 | -€2,937 | -20.8% |
| Trade debts | 44 | €4,382 | €5,185 | +€803 | +18.3% |
| Suppliers | 440/4 | €4,382 | €5,185 | +€803 | +18.3% |
| Advances received on contracts in progress | 46 | - | €911 | +€911 | |
| Taxes, remuneration and social security | 45 | €16,012 | €3,806 | -€12,207 | -76.2% |
| Taxes | 450/3 | €14,671 | €1,827 | -€12,843 | -87.5% |
| Remuneration and social security | 454/9 | €1,342 | €1,978 | +€637 | +47.5% |
| Other amounts payable | 47/48 | €4,721 | €2,743 | -€1,978 | -41.9% |
| Remuneration, social security and pensions | 62 | €40,308 | €19,277 | -€21,030 | -52.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €88 | +€88 | |
| Other operating charges | 640/8 | €1,266 | €186 | -€1,080 | -85.3% |
| Gross operating margin | 9900 | €117,626 | €30,212 | -€87,415 | -74.3% |
| Operating profit (loss) | 9901 | €76,053 | €10,660 | -€65,393 | -86.0% |
| Financial income | 75/76B | €2 | €206 | +€204 | +8,641% |
| Recurring financial income | 75 | €2 | €206 | +€204 | +8,641% |
| Financial charges | 65/66B | €6,711 | €3,746 | -€2,965 | -44.2% |
| Recurring financial charges | 65 | €6,711 | €3,746 | -€2,965 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €69,344 | €7,121 | -€62,224 | -89.7% |
| Income taxes | 67/77 | €14,671 | €1,831 | -€12,840 | -87.5% |
| Profit (loss) for the period | 9904 | €54,674 | €5,289 | -€49,384 | -90.3% |
| Profit (loss) for the period to be appropriated | 9905 | €54,674 | €5,289 | -€49,384 | -90.3% |
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 27 October 2026 via checked.be.