NWOW: 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.
NWOW
Largest movements
- Financial fixed assets -€175,000
down €175,000 (-70.0%), from €250,000 to €75,000
- Tangible fixed assets -€10,656
down €10,656 (-59.7%), from €17,840 to €7,184
of which Leasing and similar rights: -€11,565
- Cash -€6,167
down €6,167 (-17.2%), from €35,783 to €29,616
mainly Net result for the year (-€147,159) and Current portion of long-term debt (-€21,892)
- Profit (loss) carried forward -€154,659
down €154,659 (-90.0%), from €171,893 to €17,235
- Current portion of long-term debt -€21,892
down €21,892 (-58.7%), from €37,293 to €15,401
- Debts after one year -€15,401
down €15,401 (-21.6%), from €71,401 to €56,000
- Financial charges +€173,211
up €173,211 (+6934.6%), from €2,498 to €175,709
of which Non-recurring financial charges: +€175,000
- Gross operating margin +€6,002
up €6,002 (+14.0%), from €42,851 to €48,853
- Taxes +€1,285
up €1,285 (+21.4%), from €6,015 to €7,300
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 | €306,099 | €116,139 | -€189,960 | -62.1% |
| Fixed assets | 21/28 | €267,840 | €82,184 | -€185,656 | -69.3% |
| Tangible fixed assets | 22/27 | €17,840 | €7,184 | -€10,656 | -59.7% |
| Furniture and vehicles | 24 | €983 | €1,892 | +€909 | +92.4% |
| Leasing and similar rights | 25 | €16,857 | €5,292 | -€11,565 | -68.6% |
| Financial fixed assets | 28 | €250,000 | €75,000 | -€175,000 | -70.0% |
| Current assets | 29/58 | €38,259 | €33,955 | -€4,303 | -11.2% |
| Amounts receivable within one year | 40/41 | €2,060 | €3,699 | +€1,639 | +79.6% |
| Trade receivables | 40 | - | €1,574 | +€1,574 | |
| Other amounts receivable | 41 | €2,060 | €2,125 | +€65 | +3.2% |
| Cash at bank and in hand | 54/58 | €35,783 | €29,616 | -€6,167 | -17.2% |
| Deferred charges and accrued income | 490/1 | €416 | €640 | +€224 | +53.9% |
| Total equity and liabilities | 10/49 | €306,099 | €116,139 | -€189,960 | -62.1% |
| Equity | 10/15 | €190,443 | €35,785 | -€154,659 | -81.2% |
| Contributions | 10/11 | €200 | €200 | = | 0.0% |
| Reserves | 13 | €18,350 | €18,350 | = | 0.0% |
| Distributable reserves | 133 | €18,350 | €18,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,893 | €17,235 | -€154,659 | -90.0% |
| Amounts payable | 17/49 | €115,656 | €80,355 | -€35,301 | -30.5% |
| Amounts payable after more than one year | 17 | €71,401 | €56,000 | -€15,401 | -21.6% |
| Financial debts | 170/4 | €71,401 | €56,000 | -€15,401 | -21.6% |
| Amounts payable within one year | 42/48 | €44,255 | €24,355 | -€19,900 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €37,293 | €15,401 | -€21,892 | -58.7% |
| Trade debts | 44 | €959 | €2,446 | +€1,486 | +154.9% |
| Suppliers | 440/4 | €959 | €2,446 | +€1,486 | +154.9% |
| Taxes, remuneration and social security | 45 | €5,768 | €6,451 | +€683 | +11.8% |
| Taxes | 450/3 | €5,768 | €6,451 | +€683 | +11.8% |
| Other amounts payable | 47/48 | €234 | €57 | -€176 | -75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,019 | €11,943 | -€76 | -0.6% |
| Other operating charges | 640/8 | €1,137 | €1,060 | -€77 | -6.7% |
| Gross operating margin | 9900 | €42,851 | €48,853 | +€6,002 | +14.0% |
| Operating profit (loss) | 9901 | €29,696 | €35,850 | +€6,155 | +20.7% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €2,498 | €175,709 | +€173,211 | +6934.6% |
| Recurring financial charges | 65 | €2,498 | €709 | -€1,789 | -71.6% |
| Non-recurring financial charges | 66B | - | €175,000 | +€175,000 | |
| Profit (loss) for the period before taxes | 9903 | €27,198 | -€139,859 | -€167,057 | |
| Income taxes | 67/77 | €6,015 | €7,300 | +€1,285 | +21.4% |
| Profit (loss) for the period | 9904 | €21,183 | -€147,159 | -€168,342 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,183 | -€147,159 | -€168,342 |
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 6 October 2026 via checked.be.