PW Equipment: what changed
What changed
PW Equipment
NACE 25.110, Manufacture of metal structures and parts of structures
filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €1.2m-€16,914
Equity
€4.8m
2024 · €3.7m+€1.1m
Cash
€1.4m
2024 · €145,066+€1.3m
Balance sheet total
€5.9m
2024 · €4.6m+€1.3m
Largest movements
Assets
- Cash +€1.3m
up €1.3m (+891%), from €145,066 to €1.4m
mainly Net result for the year (+€1.1m) and Depreciation (+€174,554)
- Current investments +€200,913
up €200,913 (+6.7%), from €3.0m to €3.2m
- Receivables within one year -€122,981
down €122,981 (-20.1%), from €612,292 to €489,311
of which Trade receivables: -€97,833
Equity and liabilities
- Reserves +€1.1m
up €1.1m (+32.6%), from €3.5m to €4.6m
of which Distributable reserves: +€991,374
- Accrued charges and deferred income +€90,524
up €90,524 (+43.2%), from €209,682 to €300,206
- Tax, wage and social debts +€76,796
up €76,796 (+76.1%), from €100,949 to €177,745
of which Remuneration and social security: +€42,721
Income statement
- Staff costs +€150,089
up €150,089 (+62.1%), from €241,691 to €391,781
- Gross operating margin +€147,266
up €147,266 (+7.4%), from €2.0m to €2.1m
- Taxes -€41,071
down €41,071 (-9.2%), from €448,601 to €407,529
- Depreciation +€26,780
up €26,780 (+18.1%), from €147,773 to €174,554
- Financial income -€23,126
down €23,126 (-84.1%), from €27,503 to €4,377
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.2m
Gross operating margin
+€147,266
Staff costs
-€150,089
Depreciation
-€26,780
Other operating charges
+€1,086
Financial income
-€23,126
Financial charges
-€6,341
Taxes
+€41,071
Result 2025
€1.1m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.7m
Investment
-€402,901
Financing
€0
Cash 2024
€145,066
From operations (derived)
+€1.7m
Net result for the year
+€1.1m
Depreciation
+€174,554
Stocks and contracts
+€1,000
Receivables within one year
+€122,981
Deferred charges and accrued income
+€56,492
Trade debts
+€28,419
Tax, wage and social debts
+€76,796
Other debts
+€10,484
Accrued charges and deferred income
+€90,524
Investment (derived)
-€402,901
Investment in fixed assets (net)
-€201,989
Current investments
-€200,913
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,600,726 | €5,941,160 | +€1.3m | +29.1% |
| Fixed assets | 21/28 | €736,683 | €764,118 | +€27,435 | +3.7% |
| Tangible fixed assets | 22/27 | €734,883 | €762,318 | +€27,435 | +3.7% |
| Land and buildings | 22 | €398,976 | €338,389 | -€60,587 | -15.2% |
| Plant, machinery and equipment | 23 | €169,056 | €178,094 | +€9,039 | +5.3% |
| Furniture and vehicles | 24 | €166,852 | €245,835 | +€78,983 | +47.3% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €3,864,043 | €5,177,042 | +€1.3m | +34.0% |
| Stocks and contracts in progress | 3 | €21,787 | €20,787 | -€1,000 | -4.6% |
| Stocks | 30/36 | €21,787 | €20,787 | -€1,000 | -4.6% |
| Amounts receivable within one year | 40/41 | €612,292 | €489,311 | -€122,981 | -20.1% |
| Trade receivables | 40 | €585,425 | €487,592 | -€97,833 | -16.7% |
| Other amounts receivable | 41 | €26,867 | €1,719 | -€25,148 | -93.6% |
| Current investments | 50/53 | €3,002,578 | €3,203,490 | +€200,913 | +6.7% |
| Cash at bank and in hand | 54/58 | €145,066 | €1,437,626 | +€1.3m | +891% |
| Deferred charges and accrued income | 490/1 | €82,319 | €25,828 | -€56,492 | -68.6% |
| Total equity and liabilities | 10/49 | €4,600,726 | €5,941,160 | +€1.3m | +29.1% |
| Equity | 10/15 | €3,697,876 | €4,832,086 | +€1.1m | +30.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €3,483,659 | €4,617,870 | +€1.1m | +32.6% |
| Tax-exempt reserves | 132 | €1,125,164 | €1,268,000 | +€142,836 | +12.7% |
| Distributable reserves | 133 | €2,358,495 | €3,349,870 | +€991,374 | +42.0% |
| Profit (loss) carried forward | 14 | €164,217 | €164,217 | = | 0.0% |
| Amounts payable | 17/49 | €902,850 | €1,109,074 | +€206,224 | +22.8% |
| Amounts payable within one year | 42/48 | €693,168 | €808,868 | +€115,700 | +16.7% |
| Trade debts | 44 | €411,612 | €440,031 | +€28,419 | +6.9% |
| Suppliers | 440/4 | €411,612 | €440,031 | +€28,419 | +6.9% |
| Taxes, remuneration and social security | 45 | €100,949 | €177,745 | +€76,796 | +76.1% |
| Taxes | 450/3 | €74,005 | €108,079 | +€34,075 | +46.0% |
| Remuneration and social security | 454/9 | €26,944 | €69,666 | +€42,721 | +159% |
| Other amounts payable | 47/48 | €180,607 | €191,091 | +€10,484 | +5.8% |
| Accrued charges and deferred income | 492/3 | €209,682 | €300,206 | +€90,524 | +43.2% |
| Remuneration, social security and pensions | 62 | €241,691 | €391,781 | +€150,089 | +62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,773 | €174,554 | +€26,780 | +18.1% |
| Other operating charges | 640/8 | €14,555 | €13,469 | -€1,086 | -7.5% |
| Gross operating margin | 9900 | €1,986,939 | €2,134,205 | +€147,266 | +7.4% |
| Operating profit (loss) | 9901 | €1,582,919 | €1,554,402 | -€28,517 | -1.8% |
| Financial income | 75/76B | €27,503 | €4,377 | -€23,126 | -84.1% |
| Recurring financial income | 75 | €27,503 | €4,377 | -€23,126 | -84.1% |
| Financial charges | 65/66B | €10,698 | €17,039 | +€6,341 | +59.3% |
| Recurring financial charges | 65 | €10,698 | €17,039 | +€6,341 | +59.3% |
| Profit (loss) for the period before taxes | 9903 | €1,599,725 | €1,541,740 | -€57,985 | -3.6% |
| Income taxes | 67/77 | €448,601 | €407,529 | -€41,071 | -9.2% |
| Profit (loss) for the period | 9904 | €1,151,124 | €1,134,210 | -€16,914 | -1.5% |
| Transfer from tax-exempt reserves | 789 | €0 | €357,850 | +€357,850 | |
| Transfer to tax-exempt reserves | 689 | €551,814 | €500,686 | -€51,129 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €599,310 | €991,374 | +€392,065 | +65.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.