PW HOLDING: 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.
PW HOLDING
Largest movements
- Tangible fixed assets -€27,132
down €27,132 (-15.6%), from €173,530 to €146,397
of which Furniture and vehicles: -€14,132
- Cash +€15,328
up €15,328 (+500%), from €3,065 to €18,393
mainly Net result for the year (+€103,975) and Depreciation (+€27,132)
- Debts after one year -€25,920
down €25,920 (-14.1%), from €183,710 to €157,790
- Other debts +€8,909
up €8,909 (+891%), from €1,000 to €9,909
- Gross operating margin -€60,470
down €60,470 (-25.0%), from €241,412 to €180,942
- Taxes -€18,458
down €18,458 (-30.4%), from €60,671 to €42,213
- Financial charges -€2,443
down €2,443 (-26.9%), from €9,069 to €6,626
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 | €577,867 | €565,314 | -€12,553 | -2.2% |
| Fixed assets | 21/28 | €573,530 | €546,397 | -€27,132 | -4.7% |
| Tangible fixed assets | 22/27 | €173,530 | €146,397 | -€27,132 | -15.6% |
| Land and buildings | 22 | €117,000 | €104,000 | -€13,000 | -11.1% |
| Furniture and vehicles | 24 | €56,530 | €42,397 | -€14,132 | -25.0% |
| Financial fixed assets | 28 | €400,000 | €400,000 | = | 0.0% |
| Current assets | 29/58 | €4,337 | €18,917 | +€14,580 | +336% |
| Amounts receivable within one year | 40/41 | €766 | - | -€766 | |
| Trade receivables | 40 | €197 | - | -€197 | |
| Other amounts receivable | 41 | €568 | - | -€568 | |
| Cash at bank and in hand | 54/58 | €3,065 | €18,393 | +€15,328 | +500% |
| Deferred charges and accrued income | 490/1 | €507 | €524 | +€17 | +3.4% |
| Total equity and liabilities | 10/49 | €577,867 | €565,314 | -€12,553 | -2.2% |
| Equity | 10/15 | €347,621 | €346,850 | -€772 | -0.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €335,221 | €334,450 | -€772 | -0.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €333,361 | €332,590 | -€772 | -0.2% |
| Amounts payable | 17/49 | €230,246 | €218,464 | -€11,781 | -5.1% |
| Amounts payable after more than one year | 17 | €183,710 | €157,790 | -€25,920 | -14.1% |
| Financial debts | 170/4 | €183,710 | €157,790 | -€25,920 | -14.1% |
| Amounts payable within one year | 42/48 | €44,845 | €58,984 | +€14,139 | +31.5% |
| Current portion of amounts payable after more than one year | 42 | €26,441 | €25,920 | -€521 | -2.0% |
| Trade debts | 44 | €140 | €483 | +€343 | +245% |
| Suppliers | 440/4 | €140 | €483 | +€343 | +245% |
| Taxes, remuneration and social security | 45 | €17,264 | €22,671 | +€5,407 | +31.3% |
| Taxes | 450/3 | €14,114 | €22,671 | +€8,557 | +60.6% |
| Remuneration and social security | 454/9 | €3,150 | - | -€3,150 | |
| Other amounts payable | 47/48 | €1,000 | €9,909 | +€8,909 | +891% |
| Accrued charges and deferred income | 492/3 | €1,690 | €1,690 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,132 | €27,132 | = | 0.0% |
| Other operating charges | 640/8 | €1,020 | €996 | -€24 | -2.4% |
| Gross operating margin | 9900 | €241,412 | €180,942 | -€60,470 | -25.0% |
| Operating profit (loss) | 9901 | €213,260 | €152,814 | -€60,446 | -28.3% |
| Financial income | 75/76B | €1 | €0 | -€1 | -89.1% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -89.1% |
| Financial charges | 65/66B | €9,069 | €6,626 | -€2,443 | -26.9% |
| Recurring financial charges | 65 | €9,069 | €6,626 | -€2,443 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €204,192 | €146,188 | -€58,004 | -28.4% |
| Income taxes | 67/77 | €60,671 | €42,213 | -€18,458 | -30.4% |
| Profit (loss) for the period | 9904 | €143,521 | €103,975 | -€39,546 | -27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €143,521 | €103,975 | -€39,546 | -27.6% |
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 22 October 2026 via checked.be.