PW MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables after one year +€2.0m
new in 2025: €2.0m
- Receivables within one year +€386,387
up €386,387 (+7,039%), from €5,489 to €391,876
of which Other amounts receivable: +€365,669
- Deferred charges and accrued income +€76,220
up €76,220 (+51,907%), from €147 to €76,366
- Debts after one year +€2.0m
up €2.0m, from €0 to €2.0m
- Other debts +€220,024
up €220,024 (+275%), from €79,990 to €300,014
- Reserves +€132,076
up €132,076 (+5.6%), from €2.3m to €2.5m
of which Distributable reserves: +€271,289
- Accrued charges and deferred income +€74,944
up €74,944 (+5,974%), from €1,254 to €76,199
- Gross operating margin -€106,004
down €106,004 (-19.5%), from €542,318 to €436,314
- Financial income +€73,696
up €73,696 (+2,944%), from €2,503 to €76,199
- Financial charges +€70,899
up €70,899 (+1,208%), from €5,869 to €76,767
- Taxes -€27,495
down €27,495 (-37.6%), from €73,142 to €45,646
- Staff costs +€7,666
up €7,666 (+3.1%), from €250,230 to €257,895
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 | €2,781,688 | €5,204,946 | +€2.4m | +87.1% |
| Fixed assets | 21/28 | €2,494,855 | €2,494,855 | = | 0.0% |
| Financial fixed assets | 28 | €2,494,855 | €2,494,855 | = | 0.0% |
| Current assets | 29/58 | €286,833 | €2,710,091 | +€2.4m | +845% |
| Amounts receivable after more than one year | 29 | - | €2,000,000 | +€2.0m | |
| Other amounts receivable | 291 | - | €2,000,000 | +€2.0m | |
| Amounts receivable within one year | 40/41 | €5,489 | €391,876 | +€386,387 | +7,039% |
| Trade receivables | 40 | €1,489 | €22,207 | +€20,717 | +1,391% |
| Other amounts receivable | 41 | €4,000 | €369,669 | +€365,669 | +9,142% |
| Current investments | 50/53 | €224,500 | €224,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,697 | €17,348 | -€39,349 | -69.4% |
| Deferred charges and accrued income | 490/1 | €147 | €76,366 | +€76,220 | +51,907% |
| Total equity and liabilities | 10/49 | €2,781,688 | €5,204,946 | +€2.4m | +87.1% |
| Equity | 10/15 | €2,641,250 | €2,773,327 | +€132,076 | +5.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €2,341,250 | €2,473,327 | +€132,076 | +5.6% |
| Non-distributable reserves | 130/1 | €224,500 | €224,500 | = | 0.0% |
| Own shares acquired | 1312 | €224,500 | €224,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €172,893 | €33,680 | -€139,213 | -80.5% |
| Distributable reserves | 133 | €1,943,857 | €2,215,147 | +€271,289 | +14.0% |
| Amounts payable | 17/49 | €140,438 | €2,431,619 | +€2.3m | +1,631% |
| Amounts payable after more than one year | 17 | €0 | €2,000,000 | +€2.0m | |
| Financial debts | 170/4 | €0 | €2,000,000 | +€2.0m | |
| Amounts payable within one year | 42/48 | €139,183 | €355,420 | +€216,237 | +155% |
| Current portion of amounts payable after more than one year | 42 | €1,725 | €0 | -€1,725 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €9,295 | €8,383 | -€912 | -9.8% |
| Suppliers | 440/4 | €9,295 | €8,383 | -€912 | -9.8% |
| Taxes, remuneration and social security | 45 | €48,173 | €47,023 | -€1,150 | -2.4% |
| Taxes | 450/3 | €13,296 | €12,497 | -€799 | -6.0% |
| Remuneration and social security | 454/9 | €34,877 | €34,525 | -€352 | -1.0% |
| Other amounts payable | 47/48 | €79,990 | €300,014 | +€220,024 | +275% |
| Accrued charges and deferred income | 492/3 | €1,254 | €76,199 | +€74,944 | +5,974% |
| Remuneration, social security and pensions | 62 | €250,230 | €257,895 | +€7,666 | +3.1% |
| Other operating charges | 640/8 | - | €128 | +€128 | |
| Gross operating margin | 9900 | €542,318 | €436,314 | -€106,004 | -19.5% |
| Operating profit (loss) | 9901 | €292,088 | €178,291 | -€113,797 | -39.0% |
| Financial income | 75/76B | €2,503 | €76,199 | +€73,696 | +2,944% |
| Recurring financial income | 75 | €2,503 | €76,199 | +€73,696 | +2,944% |
| Financial charges | 65/66B | €5,869 | €76,767 | +€70,899 | +1,208% |
| Recurring financial charges | 65 | €5,869 | €76,767 | +€70,899 | +1,208% |
| Profit (loss) for the period before taxes | 9903 | €288,723 | €177,723 | -€111,000 | -38.4% |
| Income taxes | 67/77 | €73,142 | €45,646 | -€27,495 | -37.6% |
| Profit (loss) for the period | 9904 | €215,581 | €132,076 | -€83,505 | -38.7% |
| Transfer from tax-exempt reserves | 789 | €108,130 | €139,213 | +€31,084 | +28.7% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €323,710 | €271,289 | -€52,421 | -16.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.