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
- Cash +€78,016
up €78,016 (+434%), from €17,956 to €95,972
mainly Current portion of long-term debt (+€130,951) and Net result for the year (+€97,100)
- Current investments -€50,000
down €50,000 (-25.0%), from €200,000 to €150,000
- Receivables within one year +€24,396
up €24,396 (+5,873%), from €415 to €24,811
of which Trade receivables: +€24,811
- Tangible fixed assets +€11,851
up €11,851 (+4.0%), from €297,887 to €309,739
of which Other tangible fixed assets: +€10,087
- Debts after one year -€202,551
down €202,551 (-100%), from €202,551 to €0
- Current portion of long-term debt +€130,951
up €130,951 (+183%), from €71,600 to €202,551
- Profit (loss) carried forward +€97,100
up €97,100 (+57.1%), from €169,990 to €267,091
- Trade debts +€24,666
up €24,666 (+2,473%), from €997 to €25,663
- Tax, wage and social debts +€10,430
up €10,430 (+128%), from €8,170 to €18,599
- Turnover -€243,007
no longer reported in 2025 (was €243,007)
- Purchases and services -€84,252
no longer reported in 2025 (was €84,252)
- Gross operating margin +€21,466
up €21,466 (+13.5%), from €158,755 to €180,221
- Other operating charges +€11,730
up €11,730 (+48.0%), from €24,444 to €36,173
- Taxes -€3,102
down €3,102 (-9.0%), from €34,611 to €31,509
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 | €526,530 | €591,011 | +€64,481 | +12.2% |
| Fixed assets | 21/28 | €297,887 | €309,739 | +€11,851 | +4.0% |
| Tangible fixed assets | 22/27 | €297,887 | €309,739 | +€11,851 | +4.0% |
| Land and buildings | 22 | €236,000 | €236,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €27,536 | €36,216 | +€8,679 | +31.5% |
| Furniture and vehicles | 24 | €31,487 | €27,436 | -€4,051 | -12.9% |
| Other tangible fixed assets | 26 | - | €10,087 | +€10,087 | |
| Assets under construction and advance payments | 27 | €2,864 | €0 | -€2,864 | -100% |
| Current assets | 29/58 | €228,642 | €281,272 | +€52,630 | +23.0% |
| Amounts receivable within one year | 40/41 | €415 | €24,811 | +€24,396 | +5,873% |
| Trade receivables | 40 | - | €24,811 | +€24,811 | |
| Other amounts receivable | 41 | €415 | €0 | -€415 | -100% |
| Current investments | 50/53 | €200,000 | €150,000 | -€50,000 | -25.0% |
| Cash at bank and in hand | 54/58 | €17,956 | €95,972 | +€78,016 | +434% |
| Deferred charges and accrued income | 490/1 | €10,271 | €10,489 | +€218 | +2.1% |
| Total equity and liabilities | 10/49 | €526,530 | €591,011 | +€64,481 | +12.2% |
| Equity | 10/15 | €176,784 | €273,884 | +€97,100 | +54.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €593 | €593 | = | 0.0% |
| Non-distributable reserves | 130/1 | €155 | €155 | = | 0.0% |
| Reserves not available under the articles | 1311 | €155 | €155 | = | 0.0% |
| Distributable reserves | 133 | €438 | €438 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169,990 | €267,091 | +€97,100 | +57.1% |
| Amounts payable | 17/49 | €349,746 | €317,127 | -€32,619 | -9.3% |
| Amounts payable after more than one year | 17 | €202,551 | €0 | -€202,551 | -100% |
| Financial debts | 170/4 | €202,551 | €0 | -€202,551 | -100% |
| Amounts payable within one year | 42/48 | €147,195 | €317,127 | +€169,932 | +115% |
| Current portion of amounts payable after more than one year | 42 | €71,600 | €202,551 | +€130,951 | +183% |
| Trade debts | 44 | €997 | €25,663 | +€24,666 | +2,473% |
| Suppliers | 440/4 | €997 | €25,663 | +€24,666 | +2,473% |
| Taxes, remuneration and social security | 45 | €8,170 | €18,599 | +€10,430 | +128% |
| Taxes | 450/3 | €8,170 | €18,599 | +€10,430 | +128% |
| Other amounts payable | 47/48 | €66,429 | €70,314 | +€3,885 | +5.8% |
| Turnover | 70 | €243,007 | - | -€243,007 | |
| Goods, raw materials, services and sundry goods | 60/61 | €84,252 | - | -€84,252 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,339 | €8,292 | +€954 | +13.0% |
| Other operating charges | 640/8 | €24,444 | €36,173 | +€11,730 | +48.0% |
| Gross operating margin | 9900 | €158,755 | €180,221 | +€21,466 | +13.5% |
| Operating profit (loss) | 9901 | €126,972 | €135,755 | +€8,783 | +6.9% |
| Financial income | 75/76B | €6,625 | €4,323 | -€2,302 | -34.7% |
| Recurring financial income | 75 | €6,625 | €4,323 | -€2,302 | -34.7% |
| Financial charges | 65/66B | €12,050 | €11,470 | -€580 | -4.8% |
| Recurring financial charges | 65 | €12,050 | €11,470 | -€580 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €121,547 | €128,609 | +€7,061 | +5.8% |
| Income taxes | 67/77 | €34,611 | €31,509 | -€3,102 | -9.0% |
| Profit (loss) for the period | 9904 | €86,936 | €97,100 | +€10,164 | +11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €86,936 | €97,100 | +€10,164 | +11.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.