PWH 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.
PWH MANAGEMENT
Largest movements
- Cash +€41,080
up €41,080 (+699%), from €5,875 to €46,955
mainly Net result for the year (+€46,641) and Depreciation (+€28,074)
- Tangible fixed assets -€28,121
down €28,121 (-14.0%), from €200,671 to €172,550
of which Land and buildings: -€15,549
- Receivables within one year -€13,203
down €13,203 (-23.2%), from €56,872 to €43,669
of which Trade receivables: -€10,815
- Profit (loss) carried forward +€25,641
up €25,641 (+19.8%), from €129,598 to €155,239
- Reserves +€20,000
up €20,000 (+70.7%), from €28,279 to €48,279
- Current portion of long-term debt -€18,029
down €18,029 (-75.8%), from €23,777 to €5,748
- Provisions -€11,475
down €11,475 (-48.6%), from €23,600 to €12,125
- Trade debts -€6,984
down €6,984 (-55.1%), from €12,680 to €5,696
- Provisions -€35,075
down €35,075, from €23,600 to -€11,475
- Gross operating margin +€30,389
up €30,389 (+45.1%), from €67,335 to €97,724
- Financial charges +€16,295
up €16,295 (+673%), from €2,423 to €18,718
- Taxes +€3,608
up €3,608 (+40.5%), from €8,904 to €12,512
- Other operating charges +€1,378
up €1,378 (+73.3%), from €1,881 to €3,259
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 | €263,843 | €263,598 | -€245 | -0.1% |
| Fixed assets | 21/28 | €200,671 | €172,550 | -€28,121 | -14.0% |
| Tangible fixed assets | 22/27 | €200,671 | €172,550 | -€28,121 | -14.0% |
| Land and buildings | 22 | €153,024 | €137,475 | -€15,549 | -10.2% |
| Plant, machinery and equipment | 23 | €11,227 | €9,619 | -€1,608 | -14.3% |
| Furniture and vehicles | 24 | €36,420 | €25,456 | -€10,964 | -30.1% |
| Current assets | 29/58 | €63,172 | €91,048 | +€27,876 | +44.1% |
| Amounts receivable within one year | 40/41 | €56,872 | €43,669 | -€13,203 | -23.2% |
| Trade receivables | 40 | €39,343 | €28,528 | -€10,815 | -27.5% |
| Other amounts receivable | 41 | €17,529 | €15,141 | -€2,388 | -13.6% |
| Cash at bank and in hand | 54/58 | €5,875 | €46,955 | +€41,080 | +699% |
| Deferred charges and accrued income | 490/1 | €425 | €424 | -€1 | -0.2% |
| Total equity and liabilities | 10/49 | €263,843 | €263,598 | -€245 | -0.1% |
| Equity | 10/15 | €170,785 | €216,426 | +€45,641 | +26.7% |
| Contributions | 10/11 | €12,908 | €12,908 | = | 0.0% |
| Reserves | 13 | €28,279 | €48,279 | +€20,000 | +70.7% |
| Distributable reserves | 133 | €28,279 | €48,279 | +€20,000 | +70.7% |
| Profit (loss) carried forward | 14 | €129,598 | €155,239 | +€25,641 | +19.8% |
| Provisions and deferred taxes | 16 | €23,600 | €12,125 | -€11,475 | -48.6% |
| Provisions for liabilities and charges | 160/5 | €23,600 | €12,125 | -€11,475 | -48.6% |
| Other liabilities and charges | 164/5 | €23,600 | €12,125 | -€11,475 | -48.6% |
| Amounts payable | 17/49 | €69,458 | €35,047 | -€34,411 | -49.5% |
| Amounts payable after more than one year | 17 | €13,796 | €8,048 | -€5,748 | -41.7% |
| Financial debts | 170/4 | €13,796 | €8,048 | -€5,748 | -41.7% |
| Amounts payable within one year | 42/48 | €55,662 | €26,999 | -€28,663 | -51.5% |
| Current portion of amounts payable after more than one year | 42 | €23,777 | €5,748 | -€18,029 | -75.8% |
| Trade debts | 44 | €12,680 | €5,696 | -€6,984 | -55.1% |
| Suppliers | 440/4 | €12,680 | €5,696 | -€6,984 | -55.1% |
| Taxes, remuneration and social security | 45 | €18,372 | €14,555 | -€3,817 | -20.8% |
| Taxes | 450/3 | €18,372 | €14,555 | -€3,817 | -20.8% |
| Other amounts payable | 47/48 | €833 | €1,000 | +€167 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,191 | €28,074 | -€1,117 | -3.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €23,600 | -€11,475 | -€35,075 | |
| Other operating charges | 640/8 | €1,881 | €3,259 | +€1,378 | +73.3% |
| Gross operating margin | 9900 | €67,335 | €97,724 | +€30,389 | +45.1% |
| Operating profit (loss) | 9901 | €12,663 | €77,866 | +€65,203 | +515% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €2,423 | €18,718 | +€16,295 | +673% |
| Recurring financial charges | 65 | €2,423 | €18,718 | +€16,295 | +673% |
| Profit (loss) for the period before taxes | 9903 | €10,240 | €59,153 | +€48,913 | +478% |
| Income taxes | 67/77 | €8,904 | €12,512 | +€3,608 | +40.5% |
| Profit (loss) for the period | 9904 | €1,336 | €46,641 | +€45,305 | +3,391% |
| Profit (loss) for the period to be appropriated | 9905 | €1,336 | €46,641 | +€45,305 | +3,391% |
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 14 October 2026 via checked.be.