PWL Construct: what changed
Two fiscal 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.
PWL Construct
Largest movements
- Receivables within one year +€345,210
up €345,210 (+88.8%), from €388,796 to €734,006
of which Trade receivables: +€216,720
- Tangible fixed assets +€40,975
up €40,975 (+17.5%), from €234,235 to €275,209
of which Furniture and vehicles: +€63,309
- Cash -€19,301
down €19,301 (-32.3%), from €59,847 to €40,545
mainly Receivables within one year (-€345,210) and Investment in fixed assets (net) (-€149,630)
- Other debts +€165,000
up €165,000 (+41.8%), from €395,165 to €560,165
- Trade debts +€161,794
up €161,794 (+83.6%), from €193,606 to €355,399
- Profit (loss) carried forward +€57,655
up €57,655 (+30.3%), from €190,032 to €247,687
- Tax, wage and social debts -€15,181
down €15,181 (-38.6%), from €39,314 to €24,133
of which Remuneration and social security: -€9,903
- Staff costs -€83,028
down €83,028 (-22.8%), from €363,966 to €280,938
- Depreciation +€23,572
up €23,572 (+27.7%), from €85,084 to €108,656
- Gross operating margin -€22,403
down €22,403 (-4.8%), from €465,564 to €443,161
- Financial charges -€6,013
down €6,013, from €334 to -€5,679
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.
Cash bridge derived
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 | €838,576 | €1,207,845 | +€369,268 | +44.0% |
| Fixed assets | 21/28 | €249,934 | €290,908 | +€40,975 | +16.4% |
| Tangible fixed assets | 22/27 | €234,235 | €275,209 | +€40,975 | +17.5% |
| Plant, machinery and equipment | 23 | €79,576 | €57,241 | -€22,335 | -28.1% |
| Furniture and vehicles | 24 | €154,659 | €217,968 | +€63,309 | +40.9% |
| Financial fixed assets | 28 | €15,699 | €15,699 | = | 0.0% |
| Current assets | 29/58 | €588,642 | €916,936 | +€328,294 | +55.8% |
| Stocks and contracts in progress | 3 | €140,000 | €140,000 | = | 0.0% |
| Contracts in progress | 37 | €140,000 | €140,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €388,796 | €734,006 | +€345,210 | +88.8% |
| Trade receivables | 40 | €360,070 | €576,790 | +€216,720 | +60.2% |
| Other amounts receivable | 41 | €28,726 | €157,216 | +€128,490 | +447.3% |
| Cash at bank and in hand | 54/58 | €59,847 | €40,545 | -€19,301 | -32.3% |
| Deferred charges and accrued income | 490/1 | €0 | €2,385 | +€2,385 | |
| Total equity and liabilities | 10/49 | €838,576 | €1,207,845 | +€369,268 | +44.0% |
| Equity | 10/15 | €210,492 | €268,147 | +€57,655 | +27.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €190,032 | €247,687 | +€57,655 | +30.3% |
| Amounts payable | 17/49 | €628,085 | €939,698 | +€311,613 | +49.6% |
| Amounts payable within one year | 42/48 | €628,085 | €939,698 | +€311,613 | +49.6% |
| Trade debts | 44 | €193,606 | €355,399 | +€161,794 | +83.6% |
| Suppliers | 440/4 | €193,606 | €355,399 | +€161,794 | +83.6% |
| Taxes, remuneration and social security | 45 | €39,314 | €24,133 | -€15,181 | -38.6% |
| Taxes | 450/3 | €6,057 | €780 | -€5,277 | -87.1% |
| Remuneration and social security | 454/9 | €33,257 | €23,353 | -€9,903 | -29.8% |
| Other amounts payable | 47/48 | €395,165 | €560,165 | +€165,000 | +41.8% |
| Remuneration, social security and pensions | 62 | €363,966 | €280,938 | -€83,028 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,084 | €108,656 | +€23,572 | +27.7% |
| Other operating charges | 640/8 | €3,338 | €1,788 | -€1,551 | -46.4% |
| Gross operating margin | 9900 | €465,564 | €443,161 | -€22,403 | -4.8% |
| Operating profit (loss) | 9901 | €13,176 | €51,779 | +€38,603 | +293.0% |
| Financial income | 75/76B | €356 | €197 | -€159 | -44.6% |
| Recurring financial income | 75 | €356 | €197 | -€159 | -44.6% |
| Financial charges | 65/66B | €334 | -€5,679 | -€6,013 | |
| Recurring financial charges | 65 | €334 | -€5,679 | -€6,013 | |
| Profit (loss) for the period before taxes | 9903 | €13,198 | €57,655 | +€44,457 | +336.9% |
| Income taxes | 67/77 | €4,531 | €0 | -€4,531 | -100.0% |
| Profit (loss) for the period | 9904 | €8,666 | €57,655 | +€48,989 | +565.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,666 | €57,655 | +€48,989 | +565.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.