PWL Group: 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.
PWL Group
Largest movements
- Receivables after one year -€54,627
down €54,627 (-67.0%), from €81,562 to €26,934
- Financial fixed assets +€49,732
up €49,732 (+6.9%), from €721,221 to €770,953
- Receivables within one year +€29,979
up €29,979 (+29.0%), from €103,227 to €133,206
of which Other amounts receivable: +€91,292
- Tangible fixed assets -€19,678
down €19,678 (-98.2%), from €20,033 to €356
of which Furniture and vehicles: -€19,056
- Debts after one year -€75,869
down €75,869 (-36.4%), from €208,681 to €132,812
- Reserves +€62,354
up €62,354 (+20.7%), from €301,659 to €364,013
of which Distributable reserves: +€62,354
- Tax, wage and social debts +€22,610
up €22,610 (+529.8%), from €4,268 to €26,878
of which Taxes: +€25,410
- Current portion of long-term debt -€12,798
down €12,798 (-12.0%), from €106,589 to €93,790
- Other debts +€11,431
up €11,431 (+3.8%), from €304,053 to €315,484
- Taxes +€15,826
up €15,826 (+35.1%), from €45,095 to €60,921
- Gross operating margin +€12,124
up €12,124 (+6.1%), from €197,253 to €209,378
- Write-downs -€9,996
down €9,996 (-100.0%), from €9,996 to €0
- Depreciation -€4,541
down €4,541 (-31.0%), from €14,641 to €10,100
- Financial charges +€3,596
up €3,596 (+64.0%), from €5,620 to €9,216
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 | €957,700 | €958,814 | +€1,114 | +0.1% |
| Fixed assets | 21/28 | €741,254 | €771,309 | +€30,054 | +4.1% |
| Tangible fixed assets | 22/27 | €20,033 | €356 | -€19,678 | -98.2% |
| Plant, machinery and equipment | 23 | €909 | €287 | -€622 | -68.4% |
| Furniture and vehicles | 24 | €19,124 | €68 | -€19,056 | -99.6% |
| Financial fixed assets | 28 | €721,221 | €770,953 | +€49,732 | +6.9% |
| Current assets | 29/58 | €216,446 | €187,506 | -€28,940 | -13.4% |
| Amounts receivable after more than one year | 29 | €81,562 | €26,934 | -€54,627 | -67.0% |
| Other amounts receivable | 291 | €81,562 | €26,934 | -€54,627 | -67.0% |
| Amounts receivable within one year | 40/41 | €103,227 | €133,206 | +€29,979 | +29.0% |
| Trade receivables | 40 | €101,309 | €39,996 | -€61,313 | -60.5% |
| Other amounts receivable | 41 | €1,918 | €93,210 | +€91,292 | +4760.6% |
| Cash at bank and in hand | 54/58 | €29,371 | €24,089 | -€5,282 | -18.0% |
| Deferred charges and accrued income | 490/1 | €2,286 | €3,277 | +€990 | +43.3% |
| Total equity and liabilities | 10/49 | €957,700 | €958,814 | +€1,114 | +0.1% |
| Equity | 10/15 | €320,259 | €382,613 | +€62,354 | +19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €301,659 | €364,013 | +€62,354 | +20.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,607 | €5,607 | = | 0.0% |
| Distributable reserves | 133 | €294,193 | €356,547 | +€62,354 | +21.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €637,441 | €576,201 | -€61,240 | -9.6% |
| Amounts payable after more than one year | 17 | €208,681 | €132,812 | -€75,869 | -36.4% |
| Financial debts | 170/4 | €208,681 | €132,812 | -€75,869 | -36.4% |
| Amounts payable within one year | 42/48 | €428,760 | €440,294 | +€11,534 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €106,589 | €93,790 | -€12,798 | -12.0% |
| Trade debts | 44 | €13,850 | €4,141 | -€9,709 | -70.1% |
| Suppliers | 440/4 | €13,850 | €4,141 | -€9,709 | -70.1% |
| Taxes, remuneration and social security | 45 | €4,268 | €26,878 | +€22,610 | +529.8% |
| Taxes | 450/3 | €1,468 | €26,878 | +€25,410 | +1731.4% |
| Remuneration and social security | 454/9 | €2,800 | €0 | -€2,800 | -100.0% |
| Other amounts payable | 47/48 | €304,053 | €315,484 | +€11,431 | +3.8% |
| Accrued charges and deferred income | 492/3 | - | €3,096 | +€3,096 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,641 | €10,100 | -€4,541 | -31.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,996 | €0 | -€9,996 | -100.0% |
| Other operating charges | 640/8 | €632 | €1,307 | +€675 | +106.8% |
| Non-recurring operating charges | 66A | - | €9,577 | +€9,577 | |
| Gross operating margin | 9900 | €197,253 | €209,378 | +€12,124 | +6.1% |
| Operating profit (loss) | 9901 | €171,984 | €188,393 | +€16,409 | +9.5% |
| Financial income | 75/76B | €2,137 | €1,600 | -€537 | -25.1% |
| Recurring financial income | 75 | €2,137 | €1,600 | -€537 | -25.1% |
| Financial charges | 65/66B | €5,620 | €9,216 | +€3,596 | +64.0% |
| Recurring financial charges | 65 | €5,620 | €9,216 | +€3,596 | +64.0% |
| Profit (loss) for the period before taxes | 9903 | €168,501 | €180,777 | +€12,276 | +7.3% |
| Income taxes | 67/77 | €45,095 | €60,921 | +€15,826 | +35.1% |
| Profit (loss) for the period | 9904 | €123,407 | €119,857 | -€3,550 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €123,407 | €119,857 | -€3,550 | -2.9% |
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 11 October 2026 via checked.be.