PWX: 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.
PWX
Largest movements
- Receivables after one year +€37,500
up €37,500 (+502%), from €7,475 to €44,975
- Cash -€15,149
down €15,149 (-27.4%), from €55,372 to €40,223
mainly Receivables after one year (-€37,500) and Other debts (-€23,679)
- Receivables within one year +€13,921
up €13,921 (+50.8%), from €27,401 to €41,321
of which Trade receivables: +€10,806
- Tangible fixed assets -€9,219
down €9,219 (-2.1%), from €430,301 to €421,082
of which Land and buildings: -€7,210
- Reserves +€65,437
up €65,437 (+36.5%), from €179,136 to €244,573
- Other debts -€23,679
down €23,679 (-28.4%), from €83,359 to €59,681
- Debts after one year -€19,667
down €19,667 (-9.8%), from €201,584 to €181,917
- Tax, wage and social debts +€6,404
up €6,404 (+35.2%), from €18,177 to €24,581
- Gross operating margin +€39,387
up €39,387 (+47.4%), from €83,101 to €122,488
- Taxes +€11,168
up €11,168 (+78.6%), from €14,208 to €25,376
- Depreciation -€4,870
down €4,870 (-15.3%), from €31,799 to €26,929
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 | €520,834 | €547,887 | +€27,053 | +5.2% |
| Fixed assets | 21/28 | €430,586 | €421,367 | -€9,219 | -2.1% |
| Tangible fixed assets | 22/27 | €430,301 | €421,082 | -€9,219 | -2.1% |
| Land and buildings | 22 | €406,316 | €399,106 | -€7,210 | -1.8% |
| Plant, machinery and equipment | 23 | €10,410 | €10,728 | +€318 | +3.1% |
| Furniture and vehicles | 24 | €13,575 | €11,248 | -€2,327 | -17.1% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €90,248 | €126,520 | +€36,272 | +40.2% |
| Amounts receivable after more than one year | 29 | €7,475 | €44,975 | +€37,500 | +502% |
| Trade receivables | 290 | €7,475 | €44,975 | +€37,500 | +502% |
| Amounts receivable within one year | 40/41 | €27,401 | €41,321 | +€13,921 | +50.8% |
| Trade receivables | 40 | €26,451 | €37,257 | +€10,806 | +40.9% |
| Other amounts receivable | 41 | €950 | €4,065 | +€3,114 | +328% |
| Cash at bank and in hand | 54/58 | €55,372 | €40,223 | -€15,149 | -27.4% |
| Total equity and liabilities | 10/49 | €520,834 | €547,887 | +€27,053 | +5.2% |
| Equity | 10/15 | €194,122 | €259,559 | +€65,437 | +33.7% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Contributions outside capital | 11 | €12,500 | €12,500 | = | 0.0% |
| Other | 1109/19 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €179,136 | €244,573 | +€65,437 | +36.5% |
| Distributable reserves | 133 | €179,136 | €244,573 | +€65,437 | +36.5% |
| Profit (loss) carried forward | 14 | €2,486 | €2,486 | = | 0.0% |
| Amounts payable | 17/49 | €326,712 | €288,328 | -€38,384 | -11.7% |
| Amounts payable after more than one year | 17 | €201,584 | €181,917 | -€19,667 | -9.8% |
| Financial debts | 170/4 | €201,584 | €181,917 | -€19,667 | -9.8% |
| Amounts payable within one year | 42/48 | €124,029 | €105,311 | -€18,717 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €19,667 | €19,667 | = | 0.0% |
| Trade debts | 44 | €2,825 | €1,383 | -€1,442 | -51.0% |
| Suppliers | 440/4 | €2,825 | €1,383 | -€1,442 | -51.0% |
| Taxes, remuneration and social security | 45 | €18,177 | €24,581 | +€6,404 | +35.2% |
| Taxes | 450/3 | €18,177 | €24,581 | +€6,404 | +35.2% |
| Other amounts payable | 47/48 | €83,359 | €59,681 | -€23,679 | -28.4% |
| Accrued charges and deferred income | 492/3 | €1,100 | €1,100 | = | 0.0% |
| Non-recurring operating income | 76A | €158 | - | -€158 | |
| Remuneration, social security and pensions | 62 | €242 | €798 | +€557 | +230% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,799 | €26,929 | -€4,870 | -15.3% |
| Other operating charges | 640/8 | €445 | €178 | -€267 | -60.0% |
| Gross operating margin | 9900 | €83,101 | €122,488 | +€39,387 | +47.4% |
| Operating profit (loss) | 9901 | €50,615 | €94,583 | +€43,968 | +86.9% |
| Financial income | 75/76B | €8 | €5 | -€3 | -36.5% |
| Recurring financial income | 75 | €8 | €5 | -€3 | -36.5% |
| Financial charges | 65/66B | €4,200 | €3,775 | -€426 | -10.1% |
| Recurring financial charges | 65 | €4,200 | €3,775 | -€426 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €46,422 | €90,813 | +€44,391 | +95.6% |
| Income taxes | 67/77 | €14,208 | €25,376 | +€11,168 | +78.6% |
| Profit (loss) for the period | 9904 | €32,214 | €65,437 | +€33,223 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €32,214 | €65,437 | +€33,223 | +103% |
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 23 October 2026 via checked.be.