RW-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.
RW-MANAGEMENT
Largest movements
- Receivables within one year -€457,164
down €457,164 (-100.0%), from €457,165 to €1
of which Trade receivables: -€457,165
- Tangible fixed assets +€44,705
up €44,705 (+10.4%), from €429,662 to €474,368
of which Furniture and vehicles: +€65,138
- Cash +€42,373
up €42,373 (+39.1%), from €108,346 to €150,719
mainly Receivables within one year (+€457,164) and Depreciation (+€50,882)
- Current portion of long-term debt -€139,444
down €139,444 (-83.8%), from €166,478 to €27,034
- Other debts -€135,243
down €135,243 (-94.6%), from €142,927 to €7,684
- Debts after one year -€52,187
down €52,187 (-23.0%), from €227,209 to €175,022
- Profit (loss) carried forward -€32,856
down €32,856 (-66.7%), from €49,226 to €16,370
- Financial income -€359,070
down €359,070 (-99.3%), from €361,517 to €2,448
- Depreciation +€18,074
up €18,074 (+55.1%), from €32,808 to €50,882
- Gross operating margin -€13,252
down €13,252 (-23.9%), from €55,365 to €42,113
- Taxes +€5,531
up €5,531 (+88.3%), from €6,266 to €11,798
- Financial charges -€3,322
down €3,322 (-22.0%), from €15,093 to €11,771
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 | €997,346 | €626,906 | -€370,440 | -37.1% |
| Fixed assets | 21/28 | €431,835 | €476,185 | +€44,351 | +10.3% |
| Tangible fixed assets | 22/27 | €429,662 | €474,368 | +€44,705 | +10.4% |
| Land and buildings | 22 | €417,615 | €397,183 | -€20,432 | -4.9% |
| Furniture and vehicles | 24 | €12,047 | €77,185 | +€65,138 | +541% |
| Financial fixed assets | 28 | €2,172 | €1,817 | -€355 | -16.3% |
| Current assets | 29/58 | €565,511 | €150,721 | -€414,790 | -73.3% |
| Amounts receivable within one year | 40/41 | €457,165 | €1 | -€457,164 | -100.0% |
| Trade receivables | 40 | €457,165 | - | -€457,165 | |
| Other amounts receivable | 41 | - | €1 | +€1 | |
| Cash at bank and in hand | 54/58 | €108,346 | €150,719 | +€42,373 | +39.1% |
| Total equity and liabilities | 10/49 | €997,346 | €626,906 | -€370,440 | -37.1% |
| Equity | 10/15 | €444,086 | €411,230 | -€32,856 | -7.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €376,260 | €376,260 | = | 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% |
| Tax-exempt reserves | 132 | €374,400 | €374,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,226 | €16,370 | -€32,856 | -66.7% |
| Amounts payable | 17/49 | €553,260 | €215,677 | -€337,583 | -61.0% |
| Amounts payable after more than one year | 17 | €227,209 | €175,022 | -€52,187 | -23.0% |
| Financial debts | 170/4 | €227,209 | €175,022 | -€52,187 | -23.0% |
| Amounts payable within one year | 42/48 | €325,663 | €40,655 | -€285,009 | -87.5% |
| Current portion of amounts payable after more than one year | 42 | €166,478 | €27,034 | -€139,444 | -83.8% |
| Trade debts | 44 | €9,462 | €3,266 | -€6,196 | -65.5% |
| Suppliers | 440/4 | €9,462 | €3,266 | -€6,196 | -65.5% |
| Taxes, remuneration and social security | 45 | €6,796 | €2,671 | -€4,125 | -60.7% |
| Taxes | 450/3 | €6,796 | €2,671 | -€4,125 | -60.7% |
| Other amounts payable | 47/48 | €142,927 | €7,684 | -€135,243 | -94.6% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,808 | €50,882 | +€18,074 | +55.1% |
| Other operating charges | 640/8 | €2,641 | €2,966 | +€325 | +12.3% |
| Gross operating margin | 9900 | €55,365 | €42,113 | -€13,252 | -23.9% |
| Operating profit (loss) | 9901 | €19,916 | -€11,735 | -€31,651 | |
| Financial income | 75/76B | €361,517 | €2,448 | -€359,070 | -99.3% |
| Recurring financial income | 75 | €361,517 | €2,448 | -€359,070 | -99.3% |
| Financial charges | 65/66B | €15,093 | €11,771 | -€3,322 | -22.0% |
| Recurring financial charges | 65 | €15,093 | €11,771 | -€3,322 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €366,340 | -€21,059 | -€387,398 | |
| Income taxes | 67/77 | €6,266 | €11,798 | +€5,531 | +88.3% |
| Profit (loss) for the period | 9904 | €360,073 | -€32,856 | -€392,930 | |
| Profit (loss) for the period to be appropriated | 9905 | €360,073 | -€32,856 | -€392,930 |
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 13 October 2026 via checked.be.