RW Panels: 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 Panels
Largest movements
- Cash -€62,117
down €62,117 (-86.5%), from €71,808 to €9,692
mainly Net result for the year (-€30,122) and Trade debts (-€22,872)
- Tangible fixed assets -€22,485
down €22,485 (-30.1%), from €74,795 to €52,310
of which Plant, machinery and equipment: -€19,935
- Intangible fixed assets +€6,654
new in 2025: €6,654
- Stocks and contracts +€5,337
up €5,337 (+25.0%), from €21,312 to €26,649
- Receivables within one year +€3,778
up €3,778 (+7.4%), from €50,914 to €54,692
of which Other amounts receivable: +€13,195
- Reserves -€30,122
down €30,122 (-45.2%), from €66,630 to €36,507
- Trade debts -€22,872
down €22,872 (-47.6%), from €48,062 to €25,190
- Debts after one year -€10,076
down €10,076 (-16.1%), from €62,412 to €52,336
- Other debts -€2,740
down €2,740 (-33.2%), from €8,256 to €5,516
- Gross operating margin -€67,777
down €67,777, from €64,961 to -€2,816
- Depreciation -€8,988
down €8,988 (-28.3%), from €31,747 to €22,759
- Taxes -€6,100
no longer reported in 2025 (was €6,100)
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 | €225,002 | €156,473 | -€68,529 | -30.5% |
| Fixed assets | 21/28 | €78,620 | €62,789 | -€15,831 | -20.1% |
| Intangible fixed assets | 21 | - | €6,654 | +€6,654 | |
| Tangible fixed assets | 22/27 | €74,795 | €52,310 | -€22,485 | -30.1% |
| Land and buildings | 22 | €1,688 | €1,452 | -€236 | -14.0% |
| Plant, machinery and equipment | 23 | €65,984 | €46,049 | -€19,935 | -30.2% |
| Furniture and vehicles | 24 | €7,122 | €4,808 | -€2,314 | -32.5% |
| Financial fixed assets | 28 | €3,825 | €3,825 | = | 0.0% |
| Current assets | 29/58 | €146,382 | €93,684 | -€52,699 | -36.0% |
| Stocks and contracts in progress | 3 | €21,312 | €26,649 | +€5,337 | +25.0% |
| Stocks | 30/36 | €21,312 | €26,649 | +€5,337 | +25.0% |
| Amounts receivable within one year | 40/41 | €50,914 | €54,692 | +€3,778 | +7.4% |
| Trade receivables | 40 | €50,914 | €41,497 | -€9,417 | -18.5% |
| Other amounts receivable | 41 | - | €13,195 | +€13,195 | |
| Cash at bank and in hand | 54/58 | €71,808 | €9,692 | -€62,117 | -86.5% |
| Deferred charges and accrued income | 490/1 | €2,348 | €2,652 | +€304 | +12.9% |
| Total equity and liabilities | 10/49 | €225,002 | €156,473 | -€68,529 | -30.5% |
| Equity | 10/15 | €75,630 | €45,507 | -€30,122 | -39.8% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €66,630 | €36,507 | -€30,122 | -45.2% |
| Distributable reserves | 133 | €66,630 | €36,507 | -€30,122 | -45.2% |
| Amounts payable | 17/49 | €149,372 | €110,965 | -€38,407 | -25.7% |
| Amounts payable after more than one year | 17 | €62,412 | €52,336 | -€10,076 | -16.1% |
| Financial debts | 170/4 | €62,412 | €52,336 | -€10,076 | -16.1% |
| Amounts payable within one year | 42/48 | €86,961 | €58,630 | -€28,331 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €11,102 | €10,076 | -€1,026 | -9.2% |
| Trade debts | 44 | €48,062 | €25,190 | -€22,872 | -47.6% |
| Suppliers | 440/4 | €48,062 | €25,190 | -€22,872 | -47.6% |
| Taxes, remuneration and social security | 45 | €19,541 | €17,848 | -€1,692 | -8.7% |
| Taxes | 450/3 | €16,041 | €14,348 | -€1,692 | -10.6% |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Other amounts payable | 47/48 | €8,256 | €5,516 | -€2,740 | -33.2% |
| Remuneration, social security and pensions | 62 | - | €301 | +€301 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,747 | €22,759 | -€8,988 | -28.3% |
| Other operating charges | 640/8 | €1,389 | €825 | -€564 | -40.6% |
| Gross operating margin | 9900 | €64,961 | -€2,816 | -€67,777 | |
| Operating profit (loss) | 9901 | €31,824 | -€26,701 | -€58,525 | |
| Financial charges | 65/66B | €3,847 | €3,422 | -€425 | -11.1% |
| Recurring financial charges | 65 | €3,847 | €3,422 | -€425 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €27,977 | -€30,122 | -€58,100 | |
| Income taxes | 67/77 | €6,100 | - | -€6,100 | |
| Profit (loss) for the period | 9904 | €21,877 | -€30,122 | -€52,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,877 | -€30,122 | -€52,000 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.