RW Projects: 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.
What changed
RW Projects
NACE 77.320, Rental and leasing activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€216,525
2024 · €210,331+€6,194
Equity
€1.1m
2024 · €955,335+€177,645
Cash
€125,490
2024 · €130,791-€5,301
Balance sheet total
€2.2m
2024 · €1.5m+€627,327
Largest movements
Assets
- Tangible fixed assets +€705,972
up €705,972 (+79.1%), from €892,930 to €1.6m
of which Furniture and vehicles: +€537,601
- Receivables within one year -€68,655
down €68,655 (-17.9%), from €383,047 to €314,392
of which Trade receivables: -€97,163
Equity and liabilities
- Debts after one year +€302,546
up €302,546 (+117%), from €257,496 to €560,042
- Reserves +€177,645
up €177,645 (+19.4%), from €916,632 to €1.1m
of which Distributable reserves: +€177,645
- Accrued charges and deferred income +€71,563
up €71,563 (+207%), from €34,590 to €106,152
- Trade debts +€57,599
up €57,599 (+42.2%), from €136,496 to €194,094
- Current portion of long-term debt +€33,436
up €33,436 (+27.8%), from €120,414 to €153,851
Income statement
- Depreciation +€10,674
up €10,674 (+4.4%), from €241,933 to €252,606
- Gross operating margin +€8,455
up €8,455 (+1.1%), from €804,882 to €813,337
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.
Result 2024
€210,331
Gross operating margin
+€8,455
Staff costs
+€7,571
Depreciation
-€10,674
Other operating charges
-€48
Financial income
+€1,830
Financial charges
-€523
Taxes
-€417
Result 2025
€216,525
raises the resultlowers the result
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.
From operations
+€656,191
Investment
-€958,594
Financing
+€297,102
Cash 2024
€130,791
From operations (derived)
+€656,191
Net result for the year
+€216,525
Depreciation
+€252,606
Smaller working-capital items
-€629
Stocks and contracts
+€5,334
Receivables within one year
+€68,655
Trade debts
+€57,599
Tax, wage and social debts
-€15,461
Accrued charges and deferred income
+€71,563
Investment (derived)
-€958,594
Investment in fixed assets (net)
-€958,594
Financing
+€297,102
Debts after one year
+€302,546
Current portion of long-term debt
+€33,436
Contributions, distributions and other
-€38,880
Cash 2025
€125,490
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,534,893 | €2,162,220 | +€627,327 | +40.9% |
| Fixed assets | 21/28 | €897,988 | €1,603,976 | +€705,987 | +78.6% |
| Tangible fixed assets | 22/27 | €892,930 | €1,598,903 | +€705,972 | +79.1% |
| Land and buildings | 22 | €307,234 | €498,522 | +€191,288 | +62.3% |
| Plant, machinery and equipment | 23 | €111,207 | €88,290 | -€22,917 | -20.6% |
| Furniture and vehicles | 24 | €474,490 | €1,012,090 | +€537,601 | +113% |
| Financial fixed assets | 28 | €5,058 | €5,073 | +€15 | +0.3% |
| Current assets | 29/58 | €636,905 | €558,244 | -€78,661 | -12.4% |
| Amounts receivable after more than one year | 29 | €30,713 | €31,618 | +€904 | +2.9% |
| Other amounts receivable | 291 | €30,713 | €31,618 | +€904 | +2.9% |
| Stocks and contracts in progress | 3 | €69,789 | €64,455 | -€5,334 | -7.6% |
| Stocks | 30/36 | €69,789 | €64,455 | -€5,334 | -7.6% |
| Amounts receivable within one year | 40/41 | €383,047 | €314,392 | -€68,655 | -17.9% |
| Trade receivables | 40 | €300,874 | €203,711 | -€97,163 | -32.3% |
| Other amounts receivable | 41 | €82,173 | €110,681 | +€28,508 | +34.7% |
| Cash at bank and in hand | 54/58 | €130,791 | €125,490 | -€5,301 | -4.1% |
| Deferred charges and accrued income | 490/1 | €22,564 | €22,289 | -€275 | -1.2% |
| Total equity and liabilities | 10/49 | €1,534,893 | €2,162,220 | +€627,327 | +40.9% |
| Equity | 10/15 | €955,335 | €1,132,980 | +€177,645 | +18.6% |
| Contributions | 10/11 | €38,600 | €38,600 | = | 0.0% |
| Reserves | 13 | €916,632 | €1,094,277 | +€177,645 | +19.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €914,772 | €1,092,417 | +€177,645 | +19.4% |
| Profit (loss) carried forward | 14 | €103 | €103 | = | 0.0% |
| Amounts payable | 17/49 | €579,558 | €1,029,240 | +€449,682 | +77.6% |
| Amounts payable after more than one year | 17 | €257,496 | €560,042 | +€302,546 | +117% |
| Financial debts | 170/4 | €257,496 | €560,042 | +€302,546 | +117% |
| Amounts payable within one year | 42/48 | €287,472 | €363,046 | +€75,574 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €120,414 | €153,851 | +€33,436 | +27.8% |
| Trade debts | 44 | €136,496 | €194,094 | +€57,599 | +42.2% |
| Suppliers | 440/4 | €136,496 | €194,094 | +€57,599 | +42.2% |
| Taxes, remuneration and social security | 45 | €30,562 | €15,101 | -€15,461 | -50.6% |
| Taxes | 450/3 | €17,942 | €4,864 | -€13,078 | -72.9% |
| Remuneration and social security | 454/9 | €12,620 | €10,237 | -€2,383 | -18.9% |
| Accrued charges and deferred income | 492/3 | €34,590 | €106,152 | +€71,563 | +207% |
| Remuneration, social security and pensions | 62 | €214,295 | €206,724 | -€7,571 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,933 | €252,606 | +€10,674 | +4.4% |
| Other operating charges | 640/8 | €26,634 | €26,682 | +€48 | +0.2% |
| Gross operating margin | 9900 | €804,882 | €813,337 | +€8,455 | +1.1% |
| Operating profit (loss) | 9901 | €322,020 | €327,325 | +€5,305 | +1.6% |
| Financial income | 75/76B | €1,920 | €3,749 | +€1,830 | +95.3% |
| Recurring financial income | 75 | €1,920 | €3,749 | +€1,830 | +95.3% |
| Financial charges | 65/66B | €20,778 | €21,301 | +€523 | +2.5% |
| Recurring financial charges | 65 | €20,778 | €21,301 | +€523 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €303,161 | €309,773 | +€6,611 | +2.2% |
| Income taxes | 67/77 | €92,830 | €93,248 | +€417 | +0.4% |
| Profit (loss) for the period | 9904 | €210,331 | €216,525 | +€6,194 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €210,331 | €216,525 | +€6,194 | +2.9% |
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 19 October 2026 via checked.be.