USW: 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.
USW
Largest movements
- Receivables within one year +€183,131
up €183,131 (+80.1%), from €228,728 to €411,859
of which Trade receivables: +€175,162
- Tangible fixed assets +€151,372
up €151,372 (+53.8%), from €281,598 to €432,970
of which Plant, machinery and equipment: +€149,566
- Deferred charges and accrued income +€10,188
up €10,188 (+1,217%), from €837 to €11,025
- Other debts +€264,078
up €264,078 (+42.7%), from €618,502 to €882,580
- Trade debts +€209,328
up €209,328 (+103%), from €202,603 to €411,932
- Profit (loss) carried forward -€65,680
down €65,680 (-12.3%), from -€532,783 to -€598,463
- Accrued charges and deferred income -€49,500
no longer reported in 2024 (was €49,500)
- Tax, wage and social debts -€16,030
down €16,030 (-74.0%), from €21,676 to €5,646
of which Remuneration and social security: -€10,245
- Staff costs +€31,266
up €31,266 (+58.4%), from €53,498 to €84,764
- Gross operating margin -€30,473
down €30,473 (-29.3%), from €103,996 to €73,522
- Depreciation +€22,463
up €22,463 (+77.8%), from €28,855 to €51,318
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €514,701 | €858,317 | +€343,616 | +66.8% |
| Fixed assets | 21/28 | €281,598 | €432,970 | +€151,372 | +53.8% |
| Tangible fixed assets | 22/27 | €281,598 | €432,970 | +€151,372 | +53.8% |
| Plant, machinery and equipment | 23 | €280,203 | €429,769 | +€149,566 | +53.4% |
| Furniture and vehicles | 24 | €1,395 | €3,200 | +€1,806 | +129% |
| Current assets | 29/58 | €233,103 | €425,347 | +€192,244 | +82.5% |
| Amounts receivable within one year | 40/41 | €228,728 | €411,859 | +€183,131 | +80.1% |
| Trade receivables | 40 | €228,585 | €403,747 | +€175,162 | +76.6% |
| Other amounts receivable | 41 | €143 | €8,112 | +€7,969 | +5,577% |
| Cash at bank and in hand | 54/58 | €3,538 | €2,463 | -€1,075 | -30.4% |
| Deferred charges and accrued income | 490/1 | €837 | €11,025 | +€10,188 | +1,217% |
| Total equity and liabilities | 10/49 | €514,701 | €858,317 | +€343,616 | +66.8% |
| Equity | 10/15 | -€378,673 | -€444,353 | -€65,680 | -17.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €147,910 | €147,910 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €146,050 | €147,910 | +€1,860 | +1.3% |
| Profit (loss) carried forward | 14 | -€532,783 | -€598,463 | -€65,680 | -12.3% |
| Amounts payable | 17/49 | €893,374 | €1,302,670 | +€409,296 | +45.8% |
| Amounts payable within one year | 42/48 | €843,874 | €1,302,670 | +€458,796 | +54.4% |
| Financial debts | 43 | €1,093 | €2,512 | +€1,419 | +130% |
| Credit institutions | 430/8 | €1,093 | €2,512 | +€1,419 | +130% |
| Trade debts | 44 | €202,603 | €411,932 | +€209,328 | +103% |
| Suppliers | 440/4 | €202,603 | €411,932 | +€209,328 | +103% |
| Taxes, remuneration and social security | 45 | €21,676 | €5,646 | -€16,030 | -74.0% |
| Taxes | 450/3 | €6,206 | €421 | -€5,784 | -93.2% |
| Remuneration and social security | 454/9 | €15,470 | €5,225 | -€10,245 | -66.2% |
| Other amounts payable | 47/48 | €618,502 | €882,580 | +€264,078 | +42.7% |
| Accrued charges and deferred income | 492/3 | €49,500 | - | -€49,500 | |
| Remuneration, social security and pensions | 62 | €53,498 | €84,764 | +€31,266 | +58.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,855 | €51,318 | +€22,463 | +77.8% |
| Other operating charges | 640/8 | €1,855 | €1,820 | -€35 | -1.9% |
| Gross operating margin | 9900 | €103,996 | €73,522 | -€30,473 | -29.3% |
| Operating profit (loss) | 9901 | €19,788 | -€64,380 | -€84,167 | |
| Financial income | 75/76B | €196 | €313 | +€116 | +59.3% |
| Recurring financial income | 75 | €196 | €313 | +€116 | +59.3% |
| Financial charges | 65/66B | €986 | €1,194 | +€208 | +21.1% |
| Recurring financial charges | 65 | €986 | €1,194 | +€208 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €18,998 | -€65,261 | -€84,259 | |
| Income taxes | 67/77 | €420 | €419 | -€2 | -0.4% |
| Profit (loss) for the period | 9904 | €18,578 | -€65,680 | -€84,258 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,578 | -€65,680 | -€84,258 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.