BW SERVICES: 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
BW SERVICES
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€66,500
2024 · €22,162+€44,338
Equity
€725,370
2024 · €658,870+€66,500
Cash
€1
2024 · €1+€0
Balance sheet total
€1.0m
2024 · €961,932+€51,065
Largest movements
Assets
- Receivables within one year +€41,648
up €41,648 (+143%), from €29,159 to €70,806
of which Other amounts receivable: +€38,618
- Receivables after one year +€10,342
up €10,342 (+5.6%), from €185,666 to €196,008
Equity and liabilities
- Reserves +€66,500
up €66,500 (+10.7%), from €618,870 to €685,370
of which Distributable reserves: +€66,500
- Debts after one year -€40,854
down €40,854 (-19.1%), from €214,439 to €173,585
- Tax, wage and social debts +€18,912
up €18,912 (+128%), from €14,801 to €33,713
Income statement
- Gross operating margin +€56,158
up €56,158 (+56.8%), from €98,822 to €154,979
- Taxes +€16,759
up €16,759 (+177%), from €9,472 to €26,231
- Financial income +€5,169
up €5,169 (+87.0%), from €5,939 to €11,108
- Other operating charges -€4,881
down €4,881 (-88.2%), from €5,533 to €652
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
€22,162
Gross operating margin
+€56,158
Depreciation
-€543
Other operating charges
+€4,881
Other operating items
-€3,625
Financial income
+€5,169
Financial charges
-€942
Taxes
-€16,759
Result 2025
€66,500
raises the resultlowers the resultnot broken down further in the accounts
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
+€80,681
Investment
-€51,624
Financing
-€29,057
Cash 2024
€1
From operations (derived)
+€80,681
Net result for the year
+€66,500
Depreciation
+€52,654
Receivables after one year
-€10,342
Receivables within one year
-€41,648
Deferred charges and accrued income
-€105
Trade debts
-€4,321
Tax, wage and social debts
+€18,912
Accrued charges and deferred income
-€970
Investment (derived)
-€51,624
Investment in fixed assets (net)
-€51,624
Financing
-€29,057
Debts after one year
-€40,854
Current portion of long-term debt
+€6,105
Short-term financial debts
+€5,693
Cash 2025
€1
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €961,932 | €1,012,996 | +€51,065 | +5.3% |
| Fixed assets | 21/28 | €744,177 | €743,148 | -€1,029 | -0.1% |
| Tangible fixed assets | 22/27 | €743,792 | €742,762 | -€1,029 | -0.1% |
| Land and buildings | 22 | €649,335 | €624,957 | -€24,378 | -3.8% |
| Plant, machinery and equipment | 23 | €56,643 | €82,928 | +€26,286 | +46.4% |
| Furniture and vehicles | 24 | €37,814 | €34,877 | -€2,937 | -7.8% |
| Financial fixed assets | 28 | €385 | €385 | = | 0.0% |
| Current assets | 29/58 | €217,755 | €269,849 | +€52,094 | +23.9% |
| Amounts receivable after more than one year | 29 | €185,666 | €196,008 | +€10,342 | +5.6% |
| Trade receivables | 290 | €185,666 | €196,008 | +€10,342 | +5.6% |
| Amounts receivable within one year | 40/41 | €29,159 | €70,806 | +€41,648 | +143% |
| Trade receivables | 40 | €27,888 | €30,918 | +€3,029 | +10.9% |
| Other amounts receivable | 41 | €1,270 | €39,889 | +€38,618 | +3,040% |
| Cash at bank and in hand | 54/58 | €1 | €1 | +€0 | +1.1% |
| Deferred charges and accrued income | 490/1 | €2,929 | €3,034 | +€105 | +3.6% |
| Total equity and liabilities | 10/49 | €961,932 | €1,012,996 | +€51,065 | +5.3% |
| Equity | 10/15 | €658,870 | €725,370 | +€66,500 | +10.1% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €618,870 | €685,370 | +€66,500 | +10.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €62,099 | €62,099 | = | 0.0% |
| Distributable reserves | 133 | €556,771 | €623,271 | +€66,500 | +11.9% |
| Amounts payable | 17/49 | €303,062 | €287,627 | -€15,435 | -5.1% |
| Amounts payable after more than one year | 17 | €214,439 | €173,585 | -€40,854 | -19.1% |
| Financial debts | 170/4 | €214,439 | €173,585 | -€40,854 | -19.1% |
| Amounts payable within one year | 42/48 | €87,653 | €114,042 | +€26,389 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €59,117 | €65,222 | +€6,105 | +10.3% |
| Financial debts | 43 | €5,830 | €11,522 | +€5,693 | +97.7% |
| Credit institutions | 430/8 | €5,830 | €11,522 | +€5,693 | +97.7% |
| Trade debts | 44 | €7,905 | €3,585 | -€4,321 | -54.7% |
| Suppliers | 440/4 | €7,905 | €3,585 | -€4,321 | -54.7% |
| Taxes, remuneration and social security | 45 | €14,801 | €33,713 | +€18,912 | +128% |
| Taxes | 450/3 | €14,801 | €33,713 | +€18,912 | +128% |
| Accrued charges and deferred income | 492/3 | €970 | €0 | -€970 | -100% |
| Non-recurring operating income | 76A | €10,205 | €0 | -€10,205 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,111 | €52,654 | +€543 | +1.0% |
| Other operating charges | 640/8 | €5,533 | €652 | -€4,881 | -88.2% |
| Non-recurring operating charges | 66A | €411 | €4,035 | +€3,625 | +883% |
| Gross operating margin | 9900 | €98,822 | €154,979 | +€56,158 | +56.8% |
| Operating profit (loss) | 9901 | €40,767 | €97,638 | +€56,871 | +140% |
| Financial income | 75/76B | €5,939 | €11,108 | +€5,169 | +87.0% |
| Recurring financial income | 75 | €5,939 | €11,108 | +€5,169 | +87.0% |
| Financial charges | 65/66B | €15,073 | €16,015 | +€942 | +6.3% |
| Recurring financial charges | 65 | €15,073 | €16,015 | +€942 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €31,633 | €92,731 | +€61,097 | +193% |
| Income taxes | 67/77 | €9,472 | €26,231 | +€16,759 | +177% |
| Profit (loss) for the period | 9904 | €22,162 | €66,500 | +€44,338 | +200% |
| Profit (loss) for the period to be appropriated | 9905 | €22,162 | €66,500 | +€44,338 | +200% |
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 27 October 2026 via checked.be.