A.S.W.M.: what changed
What changed
A.S.W.M.
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€135,233
2024 · €367,920-€232,687
Equity
€799,102
2024 · €663,869+€135,233
Cash
€736,727
2024 · €971,690-€234,963
Balance sheet total
€1.8m
2024 · €977,859+€811,993
Largest movements
Assets
- Tangible fixed assets +€987,697
new in 2025: €987,697
- Cash -€234,963
down €234,963 (-24.2%), from €971,690 to €736,727
mainly Investment in fixed assets (net) (-€995,097) and Accrued charges and deferred income (-€155,065)
- Stocks and contracts +€39,025
new in 2025: €39,025
Equity and liabilities
- Short-term financial debts +€577,346
up €577,346 (+419%), from €137,913 to €715,259
of which Other loans: +€552,747
- Debts after one year +€241,410
new in 2025: €241,410
- Accrued charges and deferred income -€155,065
down €155,065 (-96.9%), from €160,088 to €5,023
- Profit (loss) carried forward +€135,233
up €135,233 (+20.8%), from €650,229 to €785,462
Income statement
- Gross operating margin -€416,225
down €416,225, from €411,232 to -€4,993
- Taxes -€251,807
down €251,807, from €1,378 to -€250,429
- Other operating charges +€38,417
up €38,417 (+426%), from €9,026 to €47,443
- Staff costs +€18,700
up €18,700 (+57.5%), from €32,499 to €51,199
- Depreciation +€7,400
new in 2025: €7,400
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€367,920
Gross operating margin
-€416,225
Staff costs
-€18,700
Depreciation
-€7,400
Other operating charges
-€38,417
Financial income
+€1,928
Financial charges
-€5,680
Taxes
+€251,807
Result 2025
€135,233
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€58,622
Investment
-€995,097
Financing
+€818,756
Cash 2024
€971,690
From operations (derived)
-€58,622
Net result for the year
+€135,233
Depreciation
+€7,400
Stocks and contracts
-€39,025
Receivables within one year
-€6,458
Deferred charges and accrued income
-€13,776
Trade debts
+€12,079
Tax, wage and social debts
-€7,235
Other debts
+€8,225
Accrued charges and deferred income
-€155,065
Investment (derived)
-€995,097
Investment in fixed assets (net)
-€995,097
Financing
+€818,756
Debts after one year
+€241,410
Short-term financial debts
+€577,346
Cash 2025
€736,727
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €977,859 | €1,789,852 | +€811,993 | +83.0% |
| Fixed assets | 21/28 | - | €987,697 | +€987,697 | |
| Tangible fixed assets | 22/27 | - | €987,697 | +€987,697 | |
| Land and buildings | 22 | - | €987,697 | +€987,697 | |
| Current assets | 29/58 | €977,859 | €802,155 | -€175,704 | -18.0% |
| Stocks and contracts in progress | 3 | - | €39,025 | +€39,025 | |
| Stocks | 30/36 | - | €39,025 | +€39,025 | |
| Amounts receivable within one year | 40/41 | €4,945 | €11,403 | +€6,458 | +131% |
| Trade receivables | 40 | - | €1,954 | +€1,954 | |
| Other amounts receivable | 41 | €4,945 | €9,449 | +€4,504 | +91.1% |
| Cash at bank and in hand | 54/58 | €971,690 | €736,727 | -€234,963 | -24.2% |
| Deferred charges and accrued income | 490/1 | €1,224 | €15,000 | +€13,776 | +1,125% |
| Total equity and liabilities | 10/49 | €977,859 | €1,789,852 | +€811,993 | +83.0% |
| Equity | 10/15 | €663,869 | €799,102 | +€135,233 | +20.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,240 | €1,240 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | €650,229 | €785,462 | +€135,233 | +20.8% |
| Amounts payable | 17/49 | €313,990 | €990,750 | +€676,760 | +216% |
| Amounts payable after more than one year | 17 | - | €241,410 | +€241,410 | |
| Financial debts | 170/4 | - | €241,410 | +€241,410 | |
| Amounts payable within one year | 42/48 | €153,902 | €744,317 | +€590,415 | +384% |
| Financial debts | 43 | €137,913 | €715,259 | +€577,346 | +419% |
| Credit institutions | 430/8 | - | €24,599 | +€24,599 | |
| Other loans | 439 | €137,913 | €690,660 | +€552,747 | +401% |
| Trade debts | 44 | €3,836 | €15,915 | +€12,079 | +315% |
| Suppliers | 440/4 | €3,836 | €15,915 | +€12,079 | +315% |
| Taxes, remuneration and social security | 45 | €12,153 | €4,918 | -€7,235 | -59.5% |
| Taxes | 450/3 | €3,892 | €979 | -€2,913 | -74.8% |
| Remuneration and social security | 454/9 | €8,261 | €3,939 | -€4,322 | -52.3% |
| Other amounts payable | 47/48 | - | €8,225 | +€8,225 | |
| Accrued charges and deferred income | 492/3 | €160,088 | €5,023 | -€155,065 | -96.9% |
| Remuneration, social security and pensions | 62 | €32,499 | €51,199 | +€18,700 | +57.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,400 | +€7,400 | |
| Other operating charges | 640/8 | €9,026 | €47,443 | +€38,417 | +426% |
| Gross operating margin | 9900 | €411,232 | -€4,993 | -€416,225 | |
| Operating profit (loss) | 9901 | €369,707 | -€111,035 | -€480,742 | |
| Financial income | 75/76B | - | €1,928 | +€1,928 | |
| Recurring financial income | 75 | - | €1,928 | +€1,928 | |
| Financial charges | 65/66B | €409 | €6,089 | +€5,680 | +1,389% |
| Recurring financial charges | 65 | €409 | €6,089 | +€5,680 | +1,389% |
| Profit (loss) for the period before taxes | 9903 | €369,298 | -€115,196 | -€484,494 | |
| Income taxes | 67/77 | €1,378 | -€250,429 | -€251,807 | |
| Profit (loss) for the period | 9904 | €367,920 | €135,233 | -€232,687 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €367,920 | €135,233 | -€232,687 | -63.2% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.