A.V.W.: 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.
A.V.W.
Largest movements
- Receivables after one year +€34,136
new in 2025: €34,136
- Receivables within one year +€32,310
up €32,310 (+24.9%), from €129,755 to €162,065
of which Trade receivables: +€20,616
- Stocks and contracts -€15,132
down €15,132 (-76.4%), from €19,794 to €4,662
- Cash +€5,047
new in 2025: €5,047
mainly Current portion of long-term debt (+€30,000) and Trade debts (+€26,145)
- Tangible fixed assets -€4,432
down €4,432 (-55.6%), from €7,967 to €3,535
of which Furniture and vehicles: -€4,131
- Current portion of long-term debt +€30,000
new in 2025: €30,000
- Trade debts +€26,145
up €26,145 (+50.1%), from €52,162 to €78,307
- Profit (loss) carried forward +€15,839
up €15,839 (+19.6%), from -€80,884 to -€65,045
- Tax, wage and social debts -€13,485
down €13,485 (-47.8%), from €28,213 to €14,727
of which Remuneration and social security: -€12,603
- Short-term financial debts -€13,402
down €13,402 (-40.1%), from €33,380 to €19,979
- Gross operating margin +€9,066
up €9,066 (+4.2%), from €216,978 to €226,044
- Staff costs +€5,514
up €5,514 (+2.9%), from €190,727 to €196,241
- Taxes -€2,698
no longer reported in 2025 (was €2,698)
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 | €165,522 | €216,303 | +€50,781 | +30.7% |
| Fixed assets | 21/28 | €8,004 | €3,572 | -€4,432 | -55.4% |
| Tangible fixed assets | 22/27 | €7,967 | €3,535 | -€4,432 | -55.6% |
| Plant, machinery and equipment | 23 | €341 | €40 | -€301 | -88.3% |
| Furniture and vehicles | 24 | €7,626 | €3,495 | -€4,131 | -54.2% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €157,519 | €212,731 | +€55,213 | +35.1% |
| Amounts receivable after more than one year | 29 | - | €34,136 | +€34,136 | |
| Other amounts receivable | 291 | - | €34,136 | +€34,136 | |
| Stocks and contracts in progress | 3 | €19,794 | €4,662 | -€15,132 | -76.4% |
| Stocks | 30/36 | €19,794 | €4,662 | -€15,132 | -76.4% |
| Amounts receivable within one year | 40/41 | €129,755 | €162,065 | +€32,310 | +24.9% |
| Trade receivables | 40 | €94,464 | €115,080 | +€20,616 | +21.8% |
| Other amounts receivable | 41 | €35,291 | €46,985 | +€11,694 | +33.1% |
| Cash at bank and in hand | 54/58 | - | €5,047 | +€5,047 | |
| Deferred charges and accrued income | 490/1 | €7,969 | €6,822 | -€1,148 | -14.4% |
| Total equity and liabilities | 10/49 | €165,522 | €216,303 | +€50,781 | +30.7% |
| Equity | 10/15 | €49,268 | €65,106 | +€15,839 | +32.1% |
| Contributions | 10/11 | €63,592 | €63,592 | = | 0.0% |
| Reserves | 13 | €66,559 | €66,559 | = | 0.0% |
| Distributable reserves | 133 | €66,559 | €66,559 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,884 | -€65,045 | +€15,839 | +19.6% |
| Amounts payable | 17/49 | €116,255 | €151,197 | +€34,942 | +30.1% |
| Amounts payable within one year | 42/48 | €113,755 | €143,013 | +€29,258 | +25.7% |
| Current portion of amounts payable after more than one year | 42 | - | €30,000 | +€30,000 | |
| Financial debts | 43 | €33,380 | €19,979 | -€13,402 | -40.1% |
| Credit institutions | 430/8 | €33,380 | €19,979 | -€13,402 | -40.1% |
| Trade debts | 44 | €52,162 | €78,307 | +€26,145 | +50.1% |
| Suppliers | 440/4 | €52,162 | €78,307 | +€26,145 | +50.1% |
| Taxes, remuneration and social security | 45 | €28,213 | €14,727 | -€13,485 | -47.8% |
| Taxes | 450/3 | €3,709 | €2,827 | -€882 | -23.8% |
| Remuneration and social security | 454/9 | €24,504 | €11,900 | -€12,603 | -51.4% |
| Accrued charges and deferred income | 492/3 | €2,500 | €8,184 | +€5,684 | +227% |
| Remuneration, social security and pensions | 62 | €190,727 | €196,241 | +€5,514 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,005 | €4,432 | -€573 | -11.5% |
| Other operating charges | 640/8 | €2,652 | €2,508 | -€144 | -5.4% |
| Gross operating margin | 9900 | €216,978 | €226,044 | +€9,066 | +4.2% |
| Operating profit (loss) | 9901 | €18,594 | €22,862 | +€4,269 | +23.0% |
| Financial income | 75/76B | €1,340 | €26 | -€1,314 | -98.1% |
| Recurring financial income | 75 | €1,340 | €26 | -€1,314 | -98.1% |
| Financial charges | 65/66B | €8,706 | €7,050 | -€1,656 | -19.0% |
| Recurring financial charges | 65 | €8,706 | €7,050 | -€1,656 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €11,228 | €15,839 | +€4,610 | +41.1% |
| Income taxes | 67/77 | €2,698 | - | -€2,698 | |
| Profit (loss) for the period | 9904 | €8,530 | €15,839 | +€7,308 | +85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,530 | €15,839 | +€7,308 | +85.7% |
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 14 October 2026 via checked.be.