A & 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 & W
Largest movements
- Receivables within one year +€21,808
up €21,808 (+14.5%), from €150,850 to €172,659
of which Trade receivables: +€13,953
- Financial fixed assets -€20,000
down €20,000 (-100.0%), from €20,000 to €0
- Cash +€2,095
up €2,095 (+119.7%), from €1,750 to €3,845
mainly Investment in fixed assets (net) (+€20,000) and Other debts (+€18,775)
- Reserves -€18,951
down €18,951 (-12.2%), from €155,165 to €136,214
- Other debts +€18,775
new in 2026: €18,775
- Trade debts +€5,423
up €5,423 (+77.1%), from €7,035 to €12,457
- Tax, wage and social debts -€3,341
down €3,341 (-57.5%), from €5,814 to €2,473
of which Taxes: -€3,266
- Financial charges +€19,609
up €19,609 (+4213.9%), from €465 to €20,074
of which Non-recurring financial charges: +€20,000
- Gross operating margin +€10,852
up €10,852 (+139.4%), from €7,782 to €18,633
- Taxes -€1,972
down €1,972 (-71.8%), from €2,745 to €773
- Financial income +€1,228
up €1,228 (+32.6%), from €3,763 to €4,990
- Other operating charges -€718
down €718 (-57.6%), from €1,245 to €528
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €174,226 | €177,450 | +€3,224 | +1.9% |
| Fixed assets | 21/28 | €21,425 | €306 | -€21,119 | -98.6% |
| Tangible fixed assets | 22/27 | €1,425 | €306 | -€1,119 | -78.5% |
| Furniture and vehicles | 24 | €1,425 | €306 | -€1,119 | -78.5% |
| Financial fixed assets | 28 | €20,000 | €0 | -€20,000 | -100.0% |
| Current assets | 29/58 | €152,801 | €177,144 | +€24,343 | +15.9% |
| Amounts receivable within one year | 40/41 | €150,850 | €172,659 | +€21,808 | +14.5% |
| Trade receivables | 40 | €19,547 | €33,500 | +€13,953 | +71.4% |
| Other amounts receivable | 41 | €131,303 | €139,159 | +€7,856 | +6.0% |
| Cash at bank and in hand | 54/58 | €1,750 | €3,845 | +€2,095 | +119.7% |
| Deferred charges and accrued income | 490/1 | €200 | €640 | +€440 | +220.2% |
| Total equity and liabilities | 10/49 | €174,226 | €177,450 | +€3,224 | +1.9% |
| Equity | 10/15 | €161,365 | €142,414 | -€18,951 | -11.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €155,165 | €136,214 | -€18,951 | -12.2% |
| Distributable reserves | 133 | €155,165 | €136,214 | -€18,951 | -12.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,860 | €35,036 | +€22,175 | +172.4% |
| Amounts payable within one year | 42/48 | €12,860 | €35,036 | +€22,175 | +172.4% |
| Financial debts | 43 | €12 | €0 | -€12 | -100.0% |
| Credit institutions | 430/8 | €12 | €0 | -€12 | -100.0% |
| Trade debts | 44 | €7,035 | €12,457 | +€5,423 | +77.1% |
| Suppliers | 440/4 | €7,035 | €12,457 | +€5,423 | +77.1% |
| Advances received on contracts in progress | 46 | - | €1,330 | +€1,330 | |
| Taxes, remuneration and social security | 45 | €5,814 | €2,473 | -€3,341 | -57.5% |
| Taxes | 450/3 | €5,658 | €2,392 | -€3,266 | -57.7% |
| Remuneration and social security | 454/9 | €156 | €81 | -€75 | -48.2% |
| Other amounts payable | 47/48 | - | €18,775 | +€18,775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,109 | €1,119 | +€11 | +0.9% |
| Other operating charges | 640/8 | €1,245 | €528 | -€718 | -57.6% |
| Gross operating margin | 9900 | €7,782 | €18,633 | +€10,852 | +139.4% |
| Operating profit (loss) | 9901 | €5,428 | €16,986 | +€11,559 | +213.0% |
| Financial income | 75/76B | €3,763 | €4,990 | +€1,228 | +32.6% |
| Recurring financial income | 75 | €3,763 | €4,990 | +€1,228 | +32.6% |
| Financial charges | 65/66B | €465 | €20,074 | +€19,609 | +4213.9% |
| Recurring financial charges | 65 | €465 | €74 | -€391 | -84.0% |
| Non-recurring financial charges | 66B | - | €20,000 | +€20,000 | |
| Profit (loss) for the period before taxes | 9903 | €8,725 | €1,902 | -€6,822 | -78.2% |
| Income taxes | 67/77 | €2,745 | €773 | -€1,972 | -71.8% |
| Profit (loss) for the period | 9904 | €5,979 | €1,129 | -€4,850 | -81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,979 | €1,129 | -€4,850 | -81.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.