A.W.O.: 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.O.
Largest movements
- Current investments +€187,278
new in 2025: €187,278
- Receivables within one year -€180,499
down €180,499 (-81.4%), from €221,790 to €41,291
of which Trade receivables: -€156,100
- Cash -€173,644
down €173,644 (-38.5%), from €451,386 to €277,742
mainly Contributions, distributions and other (-€242,306) and Current investments (-€187,278)
- Tangible fixed assets -€77,456
down €77,456 (-25.2%), from €307,566 to €230,110
of which Furniture and vehicles: -€176,659
- Reserves -€139,494
down €139,494 (-26.7%), from €521,529 to €382,034
of which Distributable reserves: -€137,822
- Other debts -€129,301
down €129,301 (-98.5%), from €131,204 to €1,903
- Tax, wage and social debts +€14,076
up €14,076 (+253%), from €5,570 to €19,645
of which Taxes: +€15,671
- Staff costs -€254,428
down €254,428 (-83.7%), from €303,911 to €49,483
- Gross operating margin -€109,796
down €109,796 (-32.4%), from €339,004 to €229,208
- Depreciation -€89,602
down €89,602 (-75.0%), from €119,420 to €29,819
- Taxes +€22,656
new in 2025: €22,656
- Other operating charges +€7,671
up €7,671 (+48.5%), from €15,816 to €23,487
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 | €1,047,330 | €795,028 | -€252,302 | -24.1% |
| Fixed assets | 21/28 | €353,229 | €275,534 | -€77,695 | -22.0% |
| Tangible fixed assets | 22/27 | €307,566 | €230,110 | -€77,456 | -25.2% |
| Plant, machinery and equipment | 23 | €44,370 | €143,573 | +€99,203 | +224% |
| Furniture and vehicles | 24 | €263,196 | €86,537 | -€176,659 | -67.1% |
| Financial fixed assets | 28 | €45,663 | €45,424 | -€239 | -0.5% |
| Current assets | 29/58 | €694,101 | €519,494 | -€174,607 | -25.2% |
| Stocks and contracts in progress | 3 | €8,993 | €3,850 | -€5,143 | -57.2% |
| Stocks | 30/36 | €8,993 | €3,850 | -€5,143 | -57.2% |
| Amounts receivable within one year | 40/41 | €221,790 | €41,291 | -€180,499 | -81.4% |
| Trade receivables | 40 | €197,392 | €41,291 | -€156,100 | -79.1% |
| Other amounts receivable | 41 | €24,398 | - | -€24,398 | |
| Current investments | 50/53 | - | €187,278 | +€187,278 | |
| Cash at bank and in hand | 54/58 | €451,386 | €277,742 | -€173,644 | -38.5% |
| Deferred charges and accrued income | 490/1 | €11,931 | €9,332 | -€2,599 | -21.8% |
| Total equity and liabilities | 10/49 | €1,047,330 | €795,028 | -€252,302 | -24.1% |
| Equity | 10/15 | €881,974 | €742,479 | -€139,494 | -15.8% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Capital | 10 | €170,000 | €170,000 | = | 0.0% |
| Issued capital | 100 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €521,529 | €382,034 | -€139,494 | -26.7% |
| Non-distributable reserves | 130/1 | €47,000 | €47,000 | = | 0.0% |
| Legal reserve | 130 | €47,000 | €47,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,304 | €85,632 | -€1,673 | -1.9% |
| Distributable reserves | 133 | €387,224 | €249,402 | -€137,822 | -35.6% |
| Profit (loss) carried forward | 14 | €190,445 | €190,445 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,109 | €551 | -€558 | -50.3% |
| Deferred taxes | 168 | €1,109 | €551 | -€558 | -50.3% |
| Amounts payable | 17/49 | €164,248 | €51,998 | -€112,250 | -68.3% |
| Amounts payable within one year | 42/48 | €154,348 | €42,055 | -€112,293 | -72.8% |
| Trade debts | 44 | €17,574 | €20,507 | +€2,932 | +16.7% |
| Suppliers | 440/4 | €17,574 | €20,507 | +€2,932 | +16.7% |
| Taxes, remuneration and social security | 45 | €5,570 | €19,645 | +€14,076 | +253% |
| Taxes | 450/3 | €3,974 | €19,645 | +€15,671 | +394% |
| Remuneration and social security | 454/9 | €1,596 | - | -€1,596 | |
| Other amounts payable | 47/48 | €131,204 | €1,903 | -€129,301 | -98.5% |
| Accrued charges and deferred income | 492/3 | €9,900 | €9,943 | +€43 | +0.4% |
| Non-recurring operating income | 76A | €22,797 | €245,182 | +€222,385 | +975% |
| Remuneration, social security and pensions | 62 | €303,911 | €49,483 | -€254,428 | -83.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,420 | €29,819 | -€89,602 | -75.0% |
| Other operating charges | 640/8 | €15,816 | €23,487 | +€7,671 | +48.5% |
| Non-recurring operating charges | 66A | €647 | €3,500 | +€2,853 | +441% |
| Gross operating margin | 9900 | €339,004 | €229,208 | -€109,796 | -32.4% |
| Operating profit (loss) | 9901 | -€100,790 | €122,919 | +€223,709 | |
| Financial income | 75/76B | €3,283 | €3,423 | +€140 | +4.3% |
| Recurring financial income | 75 | €3,283 | €3,423 | +€140 | +4.3% |
| Financial charges | 65/66B | €2,061 | €1,431 | -€630 | -30.6% |
| Recurring financial charges | 65 | €2,061 | €1,431 | -€630 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | -€99,568 | €124,911 | +€224,479 | |
| Transfer from deferred taxes | 780 | €558 | €558 | = | 0.0% |
| Income taxes | 67/77 | - | €22,656 | +€22,656 | |
| Profit (loss) for the period | 9904 | -€99,011 | €102,812 | +€201,823 | |
| Transfer from tax-exempt reserves | 789 | €1,673 | €1,673 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€97,338 | €104,484 | +€201,823 |
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 18 October 2026 via checked.be.