AIW: 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.
AIW
Largest movements
- Receivables within one year -€78,877
down €78,877 (-38.4%), from €205,647 to €126,770
of which Trade receivables: -€78,677
- Stocks and contracts -€61,665
down €61,665 (-12.0%), from €515,045 to €453,380
- Tangible fixed assets +€57,891
new in 2025: €57,891
of which Plant, machinery and equipment: +€40,191
- Cash +€44,436
up €44,436 (+17266.9%), from €257 to €44,694
mainly Short-term financial debts (+€240,000) and Receivables within one year (+€78,877)
- Short-term financial debts +€240,000
new in 2025: €240,000
- Trade debts -€195,843
down €195,843 (-59.2%), from €330,942 to €135,099
- Debts after one year -€114,791
down €114,791 (-17.8%), from €643,547 to €528,756
- Profit (loss) carried forward +€14,115
up €14,115 (+3.9%), from -€361,348 to -€347,233
- Tax, wage and social debts +€12,242
up €12,242 (+147.6%), from €8,297 to €20,539
of which Remuneration and social security: +€10,739
- Gross operating margin +€96,522
up €96,522, from -€41,711 to €54,812
- Staff costs +€54,015
new in 2025: €54,015
- Financial income +€48,745
up €48,745 (+16248216.7%), from €0 to €48,745
- Financial charges +€19,322
up €19,322 (+187.3%), from €10,313 to €29,635
- Other operating charges +€3,489
up €3,489 (+5627.3%), from €62 to €3,551
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.
Cash bridge derived
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 | €720,949 | €686,446 | -€34,502 | -4.8% |
| Fixed assets | 21/28 | - | €57,891 | +€57,891 | |
| Tangible fixed assets | 22/27 | - | €57,891 | +€57,891 | |
| Plant, machinery and equipment | 23 | - | €40,191 | +€40,191 | |
| Furniture and vehicles | 24 | - | €17,700 | +€17,700 | |
| Current assets | 29/58 | €720,949 | €628,555 | -€92,394 | -12.8% |
| Stocks and contracts in progress | 3 | €515,045 | €453,380 | -€61,665 | -12.0% |
| Stocks | 30/36 | €515,045 | €453,380 | -€61,665 | -12.0% |
| Amounts receivable within one year | 40/41 | €205,647 | €126,770 | -€78,877 | -38.4% |
| Trade receivables | 40 | €205,447 | €126,770 | -€78,677 | -38.3% |
| Other amounts receivable | 41 | €200 | €0 | -€200 | -100.0% |
| Cash at bank and in hand | 54/58 | €257 | €44,694 | +€44,436 | +17266.9% |
| Deferred charges and accrued income | 490/1 | €0 | €3,711 | +€3,711 | |
| Total equity and liabilities | 10/49 | €720,949 | €686,446 | -€34,502 | -4.8% |
| Equity | 10/15 | -€311,348 | -€297,233 | +€14,115 | +4.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€361,348 | -€347,233 | +€14,115 | +3.9% |
| Amounts payable | 17/49 | €1,032,297 | €983,679 | -€48,618 | -4.7% |
| Amounts payable after more than one year | 17 | €643,547 | €528,756 | -€114,791 | -17.8% |
| Financial debts | 170/4 | €643,547 | €528,756 | -€114,791 | -17.8% |
| Amounts payable within one year | 42/48 | €388,750 | €454,923 | +€66,173 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €49,511 | €59,285 | +€9,774 | +19.7% |
| Financial debts | 43 | - | €240,000 | +€240,000 | |
| Credit institutions | 430/8 | - | €240,000 | +€240,000 | |
| Trade debts | 44 | €330,942 | €135,099 | -€195,843 | -59.2% |
| Suppliers | 440/4 | €330,942 | €135,099 | -€195,843 | -59.2% |
| Taxes, remuneration and social security | 45 | €8,297 | €20,539 | +€12,242 | +147.6% |
| Taxes | 450/3 | €8,297 | €9,800 | +€1,503 | +18.1% |
| Remuneration and social security | 454/9 | - | €10,739 | +€10,739 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €71,108 | €0 | -€71,108 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €54,015 | +€54,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €2,240 | +€2,240 | |
| Other operating charges | 640/8 | €62 | €3,551 | +€3,489 | +5627.3% |
| Gross operating margin | 9900 | -€41,711 | €54,812 | +€96,522 | |
| Operating profit (loss) | 9901 | -€41,773 | -€4,995 | +€36,778 | +88.0% |
| Financial income | 75/76B | €0 | €48,745 | +€48,745 | +16248216.7% |
| Recurring financial income | 75 | €0 | €48,745 | +€48,745 | +16248216.7% |
| Financial charges | 65/66B | €10,313 | €29,635 | +€19,322 | +187.3% |
| Recurring financial charges | 65 | €10,313 | €29,635 | +€19,322 | +187.3% |
| Profit (loss) for the period before taxes | 9903 | -€52,086 | €14,115 | +€66,201 | |
| Profit (loss) for the period | 9904 | -€52,086 | €14,115 | +€66,201 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,086 | €14,115 | +€66,201 |
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 12 October 2026 via checked.be.