AIW FIRST: what changed
Two fiscal 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 FIRST
Largest movements
- Current investments +€350,313
up €350,313 (+203.4%), from €172,215 to €522,528
- Cash -€48,877
down €48,877 (-50.6%), from €96,661 to €47,785
mainly Current investments (-€350,313) and Investment in fixed assets (net) (-€44,357)
- Receivables within one year +€27,526
up €27,526 (+30.0%), from €91,733 to €119,259
of which Trade receivables: +€28,678
- Tangible fixed assets +€11,918
up €11,918 (+18.1%), from €65,827 to €77,745
of which Furniture and vehicles: +€11,187
- Profit (loss) carried forward +€271,408
up €271,408 (+88.1%), from €308,156 to €579,563
- Tax, wage and social debts +€66,482
up €66,482 (+72.8%), from €91,317 to €157,799
- Gross operating margin +€93,934
up €93,934 (+30.5%), from €307,491 to €401,425
- Taxes +€25,514
up €25,514 (+38.6%), from €66,168 to €91,682
- Financial income -€7,182
down €7,182 (-56.8%), from €12,642 to €5,460
- Depreciation +€5,683
up €5,683 (+21.2%), from €26,756 to €32,439
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 | €428,964 | €770,507 | +€341,543 | +79.6% |
| Fixed assets | 21/28 | €65,827 | €77,745 | +€11,918 | +18.1% |
| Tangible fixed assets | 22/27 | €65,827 | €77,745 | +€11,918 | +18.1% |
| Plant, machinery and equipment | 23 | €2,773 | €3,907 | +€1,134 | +40.9% |
| Furniture and vehicles | 24 | €61,746 | €72,932 | +€11,187 | +18.1% |
| Other tangible fixed assets | 26 | €1,308 | €906 | -€402 | -30.7% |
| Current assets | 29/58 | €363,137 | €692,762 | +€329,625 | +90.8% |
| Amounts receivable within one year | 40/41 | €91,733 | €119,259 | +€27,526 | +30.0% |
| Trade receivables | 40 | €90,295 | €118,972 | +€28,678 | +31.8% |
| Other amounts receivable | 41 | €1,438 | €287 | -€1,151 | -80.0% |
| Current investments | 50/53 | €172,215 | €522,528 | +€350,313 | +203.4% |
| Cash at bank and in hand | 54/58 | €96,661 | €47,785 | -€48,877 | -50.6% |
| Deferred charges and accrued income | 490/1 | €2,527 | €3,190 | +€662 | +26.2% |
| Total equity and liabilities | 10/49 | €428,964 | €770,507 | +€341,543 | +79.6% |
| Equity | 10/15 | €318,156 | €589,563 | +€271,408 | +85.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Outside capital | 11 | €10,000 | €10,000 | = | 0.0% |
| Other | 1109/19 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €308,156 | €579,563 | +€271,408 | +88.1% |
| Amounts payable | 17/49 | €110,808 | €180,943 | +€70,136 | +63.3% |
| Amounts payable within one year | 42/48 | €110,808 | €180,943 | +€70,136 | +63.3% |
| Trade debts | 44 | €1,869 | €4,940 | +€3,071 | +164.3% |
| Suppliers | 440/4 | €1,869 | €4,940 | +€3,071 | +164.3% |
| Taxes, remuneration and social security | 45 | €91,317 | €157,799 | +€66,482 | +72.8% |
| Taxes | 450/3 | €91,317 | €157,799 | +€66,482 | +72.8% |
| Other amounts payable | 47/48 | €17,622 | €18,204 | +€583 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,756 | €32,439 | +€5,683 | +21.2% |
| Other operating charges | 640/8 | €486 | €502 | +€16 | +3.4% |
| Gross operating margin | 9900 | €307,491 | €401,425 | +€93,934 | +30.5% |
| Operating profit (loss) | 9901 | €280,249 | €368,483 | +€88,234 | +31.5% |
| Financial income | 75/76B | €12,642 | €5,460 | -€7,182 | -56.8% |
| Recurring financial income | 75 | €12,642 | €5,460 | -€7,182 | -56.8% |
| Financial charges | 65/66B | €12,033 | €10,853 | -€1,180 | -9.8% |
| Recurring financial charges | 65 | €12,033 | €10,853 | -€1,180 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €280,857 | €363,090 | +€82,232 | +29.3% |
| Income taxes | 67/77 | €66,168 | €91,682 | +€25,514 | +38.6% |
| Profit (loss) for the period | 9904 | €214,690 | €271,408 | +€56,718 | +26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €214,690 | €271,408 | +€56,718 | +26.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.