AR-W: 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.
AR-W
Largest movements
- Tangible fixed assets +€79,211
up €79,211 (+528.1%), from €14,999 to €94,210
of which Land and buildings: +€78,529
- Receivables within one year -€18,150
down €18,150 (-66.9%), from €27,140 to €8,990
of which Trade receivables: -€18,150
- Cash -€6,850
down €6,850 (-9.8%), from €69,840 to €62,990
mainly Contributions, distributions and other (-€120,000) and Investment in fixed assets (net) (-€86,828)
- Other debts +€91,665
up €91,665 (+98.0%), from €93,505 to €185,171
- Debts after one year -€35,224
down €35,224 (-39.4%), from €89,435 to €54,211
- Profit (loss) carried forward -€6,912
down €6,912 (-4.7%), from €147,675 to €140,764
- Tax, wage and social debts +€5,338
up €5,338 (+29.3%), from €18,229 to €23,566
- Financial income +€7,118
up €7,118 (+25.2%), from €28,240 to €35,358
- Gross operating margin -€4,231
down €4,231 (-3.5%), from €121,031 to €116,800
- Depreciation +€2,727
up €2,727 (+68.2%), from €4,000 to €6,727
- Other operating charges -€1,356
down €1,356 (-77.8%), from €1,742 to €386
- Taxes -€1,221
down €1,221 (-3.8%), from €31,712 to €30,491
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 | €422,501 | €477,602 | +€55,101 | +13.0% |
| Fixed assets | 21/28 | €325,520 | €405,621 | +€80,101 | +24.6% |
| Intangible fixed assets | 21 | - | €890 | +€890 | |
| Tangible fixed assets | 22/27 | €14,999 | €94,210 | +€79,211 | +528.1% |
| Land and buildings | 22 | - | €78,529 | +€78,529 | |
| Plant, machinery and equipment | 23 | - | €4,682 | +€4,682 | |
| Furniture and vehicles | 24 | €14,999 | €10,999 | -€4,000 | -26.7% |
| Financial fixed assets | 28 | €310,521 | €310,521 | = | 0.0% |
| Current assets | 29/58 | €96,981 | €71,980 | -€25,000 | -25.8% |
| Amounts receivable within one year | 40/41 | €27,140 | €8,990 | -€18,150 | -66.9% |
| Trade receivables | 40 | €18,150 | - | -€18,150 | |
| Other amounts receivable | 41 | €8,990 | €8,990 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €69,840 | €62,990 | -€6,850 | -9.8% |
| Total equity and liabilities | 10/49 | €422,501 | €477,602 | +€55,101 | +13.0% |
| Equity | 10/15 | €220,675 | €213,764 | -€6,912 | -3.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €68,000 | €68,000 | = | 0.0% |
| Distributable reserves | 133 | €68,000 | €68,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €147,675 | €140,764 | -€6,912 | -4.7% |
| Amounts payable | 17/49 | €201,825 | €263,838 | +€62,012 | +30.7% |
| Amounts payable after more than one year | 17 | €89,435 | €54,211 | -€35,224 | -39.4% |
| Financial debts | 170/4 | €89,435 | €54,211 | -€35,224 | -39.4% |
| Amounts payable within one year | 42/48 | €112,391 | €209,627 | +€97,236 | +86.5% |
| Trade debts | 44 | €657 | €890 | +€233 | +35.5% |
| Suppliers | 440/4 | €657 | €890 | +€233 | +35.5% |
| Taxes, remuneration and social security | 45 | €18,229 | €23,566 | +€5,338 | +29.3% |
| Taxes | 450/3 | €18,229 | €23,566 | +€5,338 | +29.3% |
| Other amounts payable | 47/48 | €93,505 | €185,171 | +€91,665 | +98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,000 | €6,727 | +€2,727 | +68.2% |
| Other operating charges | 640/8 | €1,742 | €386 | -€1,356 | -77.8% |
| Gross operating margin | 9900 | €121,031 | €116,800 | -€4,231 | -3.5% |
| Operating profit (loss) | 9901 | €115,289 | €109,687 | -€5,602 | -4.9% |
| Financial income | 75/76B | €28,240 | €35,358 | +€7,118 | +25.2% |
| Recurring financial income | 75 | €28,240 | €35,358 | +€7,118 | +25.2% |
| Financial charges | 65/66B | €2,219 | €1,465 | -€754 | -34.0% |
| Recurring financial charges | 65 | €2,219 | €1,465 | -€754 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €141,309 | €143,580 | +€2,271 | +1.6% |
| Income taxes | 67/77 | €31,712 | €30,491 | -€1,221 | -3.8% |
| Profit (loss) for the period | 9904 | €109,597 | €113,088 | +€3,491 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €109,597 | €113,088 | +€3,491 | +3.2% |
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 5 October 2026 via checked.be.