ASWENA: 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.
What changed
ASWENA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€26,638
2024 · €35,190-€8,551
Equity
€99,350
2024 · €90,712+€8,638
Cash
€34,933
2024 · €33,414+€1,519
Balance sheet total
€164,606
2024 · €121,067+€43,539
Largest movements
Assets
- Tangible fixed assets +€36,817
up €36,817 (+50.5%), from €72,927 to €109,745
of which Furniture and vehicles: +€33,597
- Current investments +€3,478
up €3,478 (+24.4%), from €14,278 to €17,756
Equity and liabilities
- Debts after one year +€22,421
new in 2025: €22,421
- Reserves +€8,638
up €8,638 (+6.8%), from €126,377 to €135,016
of which Distributable reserves: +€13,626
- Current portion of long-term debt +€6,291
new in 2025: €6,291
- Tax, wage and social debts +€4,845
up €4,845 (+32,300%), from €15 to €4,860
Income statement
- Gross operating margin -€9,970
down €9,970 (-17.0%), from €58,745 to €48,776
- Financial income +€1,577
up €1,577 (+810%), from €195 to €1,771
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.
Result 2024
€35,190
Gross operating margin
-€9,970
Depreciation
+€349
Other operating charges
-€192
Financial income
+€1,577
Financial charges
-€386
Taxes
+€70
Result 2025
€26,638
raises the resultlowers the result
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.
From operations
+€39,881
Investment
-€49,073
Financing
+€10,712
Cash 2024
€33,414
From operations (derived)
+€39,881
Net result for the year
+€26,638
Depreciation
+€8,778
Receivables within one year
-€1,421
Deferred charges and accrued income
-€304
Trade debts
+€1,344
Tax, wage and social debts
+€4,845
Investment (derived)
-€49,073
Investment in fixed assets (net)
-€45,595
Current investments
-€3,478
Financing
+€10,712
Debts after one year
+€22,421
Current portion of long-term debt
+€6,291
Contributions, distributions and other
-€18,000
Cash 2025
€34,933
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,067 | €164,606 | +€43,539 | +36.0% |
| Fixed assets | 21/28 | €72,927 | €109,745 | +€36,817 | +50.5% |
| Tangible fixed assets | 22/27 | €72,927 | €109,745 | +€36,817 | +50.5% |
| Land and buildings | 22 | €65,670 | €70,341 | +€4,670 | +7.1% |
| Plant, machinery and equipment | 23 | €7,257 | €5,807 | -€1,450 | -20.0% |
| Furniture and vehicles | 24 | - | €33,597 | +€33,597 | |
| Current assets | 29/58 | €48,140 | €54,862 | +€6,722 | +14.0% |
| Amounts receivable within one year | 40/41 | - | €1,421 | +€1,421 | |
| Other amounts receivable | 41 | - | €1,421 | +€1,421 | |
| Current investments | 50/53 | €14,278 | €17,756 | +€3,478 | +24.4% |
| Cash at bank and in hand | 54/58 | €33,414 | €34,933 | +€1,519 | +4.5% |
| Deferred charges and accrued income | 490/1 | €448 | €752 | +€304 | +67.7% |
| Total equity and liabilities | 10/49 | €121,067 | €164,606 | +€43,539 | +36.0% |
| Equity | 10/15 | €90,712 | €99,350 | +€8,638 | +9.5% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Reserves | 13 | €126,377 | €135,016 | +€8,638 | +6.8% |
| Non-distributable reserves | 130/1 | €4,988 | - | -€4,988 | |
| Reserves not available under the articles | 1311 | €4,988 | - | -€4,988 | |
| Tax-exempt reserves | 132 | €90,341 | €90,341 | = | 0.0% |
| Distributable reserves | 133 | €31,049 | €44,675 | +€13,626 | +43.9% |
| Profit (loss) carried forward | 14 | -€51,666 | -€51,666 | = | 0.0% |
| Provisions and deferred taxes | 16 | €30,114 | €30,114 | = | 0.0% |
| Deferred taxes | 168 | €30,114 | €30,114 | = | 0.0% |
| Amounts payable | 17/49 | €242 | €35,143 | +€34,901 | +14,418% |
| Amounts payable after more than one year | 17 | - | €22,421 | +€22,421 | |
| Financial debts | 170/4 | - | €22,421 | +€22,421 | |
| Amounts payable within one year | 42/48 | €242 | €12,722 | +€12,480 | +5,156% |
| Current portion of amounts payable after more than one year | 42 | - | €6,291 | +€6,291 | |
| Trade debts | 44 | €108 | €1,452 | +€1,344 | +1,239% |
| Suppliers | 440/4 | €108 | €1,452 | +€1,344 | +1,239% |
| Taxes, remuneration and social security | 45 | €15 | €4,860 | +€4,845 | +32,300% |
| Taxes | 450/3 | €15 | €4,860 | +€4,845 | +32,300% |
| Other amounts payable | 47/48 | €119 | €119 | = | 0.0% |
| Non-recurring operating income | 76A | - | €5,909 | +€5,909 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,126 | €8,778 | -€349 | -3.8% |
| Other operating charges | 640/8 | €5,566 | €5,758 | +€192 | +3.4% |
| Gross operating margin | 9900 | €58,745 | €48,776 | -€9,970 | -17.0% |
| Operating profit (loss) | 9901 | €44,053 | €34,240 | -€9,813 | -22.3% |
| Financial income | 75/76B | €195 | €1,771 | +€1,577 | +810% |
| Recurring financial income | 75 | €195 | €1,771 | +€1,577 | +810% |
| Financial charges | 65/66B | €549 | €934 | +€386 | +70.3% |
| Recurring financial charges | 65 | €549 | €934 | +€386 | +70.3% |
| Profit (loss) for the period before taxes | 9903 | €43,699 | €35,078 | -€8,621 | -19.7% |
| Income taxes | 67/77 | €8,509 | €8,439 | -€70 | -0.8% |
| Profit (loss) for the period | 9904 | €35,190 | €26,638 | -€8,551 | -24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,190 | €26,638 | -€8,551 | -24.3% |
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 27 October 2026 via checked.be.