ATW: 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.
ATW
Largest movements
- Receivables within one year +€200,767
up €200,767 (+144.7%), from €138,753 to €339,521
of which Other amounts receivable: +€168,180
- Receivables after one year -€120,000
no longer reported in 2025 (was €120,000)
- Tangible fixed assets +€27,539
up €27,539 (+1.5%), from €1.9m to €1.9m
of which Assets under construction and advance payments: +€70,141
- Debts after one year +€190,587
up €190,587 (+256.5%), from €74,305 to €264,892
- Reserves +€57,958
up €57,958 (+13.2%), from €438,321 to €496,278
of which Distributable reserves: +€58,800
- Current portion of long-term debt -€55,729
down €55,729 (-52.8%), from €105,611 to €49,882
- Other debts -€41,795
down €41,795 (-7.3%), from €573,187 to €531,392
- Trade debts -€34,234
down €34,234 (-52.6%), from €65,099 to €30,865
- Gross operating margin -€53,281
down €53,281 (-22.6%), from €235,958 to €182,677
- Depreciation -€18,315
down €18,315 (-23.4%), from €78,394 to €60,079
- Taxes -€10,823
down €10,823 (-32.1%), from €33,710 to €22,887
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 | €2,231,632 | €2,338,670 | +€107,038 | +4.8% |
| Fixed assets | 21/28 | €1,959,307 | €1,986,846 | +€27,539 | +1.4% |
| Tangible fixed assets | 22/27 | €1,881,501 | €1,909,040 | +€27,539 | +1.5% |
| Land and buildings | 22 | €1,572,611 | €1,544,038 | -€28,573 | -1.8% |
| Plant, machinery and equipment | 23 | €16,462 | €14,152 | -€2,310 | -14.0% |
| Furniture and vehicles | 24 | €12,708 | €989 | -€11,719 | -92.2% |
| Assets under construction and advance payments | 27 | €279,721 | €349,863 | +€70,141 | +25.1% |
| Financial fixed assets | 28 | €77,806 | €77,806 | = | 0.0% |
| Current assets | 29/58 | €272,325 | €351,824 | +€79,499 | +29.2% |
| Amounts receivable after more than one year | 29 | €120,000 | - | -€120,000 | |
| Other amounts receivable | 291 | €120,000 | - | -€120,000 | |
| Amounts receivable within one year | 40/41 | €138,753 | €339,521 | +€200,767 | +144.7% |
| Trade receivables | 40 | €12,934 | €45,521 | +€32,587 | +252.0% |
| Other amounts receivable | 41 | €125,819 | €294,000 | +€168,180 | +133.7% |
| Cash at bank and in hand | 54/58 | €8,655 | €7,912 | -€743 | -8.6% |
| Deferred charges and accrued income | 490/1 | €4,917 | €4,392 | -€525 | -10.7% |
| Total equity and liabilities | 10/49 | €2,231,632 | €2,338,670 | +€107,038 | +4.8% |
| Equity | 10/15 | €1,363,445 | €1,421,425 | +€57,980 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €438,321 | €496,278 | +€57,958 | +13.2% |
| Tax-exempt reserves | 132 | €4,041 | €3,199 | -€842 | -20.8% |
| Distributable reserves | 133 | €434,279 | €493,079 | +€58,800 | +13.5% |
| Profit (loss) carried forward | 14 | €912,724 | €912,747 | +€22 | 0.0% |
| Provisions and deferred taxes | 16 | €1,347 | €1,066 | -€281 | -20.8% |
| Deferred taxes | 168 | €1,347 | €1,066 | -€281 | -20.8% |
| Amounts payable | 17/49 | €866,840 | €916,178 | +€49,339 | +5.7% |
| Amounts payable after more than one year | 17 | €74,305 | €264,892 | +€190,587 | +256.5% |
| Financial debts | 170/4 | €74,305 | €264,892 | +€190,587 | +256.5% |
| Amounts payable within one year | 42/48 | €763,188 | €626,158 | -€137,031 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €105,611 | €49,882 | -€55,729 | -52.8% |
| Financial debts | 43 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Credit institutions | 430/8 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Trade debts | 44 | €65,099 | €30,865 | -€34,234 | -52.6% |
| Suppliers | 440/4 | €65,099 | €30,865 | -€34,234 | -52.6% |
| Taxes, remuneration and social security | 45 | €4,291 | €4,018 | -€273 | -6.4% |
| Taxes | 450/3 | €4,291 | €4,018 | -€273 | -6.4% |
| Other amounts payable | 47/48 | €573,187 | €531,392 | -€41,795 | -7.3% |
| Accrued charges and deferred income | 492/3 | €29,347 | €25,129 | -€4,218 | -14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,394 | €60,079 | -€18,315 | -23.4% |
| Other operating charges | 640/8 | €8,532 | €10,496 | +€1,964 | +23.0% |
| Non-recurring operating charges | 66A | - | €169 | +€169 | |
| Gross operating margin | 9900 | €235,958 | €182,677 | -€53,281 | -22.6% |
| Operating profit (loss) | 9901 | €149,032 | €111,934 | -€37,099 | -24.9% |
| Financial income | 75/76B | €8,374 | €7,504 | -€871 | -10.4% |
| Recurring financial income | 75 | €8,374 | €7,504 | -€871 | -10.4% |
| Financial charges | 65/66B | €39,830 | €38,851 | -€980 | -2.5% |
| Recurring financial charges | 65 | €39,830 | €38,851 | -€980 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €117,576 | €80,586 | -€36,990 | -31.5% |
| Transfer from deferred taxes | 780 | €287 | €281 | -€6 | -2.2% |
| Income taxes | 67/77 | €33,710 | €22,887 | -€10,823 | -32.1% |
| Profit (loss) for the period | 9904 | €84,153 | €57,980 | -€26,173 | -31.1% |
| Transfer from tax-exempt reserves | 789 | €862 | €842 | -€19 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,015 | €58,822 | -€26,192 | -30.8% |
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.