AVW&D: 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.
AVW&D
Largest movements
- Tangible fixed assets -€31,234
down €31,234 (-4.2%), from €745,555 to €714,321
of which Land and buildings: -€27,549
- Receivables within one year +€17,545
up €17,545 (+22.8%), from €77,081 to €94,626
of which Trade receivables: +€17,545
- Profit (loss) carried forward +€36,286
new in 2025: €36,286
- Debts after one year -€32,942
down €32,942 (-5.9%), from €554,340 to €521,398
of which Financial debts: -€32,942
- Reserves -€14,469
down €14,469 (-9.7%), from €149,719 to €135,249
- Gross operating margin -€10,707
down €10,707 (-8.3%), from €128,986 to €118,279
- Other operating charges -€4,615
down €4,615 (-45.2%), from €10,212 to €5,597
- Financial charges -€2,519
down €2,519 (-22.2%), from €11,355 to €8,836
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €834,578 | €819,262 | -€15,315 | -1.8% |
| Formation expenses | 20 | €44 | - | -€44 | |
| Fixed assets | 21/28 | €745,555 | €714,321 | -€31,234 | -4.2% |
| Tangible fixed assets | 22/27 | €745,555 | €714,321 | -€31,234 | -4.2% |
| Land and buildings | 22 | €718,429 | €690,881 | -€27,549 | -3.8% |
| Furniture and vehicles | 24 | €27,125 | €23,440 | -€3,685 | -13.6% |
| Current assets | 29/58 | €88,979 | €104,942 | +€15,962 | +17.9% |
| Amounts receivable within one year | 40/41 | €77,081 | €94,626 | +€17,545 | +22.8% |
| Trade receivables | 40 | €74,593 | €92,138 | +€17,545 | +23.5% |
| Other amounts receivable | 41 | €2,488 | €2,488 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €9,668 | €9,072 | -€596 | -6.2% |
| Deferred charges and accrued income | 490/1 | €2,231 | €1,244 | -€987 | -44.2% |
| Total equity and liabilities | 10/49 | €834,578 | €819,262 | -€15,315 | -1.8% |
| Equity | 10/15 | €189,719 | €211,535 | +€21,816 | +11.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Contributions outside capital | 11 | €40,000 | - | -€40,000 | |
| Other | 1109/19 | €40,000 | - | -€40,000 | |
| Reserves | 13 | €149,719 | €135,249 | -€14,469 | -9.7% |
| Distributable reserves | 133 | €149,719 | €135,249 | -€14,469 | -9.7% |
| Profit (loss) carried forward | 14 | - | €36,286 | +€36,286 | |
| Amounts payable | 17/49 | €644,859 | €607,727 | -€37,132 | -5.8% |
| Amounts payable after more than one year | 17 | €554,340 | €521,398 | -€32,942 | -5.9% |
| Financial debts | 170/4 | €535,590 | €502,648 | -€32,942 | -6.2% |
| Other amounts payable | 178/9 | €18,750 | €18,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €90,518 | €86,329 | -€4,190 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €32,429 | €32,942 | +€513 | +1.6% |
| Trade debts | 44 | €3,969 | €2,420 | -€1,549 | -39.0% |
| Suppliers | 440/4 | €3,969 | €2,420 | -€1,549 | -39.0% |
| Taxes, remuneration and social security | 45 | €20,746 | €21,967 | +€1,221 | +5.9% |
| Taxes | 450/3 | €14,417 | €19,846 | +€5,429 | +37.7% |
| Remuneration and social security | 454/9 | €6,329 | €2,121 | -€4,208 | -66.5% |
| Other amounts payable | 47/48 | €33,375 | €29,000 | -€4,375 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,442 | €31,278 | -€165 | -0.5% |
| Other operating charges | 640/8 | €10,212 | €5,597 | -€4,615 | -45.2% |
| Non-recurring operating charges | 66A | €45,000 | - | -€45,000 | |
| Gross operating margin | 9900 | €128,986 | €118,279 | -€10,707 | -8.3% |
| Operating profit (loss) | 9901 | €42,332 | €81,404 | +€39,073 | +92.3% |
| Financial income | 75/76B | €5 | €96 | +€91 | +1,877% |
| Recurring financial income | 75 | €5 | €96 | +€91 | +1,877% |
| Financial charges | 65/66B | €11,355 | €8,836 | -€2,519 | -22.2% |
| Recurring financial charges | 65 | €11,355 | €8,836 | -€2,519 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €30,981 | €72,665 | +€41,683 | +135% |
| Income taxes | 67/77 | €16,512 | €15,848 | -€664 | -4.0% |
| Profit (loss) for the period | 9904 | €14,469 | €56,816 | +€42,347 | +293% |
| Profit (loss) for the period to be appropriated | 9905 | €14,469 | €56,816 | +€42,347 | +293% |
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 30 October 2026 via checked.be.