AVWM: 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.
AVWM
Largest movements
- Tangible fixed assets +€18,547
up €18,547 (+5.5%), from €336,331 to €354,879
of which Land and buildings: +€28,550
- Cash -€18,415
down €18,415 (-29.9%), from €61,628 to €43,213
mainly Debts after one year (-€43,008) and Investment in fixed assets (net) (-€42,961)
- Debts after one year -€43,008
down €43,008 (-14.7%), from €292,905 to €249,897
of which Financial debts: -€23,008
- Reserves +€30,890
up €30,890 (+72.9%), from €42,373 to €73,263
- Tax, wage and social debts +€9,919
up €9,919 (+30.9%), from €32,091 to €42,010
- Gross operating margin +€8,072
up €8,072 (+10.3%), from €78,365 to €86,437
- Other operating charges +€2,830
up €2,830 (+83.7%), from €3,381 to €6,211
- Depreciation +€1,478
up €1,478 (+6.4%), from €22,936 to €24,414
- Taxes +€1,402
up €1,402 (+11.1%), from €12,653 to €14,056
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 | €412,248 | €415,039 | +€2,791 | +0.7% |
| Fixed assets | 21/28 | €336,331 | €354,879 | +€18,547 | +5.5% |
| Tangible fixed assets | 22/27 | €336,331 | €354,879 | +€18,547 | +5.5% |
| Land and buildings | 22 | €275,151 | €303,701 | +€28,550 | +10.4% |
| Plant, machinery and equipment | 23 | €476 | €424 | -€52 | -10.9% |
| Furniture and vehicles | 24 | €41,959 | €34,398 | -€7,561 | -18.0% |
| Other tangible fixed assets | 26 | €18,745 | €16,355 | -€2,391 | -12.8% |
| Current assets | 29/58 | €75,917 | €60,161 | -€15,756 | -20.8% |
| Amounts receivable within one year | 40/41 | €14,278 | €14,520 | +€242 | +1.7% |
| Trade receivables | 40 | €14,278 | €14,520 | +€242 | +1.7% |
| Cash at bank and in hand | 54/58 | €61,628 | €43,213 | -€18,415 | -29.9% |
| Deferred charges and accrued income | 490/1 | €11 | €2,428 | +€2,416 | +21633.8% |
| Total equity and liabilities | 10/49 | €412,248 | €415,039 | +€2,791 | +0.7% |
| Equity | 10/15 | €52,373 | €83,263 | +€30,890 | +59.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €42,373 | €73,263 | +€30,890 | +72.9% |
| Distributable reserves | 133 | €42,373 | €73,263 | +€30,890 | +72.9% |
| Amounts payable | 17/49 | €359,875 | €331,777 | -€28,099 | -7.8% |
| Amounts payable after more than one year | 17 | €292,905 | €249,897 | -€43,008 | -14.7% |
| Financial debts | 170/4 | €112,655 | €89,647 | -€23,008 | -20.4% |
| Other amounts payable | 178/9 | €180,250 | €160,250 | -€20,000 | -11.1% |
| Amounts payable within one year | 42/48 | €66,970 | €81,880 | +€14,910 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €22,221 | €23,008 | +€787 | +3.5% |
| Trade debts | 44 | €417 | €2,846 | +€2,428 | +581.8% |
| Suppliers | 440/4 | €417 | €2,846 | +€2,428 | +581.8% |
| Taxes, remuneration and social security | 45 | €32,091 | €42,010 | +€9,919 | +30.9% |
| Taxes | 450/3 | €32,091 | €42,010 | +€9,919 | +30.9% |
| Other amounts payable | 47/48 | €12,240 | €14,016 | +€1,776 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,936 | €24,414 | +€1,478 | +6.4% |
| Other operating charges | 640/8 | €3,381 | €6,211 | +€2,830 | +83.7% |
| Gross operating margin | 9900 | €78,365 | €86,437 | +€8,072 | +10.3% |
| Operating profit (loss) | 9901 | €52,049 | €55,813 | +€3,764 | +7.2% |
| Financial income | 75/76B | - | €14 | +€14 | |
| Recurring financial income | 75 | - | €14 | +€14 | |
| Financial charges | 65/66B | €6,402 | €5,573 | -€829 | -12.9% |
| Recurring financial charges | 65 | €6,402 | €5,573 | -€829 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €45,647 | €50,254 | +€4,607 | +10.1% |
| Income taxes | 67/77 | €12,653 | €14,056 | +€1,402 | +11.1% |
| Profit (loss) for the period | 9904 | €32,993 | €36,199 | +€3,205 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €32,993 | €36,199 | +€3,205 | +9.7% |
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.