AW+: 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.
AW+
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Cash -€296,359
down €296,359 (-27.0%), from €1.1m to €802,805
mainly Current investments (-€400,000) and Investment in fixed assets (net) (-€135,759)
- Tangible fixed assets +€131,651
up €131,651 (+3107.1%), from €4,237 to €135,888
of which Land and buildings: +€130,001
- Receivables within one year +€23,938
up €23,938 (+61.9%), from €38,691 to €62,630
- Reserves +€179,298
up €179,298 (+29.5%), from €607,289 to €786,587
of which Distributable reserves: +€179,298
- Debts after one year +€101,610
new in 2025: €101,610
- Tax, wage and social debts -€74,995
down €74,995 (-55.7%), from €134,731 to €59,736
of which Taxes: -€74,995
- Trade debts +€25,312
up €25,312 (+129.9%), from €19,482 to €44,794
- Gross operating margin -€73,772
down €73,772 (-18.1%), from €407,895 to €334,123
- Other operating charges +€20,649
up €20,649 (+748.8%), from €2,758 to €23,407
- Staff costs +€9,146
up €9,146 (+290.2%), from €3,151 to €12,298
- Financial charges +€4,858
up €4,858 (+1869.8%), from €260 to €5,118
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 | €1,161,217 | €1,413,351 | +€252,134 | +21.7% |
| Fixed assets | 21/28 | €4,237 | €135,888 | +€131,651 | +3107.1% |
| Tangible fixed assets | 22/27 | €4,237 | €135,888 | +€131,651 | +3107.1% |
| Land and buildings | 22 | - | €130,001 | +€130,001 | |
| Furniture and vehicles | 24 | €4,237 | €5,888 | +€1,651 | +39.0% |
| Current assets | 29/58 | €1,156,980 | €1,277,462 | +€120,483 | +10.4% |
| Amounts receivable within one year | 40/41 | €38,691 | €62,630 | +€23,938 | +61.9% |
| Other amounts receivable | 41 | €38,691 | €62,630 | +€23,938 | +61.9% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €1,099,164 | €802,805 | -€296,359 | -27.0% |
| Deferred charges and accrued income | 490/1 | €19,125 | €12,028 | -€7,096 | -37.1% |
| Total equity and liabilities | 10/49 | €1,161,217 | €1,413,351 | +€252,134 | +21.7% |
| Equity | 10/15 | €927,617 | €1,106,915 | +€179,298 | +19.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | €3,000 | = | 0.0% |
| Issued capital | 100 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €607,289 | €786,587 | +€179,298 | +29.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €605,429 | €784,727 | +€179,298 | +29.6% |
| Profit (loss) carried forward | 14 | €317,328 | €317,328 | = | 0.0% |
| Amounts payable | 17/49 | €233,599 | €306,435 | +€72,836 | +31.2% |
| Amounts payable after more than one year | 17 | - | €101,610 | +€101,610 | |
| Financial debts | 170/4 | - | €101,610 | +€101,610 | |
| Amounts payable within one year | 42/48 | €233,599 | €204,825 | -€28,774 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | - | €12,418 | +€12,418 | |
| Trade debts | 44 | €19,482 | €44,794 | +€25,312 | +129.9% |
| Suppliers | 440/4 | €19,482 | €44,794 | +€25,312 | +129.9% |
| Advances received on contracts in progress | 46 | €64,387 | €64,387 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €134,731 | €59,736 | -€74,995 | -55.7% |
| Taxes | 450/3 | €132,320 | €57,325 | -€74,995 | -56.7% |
| Remuneration and social security | 454/9 | €2,411 | €2,411 | = | 0.0% |
| Other amounts payable | 47/48 | €15,000 | €23,491 | +€8,491 | +56.6% |
| Remuneration, social security and pensions | 62 | €3,151 | €12,298 | +€9,146 | +290.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,133 | €4,108 | +€2,974 | +262.4% |
| Other operating charges | 640/8 | €2,758 | €23,407 | +€20,649 | +748.8% |
| Gross operating margin | 9900 | €407,895 | €334,123 | -€73,772 | -18.1% |
| Operating profit (loss) | 9901 | €400,853 | €294,311 | -€106,542 | -26.6% |
| Financial income | 75/76B | €1 | €1,021 | +€1,020 | +204038.0% |
| Recurring financial income | 75 | €1 | €1,021 | +€1,020 | +204038.0% |
| Financial charges | 65/66B | €260 | €5,118 | +€4,858 | +1869.8% |
| Recurring financial charges | 65 | €260 | €5,118 | +€4,858 | +1869.8% |
| Profit (loss) for the period before taxes | 9903 | €400,593 | €290,214 | -€110,379 | -27.6% |
| Income taxes | 67/77 | €91,891 | €91,864 | -€27 | 0.0% |
| Profit (loss) for the period | 9904 | €308,703 | €198,350 | -€110,352 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €308,703 | €198,350 | -€110,352 | -35.7% |
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 8 October 2026 via checked.be.