AW Finance: 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.
AW Finance
Largest movements
- Intangible fixed assets -€142,285
down €142,285 (-16.7%), from €852,715 to €710,430
- Receivables within one year -€39,144
down €39,144 (-46.8%), from €83,703 to €44,559
of which Trade receivables: -€51,780
- Debts after one year -€263,551
down €263,551 (-27.0%), from €975,000 to €711,449
of which Financial debts: -€233,551
- Current portion of long-term debt +€139,039
new in 2025: €139,039
- Profit (loss) carried forward -€80,932
down €80,932, from €32,843 to -€48,089
- Tax, wage and social debts +€23,066
up €23,066 (+61.1%), from €37,746 to €60,812
of which Remuneration and social security: +€25,476
- Staff costs +€48,710
up €48,710 (+46.6%), from €104,592 to €153,301
- Gross operating margin -€34,723
down €34,723 (-11.4%), from €304,654 to €269,931
- Other operating charges +€17,479
up €17,479 (+4,090%), from €427 to €17,907
- Financial charges +€5,456
up €5,456 (+18.0%), from €30,282 to €35,738
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 | €1,076,323 | €902,544 | -€173,778 | -16.1% |
| Fixed assets | 21/28 | €864,720 | €722,185 | -€142,535 | -16.5% |
| Intangible fixed assets | 21 | €852,715 | €710,430 | -€142,285 | -16.7% |
| Tangible fixed assets | 22/27 | €2,480 | €2,229 | -€250 | -10.1% |
| Other tangible fixed assets | 26 | €2,480 | €2,229 | -€250 | -10.1% |
| Financial fixed assets | 28 | €9,526 | €9,526 | = | 0.0% |
| Current assets | 29/58 | €211,602 | €180,359 | -€31,243 | -14.8% |
| Amounts receivable within one year | 40/41 | €83,703 | €44,559 | -€39,144 | -46.8% |
| Trade receivables | 40 | €81,470 | €29,691 | -€51,780 | -63.6% |
| Other amounts receivable | 41 | €2,233 | €14,868 | +€12,636 | +566% |
| Cash at bank and in hand | 54/58 | €127,899 | €134,606 | +€6,707 | +5.2% |
| Deferred charges and accrued income | 490/1 | - | €1,194 | +€1,194 | |
| Total equity and liabilities | 10/49 | €1,076,323 | €902,544 | -€173,778 | -16.1% |
| Equity | 10/15 | €56,839 | -€24,093 | -€80,932 | |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €3,545 | €3,545 | = | 0.0% |
| Distributable reserves | 133 | €3,545 | €3,545 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,843 | -€48,089 | -€80,932 | |
| Amounts payable | 17/49 | €1,019,484 | €926,637 | -€92,846 | -9.1% |
| Amounts payable after more than one year | 17 | €975,000 | €711,449 | -€263,551 | -27.0% |
| Financial debts | 170/4 | €945,000 | €711,449 | -€233,551 | -24.7% |
| Other amounts payable | 178/9 | €30,000 | €0 | -€30,000 | -100% |
| Amounts payable within one year | 42/48 | €44,484 | €215,188 | +€170,705 | +384% |
| Current portion of amounts payable after more than one year | 42 | - | €139,039 | +€139,039 | |
| Trade debts | 44 | €2,753 | €11,700 | +€8,948 | +325% |
| Suppliers | 440/4 | €2,753 | €11,700 | +€8,948 | +325% |
| Taxes, remuneration and social security | 45 | €37,746 | €60,812 | +€23,066 | +61.1% |
| Taxes | 450/3 | €11,562 | €9,151 | -€2,410 | -20.8% |
| Remuneration and social security | 454/9 | €26,184 | €51,661 | +€25,476 | +97.3% |
| Other amounts payable | 47/48 | €3,985 | €3,637 | -€348 | -8.7% |
| Remuneration, social security and pensions | 62 | €104,592 | €153,301 | +€48,710 | +46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,308 | €142,535 | +€227 | +0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,470 | +€1,470 | |
| Other operating charges | 640/8 | €427 | €17,907 | +€17,479 | +4,090% |
| Gross operating margin | 9900 | €304,654 | €269,931 | -€34,723 | -11.4% |
| Operating profit (loss) | 9901 | €57,327 | -€45,282 | -€102,609 | |
| Financial income | 75/76B | €52 | €420 | +€368 | +712% |
| Recurring financial income | 75 | €52 | €420 | +€368 | +712% |
| Financial charges | 65/66B | €30,282 | €35,738 | +€5,456 | +18.0% |
| Recurring financial charges | 65 | €30,282 | €35,738 | +€5,456 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €27,097 | -€80,600 | -€107,697 | |
| Income taxes | 67/77 | €3,018 | €332 | -€2,686 | -89.0% |
| Profit (loss) for the period | 9904 | €24,079 | -€80,932 | -€105,011 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,079 | -€80,932 | -€105,011 |
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.