AWM: 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.
AWM
Largest movements
- Receivables within one year -€45,159
down €45,159 (-54.6%), from €82,663 to €37,505
of which Other amounts receivable: -€62,524
- Tangible fixed assets -€34,265
down €34,265 (-7.1%), from €484,741 to €450,476
- Cash -€6,972
down €6,972 (-14.8%), from €47,024 to €40,052
mainly Short-term financial debts (-€76,140) and Debts after one year (-€24,252)
- Short-term financial debts -€76,140
down €76,140 (-100.0%), from €76,144 to €4
- Debts after one year -€24,252
down €24,252 (-6.9%), from €349,166 to €324,914
of which Financial debts: -€24,252
- Reserves +€14,637
up €14,637 (+18.7%), from €78,325 to €92,961
- Tax, wage and social debts +€9,346
up €9,346 (+270%), from €3,465 to €12,810
- Gross operating margin -€11,365
down €11,365 (-10.9%), from €104,234 to €92,869
- Depreciation +€9,581
up €9,581 (+21.4%), from €44,791 to €54,373
- Financial charges +€3,887
up €3,887 (+30.1%), from €12,913 to €16,800
- Other operating charges -€2,208
down €2,208 (-55.8%), from €3,954 to €1,746
- Taxes -€2,017
down €2,017 (-26.9%), from €7,509 to €5,492
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 | €620,683 | €538,253 | -€82,429 | -13.3% |
| Fixed assets | 21/28 | €484,741 | €450,476 | -€34,265 | -7.1% |
| Tangible fixed assets | 22/27 | €484,741 | €450,476 | -€34,265 | -7.1% |
| Land and buildings | 22 | €382,383 | €378,929 | -€3,454 | -0.9% |
| Plant, machinery and equipment | 23 | €50,651 | €37,680 | -€12,971 | -25.6% |
| Furniture and vehicles | 24 | €44,662 | €33,867 | -€10,795 | -24.2% |
| Leasing and similar rights | 25 | €6,487 | €0 | -€6,487 | -100% |
| Other tangible fixed assets | 26 | €558 | €0 | -€558 | -100% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €135,942 | €87,777 | -€48,164 | -35.4% |
| Stocks and contracts in progress | 3 | €4,376 | €4,935 | +€559 | +12.8% |
| Stocks | 30/36 | €4,376 | €4,935 | +€559 | +12.8% |
| Amounts receivable within one year | 40/41 | €82,663 | €37,505 | -€45,159 | -54.6% |
| Trade receivables | 40 | €19,138 | €36,504 | +€17,366 | +90.7% |
| Other amounts receivable | 41 | €63,525 | €1,001 | -€62,524 | -98.4% |
| Cash at bank and in hand | 54/58 | €47,024 | €40,052 | -€6,972 | -14.8% |
| Deferred charges and accrued income | 490/1 | €1,878 | €5,286 | +€3,408 | +181% |
| Total equity and liabilities | 10/49 | €620,683 | €538,253 | -€82,429 | -13.3% |
| Equity | 10/15 | €96,925 | €111,561 | +€14,637 | +15.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,325 | €92,961 | +€14,637 | +18.7% |
| Distributable reserves | 133 | €78,325 | €92,961 | +€14,637 | +18.7% |
| Amounts payable | 17/49 | €523,758 | €426,692 | -€97,066 | -18.5% |
| Amounts payable after more than one year | 17 | €349,166 | €324,914 | -€24,252 | -6.9% |
| Financial debts | 170/4 | €302,466 | €278,214 | -€24,252 | -8.0% |
| Other amounts payable | 178/9 | €46,700 | €46,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €169,856 | €101,778 | -€68,079 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €29,247 | €24,252 | -€4,995 | -17.1% |
| Financial debts | 43 | €76,144 | €4 | -€76,140 | -100.0% |
| Credit institutions | 430/8 | €76,144 | €4 | -€76,140 | -100.0% |
| Trade debts | 44 | €2,590 | €4,332 | +€1,742 | +67.3% |
| Suppliers | 440/4 | €2,590 | €4,332 | +€1,742 | +67.3% |
| Taxes, remuneration and social security | 45 | €3,465 | €12,810 | +€9,346 | +270% |
| Taxes | 450/3 | €3,465 | €12,810 | +€9,346 | +270% |
| Other amounts payable | 47/48 | €58,410 | €60,379 | +€1,968 | +3.4% |
| Accrued charges and deferred income | 492/3 | €4,735 | €0 | -€4,735 | -100% |
| Non-recurring operating income | 76A | €500 | €0 | -€500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,791 | €54,373 | +€9,581 | +21.4% |
| Other operating charges | 640/8 | €3,954 | €1,746 | -€2,208 | -55.8% |
| Non-recurring operating charges | 66A | €894 | €0 | -€894 | -100% |
| Gross operating margin | 9900 | €104,234 | €92,869 | -€11,365 | -10.9% |
| Operating profit (loss) | 9901 | €54,595 | €36,750 | -€17,844 | -32.7% |
| Financial income | 75/76B | €474 | €178 | -€296 | -62.4% |
| Recurring financial income | 75 | €474 | €178 | -€296 | -62.4% |
| Financial charges | 65/66B | €12,913 | €16,800 | +€3,887 | +30.1% |
| Recurring financial charges | 65 | €12,913 | €16,800 | +€3,887 | +30.1% |
| Profit (loss) for the period before taxes | 9903 | €42,156 | €20,129 | -€22,028 | -52.3% |
| Income taxes | 67/77 | €7,509 | €5,492 | -€2,017 | -26.9% |
| Profit (loss) for the period | 9904 | €34,647 | €14,637 | -€20,010 | -57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,647 | €14,637 | -€20,010 | -57.8% |
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 14 October 2026 via checked.be.