BAWE: 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.
BAWE
Largest movements
- Tangible fixed assets +€283,947
up €283,947 (+56.8%), from €499,740 to €783,687
of which Leasing and similar rights: +€239,083
- Cash -€115,517
down €115,517 (-92.3%), from €125,149 to €9,632
mainly Investment in fixed assets (net) (-€352,999) and Receivables within one year (-€44,111)
- Receivables within one year +€44,111
up €44,111 (+93.0%), from €47,440 to €91,552
of which Trade receivables: +€34,631
- Debts after one year +€181,566
up €181,566 (+160%), from €113,707 to €295,273
- Current portion of long-term debt +€67,862
up €67,862 (+304%), from €22,300 to €90,162
- Trade debts +€40,169
up €40,169 (+1,576%), from €2,549 to €42,718
- Tax, wage and social debts -€27,250
down €27,250 (-58.0%), from €46,965 to €19,715
of which Taxes: -€31,279
- Profit (loss) carried forward -€22,089
down €22,089 (-70.2%), from €31,445 to €9,356
- Gross operating margin +€76,524
up €76,524 (+36.8%), from €207,782 to €284,306
- Staff costs +€56,353
up €56,353 (+48.5%), from €116,185 to €172,538
- Financial charges +€22,710
up €22,710 (+773%), from €2,936 to €25,647
of which Non-recurring financial charges: +€16,281
- Depreciation +€20,462
up €20,462 (+42.3%), from €48,339 to €68,801
- Other operating charges +€9,997
up €9,997 (+34.9%), from €28,670 to €38,667
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 | €685,359 | €903,964 | +€218,604 | +31.9% |
| Fixed assets | 21/28 | €499,740 | €783,938 | +€284,198 | +56.9% |
| Tangible fixed assets | 22/27 | €499,740 | €783,687 | +€283,947 | +56.8% |
| Land and buildings | 22 | €297,044 | €284,076 | -€12,968 | -4.4% |
| Plant, machinery and equipment | 23 | €13,970 | €14,174 | +€204 | +1.5% |
| Furniture and vehicles | 24 | €188,727 | €239,114 | +€50,387 | +26.7% |
| Leasing and similar rights | 25 | - | €239,083 | +€239,083 | |
| Other tangible fixed assets | 26 | - | €7,240 | +€7,240 | |
| Financial fixed assets | 28 | - | €251 | +€251 | |
| Current assets | 29/58 | €185,619 | €120,026 | -€65,593 | -35.3% |
| Amounts receivable within one year | 40/41 | €47,440 | €91,552 | +€44,111 | +93.0% |
| Trade receivables | 40 | €47,440 | €82,071 | +€34,631 | +73.0% |
| Other amounts receivable | 41 | - | €9,480 | +€9,480 | |
| Cash at bank and in hand | 54/58 | €125,149 | €9,632 | -€115,517 | -92.3% |
| Deferred charges and accrued income | 490/1 | €13,030 | €18,842 | +€5,812 | +44.6% |
| Total equity and liabilities | 10/49 | €685,359 | €903,964 | +€218,604 | +31.9% |
| Equity | 10/15 | €81,445 | €59,356 | -€22,089 | -27.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,445 | €9,356 | -€22,089 | -70.2% |
| Amounts payable | 17/49 | €603,914 | €844,608 | +€240,694 | +39.9% |
| Amounts payable after more than one year | 17 | €113,707 | €295,273 | +€181,566 | +160% |
| Financial debts | 170/4 | €113,707 | €295,273 | +€181,566 | +160% |
| Amounts payable within one year | 42/48 | €490,207 | €549,335 | +€59,128 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €22,300 | €90,162 | +€67,862 | +304% |
| Trade debts | 44 | €2,549 | €42,718 | +€40,169 | +1,576% |
| Suppliers | 440/4 | €2,549 | €42,718 | +€40,169 | +1,576% |
| Taxes, remuneration and social security | 45 | €46,965 | €19,715 | -€27,250 | -58.0% |
| Taxes | 450/3 | €33,269 | €1,990 | -€31,279 | -94.0% |
| Remuneration and social security | 454/9 | €13,696 | €17,725 | +€4,029 | +29.4% |
| Other amounts payable | 47/48 | €418,393 | €396,739 | -€21,654 | -5.2% |
| Remuneration, social security and pensions | 62 | €116,185 | €172,538 | +€56,353 | +48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,339 | €68,801 | +€20,462 | +42.3% |
| Other operating charges | 640/8 | €28,670 | €38,667 | +€9,997 | +34.9% |
| Gross operating margin | 9900 | €207,782 | €284,306 | +€76,524 | +36.8% |
| Operating profit (loss) | 9901 | €14,588 | €4,300 | -€10,288 | -70.5% |
| Financial income | 75/76B | €132 | €38 | -€94 | -71.0% |
| Recurring financial income | 75 | €132 | €38 | -€94 | -71.0% |
| Financial charges | 65/66B | €2,936 | €25,647 | +€22,710 | +773% |
| Recurring financial charges | 65 | €2,936 | €9,366 | +€6,429 | +219% |
| Non-recurring financial charges | 66B | - | €16,281 | +€16,281 | |
| Profit (loss) for the period before taxes | 9903 | €11,784 | -€21,308 | -€33,092 | |
| Income taxes | 67/77 | €680 | €781 | +€101 | +14.9% |
| Profit (loss) for the period | 9904 | €11,104 | -€22,089 | -€33,193 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,104 | -€22,089 | -€33,193 |
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 24 October 2026 via checked.be.