BWAT: 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.
BWAT
Largest movements
- Current investments +€602,559
new in 2025: €602,559
- Cash -€512,131
down €512,131 (-49.2%), from €1.0m to €528,374
mainly Current investments (-€602,559) and Contributions, distributions and other (-€378,284)
- Tangible fixed assets -€22,088
down €22,088 (-33.9%), from €65,090 to €43,002
of which Furniture and vehicles: -€20,450
- Other debts +€325,965
new in 2025: €325,965
- Reserves -€260,638
down €260,638 (-24.7%), from €1.1m to €794,929
of which Tax-exempt reserves: -€147,350
- Tax, wage and social debts +€14,508
up €14,508 (+48.1%), from €30,186 to €44,694
- Gross operating margin -€80,853
down €80,853 (-28.6%), from €282,970 to €202,117
- Taxes -€23,256
down €23,256 (-25.2%), from €92,192 to €68,936
- Financial income -€8,162
down €8,162 (-42.3%), from €19,311 to €11,149
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 | €1,136,195 | €1,205,868 | +€69,673 | +6.1% |
| Fixed assets | 21/28 | €65,090 | €43,002 | -€22,088 | -33.9% |
| Tangible fixed assets | 22/27 | €65,090 | €43,002 | -€22,088 | -33.9% |
| Furniture and vehicles | 24 | €58,102 | €37,652 | -€20,450 | -35.2% |
| Other tangible fixed assets | 26 | €6,988 | €5,350 | -€1,638 | -23.4% |
| Current assets | 29/58 | €1,071,104 | €1,162,865 | +€91,761 | +8.6% |
| Amounts receivable within one year | 40/41 | €26,526 | €28,313 | +€1,788 | +6.7% |
| Trade receivables | 40 | €24,588 | €28,313 | +€3,725 | +15.1% |
| Other amounts receivable | 41 | €1,937 | €0 | -€1,937 | -100% |
| Current investments | 50/53 | - | €602,559 | +€602,559 | |
| Cash at bank and in hand | 54/58 | €1,040,506 | €528,374 | -€512,131 | -49.2% |
| Deferred charges and accrued income | 490/1 | €4,073 | €3,618 | -€455 | -11.2% |
| Total equity and liabilities | 10/49 | €1,136,195 | €1,205,868 | +€69,673 | +6.1% |
| Equity | 10/15 | €1,094,295 | €833,658 | -€260,638 | -23.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,055,566 | €794,929 | -€260,638 | -24.7% |
| Tax-exempt reserves | 132 | €147,350 | €0 | -€147,350 | -100% |
| Distributable reserves | 133 | €908,216 | €794,929 | -€113,288 | -12.5% |
| Profit (loss) carried forward | 14 | €13,729 | €13,729 | = | 0.0% |
| Amounts payable | 17/49 | €41,899 | €372,210 | +€330,311 | +788% |
| Amounts payable within one year | 42/48 | €41,679 | €372,210 | +€330,531 | +793% |
| Trade debts | 44 | €11,493 | €1,551 | -€9,941 | -86.5% |
| Suppliers | 440/4 | €11,493 | €1,551 | -€9,941 | -86.5% |
| Taxes, remuneration and social security | 45 | €30,186 | €44,694 | +€14,508 | +48.1% |
| Taxes | 450/3 | €30,186 | €44,694 | +€14,508 | +48.1% |
| Other amounts payable | 47/48 | - | €325,965 | +€325,965 | |
| Accrued charges and deferred income | 492/3 | €220 | €0 | -€220 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,297 | €22,088 | -€209 | -0.9% |
| Other operating charges | 640/8 | €1,779 | €2,667 | +€887 | +49.9% |
| Gross operating margin | 9900 | €282,970 | €202,117 | -€80,853 | -28.6% |
| Operating profit (loss) | 9901 | €258,894 | €177,362 | -€81,532 | -31.5% |
| Financial income | 75/76B | €19,311 | €11,149 | -€8,162 | -42.3% |
| Recurring financial income | 75 | €19,311 | €11,149 | -€8,162 | -42.3% |
| Financial charges | 65/66B | €269 | €1,929 | +€1,660 | +618% |
| Recurring financial charges | 65 | €269 | €1,929 | +€1,660 | +618% |
| Profit (loss) for the period before taxes | 9903 | €277,937 | €186,583 | -€91,354 | -32.9% |
| Income taxes | 67/77 | €92,192 | €68,936 | -€23,256 | -25.2% |
| Profit (loss) for the period | 9904 | €185,744 | €117,646 | -€68,098 | -36.7% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €147,350 | +€84,200 | +133% |
| Profit (loss) for the period to be appropriated | 9905 | €248,894 | €264,996 | +€16,102 | +6.5% |
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 15 October 2026 via checked.be.