BWAT: 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.
BWAT
Largest movements
- Current investments +€120,000
up €120,000 (+19.7%), from €610,000 to €730,000
- Tangible fixed assets +€77,810
up €77,810 (+425.5%), from €18,286 to €96,096
of which Furniture and vehicles: +€78,324
- Receivables within one year +€58,047
up €58,047 (+64.9%), from €89,379 to €147,427
of which Other amounts receivable: +€62,415
- Other debts +€368,525
new in 2025: €368,525
- Profit (loss) carried forward -€79,354
no longer reported in 2025 (was €79,354)
- Tax, wage and social debts -€25,991
no longer reported in 2025 (was €25,991)
- Taxes -€67,859
down €67,859 (-42.4%), from €160,104 to €92,245
- Gross operating margin -€23,703
down €23,703 (-5.8%), from €408,949 to €385,245
- Depreciation -€13,743
down €13,743 (-69.6%), from €19,746 to €6,003
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 | €835,013 | €1,098,079 | +€263,065 | +31.5% |
| Fixed assets | 21/28 | €18,286 | €96,096 | +€77,810 | +425.5% |
| Tangible fixed assets | 22/27 | €18,286 | €96,096 | +€77,810 | +425.5% |
| Plant, machinery and equipment | 23 | €8,946 | €8,433 | -€513 | -5.7% |
| Furniture and vehicles | 24 | €9,340 | €87,664 | +€78,324 | +838.6% |
| Current assets | 29/58 | €816,727 | €1,001,982 | +€185,255 | +22.7% |
| Amounts receivable within one year | 40/41 | €89,379 | €147,427 | +€58,047 | +64.9% |
| Trade receivables | 40 | €72,310 | €67,942 | -€4,368 | -6.0% |
| Other amounts receivable | 41 | €17,070 | €79,485 | +€62,415 | +365.6% |
| Current investments | 50/53 | €610,000 | €730,000 | +€120,000 | +19.7% |
| Cash at bank and in hand | 54/58 | €117,348 | €124,302 | +€6,954 | +5.9% |
| Deferred charges and accrued income | 490/1 | - | €253 | +€253 | |
| Total equity and liabilities | 10/49 | €835,013 | €1,098,079 | +€263,065 | +31.5% |
| Equity | 10/15 | €808,354 | €729,000 | -€79,354 | -9.8% |
| Reserves | 13 | €729,000 | €729,000 | = | 0.0% |
| Distributable reserves | 133 | €729,000 | €729,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,354 | - | -€79,354 | |
| Amounts payable | 17/49 | €26,659 | €369,079 | +€342,419 | +1284.4% |
| Amounts payable within one year | 42/48 | €26,659 | €369,079 | +€342,419 | +1284.4% |
| Trade debts | 44 | €669 | €554 | -€115 | -17.2% |
| Suppliers | 440/4 | €669 | €554 | -€115 | -17.2% |
| Taxes, remuneration and social security | 45 | €25,991 | - | -€25,991 | |
| Taxes | 450/3 | €25,991 | - | -€25,991 | |
| Other amounts payable | 47/48 | - | €368,525 | +€368,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,746 | €6,003 | -€13,743 | -69.6% |
| Other operating charges | 640/8 | €477 | €711 | +€234 | +49.0% |
| Non-recurring operating charges | 66A | €243 | - | -€243 | |
| Gross operating margin | 9900 | €408,949 | €385,245 | -€23,703 | -5.8% |
| Operating profit (loss) | 9901 | €388,483 | €378,531 | -€9,951 | -2.6% |
| Financial income | 75/76B | €5,092 | €3,028 | -€2,063 | -40.5% |
| Recurring financial income | 75 | €5,092 | €3,028 | -€2,063 | -40.5% |
| Financial charges | 65/66B | €380 | €144 | -€236 | -62.1% |
| Recurring financial charges | 65 | €380 | €144 | -€236 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | €393,195 | €381,416 | -€11,779 | -3.0% |
| Income taxes | 67/77 | €160,104 | €92,245 | -€67,859 | -42.4% |
| Profit (loss) for the period | 9904 | €233,091 | €289,171 | +€56,080 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €233,091 | €289,171 | +€56,080 | +24.1% |
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 4 October 2026 via checked.be.