CAWA: 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.
CAWA
Largest movements
- Financial fixed assets -€1.9m
down €1.9m (-100.0%), from €1.9m to €0
- Receivables within one year +€470,625
up €470,625 (+680.5%), from €69,163 to €539,787
of which Other amounts receivable: +€497,970
- Cash +€306,825
up €306,825 (+1123.3%), from €27,315 to €334,140
mainly Investment in fixed assets (net) (+€1.9m) and Net result for the year (+€323,654)
- Tangible fixed assets -€181,648
down €181,648 (-6.4%), from €2.8m to €2.7m
- Reserves -€732,762
down €732,762 (-23.2%), from €3.2m to €2.4m
of which Distributable reserves: -€958,789
- Other debts -€377,747
down €377,747 (-42.4%), from €890,972 to €513,225
- Debts after one year -€251,798
down €251,798 (-100.0%), from €251,798 to €0
- Current portion of long-term debt -€214,032
down €214,032 (-97.6%), from €219,193 to €5,160
- Tax, wage and social debts +€131,646
up €131,646 (+428.7%), from €30,708 to €162,354
- Gross operating margin +€542,037
up €542,037 (+222.1%), from €244,044 to €786,081
- Other operating charges +€140,626
up €140,626 (+188.3%), from €74,693 to €215,320
- Depreciation -€45,969
down €45,969 (-25.5%), from €180,346 to €134,377
- Taxes +€21,685
up €21,685 (+6891.5%), from €315 to €22,000
- Write-downs -€19,226
down €19,226 (-100.0%), from €19,226 to €0
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 | €4,795,274 | €3,537,926 | -€1.3m | -26.2% |
| Fixed assets | 21/28 | €4,689,716 | €2,657,300 | -€2.0m | -43.3% |
| Tangible fixed assets | 22/27 | €2,838,947 | €2,657,300 | -€181,648 | -6.4% |
| Land and buildings | 22 | €2,838,947 | €2,657,300 | -€181,648 | -6.4% |
| Financial fixed assets | 28 | €1,850,768 | €0 | -€1.9m | -100.0% |
| Current assets | 29/58 | €105,559 | €880,627 | +€775,068 | +734.3% |
| Amounts receivable within one year | 40/41 | €69,163 | €539,787 | +€470,625 | +680.5% |
| Trade receivables | 40 | €69,163 | €41,817 | -€27,345 | -39.5% |
| Other amounts receivable | 41 | €0 | €497,970 | +€497,970 | |
| Cash at bank and in hand | 54/58 | €27,315 | €334,140 | +€306,825 | +1123.3% |
| Deferred charges and accrued income | 490/1 | €9,081 | €6,700 | -€2,381 | -26.2% |
| Total equity and liabilities | 10/49 | €4,795,274 | €3,537,926 | -€1.3m | -26.2% |
| Equity | 10/15 | €3,236,873 | €2,605,500 | -€631,373 | -19.5% |
| Contributions | 10/11 | €81,442 | €182,831 | +€101,389 | +124.5% |
| Capital | 10 | €81,442 | €182,831 | +€101,389 | +124.5% |
| Issued capital | 100 | €81,442 | €182,831 | +€101,389 | +124.5% |
| Reserves | 13 | €3,155,431 | €2,422,669 | -€732,762 | -23.2% |
| Non-distributable reserves | 130/1 | €8,144 | €18,283 | +€10,139 | +124.5% |
| Legal reserve | 130 | €8,144 | €18,283 | +€10,139 | +124.5% |
| Tax-exempt reserves | 132 | - | €215,888 | +€215,888 | |
| Distributable reserves | 133 | €3,147,286 | €2,188,498 | -€958,789 | -30.5% |
| Provisions and deferred taxes | 16 | - | €70,252 | +€70,252 | |
| Deferred taxes | 168 | - | €70,252 | +€70,252 | |
| Amounts payable | 17/49 | €1,558,401 | €862,174 | -€696,227 | -44.7% |
| Amounts payable after more than one year | 17 | €251,798 | €0 | -€251,798 | -100.0% |
| Financial debts | 170/4 | €251,798 | €0 | -€251,798 | -100.0% |
| Amounts payable within one year | 42/48 | €1,306,603 | €861,724 | -€444,880 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €219,193 | €5,160 | -€214,032 | -97.6% |
| Financial debts | 43 | €153,102 | €150,000 | -€3,102 | -2.0% |
| Credit institutions | 430/8 | €153,102 | €150,000 | -€3,102 | -2.0% |
| Trade debts | 44 | €12,629 | €30,985 | +€18,356 | +145.3% |
| Suppliers | 440/4 | €12,629 | €30,985 | +€18,356 | +145.3% |
| Taxes, remuneration and social security | 45 | €30,708 | €162,354 | +€131,646 | +428.7% |
| Taxes | 450/3 | €30,708 | €162,354 | +€131,646 | +428.7% |
| Other amounts payable | 47/48 | €890,972 | €513,225 | -€377,747 | -42.4% |
| Accrued charges and deferred income | 492/3 | - | €450 | +€450 | |
| Non-recurring operating income | 76A | - | €295,710 | +€295,710 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,346 | €134,377 | -€45,969 | -25.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,226 | €0 | -€19,226 | -100.0% |
| Other operating charges | 640/8 | €74,693 | €215,320 | +€140,626 | +188.3% |
| Gross operating margin | 9900 | €244,044 | €786,081 | +€542,037 | +222.1% |
| Operating profit (loss) | 9901 | -€30,221 | €436,385 | +€466,605 | |
| Financial income | 75/76B | €52 | €56 | +€4 | +8.6% |
| Recurring financial income | 75 | €52 | €56 | +€4 | +8.6% |
| Financial charges | 65/66B | €26,231 | €20,534 | -€5,697 | -21.7% |
| Recurring financial charges | 65 | €26,231 | €20,534 | -€5,697 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | -€56,400 | €415,907 | +€472,307 | |
| Transfer to deferred taxes | 680 | - | €70,252 | +€70,252 | |
| Income taxes | 67/77 | €315 | €22,000 | +€21,685 | +6891.5% |
| Profit (loss) for the period | 9904 | -€56,715 | €323,654 | +€380,369 | |
| Transfer to tax-exempt reserves | 689 | - | €217,679 | +€217,679 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,715 | €105,975 | +€162,690 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.