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
- Current investments +€76,000
up €76,000 (+143.4%), from €52,999 to €128,999
- Tangible fixed assets -€35,082
down €35,082 (-9.1%), from €387,085 to €352,003
of which Land and buildings: -€35,319
- Cash -€6,010
down €6,010 (-35.2%), from €17,076 to €11,066
mainly Current investments (-€76,000) and Other debts (-€10,744)
- Reserves +€50,350
up €50,350 (+58.3%), from €86,428 to €136,778
of which Distributable reserves: +€50,350
- Other debts -€10,744
down €10,744 (-3.9%), from €273,081 to €262,338
- Tax, wage and social debts -€5,250
down €5,250 (-35.0%), from €15,021 to €9,771
- Other operating charges -€44,517
down €44,517 (-81.7%), from €54,518 to €10,001
- Taxes +€13,220
up €13,220 (+230.4%), from €5,737 to €18,958
- Gross operating margin +€5,463
up €5,463 (+4.8%), from €114,224 to €119,687
- Depreciation -€3,119
down €3,119 (-7.6%), from €40,991 to €37,872
- Financial income -€2,468
down €2,468 (-79.7%), from €3,098 to €630
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 | €466,237 | €503,227 | +€36,990 | +7.9% |
| Fixed assets | 21/28 | €387,085 | €352,003 | -€35,082 | -9.1% |
| Tangible fixed assets | 22/27 | €387,085 | €352,003 | -€35,082 | -9.1% |
| Land and buildings | 22 | €376,101 | €340,781 | -€35,319 | -9.4% |
| Plant, machinery and equipment | 23 | €10,984 | €11,221 | +€237 | +2.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €79,152 | €151,224 | +€72,072 | +91.1% |
| Amounts receivable within one year | 40/41 | €9,077 | €11,159 | +€2,082 | +22.9% |
| Trade receivables | 40 | €9,077 | €11,057 | +€1,980 | +21.8% |
| Other amounts receivable | 41 | - | €102 | +€102 | |
| Current investments | 50/53 | €52,999 | €128,999 | +€76,000 | +143.4% |
| Cash at bank and in hand | 54/58 | €17,076 | €11,066 | -€6,010 | -35.2% |
| Total equity and liabilities | 10/49 | €466,237 | €503,227 | +€36,990 | +7.9% |
| Equity | 10/15 | €176,088 | €226,438 | +€50,350 | +28.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €86,428 | €136,778 | +€50,350 | +58.3% |
| Tax-exempt reserves | 132 | €17,000 | €17,000 | = | 0.0% |
| Distributable reserves | 133 | €69,428 | €119,778 | +€50,350 | +72.5% |
| Profit (loss) carried forward | 14 | €83,460 | €83,460 | = | 0.0% |
| Amounts payable | 17/49 | €290,149 | €276,789 | -€13,360 | -4.6% |
| Amounts payable within one year | 42/48 | €290,149 | €276,789 | -€13,360 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,047 | €4,681 | +€2,634 | +128.7% |
| Suppliers | 440/4 | €2,047 | €4,681 | +€2,634 | +128.7% |
| Taxes, remuneration and social security | 45 | €15,021 | €9,771 | -€5,250 | -35.0% |
| Taxes | 450/3 | €15,021 | €9,771 | -€5,250 | -35.0% |
| Other amounts payable | 47/48 | €273,081 | €262,338 | -€10,744 | -3.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,991 | €37,872 | -€3,119 | -7.6% |
| Other operating charges | 640/8 | €54,518 | €10,001 | -€44,517 | -81.7% |
| Gross operating margin | 9900 | €114,224 | €119,687 | +€5,463 | +4.8% |
| Operating profit (loss) | 9901 | €18,715 | €71,814 | +€53,100 | +283.7% |
| Financial income | 75/76B | €3,098 | €630 | -€2,468 | -79.7% |
| Recurring financial income | 75 | €3,098 | €630 | -€2,468 | -79.7% |
| Financial charges | 65/66B | €807 | €637 | -€170 | -21.1% |
| Recurring financial charges | 65 | €807 | €637 | -€170 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €21,006 | €71,808 | +€50,802 | +241.8% |
| Income taxes | 67/77 | €5,737 | €18,958 | +€13,220 | +230.4% |
| Profit (loss) for the period | 9904 | €15,268 | €52,850 | +€37,582 | +246.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,268 | €52,850 | +€37,582 | +246.1% |
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 30 September 2026 via checked.be.