CAWAP: 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.
CAWAP
Largest movements
- Tangible fixed assets -€72,673
down €72,673 (-13.5%), from €536,913 to €464,240
of which Plant, machinery and equipment: -€71,408
- Cash -€47,429
down €47,429 (-61.1%), from €77,686 to €30,257
mainly Other debts (-€114,350) and Investment in fixed assets (net) (-€42,013)
- Receivables within one year +€26,242
up €26,242 (+98.3%), from €26,704 to €52,946
of which Trade receivables: +€20,242
- Other debts -€114,350
down €114,350 (-93.4%), from €122,475 to €8,125
- Reserves +€106,367
up €106,367 (+18330.9%), from €580 to €106,947
- Debts after one year -€41,800
down €41,800 (-18.1%), from €231,493 to €189,693
of which Financial debts: -€40,000
- Profit (loss) carried forward -€25,548
down €25,548 (-100.0%), from €25,548 to €0
- Investment grants -€15,763
down €15,763 (-20.0%), from €78,813 to €63,050
- Taxes +€18,629
up €18,629 (+2628.4%), from €709 to €19,337
- Gross operating margin +€4,981
up €4,981 (+1.9%), from €267,821 to €272,802
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 | €641,452 | €549,181 | -€92,271 | -14.4% |
| Fixed assets | 21/28 | €537,063 | €464,390 | -€72,673 | -13.5% |
| Tangible fixed assets | 22/27 | €536,913 | €464,240 | -€72,673 | -13.5% |
| Land and buildings | 22 | €164,067 | €131,253 | -€32,813 | -20.0% |
| Plant, machinery and equipment | 23 | €361,912 | €290,504 | -€71,408 | -19.7% |
| Furniture and vehicles | 24 | €10,934 | €42,483 | +€31,549 | +288.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €104,390 | €84,792 | -€19,598 | -18.8% |
| Amounts receivable within one year | 40/41 | €26,704 | €52,946 | +€26,242 | +98.3% |
| Trade receivables | 40 | €26,613 | €46,855 | +€20,242 | +76.1% |
| Other amounts receivable | 41 | €91 | €6,091 | +€6,000 | +6575.3% |
| Cash at bank and in hand | 54/58 | €77,686 | €30,257 | -€47,429 | -61.1% |
| Deferred charges and accrued income | 490/1 | €0 | €1,588 | +€1,588 | |
| Total equity and liabilities | 10/49 | €641,452 | €549,181 | -€92,271 | -14.4% |
| Equity | 10/15 | €204,941 | €269,997 | +€65,056 | +31.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €580 | €106,947 | +€106,367 | +18330.9% |
| Distributable reserves | 133 | €580 | €106,947 | +€106,367 | +18330.9% |
| Profit (loss) carried forward | 14 | €25,548 | €0 | -€25,548 | -100.0% |
| Investment grants | 15 | €78,813 | €63,050 | -€15,763 | -20.0% |
| Amounts payable | 17/49 | €436,511 | €279,184 | -€157,327 | -36.0% |
| Amounts payable after more than one year | 17 | €231,493 | €189,693 | -€41,800 | -18.1% |
| Financial debts | 170/4 | €225,673 | €185,673 | -€40,000 | -17.7% |
| Other amounts payable | 178/9 | €5,820 | €4,020 | -€1,800 | -30.9% |
| Amounts payable within one year | 42/48 | €205,018 | €89,491 | -€115,527 | -56.3% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €4,410 | €1,280 | -€3,130 | -71.0% |
| Suppliers | 440/4 | €4,410 | €1,280 | -€3,130 | -71.0% |
| Taxes, remuneration and social security | 45 | €18,133 | €20,087 | +€1,954 | +10.8% |
| Taxes | 450/3 | €12,596 | €14,385 | +€1,789 | +14.2% |
| Remuneration and social security | 454/9 | €5,538 | €5,702 | +€165 | +3.0% |
| Other amounts payable | 47/48 | €122,475 | €8,125 | -€114,350 | -93.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €44,226 | €45,304 | +€1,078 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,323 | €114,685 | +€2,363 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,249 | €9,352 | +€1,102 | +13.4% |
| Other operating charges | 640/8 | €9,769 | €11,050 | +€1,281 | +13.1% |
| Gross operating margin | 9900 | €267,821 | €272,802 | +€4,981 | +1.9% |
| Operating profit (loss) | 9901 | €93,254 | €92,410 | -€843 | -0.9% |
| Financial income | 75/76B | €16,191 | €16,275 | +€84 | +0.5% |
| Recurring financial income | 75 | €16,191 | €16,275 | +€84 | +0.5% |
| Financial charges | 65/66B | €6,754 | €5,559 | -€1,195 | -17.7% |
| Recurring financial charges | 65 | €6,754 | €5,559 | -€1,195 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €102,691 | €103,126 | +€435 | +0.4% |
| Income taxes | 67/77 | €709 | €19,337 | +€18,629 | +2628.4% |
| Profit (loss) for the period | 9904 | €101,982 | €83,788 | -€18,194 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €101,982 | €83,788 | -€18,194 | -17.8% |
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 5 October 2026 via checked.be.