LAWA: 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.
LAWA
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+1125.8%), from €92,413 to €1.1m
of which Land and buildings: +€1.0m
- Current investments -€125,000
down €125,000 (-100.0%), from €125,000 to €0
- Receivables within one year +€45,485
up €45,485 (+73.1%), from €62,213 to €107,698
of which Other amounts receivable: +€42,770
- Cash -€43,610
down €43,610 (-32.8%), from €132,987 to €89,377
- Debts after one year +€676,114
new in 2025: €676,114
- Trade debts +€185,605
up €185,605 (+557.1%), from €33,317 to €218,922
- Current portion of long-term debt +€37,721
new in 2025: €37,721
- Gross operating margin +€480,196
up €480,196 (+127.3%), from €377,240 to €857,436
- Staff costs +€450,693
up €450,693 (+144.1%), from €312,774 to €763,467
- Depreciation +€33,156
up €33,156 (+136.4%), from €24,303 to €57,459
- Financial charges +€21,176
up €21,176 (+418.1%), from €5,064 to €26,240
- Financial income +€11,417
up €11,417 (+7553.2%), from €151 to €11,568
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €568,288 | €1,493,608 | +€925,320 | +162.8% |
| Fixed assets | 21/28 | €104,953 | €1,144,529 | +€1.0m | +990.5% |
| Intangible fixed assets | 21 | €809 | €0 | -€809 | -100.0% |
| Tangible fixed assets | 22/27 | €92,413 | €1,132,799 | +€1.0m | +1125.8% |
| Land and buildings | 22 | €10,795 | €1,050,257 | +€1.0m | +9629.5% |
| Plant, machinery and equipment | 23 | €47,508 | €37,547 | -€9,962 | -21.0% |
| Furniture and vehicles | 24 | €3,275 | €22,059 | +€18,784 | +573.5% |
| Other tangible fixed assets | 26 | €30,835 | €22,936 | -€7,899 | -25.6% |
| Financial fixed assets | 28 | €11,730 | €11,730 | = | 0.0% |
| Current assets | 29/58 | €463,335 | €349,079 | -€114,257 | -24.7% |
| Amounts receivable after more than one year | 29 | €130,819 | €134,758 | +€3,939 | +3.0% |
| Other amounts receivable | 291 | €130,819 | €134,758 | +€3,939 | +3.0% |
| Stocks and contracts in progress | 3 | €7,475 | €16,351 | +€8,875 | +118.7% |
| Stocks | 30/36 | €7,475 | €16,351 | +€8,875 | +118.7% |
| Amounts receivable within one year | 40/41 | €62,213 | €107,698 | +€45,485 | +73.1% |
| Trade receivables | 40 | €8,025 | €10,740 | +€2,715 | +33.8% |
| Other amounts receivable | 41 | €54,188 | €96,958 | +€42,770 | +78.9% |
| Current investments | 50/53 | €125,000 | €0 | -€125,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €132,987 | €89,377 | -€43,610 | -32.8% |
| Deferred charges and accrued income | 490/1 | €4,841 | €895 | -€3,946 | -81.5% |
| Total equity and liabilities | 10/49 | €568,288 | €1,493,608 | +€925,320 | +162.8% |
| Equity | 10/15 | €482,920 | €497,280 | +€14,360 | +3.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €464,328 | €478,688 | +€14,360 | +3.1% |
| Tax-exempt reserves | 132 | €11,281 | €11,281 | = | 0.0% |
| Distributable reserves | 133 | €453,047 | €467,407 | +€14,360 | +3.2% |
| Amounts payable | 17/49 | €85,367 | €996,328 | +€910,960 | +1067.1% |
| Amounts payable after more than one year | 17 | - | €676,114 | +€676,114 | |
| Financial debts | 170/4 | - | €676,114 | +€676,114 | |
| Amounts payable within one year | 42/48 | €85,342 | €320,213 | +€234,872 | +275.2% |
| Current portion of amounts payable after more than one year | 42 | - | €37,721 | +€37,721 | |
| Trade debts | 44 | €33,317 | €218,922 | +€185,605 | +557.1% |
| Suppliers | 440/4 | €33,317 | €218,922 | +€185,605 | +557.1% |
| Taxes, remuneration and social security | 45 | €48,721 | €63,413 | +€14,693 | +30.2% |
| Taxes | 450/3 | €20,222 | €14,999 | -€5,223 | -25.8% |
| Remuneration and social security | 454/9 | €28,499 | €48,415 | +€19,916 | +69.9% |
| Other amounts payable | 47/48 | €3,304 | €157 | -€3,147 | -95.2% |
| Accrued charges and deferred income | 492/3 | €26 | €0 | -€26 | -100.0% |
| Non-recurring operating income | 76A | - | €2,715 | +€2,715 | |
| Remuneration, social security and pensions | 62 | €312,774 | €763,467 | +€450,693 | +144.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,303 | €57,459 | +€33,156 | +136.4% |
| Other operating charges | 640/8 | €1,104 | €3,557 | +€2,453 | +222.2% |
| Gross operating margin | 9900 | €377,240 | €857,436 | +€480,196 | +127.3% |
| Operating profit (loss) | 9901 | €39,060 | €32,953 | -€6,106 | -15.6% |
| Financial income | 75/76B | €151 | €11,568 | +€11,417 | +7553.2% |
| Recurring financial income | 75 | €151 | €11,568 | +€11,417 | +7553.2% |
| Financial charges | 65/66B | €5,064 | €26,240 | +€21,176 | +418.1% |
| Recurring financial charges | 65 | €5,064 | €26,240 | +€21,176 | +418.1% |
| Profit (loss) for the period before taxes | 9903 | €34,146 | €18,281 | -€15,865 | -46.5% |
| Income taxes | 67/77 | €14,184 | €3,921 | -€10,262 | -72.4% |
| Profit (loss) for the period | 9904 | €19,963 | €14,360 | -€5,603 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,963 | €14,360 | -€5,603 | -28.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.