LIWAES: 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.
LIWAES
Largest movements
- Tangible fixed assets +€54,205
up €54,205 (+344%), from €15,763 to €69,968
of which Furniture and vehicles: +€47,334
- Cash -€7,564
down €7,564 (-25.6%), from €29,559 to €21,995
mainly Investment in fixed assets (net) (-€61,806) and Tax, wage and social debts (-€1,381)
- Debts after one year +€33,176
new in 2025: €33,176
- Current portion of long-term debt +€11,692
new in 2025: €11,692
- Reserves +€4,210
up €4,210 (+10.8%), from €38,847 to €43,057
- Tax, wage and social debts -€1,381
down €1,381 (-22.5%), from €6,135 to €4,754
- Trade debts -€1,059
down €1,059 (-93.3%), from €1,136 to €77
- Gross operating margin +€8,290
up €8,290 (+126%), from €6,561 to €14,851
- Depreciation +€2,858
up €2,858 (+60.3%), from €4,743 to €7,601
- Other operating charges -€744
down €744 (-44.5%), from €1,672 to €928
- Financial charges +€699
up €699 (+1,025%), from €68 to €767
- Taxes +€656
up €656 (+77.5%), from €846 to €1,501
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.
Derived cash bridge
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 | €51,783 | €98,407 | +€46,624 | +90.0% |
| Fixed assets | 21/28 | €15,763 | €69,968 | +€54,205 | +344% |
| Tangible fixed assets | 22/27 | €15,763 | €69,968 | +€54,205 | +344% |
| Plant, machinery and equipment | 23 | €154 | - | -€154 | |
| Furniture and vehicles | 24 | €10,087 | €57,422 | +€47,334 | +469% |
| Other tangible fixed assets | 26 | €5,522 | €12,546 | +€7,024 | +127% |
| Current assets | 29/58 | €36,020 | €28,440 | -€7,581 | -21.0% |
| Amounts receivable within one year | 40/41 | €6,461 | €5,645 | -€816 | -12.6% |
| Trade receivables | 40 | €5,821 | €5,005 | -€816 | -14.0% |
| Other amounts receivable | 41 | €640 | €640 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €29,559 | €21,995 | -€7,564 | -25.6% |
| Deferred charges and accrued income | 490/1 | - | €800 | +€800 | |
| Total equity and liabilities | 10/49 | €51,783 | €98,407 | +€46,624 | +90.0% |
| Equity | 10/15 | €43,847 | €48,057 | +€4,210 | +9.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €38,847 | €43,057 | +€4,210 | +10.8% |
| Distributable reserves | 133 | €38,847 | €43,057 | +€4,210 | +10.8% |
| Amounts payable | 17/49 | €7,937 | €50,351 | +€42,414 | +534% |
| Amounts payable after more than one year | 17 | - | €33,176 | +€33,176 | |
| Financial debts | 170/4 | - | €33,176 | +€33,176 | |
| Amounts payable within one year | 42/48 | €7,937 | €17,175 | +€9,238 | +116% |
| Current portion of amounts payable after more than one year | 42 | - | €11,692 | +€11,692 | |
| Trade debts | 44 | €1,136 | €77 | -€1,059 | -93.3% |
| Suppliers | 440/4 | €1,136 | €77 | -€1,059 | -93.3% |
| Taxes, remuneration and social security | 45 | €6,135 | €4,754 | -€1,381 | -22.5% |
| Taxes | 450/3 | €6,135 | €4,754 | -€1,381 | -22.5% |
| Other amounts payable | 47/48 | €666 | €653 | -€13 | -2.0% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,743 | €7,601 | +€2,858 | +60.3% |
| Other operating charges | 640/8 | €1,672 | €928 | -€744 | -44.5% |
| Gross operating margin | 9900 | €6,561 | €14,851 | +€8,290 | +126% |
| Operating profit (loss) | 9901 | €147 | €6,322 | +€6,175 | +4,215% |
| Financial income | 75/76B | €182 | €157 | -€26 | -14.0% |
| Recurring financial income | 75 | €182 | €157 | -€26 | -14.0% |
| Financial charges | 65/66B | €68 | €767 | +€699 | +1,025% |
| Recurring financial charges | 65 | €68 | €767 | +€699 | +1,025% |
| Profit (loss) for the period before taxes | 9903 | €261 | €5,711 | +€5,451 | +2,090% |
| Income taxes | 67/77 | €846 | €1,501 | +€656 | +77.5% |
| Profit (loss) for the period | 9904 | -€585 | €4,210 | +€4,795 | |
| Profit (loss) for the period to be appropriated | 9905 | -€585 | €4,210 | +€4,795 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.