NWAT: 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.
NWAT
Largest movements
- Cash +€47,174
up €47,174 (+382.5%), from €12,333 to €59,506
mainly Net result for the year (+€34,113) and Receivables within one year (+€8,209)
- Receivables within one year -€8,209
down €8,209 (-78.5%), from €10,452 to €2,243
of which Trade receivables: -€8,209
- Tangible fixed assets -€4,768
down €4,768 (-20.7%), from €22,986 to €18,217
of which Furniture and vehicles: -€4,235
- Profit (loss) carried forward +€34,113
up €34,113 (+70.5%), from -€48,354 to -€14,241
- Other debts -€7,134
down €7,134 (-10.9%), from €65,183 to €58,050
- Tax, wage and social debts +€4,096
up €4,096 (+39.7%), from €10,320 to €14,417
of which Taxes: +€2,846
- Trade debts +€3,914
up €3,914 (+19562.5%), from €20 to €3,934
- Gross operating margin +€17,324
up €17,324 (+60.1%), from €28,833 to €46,158
- Taxes +€4,606
up €4,606 (+1792.2%), from €257 to €4,863
- Depreciation -€2,038
down €2,038 (-26.7%), from €7,628 to €5,590
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 | €45,770 | €80,760 | +€34,990 | +76.4% |
| Fixed assets | 21/28 | €22,986 | €18,217 | -€4,768 | -20.7% |
| Tangible fixed assets | 22/27 | €22,986 | €18,217 | -€4,768 | -20.7% |
| Land and buildings | 22 | €3,997 | €3,464 | -€533 | -13.3% |
| Furniture and vehicles | 24 | €18,989 | €14,754 | -€4,235 | -22.3% |
| Current assets | 29/58 | €22,784 | €62,542 | +€39,758 | +174.5% |
| Amounts receivable within one year | 40/41 | €10,452 | €2,243 | -€8,209 | -78.5% |
| Trade receivables | 40 | €8,209 | - | -€8,209 | |
| Other amounts receivable | 41 | €2,243 | €2,243 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,333 | €59,506 | +€47,174 | +382.5% |
| Deferred charges and accrued income | 490/1 | - | €793 | +€793 | |
| Total equity and liabilities | 10/49 | €45,770 | €80,760 | +€34,990 | +76.4% |
| Equity | 10/15 | -€29,754 | €4,359 | +€34,113 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,354 | -€14,241 | +€34,113 | +70.5% |
| Amounts payable | 17/49 | €75,524 | €76,401 | +€877 | +1.2% |
| Amounts payable within one year | 42/48 | €75,524 | €76,401 | +€877 | +1.2% |
| Trade debts | 44 | €20 | €3,934 | +€3,914 | +19562.5% |
| Suppliers | 440/4 | €20 | €3,934 | +€3,914 | +19562.5% |
| Taxes, remuneration and social security | 45 | €10,320 | €14,417 | +€4,096 | +39.7% |
| Taxes | 450/3 | €9,070 | €11,917 | +€2,846 | +31.4% |
| Remuneration and social security | 454/9 | €1,250 | €2,500 | +€1,250 | +100.0% |
| Other amounts payable | 47/48 | €65,183 | €58,050 | -€7,134 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,628 | €5,590 | -€2,038 | -26.7% |
| Other operating charges | 640/8 | €1,265 | €1,487 | +€222 | +17.6% |
| Gross operating margin | 9900 | €28,833 | €46,158 | +€17,324 | +60.1% |
| Operating profit (loss) | 9901 | €19,941 | €39,081 | +€19,140 | +96.0% |
| Financial charges | 65/66B | €97 | €105 | +€8 | +8.1% |
| Recurring financial charges | 65 | €97 | €105 | +€8 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €19,844 | €38,976 | +€19,132 | +96.4% |
| Income taxes | 67/77 | €257 | €4,863 | +€4,606 | +1792.2% |
| Profit (loss) for the period | 9904 | €19,587 | €34,113 | +€14,526 | +74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,587 | €34,113 | +€14,526 | +74.2% |
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 8 October 2026 via checked.be.