VAWAT: 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.
VAWAT
Largest movements
- Current investments +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Cash +€54,392
up €54,392 (+11.5%), from €473,988 to €528,380
mainly Net result for the year (+€380,675) and Tax, wage and social debts (+€5,999)
- Receivables within one year +€24,450
up €24,450 (+6.9%), from €356,656 to €381,106
of which Other amounts receivable: +€147,620
- Stocks and contracts +€12,937
up €12,937 (+43.0%), from €30,089 to €43,027
- Reserves +€329,062
up €329,062 (+39.4%), from €834,512 to €1.2m
of which Distributable reserves: +€177,502
- Trade debts -€147,680
down €147,680 (-74.0%), from €199,699 to €52,019
- Gross operating margin +€81,986
up €81,986 (+18.2%), from €449,456 to €531,442
- Taxes +€18,084
up €18,084 (+13.6%), from €132,488 to €150,572
- Depreciation -€13,033
down €13,033 (-74.8%), from €17,432 to €4,398
- Financial income +€11,608
up €11,608 (+6,837%), from €170 to €11,778
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 | €1,103,465 | €1,290,846 | +€187,381 | +17.0% |
| Fixed assets | 21/28 | €42,732 | €38,333 | -€4,398 | -10.3% |
| Tangible fixed assets | 22/27 | €42,732 | €38,333 | -€4,398 | -10.3% |
| Other tangible fixed assets | 26 | €42,732 | €38,333 | -€4,398 | -10.3% |
| Current assets | 29/58 | €1,060,734 | €1,252,513 | +€191,779 | +18.1% |
| Stocks and contracts in progress | 3 | €30,089 | €43,027 | +€12,937 | +43.0% |
| Stocks | 30/36 | €30,089 | €43,027 | +€12,937 | +43.0% |
| Amounts receivable within one year | 40/41 | €356,656 | €381,106 | +€24,450 | +6.9% |
| Trade receivables | 40 | €287,826 | €164,656 | -€123,170 | -42.8% |
| Other amounts receivable | 41 | €68,830 | €216,450 | +€147,620 | +214% |
| Current investments | 50/53 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €473,988 | €528,380 | +€54,392 | +11.5% |
| Total equity and liabilities | 10/49 | €1,103,465 | €1,290,846 | +€187,381 | +17.0% |
| Equity | 10/15 | €853,112 | €1,182,174 | +€329,062 | +38.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €834,512 | €1,163,574 | +€329,062 | +39.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €151,560 | +€151,560 | |
| Distributable reserves | 133 | €832,652 | €1,010,154 | +€177,502 | +21.3% |
| Amounts payable | 17/49 | €250,354 | €108,672 | -€141,681 | -56.6% |
| Amounts payable within one year | 42/48 | €250,354 | €108,672 | -€141,681 | -56.6% |
| Trade debts | 44 | €199,699 | €52,019 | -€147,680 | -74.0% |
| Suppliers | 440/4 | €199,699 | €52,019 | -€147,680 | -74.0% |
| Taxes, remuneration and social security | 45 | €50,654 | €56,653 | +€5,999 | +11.8% |
| Taxes | 450/3 | €50,654 | €56,653 | +€5,999 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,432 | €4,398 | -€13,033 | -74.8% |
| Other operating charges | 640/8 | €2,025 | €6,582 | +€4,557 | +225% |
| Gross operating margin | 9900 | €449,456 | €531,442 | +€81,986 | +18.2% |
| Operating profit (loss) | 9901 | €429,999 | €520,461 | +€90,462 | +21.0% |
| Financial income | 75/76B | €170 | €11,778 | +€11,608 | +6,837% |
| Recurring financial income | 75 | €170 | €11,778 | +€11,608 | +6,837% |
| Financial charges | 65/66B | €2,255 | €992 | -€1,263 | -56.0% |
| Recurring financial charges | 65 | €2,255 | €992 | -€1,263 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | €427,914 | €531,247 | +€103,333 | +24.1% |
| Income taxes | 67/77 | €132,488 | €150,572 | +€18,084 | +13.6% |
| Profit (loss) for the period | 9904 | €295,426 | €380,675 | +€85,249 | +28.9% |
| Transfer to tax-exempt reserves | 689 | - | €151,560 | +€151,560 | |
| Profit (loss) for the period to be appropriated | 9905 | €295,426 | €229,115 | -€66,311 | -22.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.