Vawin: 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.
Vawin
Largest movements
- Receivables within one year +€654,063
up €654,063 (+1,018%), from €64,246 to €718,309
of which Other amounts receivable: +€714,591
- Cash +€212,147
up €212,147 (+213%), from €99,556 to €311,704
mainly Debts after one year (+€582,493) and Net result for the year (+€234,489)
- Tangible fixed assets -€38,280
down €38,280 (-1.4%), from €2.7m to €2.7m
of which Land and buildings: -€58,090
- Debts after one year +€582,493
up €582,493 (+49.7%), from €1.2m to €1.8m
- Reserves +€236,489
up €236,489 (+17.9%), from €1.3m to €1.6m
of which Distributable reserves: +€246,472
- Gross operating margin +€121,854
up €121,854 (+27.0%), from €451,635 to €573,489
- Taxes +€40,411
up €40,411 (+61.1%), from €66,137 to €106,548
- Depreciation -€10,129
down €10,129 (-4.9%), from €205,047 to €194,918
- Financial income +€8,947
up €8,947 (+2,818%), from €318 to €9,265
of which Non-recurring financial income: +€8,685
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 | €2,897,858 | €3,714,393 | +€816,534 | +28.2% |
| Fixed assets | 21/28 | €2,721,369 | €2,683,590 | -€37,780 | -1.4% |
| Tangible fixed assets | 22/27 | €2,720,371 | €2,682,092 | -€38,280 | -1.4% |
| Land and buildings | 22 | €2,710,847 | €2,652,757 | -€58,090 | -2.1% |
| Plant, machinery and equipment | 23 | €9,524 | €14,032 | +€4,508 | +47.3% |
| Furniture and vehicles | 24 | - | €15,302 | +€15,302 | |
| Financial fixed assets | 28 | €998 | €1,498 | +€500 | +50.1% |
| Current assets | 29/58 | €176,489 | €1,030,803 | +€854,314 | +484% |
| Amounts receivable within one year | 40/41 | €64,246 | €718,309 | +€654,063 | +1,018% |
| Trade receivables | 40 | €64,015 | €3,486 | -€60,528 | -94.6% |
| Other amounts receivable | 41 | €231 | €714,822 | +€714,591 | +309,106% |
| Cash at bank and in hand | 54/58 | €99,556 | €311,704 | +€212,147 | +213% |
| Deferred charges and accrued income | 490/1 | €12,687 | €791 | -€11,896 | -93.8% |
| Total equity and liabilities | 10/49 | €2,897,858 | €3,714,393 | +€816,534 | +28.2% |
| Equity | 10/15 | €1,344,659 | €1,579,149 | +€234,489 | +17.4% |
| Contributions | 10/11 | €22,000 | €20,000 | -€2,000 | -9.1% |
| Reserves | 13 | €1,322,585 | €1,559,074 | +€236,489 | +17.9% |
| Tax-exempt reserves | 132 | €59,912 | €49,929 | -€9,982 | -16.7% |
| Distributable reserves | 133 | €1,262,673 | €1,509,145 | +€246,472 | +19.5% |
| Profit (loss) carried forward | 14 | €74 | €74 | = | 0.0% |
| Provisions and deferred taxes | 16 | €25,701 | €20,560 | -€5,140 | -20.0% |
| Deferred taxes | 168 | €25,701 | €20,560 | -€5,140 | -20.0% |
| Amounts payable | 17/49 | €1,527,498 | €2,114,684 | +€587,185 | +38.4% |
| Amounts payable after more than one year | 17 | €1,172,036 | €1,754,528 | +€582,493 | +49.7% |
| Financial debts | 170/4 | €1,172,036 | €1,754,528 | +€582,493 | +49.7% |
| Amounts payable within one year | 42/48 | €355,463 | €359,375 | +€3,912 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €263,876 | €246,078 | -€17,797 | -6.7% |
| Trade debts | 44 | €16,753 | €7,704 | -€9,050 | -54.0% |
| Suppliers | 440/4 | €16,753 | €7,704 | -€9,050 | -54.0% |
| Advances received on contracts in progress | 46 | €46,760 | €47,181 | +€420 | +0.9% |
| Taxes, remuneration and social security | 45 | €16,089 | €43,563 | +€27,474 | +171% |
| Taxes | 450/3 | €16,089 | €43,563 | +€27,474 | +171% |
| Other amounts payable | 47/48 | €11,984 | €14,848 | +€2,864 | +23.9% |
| Accrued charges and deferred income | 492/3 | - | €781 | +€781 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,047 | €194,918 | -€10,129 | -4.9% |
| Other operating charges | 640/8 | €15,192 | €20,702 | +€5,510 | +36.3% |
| Non-recurring operating charges | 66A | - | €19 | +€19 | |
| Gross operating margin | 9900 | €451,635 | €573,489 | +€121,854 | +27.0% |
| Operating profit (loss) | 9901 | €231,396 | €357,850 | +€126,454 | +54.6% |
| Financial income | 75/76B | €318 | €9,265 | +€8,947 | +2,818% |
| Recurring financial income | 75 | €318 | €580 | +€263 | +82.7% |
| Non-recurring financial income | 76B | - | €8,685 | +€8,685 | |
| Financial charges | 65/66B | €26,019 | €31,218 | +€5,199 | +20.0% |
| Recurring financial charges | 65 | €26,019 | €31,218 | +€5,199 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | €205,695 | €335,897 | +€130,203 | +63.3% |
| Transfer from deferred taxes | 780 | €5,140 | €5,140 | = | 0.0% |
| Income taxes | 67/77 | €66,137 | €106,548 | +€40,411 | +61.1% |
| Profit (loss) for the period | 9904 | €144,698 | €234,489 | +€89,791 | +62.1% |
| Transfer from tax-exempt reserves | 789 | €9,982 | €9,982 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €154,680 | €244,472 | +€89,791 | +58.0% |
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 27 October 2026 via checked.be.