VAWINDO: 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.
VAWINDO
Largest movements
- Cash -€1.0m
down €1.0m (-91.4%), from €1.1m to €96,251
mainly Receivables within one year (-€786,390) and Receivables after one year (-€350,000)
- Receivables within one year +€786,390
up €786,390 (+2303.6%), from €34,137 to €820,527
of which Other amounts receivable: +€797,021
- Receivables after one year +€350,000
new in 2025: €350,000
- Current investments -€250,000
down €250,000 (-100.0%), from €250,000 to €0
- Tangible fixed assets -€74,256
down €74,256 (-3.1%), from €2.4m to €2.3m
of which Land and buildings: -€69,350
- Other debts -€326,017
down €326,017 (-24.6%), from €1.3m to €999,122
- Reserves +€148,081
up €148,081 (+20.4%), from €727,453 to €875,534
of which Distributable reserves: +€148,081
- Debts after one year -€42,592
down €42,592 (-9.8%), from €432,888 to €390,296
- Gross operating margin +€265,976
up €265,976 (+973.8%), from €27,314 to €293,290
- Taxes -€190,850
down €190,850 (-73.1%), from €261,201 to €70,350
- Financial income -€40,761
down €40,761 (-95.1%), from €42,876 to €2,116
- Depreciation -€8,734
down €8,734 (-14.7%), from €59,361 to €50,627
- Other operating charges +€3,257
up €3,257 (+24.2%), from €13,463 to €16,721
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 | €3,768,627 | €3,563,225 | -€205,402 | -5.5% |
| Fixed assets | 21/28 | €2,370,702 | €2,296,446 | -€74,256 | -3.1% |
| Tangible fixed assets | 22/27 | €2,370,702 | €2,296,446 | -€74,256 | -3.1% |
| Land and buildings | 22 | €2,365,796 | €2,296,446 | -€69,350 | -2.9% |
| Plant, machinery and equipment | 23 | €4,906 | €0 | -€4,906 | -100.0% |
| Current assets | 29/58 | €1,397,925 | €1,266,779 | -€131,146 | -9.4% |
| Amounts receivable after more than one year | 29 | - | €350,000 | +€350,000 | |
| Other amounts receivable | 291 | - | €350,000 | +€350,000 | |
| Amounts receivable within one year | 40/41 | €34,137 | €820,527 | +€786,390 | +2303.6% |
| Trade receivables | 40 | €14,610 | €3,979 | -€10,631 | -72.8% |
| Other amounts receivable | 41 | €19,527 | €816,548 | +€797,021 | +4081.6% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,113,788 | €96,251 | -€1.0m | -91.4% |
| Total equity and liabilities | 10/49 | €3,768,627 | €3,563,225 | -€205,402 | -5.5% |
| Equity | 10/15 | €1,909,705 | €2,057,786 | +€148,081 | +7.8% |
| Contributions | 10/11 | €938,767 | €938,767 | = | 0.0% |
| Capital | 10 | €938,767 | €938,767 | = | 0.0% |
| Issued capital | 100 | €938,767 | €938,767 | = | 0.0% |
| Reserves | 13 | €727,453 | €875,534 | +€148,081 | +20.4% |
| Non-distributable reserves | 130/1 | €9,012 | €9,012 | = | 0.0% |
| Legal reserve | 130 | €9,012 | €9,012 | = | 0.0% |
| Distributable reserves | 133 | €718,441 | €866,522 | +€148,081 | +20.6% |
| Profit (loss) carried forward | 14 | €243,485 | €243,485 | = | 0.0% |
| Amounts payable | 17/49 | €1,858,922 | €1,505,439 | -€353,483 | -19.0% |
| Amounts payable after more than one year | 17 | €432,888 | €390,296 | -€42,592 | -9.8% |
| Financial debts | 170/4 | €432,888 | €390,296 | -€42,592 | -9.8% |
| Amounts payable within one year | 42/48 | €1,426,034 | €1,115,143 | -€310,891 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €42,192 | €42,592 | +€400 | +0.9% |
| Trade debts | 44 | €3,591 | €3,510 | -€81 | -2.3% |
| Suppliers | 440/4 | €3,591 | €3,510 | -€81 | -2.3% |
| Taxes, remuneration and social security | 45 | €55,111 | €69,919 | +€14,808 | +26.9% |
| Taxes | 450/3 | €55,111 | €69,919 | +€14,808 | +26.9% |
| Other amounts payable | 47/48 | €1,325,140 | €999,122 | -€326,017 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,361 | €50,627 | -€8,734 | -14.7% |
| Other operating charges | 640/8 | €13,463 | €16,721 | +€3,257 | +24.2% |
| Gross operating margin | 9900 | €27,314 | €293,290 | +€265,976 | +973.8% |
| Operating profit (loss) | 9901 | -€45,511 | €225,942 | +€271,453 | |
| Financial income | 75/76B | €42,876 | €2,116 | -€40,761 | -95.1% |
| Recurring financial income | 75 | €42,876 | €2,116 | -€40,761 | -95.1% |
| Financial charges | 65/66B | €10,059 | €9,627 | -€432 | -4.3% |
| Recurring financial charges | 65 | €10,059 | €9,627 | -€432 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,693 | €218,431 | +€231,124 | |
| Income taxes | 67/77 | €261,201 | €70,350 | -€190,850 | -73.1% |
| Profit (loss) for the period | 9904 | -€273,894 | €148,081 | +€421,975 | |
| Transfer from tax-exempt reserves | 789 | €825,000 | €0 | -€825,000 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €551,106 | €148,081 | -€403,025 | -73.1% |
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 6 October 2026 via checked.be.