VWA MANAGEMENT: 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.
VWA MANAGEMENT
Largest movements
- Receivables within one year -€78,309
down €78,309 (-14.7%), from €534,462 to €456,153
of which Other amounts receivable: -€75,396
- Tangible fixed assets -€13,363
down €13,363 (-95.1%), from €14,056 to €693
- Other debts -€117,918
down €117,918 (-67.2%), from €175,440 to €57,522
- Reserves +€52,224
up €52,224 (+23.4%), from €223,509 to €275,733
of which Distributable reserves: +€52,224
- Tax, wage and social debts -€14,056
down €14,056 (-47.1%), from €29,845 to €15,788
- Debts after one year -€6,010
down €6,010 (-90.7%), from €6,625 to €615
- Gross operating margin -€1,739
down €1,739 (-2.5%), from €68,302 to €66,563
- Financial income +€1,502
up €1,502 (+6.3%), from €23,648 to €25,149
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 | €550,260 | €457,442 | -€92,818 | -16.9% |
| Fixed assets | 21/28 | €14,056 | €693 | -€13,363 | -95.1% |
| Tangible fixed assets | 22/27 | €14,056 | €693 | -€13,363 | -95.1% |
| Furniture and vehicles | 24 | €14,056 | €693 | -€13,363 | -95.1% |
| Current assets | 29/58 | €536,204 | €456,748 | -€79,455 | -14.8% |
| Amounts receivable within one year | 40/41 | €534,462 | €456,153 | -€78,309 | -14.7% |
| Trade receivables | 40 | €29,830 | €26,916 | -€2,913 | -9.8% |
| Other amounts receivable | 41 | €504,632 | €429,237 | -€75,396 | -14.9% |
| Cash at bank and in hand | 54/58 | €925 | €519 | -€406 | -43.9% |
| Deferred charges and accrued income | 490/1 | €817 | €76 | -€740 | -90.7% |
| Total equity and liabilities | 10/49 | €550,260 | €457,442 | -€92,818 | -16.9% |
| Equity | 10/15 | €319,192 | €371,416 | +€52,224 | +16.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €223,509 | €275,733 | +€52,224 | +23.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €221,649 | €273,873 | +€52,224 | +23.6% |
| Profit (loss) carried forward | 14 | €89,483 | €89,483 | = | 0.0% |
| Amounts payable | 17/49 | €231,067 | €86,026 | -€145,042 | -62.8% |
| Amounts payable after more than one year | 17 | €6,625 | €615 | -€6,010 | -90.7% |
| Financial debts | 170/4 | €6,625 | €615 | -€6,010 | -90.7% |
| Amounts payable within one year | 42/48 | €223,442 | €84,411 | -€139,031 | -62.2% |
| Current portion of amounts payable after more than one year | 42 | €15,528 | €11,088 | -€4,441 | -28.6% |
| Trade debts | 44 | €2,629 | €12 | -€2,617 | -99.5% |
| Suppliers | 440/4 | €2,629 | €12 | -€2,617 | -99.5% |
| Taxes, remuneration and social security | 45 | €29,845 | €15,788 | -€14,056 | -47.1% |
| Taxes | 450/3 | €29,845 | €15,788 | -€14,056 | -47.1% |
| Other amounts payable | 47/48 | €175,440 | €57,522 | -€117,918 | -67.2% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,599 | €13,363 | -€236 | -1.7% |
| Other operating charges | 640/8 | €1,428 | €1,400 | -€27 | -1.9% |
| Gross operating margin | 9900 | €68,302 | €66,563 | -€1,739 | -2.5% |
| Operating profit (loss) | 9901 | €53,276 | €51,800 | -€1,476 | -2.8% |
| Financial income | 75/76B | €23,648 | €25,149 | +€1,502 | +6.3% |
| Recurring financial income | 75 | €23,648 | €25,149 | +€1,502 | +6.3% |
| Financial charges | 65/66B | €2,698 | €3,144 | +€447 | +16.6% |
| Recurring financial charges | 65 | €2,698 | €3,144 | +€447 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €74,225 | €73,805 | -€421 | -0.6% |
| Income taxes | 67/77 | €21,394 | €21,581 | +€187 | +0.9% |
| Profit (loss) for the period | 9904 | €52,831 | €52,224 | -€607 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,831 | €52,224 | -€607 | -1.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.