BWAT: what changed
BWAT
Largest movements
- Current investments +€602,559
new in 2025: €602,559
- Cash -€512,131
down €512,131 (-49.2%), from €1.0m to €528,374
mainly Current investments (-€602,559) and Contributions, distributions and other (-€378,284)
- Tangible fixed assets -€22,088
down €22,088 (-33.9%), from €65,090 to €43,002
of which Furniture and vehicles: -€20,450
- Other debts +€325,965
new in 2025: €325,965
- Reserves -€260,638
down €260,638 (-24.7%), from €1.1m to €794,929
of which Tax-exempt reserves: -€147,350
- Tax, wage and social debts +€14,508
up €14,508 (+48.1%), from €30,186 to €44,694
- Gross operating margin -€80,853
down €80,853 (-28.6%), from €282,970 to €202,117
- Taxes -€23,256
down €23,256 (-25.2%), from €92,192 to €68,936
- Financial income -€8,162
down €8,162 (-42.3%), from €19,311 to €11,149
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,136,195 | €1,205,868 | +€69,673 | +6.1% |
| Fixed assets | 21/28 | €65,090 | €43,002 | -€22,088 | -33.9% |
| Tangible fixed assets | 22/27 | €65,090 | €43,002 | -€22,088 | -33.9% |
| Furniture and vehicles | 24 | €58,102 | €37,652 | -€20,450 | -35.2% |
| Other tangible fixed assets | 26 | €6,988 | €5,350 | -€1,638 | -23.4% |
| Current assets | 29/58 | €1,071,104 | €1,162,865 | +€91,761 | +8.6% |
| Amounts receivable within one year | 40/41 | €26,526 | €28,313 | +€1,788 | +6.7% |
| Trade receivables | 40 | €24,588 | €28,313 | +€3,725 | +15.1% |
| Other amounts receivable | 41 | €1,937 | €0 | -€1,937 | -100% |
| Current investments | 50/53 | - | €602,559 | +€602,559 | |
| Cash at bank and in hand | 54/58 | €1,040,506 | €528,374 | -€512,131 | -49.2% |
| Deferred charges and accrued income | 490/1 | €4,073 | €3,618 | -€455 | -11.2% |
| Total equity and liabilities | 10/49 | €1,136,195 | €1,205,868 | +€69,673 | +6.1% |
| Equity | 10/15 | €1,094,295 | €833,658 | -€260,638 | -23.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,055,566 | €794,929 | -€260,638 | -24.7% |
| Tax-exempt reserves | 132 | €147,350 | €0 | -€147,350 | -100% |
| Distributable reserves | 133 | €908,216 | €794,929 | -€113,288 | -12.5% |
| Profit (loss) carried forward | 14 | €13,729 | €13,729 | = | 0.0% |
| Amounts payable | 17/49 | €41,899 | €372,210 | +€330,311 | +788% |
| Amounts payable within one year | 42/48 | €41,679 | €372,210 | +€330,531 | +793% |
| Trade debts | 44 | €11,493 | €1,551 | -€9,941 | -86.5% |
| Suppliers | 440/4 | €11,493 | €1,551 | -€9,941 | -86.5% |
| Taxes, remuneration and social security | 45 | €30,186 | €44,694 | +€14,508 | +48.1% |
| Taxes | 450/3 | €30,186 | €44,694 | +€14,508 | +48.1% |
| Other amounts payable | 47/48 | - | €325,965 | +€325,965 | |
| Accrued charges and deferred income | 492/3 | €220 | €0 | -€220 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,297 | €22,088 | -€209 | -0.9% |
| Other operating charges | 640/8 | €1,779 | €2,667 | +€887 | +49.9% |
| Gross operating margin | 9900 | €282,970 | €202,117 | -€80,853 | -28.6% |
| Operating profit (loss) | 9901 | €258,894 | €177,362 | -€81,532 | -31.5% |
| Financial income | 75/76B | €19,311 | €11,149 | -€8,162 | -42.3% |
| Recurring financial income | 75 | €19,311 | €11,149 | -€8,162 | -42.3% |
| Financial charges | 65/66B | €269 | €1,929 | +€1,660 | +618% |
| Recurring financial charges | 65 | €269 | €1,929 | +€1,660 | +618% |
| Profit (loss) for the period before taxes | 9903 | €277,937 | €186,583 | -€91,354 | -32.9% |
| Income taxes | 67/77 | €92,192 | €68,936 | -€23,256 | -25.2% |
| Profit (loss) for the period | 9904 | €185,744 | €117,646 | -€68,098 | -36.7% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €147,350 | +€84,200 | +133% |
| Profit (loss) for the period to be appropriated | 9905 | €248,894 | €264,996 | +€16,102 | +6.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.