DR. GUY MWANI: 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.
DR. GUY MWANI
Largest movements
- Cash +€72,104
up €72,104 (+34.0%), from €212,168 to €284,272
mainly Net result for the year (+€232,317) and Depreciation (+€16,934)
- Current investments +€62,657
up €62,657 (+9.9%), from €631,594 to €694,250
- Tangible fixed assets -€14,506
down €14,506 (-26.7%), from €54,348 to €39,842
of which Furniture and vehicles: -€16,703
- Reserves +€172,317
up €172,317 (+23.4%), from €735,931 to €908,248
- Other debts -€56,859
down €56,859 (-25.4%), from €223,625 to €166,766
- Gross operating margin +€53,175
up €53,175 (+18.2%), from €292,499 to €345,674
- Taxes +€20,804
up €20,804 (+24.1%), from €86,436 to €107,240
- Financial income +€5,064
up €5,064 (+42.8%), from €11,825 to €16,889
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 | €1,010,388 | €1,129,135 | +€118,747 | +11.8% |
| Fixed assets | 21/28 | €54,348 | €39,842 | -€14,506 | -26.7% |
| Tangible fixed assets | 22/27 | €54,348 | €39,842 | -€14,506 | -26.7% |
| Plant, machinery and equipment | 23 | €17 | €2,214 | +€2,196 | +12,689% |
| Furniture and vehicles | 24 | €54,331 | €37,628 | -€16,703 | -30.7% |
| Current assets | 29/58 | €956,040 | €1,089,294 | +€133,254 | +13.9% |
| Amounts receivable within one year | 40/41 | €111,337 | €109,772 | -€1,565 | -1.4% |
| Trade receivables | 40 | €111,337 | €109,772 | -€1,565 | -1.4% |
| Current investments | 50/53 | €631,594 | €694,250 | +€62,657 | +9.9% |
| Cash at bank and in hand | 54/58 | €212,168 | €284,272 | +€72,104 | +34.0% |
| Deferred charges and accrued income | 490/1 | €942 | €1,000 | +€58 | +6.1% |
| Total equity and liabilities | 10/49 | €1,010,388 | €1,129,135 | +€118,747 | +11.8% |
| Equity | 10/15 | €755,931 | €928,248 | +€172,317 | +22.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €735,931 | €908,248 | +€172,317 | +23.4% |
| Distributable reserves | 133 | €735,931 | €908,248 | +€172,317 | +23.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €254,457 | €200,888 | -€53,569 | -21.1% |
| Amounts payable within one year | 42/48 | €254,457 | €200,888 | -€53,569 | -21.1% |
| Trade debts | 44 | €795 | €2,904 | +€2,109 | +265% |
| Suppliers | 440/4 | €795 | €2,904 | +€2,109 | +265% |
| Taxes, remuneration and social security | 45 | €30,037 | €31,217 | +€1,180 | +3.9% |
| Taxes | 450/3 | €26,170 | €27,350 | +€1,180 | +4.5% |
| Remuneration and social security | 454/9 | €3,867 | €3,867 | = | 0.0% |
| Other amounts payable | 47/48 | €223,625 | €166,766 | -€56,859 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,860 | €16,934 | +€75 | +0.4% |
| Other operating charges | 640/8 | €889 | €1,513 | +€624 | +70.2% |
| Gross operating margin | 9900 | €292,499 | €345,674 | +€53,175 | +18.2% |
| Operating profit (loss) | 9901 | €274,750 | €327,227 | +€52,477 | +19.1% |
| Financial income | 75/76B | €11,825 | €16,889 | +€5,064 | +42.8% |
| Recurring financial income | 75 | €11,825 | €16,889 | +€5,064 | +42.8% |
| Financial charges | 65/66B | €1,160 | €4,559 | +€3,399 | +293% |
| Recurring financial charges | 65 | €1,160 | €4,559 | +€3,399 | +293% |
| Profit (loss) for the period before taxes | 9903 | €285,415 | €339,557 | +€54,143 | +19.0% |
| Income taxes | 67/77 | €86,436 | €107,240 | +€20,804 | +24.1% |
| Profit (loss) for the period | 9904 | €198,978 | €232,317 | +€33,338 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €198,978 | €232,317 | +€33,338 | +16.8% |
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 25 October 2026 via checked.be.