Ets MW: 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.
Ets MW
Largest movements
- Receivables within one year +€48,592
up €48,592 (+29.0%), from €167,382 to €215,974
of which Trade receivables: +€47,561
- Cash -€26,565
down €26,565 (-49.7%), from €53,459 to €26,895
mainly Receivables within one year (-€48,592) and Investment in fixed assets (net) (-€42,184)
- Stocks and contracts -€13,494
down €13,494 (-61.4%), from €21,965 to €8,470
- Other debts +€32,547
up €32,547 (+5,625%), from €579 to €33,126
- Debts after one year -€24,504
down €24,504 (-12.9%), from €190,190 to €165,686
- Profit (loss) carried forward +€14,389
up €14,389 (+17.4%), from €82,597 to €96,985
- Trade debts -€11,075
down €11,075 (-7.5%), from €147,408 to €136,333
- Gross operating margin +€39,944
up €39,944 (+27.3%), from €146,501 to €186,445
- Other operating charges +€35,940
up €35,940 (+3,508%), from €1,025 to €36,965
- Staff costs -€32,174
down €32,174 (-32.5%), from €99,051 to €66,877
- Depreciation +€13,920
up €13,920 (+55.1%), from €25,256 to €39,176
- Taxes +€7,876
up €7,876 (+82.7%), from €9,529 to €17,405
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €477,120 | €489,496 | +€12,376 | +2.6% |
| Fixed assets | 21/28 | €234,314 | €237,321 | +€3,007 | +1.3% |
| Intangible fixed assets | 21 | €0 | - | -€0 | |
| Tangible fixed assets | 22/27 | €234,314 | €237,321 | +€3,008 | +1.3% |
| Land and buildings | 22 | €146,203 | €134,515 | -€11,688 | -8.0% |
| Plant, machinery and equipment | 23 | €19,619 | €12,301 | -€7,318 | -37.3% |
| Furniture and vehicles | 24 | €68,491 | €90,505 | +€22,013 | +32.1% |
| Current assets | 29/58 | €242,806 | €252,175 | +€9,369 | +3.9% |
| Stocks and contracts in progress | 3 | €21,965 | €8,470 | -€13,494 | -61.4% |
| Stocks | 30/36 | €21,965 | €8,470 | -€13,494 | -61.4% |
| Amounts receivable within one year | 40/41 | €167,382 | €215,974 | +€48,592 | +29.0% |
| Trade receivables | 40 | €153,077 | €200,638 | +€47,561 | +31.1% |
| Other amounts receivable | 41 | €14,305 | €15,336 | +€1,031 | +7.2% |
| Cash at bank and in hand | 54/58 | €53,459 | €26,895 | -€26,565 | -49.7% |
| Deferred charges and accrued income | 490/1 | - | €836 | +€836 | |
| Total equity and liabilities | 10/49 | €477,120 | €489,496 | +€12,376 | +2.6% |
| Equity | 10/15 | €102,597 | €116,985 | +€14,389 | +14.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | - | -€20,000 | |
| Other | 1109/19 | €20,000 | - | -€20,000 | |
| Profit (loss) carried forward | 14 | €82,597 | €96,985 | +€14,389 | +17.4% |
| Amounts payable | 17/49 | €374,523 | €372,511 | -€2,012 | -0.5% |
| Amounts payable after more than one year | 17 | €190,190 | €165,686 | -€24,504 | -12.9% |
| Financial debts | 170/4 | €190,190 | €165,686 | -€24,504 | -12.9% |
| Amounts payable within one year | 42/48 | €184,333 | €206,825 | +€22,491 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €28,199 | €24,504 | -€3,696 | -13.1% |
| Trade debts | 44 | €147,408 | €136,333 | -€11,075 | -7.5% |
| Suppliers | 440/4 | €147,408 | €136,333 | -€11,075 | -7.5% |
| Advances received on contracts in progress | 46 | - | €219 | +€219 | |
| Taxes, remuneration and social security | 45 | €8,147 | €12,643 | +€4,495 | +55.2% |
| Taxes | 450/3 | €1,019 | €11,267 | +€10,248 | +1,006% |
| Remuneration and social security | 454/9 | €7,128 | €1,375 | -€5,753 | -80.7% |
| Other amounts payable | 47/48 | €579 | €33,126 | +€32,547 | +5,625% |
| Non-recurring operating income | 76A | €2,480 | €14,997 | +€12,517 | +505% |
| Remuneration, social security and pensions | 62 | €99,051 | €66,877 | -€32,174 | -32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,256 | €39,176 | +€13,920 | +55.1% |
| Other operating charges | 640/8 | €1,025 | €36,965 | +€35,940 | +3,508% |
| Non-recurring operating charges | 66A | - | €7,326 | +€7,326 | |
| Gross operating margin | 9900 | €146,501 | €186,445 | +€39,944 | +27.3% |
| Operating profit (loss) | 9901 | €21,169 | €36,101 | +€14,932 | +70.5% |
| Financial income | 75/76B | €335 | €59 | -€275 | -82.3% |
| Recurring financial income | 75 | €335 | €59 | -€275 | -82.3% |
| Financial charges | 65/66B | €4,248 | €4,367 | +€119 | +2.8% |
| Recurring financial charges | 65 | €4,248 | €4,367 | +€119 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €17,256 | €31,794 | +€14,538 | +84.2% |
| Income taxes | 67/77 | €9,529 | €17,405 | +€7,876 | +82.7% |
| Profit (loss) for the period | 9904 | €7,727 | €14,389 | +€6,662 | +86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,727 | €14,389 | +€6,662 | +86.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.