EW MD: 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.
EW MD
Largest movements
- Current investments +€369,883
up €369,883 (+40.3%), from €918,392 to €1.3m
- Cash -€205,147
down €205,147 (-56.8%), from €361,097 to €155,949
mainly Current investments (-€369,883) and Other debts (-€30,704)
- Tangible fixed assets -€35,153
down €35,153 (-40.6%), from €86,584 to €51,431
of which Land and buildings: -€29,607
- Reserves +€155,857
up €155,857 (+18.7%), from €833,257 to €989,114
of which Distributable reserves: +€155,857
- Other debts -€30,704
down €30,704 (-7.3%), from €418,684 to €387,980
- Taxes -€38,604
down €38,604 (-33.9%), from €113,872 to €75,269
- Financial income +€16,519
up €16,519 (+57.8%), from €28,579 to €45,098
- Gross operating margin -€16,255
down €16,255 (-6.2%), from €261,180 to €244,925
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 | €1,398,801 | €1,515,514 | +€116,713 | +8.3% |
| Fixed assets | 21/28 | €86,584 | €51,431 | -€35,153 | -40.6% |
| Tangible fixed assets | 22/27 | €86,584 | €51,431 | -€35,153 | -40.6% |
| Land and buildings | 22 | €59,214 | €29,607 | -€29,607 | -50.0% |
| Plant, machinery and equipment | 23 | €1,347 | €1,932 | +€585 | +43.4% |
| Furniture and vehicles | 24 | €3,712 | €1,362 | -€2,350 | -63.3% |
| Other tangible fixed assets | 26 | €22,311 | €18,530 | -€3,781 | -16.9% |
| Current assets | 29/58 | €1,312,218 | €1,464,083 | +€151,865 | +11.6% |
| Amounts receivable within one year | 40/41 | €30,227 | €17,207 | -€13,020 | -43.1% |
| Trade receivables | 40 | €1,169 | - | -€1,169 | |
| Other amounts receivable | 41 | €29,058 | €17,207 | -€11,851 | -40.8% |
| Current investments | 50/53 | €918,392 | €1,288,274 | +€369,883 | +40.3% |
| Cash at bank and in hand | 54/58 | €361,097 | €155,949 | -€205,147 | -56.8% |
| Deferred charges and accrued income | 490/1 | €2,502 | €2,652 | +€150 | +6.0% |
| Total equity and liabilities | 10/49 | €1,398,801 | €1,515,514 | +€116,713 | +8.3% |
| Equity | 10/15 | €953,335 | €1,109,192 | +€155,857 | +16.3% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €833,257 | €989,114 | +€155,857 | +18.7% |
| Tax-exempt reserves | 132 | €88 | €88 | = | 0.0% |
| Distributable reserves | 133 | €833,169 | €989,026 | +€155,857 | +18.7% |
| Profit (loss) carried forward | 14 | €105,818 | €105,818 | +€0 | 0.0% |
| Amounts payable | 17/49 | €445,466 | €406,321 | -€39,145 | -8.8% |
| Amounts payable within one year | 42/48 | €427,966 | €388,821 | -€39,145 | -9.1% |
| Trade debts | 44 | €9,012 | €571 | -€8,441 | -93.7% |
| Suppliers | 440/4 | €9,012 | €571 | -€8,441 | -93.7% |
| Taxes, remuneration and social security | 45 | €271 | €271 | = | 0.0% |
| Taxes | 450/3 | €271 | €271 | = | 0.0% |
| Other amounts payable | 47/48 | €418,684 | €387,980 | -€30,704 | -7.3% |
| Accrued charges and deferred income | 492/3 | €17,500 | €17,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,174 | €36,294 | +€120 | +0.3% |
| Other operating charges | 640/8 | €1,762 | €2,003 | +€240 | +13.6% |
| Gross operating margin | 9900 | €261,180 | €244,925 | -€16,255 | -6.2% |
| Operating profit (loss) | 9901 | €223,244 | €206,629 | -€16,615 | -7.4% |
| Financial income | 75/76B | €28,579 | €45,098 | +€16,519 | +57.8% |
| Recurring financial income | 75 | €28,579 | €45,098 | +€16,519 | +57.8% |
| Financial charges | 65/66B | €18,960 | €20,601 | +€1,641 | +8.7% |
| Recurring financial charges | 65 | €18,960 | €20,601 | +€1,641 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €232,862 | €231,126 | -€1,736 | -0.7% |
| Income taxes | 67/77 | €113,872 | €75,269 | -€38,604 | -33.9% |
| Profit (loss) for the period | 9904 | €118,990 | €155,857 | +€36,867 | +31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,990 | €155,857 | +€36,867 | +31.0% |
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 29 September 2026 via checked.be.