M.A.WAN: 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.
M.A.WAN
Largest movements
- Cash +€26,814
up €26,814 (+6.2%), from €435,089 to €461,903
mainly Net result for the year (+€45,214) and Depreciation (+€5,122)
- Receivables within one year +€15,921
up €15,921 (+43.5%), from €36,562 to €52,482
of which Other amounts receivable: +€9,431
- Reserves +€35,214
up €35,214 (+14.9%), from €236,814 to €272,028
of which Distributable reserves: +€35,214
- Gross operating margin -€5,197
down €5,197 (-7.3%), from €70,885 to €65,688
- Taxes -€1,775
down €1,775 (-9.4%), from €18,849 to €17,074
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €586,012 | €625,600 | +€39,588 | +6.8% |
| Fixed assets | 21/28 | €17,192 | €13,449 | -€3,742 | -21.8% |
| Tangible fixed assets | 22/27 | €17,192 | €13,449 | -€3,742 | -21.8% |
| Furniture and vehicles | 24 | €17,192 | €13,449 | -€3,742 | -21.8% |
| Current assets | 29/58 | €568,820 | €612,150 | +€43,330 | +7.6% |
| Amounts receivable after more than one year | 29 | €41,000 | €41,000 | = | 0.0% |
| Other amounts receivable | 291 | €41,000 | €41,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,562 | €52,482 | +€15,921 | +43.5% |
| Trade receivables | 40 | €15,690 | €22,179 | +€6,490 | +41.4% |
| Other amounts receivable | 41 | €20,872 | €30,303 | +€9,431 | +45.2% |
| Current investments | 50/53 | €54,739 | €54,739 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €435,089 | €461,903 | +€26,814 | +6.2% |
| Deferred charges and accrued income | 490/1 | €1,430 | €2,026 | +€596 | +41.7% |
| Total equity and liabilities | 10/49 | €586,012 | €625,600 | +€39,588 | +6.8% |
| Equity | 10/15 | €568,581 | €603,795 | +€35,214 | +6.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €236,814 | €272,028 | +€35,214 | +14.9% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €180,564 | €215,778 | +€35,214 | +19.5% |
| Profit (loss) carried forward | 14 | €319,367 | €319,367 | = | 0.0% |
| Amounts payable | 17/49 | €17,431 | €21,805 | +€4,374 | +25.1% |
| Amounts payable within one year | 42/48 | €17,431 | €21,805 | +€4,374 | +25.1% |
| Trade debts | 44 | €582 | €1,315 | +€733 | +126% |
| Suppliers | 440/4 | €582 | €1,315 | +€733 | +126% |
| Taxes, remuneration and social security | 45 | €6,849 | €10,490 | +€3,640 | +53.2% |
| Taxes | 450/3 | €6,849 | €10,490 | +€3,640 | +53.2% |
| Other amounts payable | 47/48 | €10,000 | €10,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,662 | €5,122 | +€460 | +9.9% |
| Other operating charges | 640/8 | €682 | €1,313 | +€630 | +92.4% |
| Gross operating margin | 9900 | €70,885 | €65,688 | -€5,197 | -7.3% |
| Operating profit (loss) | 9901 | €65,541 | €59,254 | -€6,287 | -9.6% |
| Financial income | 75/76B | €2,861 | €3,190 | +€329 | +11.5% |
| Recurring financial income | 75 | €2,861 | €3,190 | +€329 | +11.5% |
| Financial charges | 65/66B | €139 | €156 | +€16 | +11.8% |
| Recurring financial charges | 65 | €139 | €156 | +€16 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €68,263 | €62,289 | -€5,974 | -8.8% |
| Income taxes | 67/77 | €18,849 | €17,074 | -€1,775 | -9.4% |
| Profit (loss) for the period | 9904 | €49,414 | €45,214 | -€4,199 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,414 | €45,214 | -€4,199 | -8.5% |
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 15 October 2026 via checked.be.