M.J.W.: 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.J.W.
Largest movements
- Intangible fixed assets -€127,467
down €127,467 (-73.6%), from €173,149 to €45,682
- Tangible fixed assets -€59,145
down €59,145 (-5.7%), from €1.0m to €980,389
- Cash +€18,156
up €18,156 (+36.5%), from €49,716 to €67,872
mainly Depreciation (+€107,562) and Investment in fixed assets (net) (+€79,050)
- Reserves -€124,672
down €124,672 (-81.9%), from €152,216 to €27,544
of which Distributable reserves: -€91,364
- Debts after one year -€78,044
down €78,044 (-8.2%), from €948,592 to €870,549
of which Financial debts: -€78,044
- Profit (loss) carried forward +€31,731
up €31,731 (+10.6%), from -€300,596 to -€268,864
- Depreciation -€51,776
down €51,776 (-32.5%), from €159,338 to €107,562
- Gross operating margin -€25,509
down €25,509 (-14.3%), from €178,943 to €153,434
- Financial charges -€4,137
down €4,137 (-15.5%), from €26,702 to €22,565
- Taxes -€2,228
down €2,228 (-12.9%), from €17,335 to €15,107
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 | €1,274,790 | €1,097,244 | -€177,546 | -13.9% |
| Fixed assets | 21/28 | €1,212,684 | €1,026,071 | -€186,612 | -15.4% |
| Intangible fixed assets | 21 | €173,149 | €45,682 | -€127,467 | -73.6% |
| Tangible fixed assets | 22/27 | €1,039,535 | €980,389 | -€59,145 | -5.7% |
| Land and buildings | 22 | €1,039,535 | €980,389 | -€59,145 | -5.7% |
| Current assets | 29/58 | €62,106 | €71,172 | +€9,066 | +14.6% |
| Amounts receivable within one year | 40/41 | €2,490 | €0 | -€2,490 | -100% |
| Other amounts receivable | 41 | €2,490 | €0 | -€2,490 | -100% |
| Cash at bank and in hand | 54/58 | €49,716 | €67,872 | +€18,156 | +36.5% |
| Deferred charges and accrued income | 490/1 | €9,900 | €3,300 | -€6,600 | -66.7% |
| Total equity and liabilities | 10/49 | €1,274,790 | €1,097,244 | -€177,546 | -13.9% |
| Equity | 10/15 | -€129,788 | -€222,728 | -€92,940 | -71.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €152,216 | €27,544 | -€124,672 | -81.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €59,344 | €26,037 | -€33,308 | -56.1% |
| Distributable reserves | 133 | €92,871 | €1,507 | -€91,364 | -98.4% |
| Profit (loss) carried forward | 14 | -€300,596 | -€268,864 | +€31,731 | +10.6% |
| Provisions and deferred taxes | 16 | €20,055 | €21,320 | +€1,265 | +6.3% |
| Deferred taxes | 168 | €20,055 | €21,320 | +€1,265 | +6.3% |
| Amounts payable | 17/49 | €1,384,523 | €1,298,652 | -€85,871 | -6.2% |
| Amounts payable after more than one year | 17 | €948,592 | €870,549 | -€78,044 | -8.2% |
| Financial debts | 170/4 | €920,992 | €842,949 | -€78,044 | -8.5% |
| Other amounts payable | 178/9 | €27,600 | €27,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €426,613 | €419,910 | -€6,703 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €85,727 | €78,043 | -€7,684 | -9.0% |
| Trade debts | 44 | €5,879 | €4,444 | -€1,435 | -24.4% |
| Suppliers | 440/4 | €5,879 | €4,444 | -€1,435 | -24.4% |
| Taxes, remuneration and social security | 45 | €0 | €2,479 | +€2,479 | |
| Taxes | 450/3 | €0 | €2,479 | +€2,479 | |
| Other amounts payable | 47/48 | €335,008 | €334,945 | -€63 | 0.0% |
| Accrued charges and deferred income | 492/3 | €9,317 | €8,193 | -€1,124 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,338 | €107,562 | -€51,776 | -32.5% |
| Other operating charges | 640/8 | €18,500 | €18,090 | -€410 | -2.2% |
| Gross operating margin | 9900 | €178,943 | €153,434 | -€25,509 | -14.3% |
| Operating profit (loss) | 9901 | €1,105 | €27,782 | +€26,677 | +2,414% |
| Financial charges | 65/66B | €26,702 | €22,565 | -€4,137 | -15.5% |
| Recurring financial charges | 65 | €26,702 | €22,565 | -€4,137 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€25,597 | €5,217 | +€30,814 | |
| Transfer from deferred taxes | 780 | €2,166 | €2,166 | = | 0.0% |
| Income taxes | 67/77 | €17,335 | €15,107 | -€2,228 | -12.9% |
| Profit (loss) for the period | 9904 | -€40,767 | -€7,725 | +€33,042 | +81.1% |
| Transfer from tax-exempt reserves | 789 | €5,156 | €1,860 | -€3,296 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,611 | -€5,865 | +€29,746 | +83.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.