M LW: 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 LW
Largest movements
- Cash -€12,313
down €12,313 (-35.7%), from €34,510 to €22,197
mainly Net result for the year (-€14,426) and Receivables within one year (-€5,491)
- Receivables within one year +€5,491
new in 2025: €5,491
- Tangible fixed assets +€1,822
new in 2025: €1,822
- Current investments +€907
up €907 (+5.6%), from €16,289 to €17,196
- Profit (loss) carried forward -€14,426
down €14,426 (-38.5%), from -€37,441 to -€51,867
- Tax, wage and social debts +€11,829
up €11,829 (+376%), from €3,142 to €14,971
of which Remuneration and social security: +€13,471
- Other debts -€746
no longer reported in 2025 (was €746)
- Gross operating margin -€15,563
down €15,563, from €2,309 to -€13,254
- Taxes -€373
down €373 (-93.5%), from €399 to €26
- Other operating charges +€246
up €246 (+39.2%), from €627 to €873
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 | €55,149 | €51,547 | -€3,602 | -6.5% |
| Fixed assets | 21/28 | - | €1,822 | +€1,822 | |
| Tangible fixed assets | 22/27 | - | €1,822 | +€1,822 | |
| Land and buildings | 22 | - | €1,822 | +€1,822 | |
| Current assets | 29/58 | €55,149 | €49,725 | -€5,424 | -9.8% |
| Stocks and contracts in progress | 3 | €3,573 | €4,079 | +€506 | +14.2% |
| Stocks | 30/36 | €3,573 | €4,079 | +€506 | +14.2% |
| Amounts receivable within one year | 40/41 | - | €5,491 | +€5,491 | |
| Other amounts receivable | 41 | - | €5,491 | +€5,491 | |
| Current investments | 50/53 | €16,289 | €17,196 | +€907 | +5.6% |
| Cash at bank and in hand | 54/58 | €34,510 | €22,197 | -€12,313 | -35.7% |
| Deferred charges and accrued income | 490/1 | €777 | €762 | -€15 | -1.9% |
| Total equity and liabilities | 10/49 | €55,149 | €51,547 | -€3,602 | -6.5% |
| Equity | 10/15 | -€15,188 | -€29,614 | -€14,426 | -95.0% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €4,253 | €4,253 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €2,393 | - | -€2,393 | |
| Distributable reserves | 133 | - | €4,253 | +€4,253 | |
| Profit (loss) carried forward | 14 | -€37,441 | -€51,867 | -€14,426 | -38.5% |
| Amounts payable | 17/49 | €70,337 | €81,161 | +€10,824 | +15.4% |
| Amounts payable after more than one year | 17 | €66,000 | €66,000 | = | 0.0% |
| Other amounts payable | 178/9 | €66,000 | €66,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,337 | €15,161 | +€10,824 | +250% |
| Financial debts | 43 | €99 | €129 | +€30 | +30.3% |
| Credit institutions | 430/8 | €99 | €129 | +€30 | +30.3% |
| Trade debts | 44 | €350 | €61 | -€289 | -82.6% |
| Suppliers | 440/4 | €350 | €61 | -€289 | -82.6% |
| Taxes, remuneration and social security | 45 | €3,142 | €14,971 | +€11,829 | +376% |
| Taxes | 450/3 | €1,642 | - | -€1,642 | |
| Remuneration and social security | 454/9 | €1,500 | €14,971 | +€13,471 | +898% |
| Other amounts payable | 47/48 | €746 | - | -€746 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €58 | +€58 | |
| Other operating charges | 640/8 | €627 | €873 | +€246 | +39.2% |
| Gross operating margin | 9900 | €2,309 | -€13,254 | -€15,563 | |
| Operating profit (loss) | 9901 | €1,682 | -€14,185 | -€15,867 | |
| Financial income | 75/76B | €47 | €92 | +€45 | +95.7% |
| Recurring financial income | 75 | €47 | €92 | +€45 | +95.7% |
| Financial charges | 65/66B | €275 | €307 | +€32 | +11.6% |
| Recurring financial charges | 65 | €275 | €307 | +€32 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €1,454 | -€14,400 | -€15,854 | |
| Income taxes | 67/77 | €399 | €26 | -€373 | -93.5% |
| Profit (loss) for the period | 9904 | €1,055 | -€14,426 | -€15,481 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,055 | -€14,426 | -€15,481 |
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 22 October 2026 via checked.be.