M.S. WALT: 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.S. WALT
Largest movements
- Tangible fixed assets -€4,677
down €4,677 (-5.1%), from €91,667 to €86,990
- Receivables within one year +€4,000
new in 2025: €4,000
- Other debts +€13,557
up €13,557 (+49.5%), from €27,385 to €40,942
- Profit (loss) carried forward -€8,753
down €8,753 (-22.1%), from -€39,685 to -€48,438
- Debts after one year -€5,409
down €5,409 (-5.7%), from €95,427 to €90,018
- Gross operating margin +€1,745
up €1,745 (+67.0%), from -€2,603 to -€858
- Other operating charges -€620
down €620 (-41.6%), from €1,488 to €868
- Financial charges -€100
down €100 (-4.1%), from €2,451 to €2,350
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 | €91,684 | €90,990 | -€694 | -0.8% |
| Fixed assets | 21/28 | €91,667 | €86,990 | -€4,677 | -5.1% |
| Tangible fixed assets | 22/27 | €91,667 | €86,990 | -€4,677 | -5.1% |
| Land and buildings | 22 | €91,667 | €86,990 | -€4,677 | -5.1% |
| Current assets | 29/58 | €17 | €4,000 | +€3,983 | +22,902% |
| Amounts receivable within one year | 40/41 | - | €4,000 | +€4,000 | |
| Trade receivables | 40 | - | €4,000 | +€4,000 | |
| Cash at bank and in hand | 54/58 | €17 | - | -€17 | |
| Total equity and liabilities | 10/49 | €91,684 | €90,990 | -€694 | -0.8% |
| Equity | 10/15 | -€36,685 | -€45,438 | -€8,753 | -23.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,685 | -€48,438 | -€8,753 | -22.1% |
| Amounts payable | 17/49 | €128,369 | €136,429 | +€8,059 | +6.3% |
| Amounts payable after more than one year | 17 | €95,427 | €90,018 | -€5,409 | -5.7% |
| Financial debts | 170/4 | €95,427 | €90,018 | -€5,409 | -5.7% |
| Amounts payable within one year | 42/48 | €32,942 | €46,410 | +€13,468 | +40.9% |
| Current portion of amounts payable after more than one year | 42 | €5,300 | €5,409 | +€109 | +2.1% |
| Financial debts | 43 | - | €2 | +€2 | |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Trade debts | 44 | €257 | €57 | -€200 | -77.7% |
| Suppliers | 440/4 | €257 | €57 | -€200 | -77.7% |
| Other amounts payable | 47/48 | €27,385 | €40,942 | +€13,557 | +49.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,677 | €4,677 | = | 0.0% |
| Other operating charges | 640/8 | €1,488 | €868 | -€620 | -41.6% |
| Gross operating margin | 9900 | -€2,603 | -€858 | +€1,745 | +67.0% |
| Operating profit (loss) | 9901 | -€8,768 | -€6,403 | +€2,365 | +27.0% |
| Financial charges | 65/66B | €2,451 | €2,350 | -€100 | -4.1% |
| Recurring financial charges | 65 | €2,451 | €2,350 | -€100 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,219 | -€8,753 | +€2,465 | +22.0% |
| Profit (loss) for the period | 9904 | -€11,219 | -€8,753 | +€2,465 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,219 | -€8,753 | +€2,465 | +22.0% |
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 18 October 2026 via checked.be.