M-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-W
Largest movements
- Receivables within one year -€38,963
down €38,963 (-64.4%), from €60,477 to €21,514
of which Trade receivables: -€39,672
- Cash -€33,404
down €33,404 (-52.4%), from €63,712 to €30,308
mainly Debts after one year (-€147,735) and Investment in fixed assets (net) (-€82,636)
- Receivables after one year -€30,720
down €30,720 (-24.1%), from €127,310 to €96,590
- Debts after one year -€147,735
down €147,735 (-14.8%), from €1.0m to €852,840
- Reserves +€42,874
up €42,874 (+15.0%), from €285,365 to €328,239
of which Distributable reserves: +€42,874
- Gross operating margin -€11,177
down €11,177 (-5.8%), from €193,817 to €182,641
- Financial charges -€10,108
down €10,108 (-21.1%), from €47,832 to €37,723
- Depreciation +€7,902
up €7,902 (+9.6%), from €82,652 to €90,554
- Taxes -€4,801
down €4,801 (-19.7%), from €24,336 to €19,534
- Staff costs +€4,209
new in 2025: €4,209
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 | €1,714,814 | €1,605,820 | -€108,994 | -6.4% |
| Fixed assets | 21/28 | €1,460,739 | €1,452,822 | -€7,918 | -0.5% |
| Tangible fixed assets | 22/27 | €1,460,139 | €1,452,222 | -€7,918 | -0.5% |
| Land and buildings | 22 | €1,460,139 | €1,448,998 | -€11,141 | -0.8% |
| Furniture and vehicles | 24 | - | €3,223 | +€3,223 | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €254,074 | €152,998 | -€101,076 | -39.8% |
| Amounts receivable after more than one year | 29 | €127,310 | €96,590 | -€30,720 | -24.1% |
| Other amounts receivable | 291 | €127,310 | €96,590 | -€30,720 | -24.1% |
| Amounts receivable within one year | 40/41 | €60,477 | €21,514 | -€38,963 | -64.4% |
| Trade receivables | 40 | €57,177 | €17,505 | -€39,672 | -69.4% |
| Other amounts receivable | 41 | €3,300 | €4,009 | +€709 | +21.5% |
| Cash at bank and in hand | 54/58 | €63,712 | €30,308 | -€33,404 | -52.4% |
| Deferred charges and accrued income | 490/1 | €2,575 | €4,586 | +€2,011 | +78.1% |
| Total equity and liabilities | 10/49 | €1,714,814 | €1,605,820 | -€108,994 | -6.4% |
| Equity | 10/15 | €484,184 | €519,943 | +€35,759 | +7.4% |
| Contributions | 10/11 | €149,000 | €149,000 | = | 0.0% |
| Capital | 10 | €149,000 | €149,000 | = | 0.0% |
| Issued capital | 100 | €149,000 | €149,000 | = | 0.0% |
| Reserves | 13 | €285,365 | €328,239 | +€42,874 | +15.0% |
| Non-distributable reserves | 130/1 | €14,900 | €14,900 | = | 0.0% |
| Legal reserve | 130 | €14,900 | €14,900 | = | 0.0% |
| Distributable reserves | 133 | €270,465 | €313,339 | +€42,874 | +15.9% |
| Profit (loss) carried forward | 14 | €12 | €12 | +€1 | +5.0% |
| Investment grants | 15 | €49,807 | €42,692 | -€7,115 | -14.3% |
| Amounts payable | 17/49 | €1,230,630 | €1,085,877 | -€144,753 | -11.8% |
| Amounts payable after more than one year | 17 | €1,000,575 | €852,840 | -€147,735 | -14.8% |
| Financial debts | 170/4 | €1,000,575 | €852,840 | -€147,735 | -14.8% |
| Amounts payable within one year | 42/48 | €219,143 | €220,125 | +€982 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €155,406 | €161,030 | +€5,624 | +3.6% |
| Trade debts | 44 | €22,384 | €13,174 | -€9,210 | -41.1% |
| Suppliers | 440/4 | €22,384 | €13,174 | -€9,210 | -41.1% |
| Advances received on contracts in progress | 46 | - | €726 | +€726 | |
| Taxes, remuneration and social security | 45 | €24,580 | €24,373 | -€207 | -0.8% |
| Taxes | 450/3 | €24,580 | €23,176 | -€1,404 | -5.7% |
| Remuneration and social security | 454/9 | - | €1,197 | +€1,197 | |
| Other amounts payable | 47/48 | €16,774 | €20,822 | +€4,048 | +24.1% |
| Accrued charges and deferred income | 492/3 | €10,911 | €12,912 | +€2,001 | +18.3% |
| Remuneration, social security and pensions | 62 | - | €4,209 | +€4,209 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,652 | €90,554 | +€7,902 | +9.6% |
| Other operating charges | 640/8 | €964 | €983 | +€19 | +2.0% |
| Gross operating margin | 9900 | €193,817 | €182,641 | -€11,177 | -5.8% |
| Operating profit (loss) | 9901 | €110,202 | €86,895 | -€23,307 | -21.1% |
| Financial income | 75/76B | €14,853 | €13,237 | -€1,616 | -10.9% |
| Recurring financial income | 75 | €14,853 | €13,237 | -€1,616 | -10.9% |
| Financial charges | 65/66B | €47,832 | €37,723 | -€10,108 | -21.1% |
| Recurring financial charges | 65 | €47,832 | €37,723 | -€10,108 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €77,224 | €62,409 | -€14,815 | -19.2% |
| Income taxes | 67/77 | €24,336 | €19,534 | -€4,801 | -19.7% |
| Profit (loss) for the period | 9904 | €52,888 | €42,875 | -€10,014 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,888 | €42,875 | -€10,014 | -18.9% |
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 13 October 2026 via checked.be.