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
- Current investments -€450,000
down €450,000 (-31.0%), from €1.5m to €1.0m
- Cash +€388,100
up €388,100 (+736%), from €52,701 to €440,801
mainly Current investments (+€450,000) and Net result for the year (+€52,407)
- Receivables within one year +€84,448
up €84,448 (+6.3%), from €1.4m to €1.4m
of which Trade receivables: +€80,113
- Trade debts -€42,501
down €42,501 (-70.0%), from €60,679 to €18,178
- Financial income +€8,859
up €8,859 (+31.0%), from €28,560 to €37,420
- Gross operating margin +€7,063
up €7,063 (+13.1%), from €53,722 to €60,785
- Taxes +€4,473
up €4,473 (+40.4%), from €11,081 to €15,554
- Financial charges +€894
up €894 (+144%), from €621 to €1,515
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 | €3,499,440 | €3,473,731 | -€25,710 | -0.7% |
| Fixed assets | 21/28 | €617,858 | €595,382 | -€22,476 | -3.6% |
| Tangible fixed assets | 22/27 | €617,858 | €595,382 | -€22,476 | -3.6% |
| Land and buildings | 22 | €617,732 | €595,318 | -€22,414 | -3.6% |
| Furniture and vehicles | 24 | €126 | €64 | -€62 | -49.1% |
| Current assets | 29/58 | €2,881,583 | €2,878,349 | -€3,234 | -0.1% |
| Amounts receivable within one year | 40/41 | €1,350,322 | €1,434,769 | +€84,448 | +6.3% |
| Trade receivables | 40 | €294,643 | €374,756 | +€80,113 | +27.2% |
| Other amounts receivable | 41 | €1,055,679 | €1,060,013 | +€4,334 | +0.4% |
| Current investments | 50/53 | €1,450,000 | €1,000,000 | -€450,000 | -31.0% |
| Cash at bank and in hand | 54/58 | €52,701 | €440,801 | +€388,100 | +736% |
| Deferred charges and accrued income | 490/1 | €28,560 | €2,779 | -€25,781 | -90.3% |
| Total equity and liabilities | 10/49 | €3,499,440 | €3,473,731 | -€25,710 | -0.7% |
| Equity | 10/15 | €3,393,535 | €3,418,442 | +€24,907 | +0.7% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €3,319,167 | €3,344,074 | +€24,907 | +0.8% |
| Non-distributable reserves | 130/1 | €493,661 | €546,068 | +€52,407 | +10.6% |
| Legal reserve | 130 | €121,800 | €121,800 | = | 0.0% |
| Other | 1319 | €371,861 | €424,268 | +€52,407 | +14.1% |
| Distributable reserves | 133 | €2,825,506 | €2,798,006 | -€27,500 | -1.0% |
| Amounts payable | 17/49 | €105,905 | €55,289 | -€50,617 | -47.8% |
| Amounts payable within one year | 42/48 | €97,759 | €55,289 | -€42,470 | -43.4% |
| Trade debts | 44 | €60,679 | €18,178 | -€42,501 | -70.0% |
| Suppliers | 440/4 | €60,679 | €18,178 | -€42,501 | -70.0% |
| Taxes, remuneration and social security | 45 | €7,080 | €5,591 | -€1,489 | -21.0% |
| Taxes | 450/3 | €7,080 | €5,591 | -€1,489 | -21.0% |
| Other amounts payable | 47/48 | €30,000 | €31,520 | +€1,520 | +5.1% |
| Accrued charges and deferred income | 492/3 | €8,147 | - | -€8,147 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,099 | €26,559 | -€540 | -2.0% |
| Other operating charges | 640/8 | €2,083 | €2,171 | +€89 | +4.2% |
| Gross operating margin | 9900 | €53,722 | €60,785 | +€7,063 | +13.1% |
| Operating profit (loss) | 9901 | €24,541 | €32,056 | +€7,515 | +30.6% |
| Financial income | 75/76B | €28,560 | €37,420 | +€8,859 | +31.0% |
| Recurring financial income | 75 | €28,560 | €37,420 | +€8,859 | +31.0% |
| Financial charges | 65/66B | €621 | €1,515 | +€894 | +144% |
| Recurring financial charges | 65 | €621 | €1,515 | +€894 | +144% |
| Profit (loss) for the period before taxes | 9903 | €52,480 | €67,960 | +€15,481 | +29.5% |
| Income taxes | 67/77 | €11,081 | €15,554 | +€4,473 | +40.4% |
| Profit (loss) for the period | 9904 | €41,399 | €52,407 | +€11,008 | +26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,399 | €52,407 | +€11,008 | +26.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.