M.W.: what changed
Two fiscal 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
- Cash +€9,996
up €9,996 (+506.3%), from €1,974 to €11,970
mainly Net result for the year (+€13,850) and Accrued charges and deferred income (+€2,269)
- Receivables within one year +€6,592
up €6,592 (+7.3%), from €90,430 to €97,023
of which Trade receivables: +€3,483
- Tangible fixed assets +€1,868
new in 2025: €1,868
of which Furniture and vehicles: +€1,299
- Reserves +€13,850
up €13,850 (+17.7%), from €78,400 to €92,251
- Accrued charges and deferred income +€2,269
up €2,269, from €0 to €2,269
- Tax, wage and social debts +€1,863
up €1,863 (+280.6%), from €664 to €2,527
of which Remuneration and social security: +€1,887
- Gross operating margin +€9,923
up €9,923 (+168.5%), from €5,888 to €15,811
- Taxes +€2,517
up €2,517 (+83.0%), from €3,032 to €5,549
- Financial income -€340
down €340 (-6.8%), from €5,019 to €4,680
- Depreciation +€336
new in 2025: €336
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.
Cash bridge derived
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 | €94,163 | €112,329 | +€18,166 | +19.3% |
| Fixed assets | 21/28 | - | €1,868 | +€1,868 | |
| Tangible fixed assets | 22/27 | - | €1,868 | +€1,868 | |
| Plant, machinery and equipment | 23 | - | €569 | +€569 | |
| Furniture and vehicles | 24 | - | €1,299 | +€1,299 | |
| Current assets | 29/58 | €94,163 | €110,461 | +€16,298 | +17.3% |
| Amounts receivable within one year | 40/41 | €90,430 | €97,023 | +€6,592 | +7.3% |
| Trade receivables | 40 | €5,134 | €8,617 | +€3,483 | +67.8% |
| Other amounts receivable | 41 | €85,296 | €88,406 | +€3,109 | +3.6% |
| Cash at bank and in hand | 54/58 | €1,974 | €11,970 | +€9,996 | +506.3% |
| Deferred charges and accrued income | 490/1 | €1,758 | €1,467 | -€291 | -16.5% |
| Total equity and liabilities | 10/49 | €94,163 | €112,329 | +€18,166 | +19.3% |
| Equity | 10/15 | €90,800 | €104,651 | +€13,850 | +15.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €78,400 | €92,251 | +€13,850 | +17.7% |
| Distributable reserves | 133 | €78,400 | €92,251 | +€13,850 | +17.7% |
| Amounts payable | 17/49 | €3,363 | €7,678 | +€4,316 | +128.3% |
| Amounts payable within one year | 42/48 | €3,363 | €5,409 | +€2,047 | +60.9% |
| Trade debts | 44 | €2,699 | €2,882 | +€183 | +6.8% |
| Suppliers | 440/4 | €2,699 | €2,882 | +€183 | +6.8% |
| Taxes, remuneration and social security | 45 | €664 | €2,527 | +€1,863 | +280.6% |
| Taxes | 450/3 | €664 | €640 | -€24 | -3.6% |
| Remuneration and social security | 454/9 | €0 | €1,887 | +€1,887 | |
| Accrued charges and deferred income | 492/3 | €0 | €2,269 | +€2,269 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €336 | +€336 | |
| Other operating charges | 640/8 | €642 | €620 | -€22 | -3.4% |
| Gross operating margin | 9900 | €5,888 | €15,811 | +€9,923 | +168.5% |
| Operating profit (loss) | 9901 | €5,246 | €14,855 | +€9,609 | +183.2% |
| Financial income | 75/76B | €5,019 | €4,680 | -€340 | -6.8% |
| Recurring financial income | 75 | €5,019 | €4,680 | -€340 | -6.8% |
| Financial charges | 65/66B | €143 | €135 | -€8 | -5.4% |
| Recurring financial charges | 65 | €143 | €135 | -€8 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €10,123 | €19,399 | +€9,277 | +91.6% |
| Income taxes | 67/77 | €3,032 | €5,549 | +€2,517 | +83.0% |
| Profit (loss) for the period | 9904 | €7,091 | €13,850 | +€6,759 | +95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,091 | €13,850 | +€6,759 | +95.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.