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
- Cash -€10,212
down €10,212 (-75.9%), from €13,454 to €3,243
mainly Net result for the year (-€11,997) and Receivables within one year (-€1,053)
- Tangible fixed assets -€3,037
down €3,037 (-22.6%), from €13,412 to €10,375
of which Plant, machinery and equipment: -€2,699
- Receivables within one year +€1,053
up €1,053 (+15.7%), from €6,722 to €7,775
of which Other amounts receivable: +€6,908
- Profit (loss) carried forward -€11,997
down €11,997 (-13.9%), from -€86,036 to -€98,033
- Gross operating margin -€19,897
down €19,897, from €11,823 to -€8,074
- Other operating charges -€3,357
down €3,357 (-84.7%), from €3,961 to €605
- Depreciation -€470
down €470 (-13.4%), from €3,507 to €3,037
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 | €36,538 | €24,451 | -€12,087 | -33.1% |
| Fixed assets | 21/28 | €16,362 | €13,346 | -€3,016 | -18.4% |
| Tangible fixed assets | 22/27 | €13,412 | €10,375 | -€3,037 | -22.6% |
| Plant, machinery and equipment | 23 | €12,968 | €10,268 | -€2,699 | -20.8% |
| Furniture and vehicles | 24 | €444 | €106 | -€338 | -76.0% |
| Financial fixed assets | 28 | €2,950 | €2,971 | +€21 | +0.7% |
| Current assets | 29/58 | €20,176 | €11,105 | -€9,071 | -45.0% |
| Amounts receivable within one year | 40/41 | €6,722 | €7,775 | +€1,053 | +15.7% |
| Trade receivables | 40 | €6,722 | €867 | -€5,855 | -87.1% |
| Other amounts receivable | 41 | - | €6,908 | +€6,908 | |
| Cash at bank and in hand | 54/58 | €13,454 | €3,243 | -€10,212 | -75.9% |
| Deferred charges and accrued income | 490/1 | - | €87 | +€87 | |
| Total equity and liabilities | 10/49 | €36,538 | €24,451 | -€12,087 | -33.1% |
| Equity | 10/15 | €34,864 | €22,867 | -€11,997 | -34.4% |
| Contributions | 10/11 | €120,900 | €120,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,036 | -€98,033 | -€11,997 | -13.9% |
| Amounts payable | 17/49 | €1,674 | €1,584 | -€90 | -5.4% |
| Amounts payable within one year | 42/48 | €1,674 | €1,584 | -€90 | -5.4% |
| Trade debts | 44 | €743 | €533 | -€210 | -28.2% |
| Suppliers | 440/4 | €743 | €82 | -€661 | -89.0% |
| Bills of exchange payable | 441 | - | €451 | +€451 | |
| Taxes, remuneration and social security | 45 | €931 | €1,051 | +€120 | +12.9% |
| Taxes | 450/3 | €931 | €1,051 | +€120 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,507 | €3,037 | -€470 | -13.4% |
| Other operating charges | 640/8 | €3,961 | €605 | -€3,357 | -84.7% |
| Gross operating margin | 9900 | €11,823 | -€8,074 | -€19,897 | |
| Operating profit (loss) | 9901 | €4,355 | -€11,716 | -€16,071 | |
| Financial income | 75/76B | €27 | €21 | -€6 | -21.1% |
| Recurring financial income | 75 | €27 | €21 | -€6 | -21.1% |
| Financial charges | 65/66B | €284 | €303 | +€19 | +6.7% |
| Recurring financial charges | 65 | €284 | €303 | +€19 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €4,098 | -€11,997 | -€16,095 | |
| Profit (loss) for the period | 9904 | €4,098 | -€11,997 | -€16,095 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,098 | -€11,997 | -€16,095 |
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 15 October 2026 via checked.be.