M.W.A.: 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.A.
Largest movements
- Receivables within one year -€348,951
down €348,951 (-58.1%), from €601,026 to €252,075
of which Trade receivables: -€256,667
- Stocks and contracts -€170,542
down €170,542 (-10.3%), from €1.7m to €1.5m
- Cash -€27,774
down €27,774 (-35.9%), from €77,292 to €49,518
mainly Other debts (-€339,742) and Debts after one year (-€329,839)
- Other debts -€339,742
down €339,742 (-93.7%), from €362,429 to €22,687
- Debts after one year -€329,839
down €329,839 (-85.4%), from €386,165 to €56,326
- Trade debts +€126,458
up €126,458 (+9.0%), from €1.4m to €1.5m
- Reserves +€30,804
up €30,804 (+11.2%), from €274,369 to €305,173
- Short-term financial debts -€29,419
down €29,419 (-100%), from €29,419 to €0
- Gross operating margin -€153,851
down €153,851 (-56.8%), from €270,658 to €116,807
- Financial charges -€34,625
down €34,625 (-48.4%), from €71,536 to €36,910
- Taxes -€26,066
down €26,066 (-71.2%), from €36,615 to €10,549
- Other operating charges -€19,354
down €19,354 (-99.3%), from €19,500 to €146
- Write-downs +€3,379
up €3,379 (+88.7%), from €3,808 to €7,187
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 | €2,598,832 | €2,035,479 | -€563,353 | -21.7% |
| Fixed assets | 21/28 | €181,877 | €170,699 | -€11,178 | -6.1% |
| Tangible fixed assets | 22/27 | €181,877 | €170,699 | -€11,178 | -6.1% |
| Land and buildings | 22 | €3,526 | €1,661 | -€1,865 | -52.9% |
| Furniture and vehicles | 24 | €19,878 | €48,382 | +€28,504 | +143% |
| Other tangible fixed assets | 26 | €158,473 | €120,656 | -€37,817 | -23.9% |
| Current assets | 29/58 | €2,416,955 | €1,864,780 | -€552,174 | -22.8% |
| Stocks and contracts in progress | 3 | €1,652,484 | €1,481,942 | -€170,542 | -10.3% |
| Stocks | 30/36 | €1,652,484 | €1,481,942 | -€170,542 | -10.3% |
| Amounts receivable within one year | 40/41 | €601,026 | €252,075 | -€348,951 | -58.1% |
| Trade receivables | 40 | €472,128 | €215,460 | -€256,667 | -54.4% |
| Other amounts receivable | 41 | €128,898 | €36,615 | -€92,283 | -71.6% |
| Cash at bank and in hand | 54/58 | €77,292 | €49,518 | -€27,774 | -35.9% |
| Deferred charges and accrued income | 490/1 | €86,153 | €81,245 | -€4,908 | -5.7% |
| Total equity and liabilities | 10/49 | €2,598,832 | €2,035,479 | -€563,353 | -21.7% |
| Equity | 10/15 | €319,369 | €350,173 | +€30,804 | +9.6% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €274,369 | €305,173 | +€30,804 | +11.2% |
| Distributable reserves | 133 | €274,369 | €305,173 | +€30,804 | +11.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,279,463 | €1,685,306 | -€594,157 | -26.1% |
| Amounts payable after more than one year | 17 | €386,165 | €56,326 | -€329,839 | -85.4% |
| Financial debts | 170/4 | €386,165 | €56,326 | -€329,839 | -85.4% |
| Amounts payable within one year | 42/48 | €1,863,491 | €1,625,119 | -€238,372 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €73,070 | €74,044 | +€974 | +1.3% |
| Financial debts | 43 | €29,419 | €0 | -€29,419 | -100% |
| Credit institutions | 430/8 | €29,419 | €0 | -€29,419 | -100% |
| Trade debts | 44 | €1,398,377 | €1,524,835 | +€126,458 | +9.0% |
| Suppliers | 440/4 | €1,398,377 | €1,524,835 | +€126,458 | +9.0% |
| Advances received on contracts in progress | 46 | €196 | €3,553 | +€3,357 | +1,711% |
| Other amounts payable | 47/48 | €362,429 | €22,687 | -€339,742 | -93.7% |
| Accrued charges and deferred income | 492/3 | €29,807 | €3,861 | -€25,946 | -87.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,205 | €32,422 | +€2,217 | +7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,808 | €7,187 | +€3,379 | +88.7% |
| Other operating charges | 640/8 | €19,500 | €146 | -€19,354 | -99.3% |
| Gross operating margin | 9900 | €270,658 | €116,807 | -€153,851 | -56.8% |
| Operating profit (loss) | 9901 | €217,145 | €77,053 | -€140,093 | -64.5% |
| Financial income | 75/76B | €212 | €1,211 | +€999 | +472% |
| Recurring financial income | 75 | €212 | €1,211 | +€999 | +472% |
| Financial charges | 65/66B | €71,536 | €36,910 | -€34,625 | -48.4% |
| Recurring financial charges | 65 | €71,536 | €36,910 | -€34,625 | -48.4% |
| Profit (loss) for the period before taxes | 9903 | €145,821 | €41,353 | -€104,468 | -71.6% |
| Income taxes | 67/77 | €36,615 | €10,549 | -€26,066 | -71.2% |
| Profit (loss) for the period | 9904 | €109,206 | €30,804 | -€78,402 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €109,206 | €30,804 | -€78,402 | -71.8% |
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.