M&W Projects: 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 Projects
Largest movements
- Receivables within one year -€26,233
down €26,233 (-51.7%), from €50,749 to €24,516
of which Trade receivables: -€24,797
- Cash +€20,824
up €20,824 (+107.5%), from €19,367 to €40,190
mainly Receivables within one year (+€26,233) and Net result for the year (+€17,295)
- Tangible fixed assets +€7,355
up €7,355 (+56.9%), from €12,936 to €20,291
of which Furniture and vehicles: +€4,309
- Financial fixed assets +€2,500
up €2,500, from €0 to €2,500
- Other debts -€29,906
down €29,906 (-42.4%), from €70,566 to €40,660
- Reserves +€17,295
up €17,295 (+477.3%), from €3,623 to €20,919
- Trade debts +€12,488
up €12,488 (+266.6%), from €4,685 to €17,173
- Tax, wage and social debts +€5,595
up €5,595 (+150.7%), from €3,713 to €9,307
of which Taxes: +€5,395
- Gross operating margin +€18,107
up €18,107 (+98.5%), from €18,384 to €36,491
- Depreciation -€5,450
down €5,450 (-50.4%), from €10,820 to €5,370
- Other operating charges +€5,273
up €5,273 (+249.7%), from €2,112 to €7,384
- Taxes +€4,803
up €4,803 (+342.5%), from €1,402 to €6,205
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 | €83,187 | €88,159 | +€4,972 | +6.0% |
| Fixed assets | 21/28 | €12,936 | €22,791 | +€9,855 | +76.2% |
| Tangible fixed assets | 22/27 | €12,936 | €20,291 | +€7,355 | +56.9% |
| Plant, machinery and equipment | 23 | - | €3,046 | +€3,046 | |
| Furniture and vehicles | 24 | €12,936 | €17,245 | +€4,309 | +33.3% |
| Financial fixed assets | 28 | €0 | €2,500 | +€2,500 | |
| Current assets | 29/58 | €70,251 | €65,368 | -€4,884 | -7.0% |
| Amounts receivable within one year | 40/41 | €50,749 | €24,516 | -€26,233 | -51.7% |
| Trade receivables | 40 | €48,586 | €23,789 | -€24,797 | -51.0% |
| Other amounts receivable | 41 | €2,164 | €727 | -€1,436 | -66.4% |
| Cash at bank and in hand | 54/58 | €19,367 | €40,190 | +€20,824 | +107.5% |
| Deferred charges and accrued income | 490/1 | €135 | €661 | +€526 | +388.9% |
| Total equity and liabilities | 10/49 | €83,187 | €88,159 | +€4,972 | +6.0% |
| Equity | 10/15 | €3,723 | €21,019 | +€17,295 | +464.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €3,623 | €20,919 | +€17,295 | +477.3% |
| Distributable reserves | 133 | €3,623 | €20,919 | +€17,295 | +477.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €79,464 | €67,140 | -€12,324 | -15.5% |
| Amounts payable after more than one year | 17 | €500 | €0 | -€500 | -100.0% |
| Other amounts payable | 178/9 | €500 | €0 | -€500 | -100.0% |
| Amounts payable within one year | 42/48 | €78,964 | €67,140 | -€11,824 | -15.0% |
| Trade debts | 44 | €4,685 | €17,173 | +€12,488 | +266.6% |
| Suppliers | 440/4 | €4,685 | €17,173 | +€12,488 | +266.6% |
| Taxes, remuneration and social security | 45 | €3,713 | €9,307 | +€5,595 | +150.7% |
| Taxes | 450/3 | €1,913 | €7,307 | +€5,395 | +282.0% |
| Remuneration and social security | 454/9 | €1,800 | €2,000 | +€200 | +11.1% |
| Other amounts payable | 47/48 | €70,566 | €40,660 | -€29,906 | -42.4% |
| Remuneration, social security and pensions | 62 | €58 | €0 | -€58 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,820 | €5,370 | -€5,450 | -50.4% |
| Other operating charges | 640/8 | €2,112 | €7,384 | +€5,273 | +249.7% |
| Gross operating margin | 9900 | €18,384 | €36,491 | +€18,107 | +98.5% |
| Operating profit (loss) | 9901 | €5,396 | €23,737 | +€18,342 | +339.9% |
| Financial charges | 65/66B | €290 | €237 | -€53 | -18.4% |
| Recurring financial charges | 65 | €290 | €237 | -€53 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | €5,105 | €23,500 | +€18,395 | +360.3% |
| Income taxes | 67/77 | €1,402 | €6,205 | +€4,803 | +342.5% |
| Profit (loss) for the period | 9904 | €3,703 | €17,295 | +€13,593 | +367.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,703 | €17,295 | +€13,593 | +367.1% |
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 30 September 2026 via checked.be.