M.W.S.: what changed
What changed
M.W.S.
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€21,440
2024 · €4,243-€25,683
Equity
€888,335
2024 · €205,774+€682,561
Cash
€287,404
2024 · €99,448+€187,956
Balance sheet total
€6.5m
2024 · €5.1m+€1.4m
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+31.7%), from €3.7m to €4.9m
of which Land and buildings: +€650,645
- Cash +€187,956
up €187,956 (+189%), from €99,448 to €287,404
mainly Short-term financial debts (+€750,000) and Contributions, distributions and other (+€704,000)
Equity and liabilities
- Short-term financial debts +€750,000
new in 2025: €750,000
- Contributions +€704,000
up €704,000 (+594%), from €118,600 to €822,600
Income statement
- Financial charges +€55,235
up €55,235 (+443%), from €12,477 to €67,712
- Gross operating margin +€53,077
up €53,077, from -€1,085 to €51,992
- Depreciation +€16,814
up €16,814 (+45.7%), from €36,792 to €53,606
- Taxes -€12,521
down €12,521, from €232 to -€12,289
- Other operating charges +€11,859
up €11,859 (+190%), from €6,246 to €18,105
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€4,243
Gross operating margin
+€53,077
Depreciation
-€16,814
Other operating charges
-€11,859
Financial income
-€7,371
Financial charges
-€55,235
Taxes
+€12,521
Result 2025
-€21,440
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€11,410
Investment
-€1.2m
Financing
+€1.4m
Cash 2024
€99,448
From operations (derived)
-€11,410
Net result for the year
-€21,440
Depreciation
+€53,606
Receivables after one year
+€50,000
Receivables within one year
-€44,418
Deferred charges and accrued income
-€53,961
Trade debts
-€17,941
Tax, wage and social debts
+€5,042
Advances received
-€1,000
Other debts
-€9,096
Accrued charges and deferred income
+€27,798
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€1.4m
Debts after one year
-€16,536
Current portion of long-term debt
+€519
Short-term financial debts
+€750,000
Contributions, distributions and other
+€704,000
Cash 2025
€287,404
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,068,984 | €6,490,330 | +€1.4m | +28.0% |
| Fixed assets | 21/28 | €3,758,758 | €4,943,768 | +€1.2m | +31.5% |
| Tangible fixed assets | 22/27 | €3,740,037 | €4,925,048 | +€1.2m | +31.7% |
| Land and buildings | 22 | €3,586,655 | €4,237,300 | +€650,645 | +18.1% |
| Plant, machinery and equipment | 23 | €2,340 | €2,089 | -€251 | -10.7% |
| Furniture and vehicles | 24 | €151,042 | €151,042 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €534,616 | +€534,616 | |
| Financial fixed assets | 28 | €18,720 | €18,720 | = | 0.0% |
| Current assets | 29/58 | €1,310,226 | €1,546,562 | +€236,336 | +18.0% |
| Amounts receivable after more than one year | 29 | €1,032,500 | €982,500 | -€50,000 | -4.8% |
| Trade receivables | 290 | €1,032,500 | €982,500 | -€50,000 | -4.8% |
| Amounts receivable within one year | 40/41 | €40,031 | €84,449 | +€44,418 | +111% |
| Trade receivables | 40 | €17,966 | €14,087 | -€3,879 | -21.6% |
| Other amounts receivable | 41 | €22,065 | €70,362 | +€48,297 | +219% |
| Cash at bank and in hand | 54/58 | €99,448 | €287,404 | +€187,956 | +189% |
| Deferred charges and accrued income | 490/1 | €138,247 | €192,208 | +€53,961 | +39.0% |
| Total equity and liabilities | 10/49 | €5,068,984 | €6,490,330 | +€1.4m | +28.0% |
| Equity | 10/15 | €205,774 | €888,335 | +€682,561 | +332% |
| Contributions | 10/11 | €118,600 | €822,600 | +€704,000 | +594% |
| Reserves | 13 | €87,174 | €65,735 | -€21,440 | -24.6% |
| Distributable reserves | 133 | €87,174 | €65,735 | -€21,440 | -24.6% |
| Amounts payable | 17/49 | €4,863,210 | €5,601,995 | +€738,785 | +15.2% |
| Amounts payable after more than one year | 17 | €1,234,756 | €1,218,220 | -€16,536 | -1.3% |
| Financial debts | 170/4 | €1,234,756 | €1,218,220 | -€16,536 | -1.3% |
| Amounts payable within one year | 42/48 | €3,628,453 | €4,355,977 | +€727,524 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €20,317 | €20,836 | +€519 | +2.6% |
| Financial debts | 43 | - | €750,000 | +€750,000 | |
| Other loans | 439 | - | €750,000 | +€750,000 | |
| Trade debts | 44 | €21,115 | €3,174 | -€17,941 | -85.0% |
| Suppliers | 440/4 | €21,115 | €3,174 | -€17,941 | -85.0% |
| Advances received on contracts in progress | 46 | €1,000 | €0 | -€1,000 | -100% |
| Taxes, remuneration and social security | 45 | €1,126 | €6,168 | +€5,042 | +448% |
| Taxes | 450/3 | €776 | €6,168 | +€5,392 | +695% |
| Remuneration and social security | 454/9 | €350 | €0 | -€350 | -100% |
| Other amounts payable | 47/48 | €3,584,895 | €3,575,799 | -€9,096 | -0.3% |
| Accrued charges and deferred income | 492/3 | - | €27,798 | +€27,798 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,792 | €53,606 | +€16,814 | +45.7% |
| Other operating charges | 640/8 | €6,246 | €18,105 | +€11,859 | +190% |
| Gross operating margin | 9900 | -€1,085 | €51,992 | +€53,077 | |
| Operating profit (loss) | 9901 | -€44,124 | -€19,720 | +€24,404 | +55.3% |
| Financial income | 75/76B | €61,075 | €53,704 | -€7,371 | -12.1% |
| Recurring financial income | 75 | €61,075 | €53,704 | -€7,371 | -12.1% |
| Financial charges | 65/66B | €12,477 | €67,712 | +€55,235 | +443% |
| Recurring financial charges | 65 | €12,477 | €67,712 | +€55,235 | +443% |
| Profit (loss) for the period before taxes | 9903 | €4,475 | -€33,728 | -€38,203 | |
| Income taxes | 67/77 | €232 | -€12,289 | -€12,521 | |
| Profit (loss) for the period | 9904 | €4,243 | -€21,440 | -€25,683 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,243 | -€21,440 | -€25,683 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.