M.W. - TRADING: 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. - TRADING
Largest movements
- Tangible fixed assets +€42,289
new in 2025: €42,289
- Cash -€15,307
down €15,307 (-11.4%), from €133,722 to €118,415
mainly Investment in fixed assets (net) (-€43,571) and Current investments (-€9,317)
- Current investments +€9,317
up €9,317 (+10.6%), from €88,101 to €97,418
- Reserves +€25,147
up €25,147 (+11.8%), from €212,742 to €237,889
- Accrued charges and deferred income +€9,193
up €9,193 (+82.9%), from €11,083 to €20,276
- Trade debts +€4,169
up €4,169 (+163%), from €2,563 to €6,732
- Tax, wage and social debts -€3,266
down €3,266 (-69.1%), from €4,726 to €1,460
of which Taxes: -€3,368
- Depreciation -€5,551
down €5,551 (-78.3%), from €7,088 to €1,537
- Taxes +€856
up €856 (+12.2%), from €7,033 to €7,889
- Gross operating margin +€346
up €346 (+1.2%), from €29,954 to €30,300
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 | €249,706 | €285,750 | +€36,044 | +14.4% |
| Fixed assets | 21/28 | €255 | €42,289 | +€42,034 | +16,484% |
| Tangible fixed assets | 22/27 | - | €42,289 | +€42,289 | |
| Furniture and vehicles | 24 | - | €42,289 | +€42,289 | |
| Financial fixed assets | 28 | €255 | - | -€255 | |
| Current assets | 29/58 | €249,451 | €243,461 | -€5,990 | -2.4% |
| Amounts receivable within one year | 40/41 | €27,628 | €27,628 | = | 0.0% |
| Trade receivables | 40 | €27,628 | €27,628 | = | 0.0% |
| Current investments | 50/53 | €88,101 | €97,418 | +€9,317 | +10.6% |
| Cash at bank and in hand | 54/58 | €133,722 | €118,415 | -€15,307 | -11.4% |
| Total equity and liabilities | 10/49 | €249,706 | €285,750 | +€36,044 | +14.4% |
| Equity | 10/15 | €231,334 | €256,481 | +€25,147 | +10.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €212,742 | €237,889 | +€25,147 | +11.8% |
| Distributable reserves | 133 | €212,742 | €237,889 | +€25,147 | +11.8% |
| Provisions and deferred taxes | 16 | - | €801 | +€801 | |
| Deferred taxes | 168 | - | €801 | +€801 | |
| Amounts payable | 17/49 | €18,372 | €28,468 | +€10,096 | +55.0% |
| Amounts payable within one year | 42/48 | €7,289 | €8,192 | +€903 | +12.4% |
| Trade debts | 44 | €2,563 | €6,732 | +€4,169 | +163% |
| Suppliers | 440/4 | €2,563 | €6,732 | +€4,169 | +163% |
| Taxes, remuneration and social security | 45 | €4,726 | €1,460 | -€3,266 | -69.1% |
| Taxes | 450/3 | €4,710 | €1,342 | -€3,368 | -71.5% |
| Remuneration and social security | 454/9 | €16 | €118 | +€102 | +638% |
| Accrued charges and deferred income | 492/3 | €11,083 | €20,276 | +€9,193 | +82.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,088 | €1,537 | -€5,551 | -78.3% |
| Other operating charges | 640/8 | €686 | €673 | -€13 | -1.9% |
| Gross operating margin | 9900 | €29,954 | €30,300 | +€346 | +1.2% |
| Operating profit (loss) | 9901 | €22,180 | €28,090 | +€5,910 | +26.6% |
| Financial income | 75/76B | €2,028 | €2,213 | +€185 | +9.1% |
| Recurring financial income | 75 | €2,028 | €2,213 | +€185 | +9.1% |
| Financial charges | 65/66B | €385 | €587 | +€202 | +52.5% |
| Recurring financial charges | 65 | €385 | €587 | +€202 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €23,823 | €29,716 | +€5,893 | +24.7% |
| Transfer from deferred taxes | 780 | - | €23 | +€23 | |
| Income taxes | 67/77 | €7,033 | €7,889 | +€856 | +12.2% |
| Profit (loss) for the period | 9904 | €16,790 | €21,850 | +€5,060 | +30.1% |
| Transfer from tax-exempt reserves | 789 | - | €93 | +€93 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,790 | €21,943 | +€5,153 | +30.7% |
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.