M-WZ: 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-WZ
Largest movements
- Receivables within one year +€241,960
up €241,960 (+204%), from €118,847 to €360,806
of which Trade receivables: +€257,671
- Cash +€182,272
up €182,272 (+60.4%), from €301,976 to €484,248
mainly Net result for the year (+€370,720) and Depreciation (+€50,705)
- Tangible fixed assets -€33,067
down €33,067 (-24.0%), from €137,848 to €104,781
of which Furniture and vehicles: -€18,695
- Stocks and contracts +€14,631
up €14,631 (+36.3%), from €40,351 to €54,982
- Reserves +€300,000
up €300,000 (+500%), from €60,000 to €360,000
of which Tax-exempt reserves: +€300,000
- Profit (loss) carried forward +€70,720
up €70,720 (+104%), from €68,043 to €138,763
- Trade debts +€49,998
up €49,998 (+11.5%), from €433,971 to €483,969
- Other debts -€36,215
down €36,215 (-96.8%), from €37,415 to €1,200
- Tax, wage and social debts +€24,729
up €24,729 (+149%), from €16,558 to €41,287
of which Taxes: +€20,729
- Gross operating margin +€278,646
up €278,646 (+134%), from €208,032 to €486,678
- Other operating charges -€67,829
down €67,829 (-98.4%), from €68,942 to €1,113
- Write-downs +€21,070
up €21,070 (+173%), from €12,189 to €33,259
- Taxes +€12,209
up €12,209 (+68.6%), from €17,791 to €30,000
- Staff costs -€7,754
no longer reported in 2025 (was €7,754)
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 | €646,172 | €1,047,968 | +€401,796 | +62.2% |
| Formation expenses | 20 | €32,000 | €28,000 | -€4,000 | -12.5% |
| Fixed assets | 21/28 | €152,998 | €119,931 | -€33,067 | -21.6% |
| Tangible fixed assets | 22/27 | €137,848 | €104,781 | -€33,067 | -24.0% |
| Land and buildings | 22 | €2,729 | €1,820 | -€910 | -33.3% |
| Plant, machinery and equipment | 23 | €32,021 | €18,559 | -€13,463 | -42.0% |
| Furniture and vehicles | 24 | €103,098 | €84,403 | -€18,695 | -18.1% |
| Financial fixed assets | 28 | €15,150 | €15,150 | = | 0.0% |
| Current assets | 29/58 | €461,174 | €900,037 | +€438,863 | +95.2% |
| Stocks and contracts in progress | 3 | €40,351 | €54,982 | +€14,631 | +36.3% |
| Stocks | 30/36 | €40,351 | €54,982 | +€14,631 | +36.3% |
| Amounts receivable within one year | 40/41 | €118,847 | €360,806 | +€241,960 | +204% |
| Trade receivables | 40 | €98,413 | €356,084 | +€257,671 | +262% |
| Other amounts receivable | 41 | €20,433 | €4,722 | -€15,711 | -76.9% |
| Cash at bank and in hand | 54/58 | €301,976 | €484,248 | +€182,272 | +60.4% |
| Total equity and liabilities | 10/49 | €646,172 | €1,047,968 | +€401,796 | +62.2% |
| Equity | 10/15 | €138,043 | €508,763 | +€370,720 | +269% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €360,000 | +€300,000 | +500% |
| Tax-exempt reserves | 132 | - | €300,000 | +€300,000 | |
| Distributable reserves | 133 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,043 | €138,763 | +€70,720 | +104% |
| Amounts payable | 17/49 | €508,129 | €539,204 | +€31,075 | +6.1% |
| Amounts payable after more than one year | 17 | €19,836 | €12,518 | -€7,318 | -36.9% |
| Financial debts | 170/4 | €19,836 | €12,518 | -€7,318 | -36.9% |
| Amounts payable within one year | 42/48 | €488,293 | €526,686 | +€38,394 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €118 | - | -€118 | |
| Financial debts | 43 | €230 | €230 | = | 0.0% |
| Credit institutions | 430/8 | €230 | €230 | = | 0.0% |
| Trade debts | 44 | €433,971 | €483,969 | +€49,998 | +11.5% |
| Suppliers | 440/4 | €433,971 | €483,969 | +€49,998 | +11.5% |
| Taxes, remuneration and social security | 45 | €16,558 | €41,287 | +€24,729 | +149% |
| Taxes | 450/3 | €15,885 | €36,614 | +€20,729 | +130% |
| Remuneration and social security | 454/9 | €673 | €4,673 | +€4,000 | +594% |
| Other amounts payable | 47/48 | €37,415 | €1,200 | -€36,215 | -96.8% |
| Remuneration, social security and pensions | 62 | €7,754 | - | -€7,754 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,716 | €50,705 | +€6,989 | +16.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,189 | €33,259 | +€21,070 | +173% |
| Other operating charges | 640/8 | €68,942 | €1,113 | -€67,829 | -98.4% |
| Gross operating margin | 9900 | €208,032 | €486,678 | +€278,646 | +134% |
| Operating profit (loss) | 9901 | €75,431 | €401,601 | +€326,170 | +432% |
| Financial income | 75/76B | €1 | €388 | +€387 | +53,757% |
| Recurring financial income | 75 | €1 | €388 | +€387 | +53,757% |
| Financial charges | 65/66B | €1,213 | €1,268 | +€56 | +4.6% |
| Recurring financial charges | 65 | €1,213 | €1,268 | +€56 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €74,219 | €400,720 | +€326,501 | +440% |
| Income taxes | 67/77 | €17,791 | €30,000 | +€12,209 | +68.6% |
| Profit (loss) for the period | 9904 | €56,428 | €370,720 | +€314,293 | +557% |
| Profit (loss) for the period to be appropriated | 9905 | €56,428 | €370,720 | +€314,293 | +557% |
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 18 October 2026 via checked.be.