MAAW: 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.
MAAW
Largest movements
- Cash +€173,712
up €173,712 (+90.7%), from €191,567 to €365,278
mainly Current investments (+€125,000) and Provisions (+€66,328)
- Current investments -€125,000
down €125,000 (-38.5%), from €325,000 to €200,000
- Receivables within one year -€34,310
down €34,310 (-39.7%), from €86,458 to €52,148
of which Other amounts receivable: -€30,049
- Tangible fixed assets -€11,530
down €11,530 (-24.2%), from €47,612 to €36,082
of which Furniture and vehicles: -€6,544
- Provisions +€66,328
up €66,328 (+81.7%), from €81,157 to €147,484
- Tax, wage and social debts -€26,624
down €26,624 (-57.8%), from €46,085 to €19,461
of which Taxes: -€25,832
- Accrued charges and deferred income -€23,111
down €23,111 (-43.1%), from €53,643 to €30,532
- Trade debts -€9,388
down €9,388 (-56.1%), from €16,719 to €7,332
- Advances received -€9,235
no longer reported in 2025 (was €9,235)
- Financial charges +€91,116
up €91,116 (+3027.4%), from €3,010 to €94,126
of which Non-recurring financial charges: +€91,883
- Taxes -€22,029
down €22,029 (-58.6%), from €37,591 to €15,562
- Gross operating margin +€16,848
up €16,848 (+7.8%), from €214,723 to €231,571
- Provisions -€14,829
down €14,829 (-18.3%), from €81,157 to €66,328
- Staff costs +€6,470
up €6,470 (+12.2%), from €52,951 to €59,421
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 | €693,481 | €692,176 | -€1,305 | -0.2% |
| Fixed assets | 21/28 | €70,251 | €58,721 | -€11,530 | -16.4% |
| Tangible fixed assets | 22/27 | €47,612 | €36,082 | -€11,530 | -24.2% |
| Furniture and vehicles | 24 | €29,151 | €22,607 | -€6,544 | -22.4% |
| Other tangible fixed assets | 26 | €18,461 | €13,475 | -€4,986 | -27.0% |
| Financial fixed assets | 28 | €22,639 | €22,639 | = | 0.0% |
| Current assets | 29/58 | €623,230 | €633,455 | +€10,225 | +1.6% |
| Stocks and contracts in progress | 3 | €17,808 | €14,096 | -€3,712 | -20.8% |
| Stocks | 30/36 | €17,808 | €14,096 | -€3,712 | -20.8% |
| Amounts receivable within one year | 40/41 | €86,458 | €52,148 | -€34,310 | -39.7% |
| Trade receivables | 40 | €15,618 | €11,356 | -€4,261 | -27.3% |
| Other amounts receivable | 41 | €70,841 | €40,792 | -€30,049 | -42.4% |
| Current investments | 50/53 | €325,000 | €200,000 | -€125,000 | -38.5% |
| Cash at bank and in hand | 54/58 | €191,567 | €365,278 | +€173,712 | +90.7% |
| Deferred charges and accrued income | 490/1 | €2,397 | €1,933 | -€464 | -19.4% |
| Total equity and liabilities | 10/49 | €693,481 | €692,176 | -€1,305 | -0.2% |
| Equity | 10/15 | €486,642 | €478,133 | -€8,509 | -1.7% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €415,500 | €415,500 | = | 0.0% |
| Distributable reserves | 133 | €415,500 | €415,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,221 | €27,633 | -€6,588 | -19.3% |
| Investment grants | 15 | €1,921 | - | -€1,921 | |
| Provisions and deferred taxes | 16 | €81,157 | €147,484 | +€66,328 | +81.7% |
| Provisions for liabilities and charges | 160/5 | €81,157 | €147,484 | +€66,328 | +81.7% |
| Other liabilities and charges | 164/5 | €81,157 | €147,484 | +€66,328 | +81.7% |
| Amounts payable | 17/49 | €125,683 | €66,560 | -€59,123 | -47.0% |
| Amounts payable within one year | 42/48 | €72,040 | €36,028 | -€36,012 | -50.0% |
| Trade debts | 44 | €16,719 | €7,332 | -€9,388 | -56.1% |
| Suppliers | 440/4 | €16,719 | €7,332 | -€9,388 | -56.1% |
| Advances received on contracts in progress | 46 | €9,235 | - | -€9,235 | |
| Taxes, remuneration and social security | 45 | €46,085 | €19,461 | -€26,624 | -57.8% |
| Taxes | 450/3 | €27,049 | €1,217 | -€25,832 | -95.5% |
| Remuneration and social security | 454/9 | €19,037 | €18,244 | -€793 | -4.2% |
| Other amounts payable | 47/48 | - | €9,235 | +€9,235 | |
| Accrued charges and deferred income | 492/3 | €53,643 | €30,532 | -€23,111 | -43.1% |
| Non-recurring operating income | 76A | €1 | - | -€1 | |
| Remuneration, social security and pensions | 62 | €52,951 | €59,421 | +€6,470 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,071 | €16,273 | +€2,202 | +15.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €81,157 | €66,328 | -€14,829 | -18.3% |
| Other operating charges | 640/8 | €1,070 | €1,145 | +€74 | +6.9% |
| Gross operating margin | 9900 | €214,723 | €231,571 | +€16,848 | +7.8% |
| Operating profit (loss) | 9901 | €65,474 | €88,405 | +€22,931 | +35.0% |
| Financial income | 75/76B | €10,358 | €14,694 | +€4,336 | +41.9% |
| Recurring financial income | 75 | €10,358 | €14,694 | +€4,336 | +41.9% |
| Financial charges | 65/66B | €3,010 | €94,126 | +€91,116 | +3027.4% |
| Recurring financial charges | 65 | €3,010 | €2,243 | -€766 | -25.5% |
| Non-recurring financial charges | 66B | - | €91,883 | +€91,883 | |
| Profit (loss) for the period before taxes | 9903 | €72,822 | €8,973 | -€63,849 | -87.7% |
| Income taxes | 67/77 | €37,591 | €15,562 | -€22,029 | -58.6% |
| Profit (loss) for the period | 9904 | €35,232 | -€6,588 | -€41,820 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,232 | -€6,588 | -€41,820 |
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 10 October 2026 via checked.be.