MAIWAND: 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.
MAIWAND
Largest movements
- Tangible fixed assets +€35,978
new in 2025: €35,978
of which Other tangible fixed assets: +€19,978
- Stocks and contracts -€27,796
down €27,796 (-13.5%), from €205,903 to €178,107
- Receivables within one year +€5,635
up €5,635 (+90.7%), from €6,213 to €11,848
of which Trade receivables: +€4,720
- Debts after one year +€19,223
new in 2025: €19,223
- Other debts -€12,707
down €12,707 (-13.4%), from €95,080 to €82,373
- Current portion of long-term debt +€9,205
new in 2025: €9,205
- Tax, wage and social debts -€6,889
down €6,889 (-20.7%), from €33,244 to €26,354
of which Remuneration and social security: -€4,403
- Trade debts +€4,321
up €4,321 (+6.4%), from €67,424 to €71,745
- Depreciation +€9,349
new in 2025: €9,349
- Gross operating margin +€6,092
up €6,092 (+94.3%), from €6,460 to €12,552
- Financial charges +€776
up €776 (+79.6%), from €974 to €1,750
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 | €225,442 | €238,777 | +€13,335 | +5.9% |
| Fixed assets | 21/28 | €10,251 | €46,230 | +€35,978 | +351% |
| Tangible fixed assets | 22/27 | - | €35,978 | +€35,978 | |
| Furniture and vehicles | 24 | - | €16,000 | +€16,000 | |
| Other tangible fixed assets | 26 | - | €19,978 | +€19,978 | |
| Financial fixed assets | 28 | €10,251 | €10,251 | = | 0.0% |
| Current assets | 29/58 | €215,191 | €192,547 | -€22,643 | -10.5% |
| Stocks and contracts in progress | 3 | €205,903 | €178,107 | -€27,796 | -13.5% |
| Stocks | 30/36 | €205,903 | €178,107 | -€27,796 | -13.5% |
| Amounts receivable within one year | 40/41 | €6,213 | €11,848 | +€5,635 | +90.7% |
| Trade receivables | 40 | - | €4,720 | +€4,720 | |
| Other amounts receivable | 41 | €6,213 | €7,128 | +€916 | +14.7% |
| Cash at bank and in hand | 54/58 | €3,075 | €2,592 | -€482 | -15.7% |
| Total equity and liabilities | 10/49 | €225,442 | €238,777 | +€13,335 | +5.9% |
| Equity | 10/15 | €29,695 | €29,877 | +€182 | +0.6% |
| Contributions | 10/11 | €49,000 | €49,000 | = | 0.0% |
| Contributions outside capital | 11 | €49,000 | €49,000 | = | 0.0% |
| Other | 1109/19 | €49,000 | €49,000 | = | 0.0% |
| Reserves | 13 | €11,002 | €11,002 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,002 | €11,002 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,002 | €11,002 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,307 | -€30,125 | +€182 | +0.6% |
| Amounts payable | 17/49 | €195,747 | €208,900 | +€13,153 | +6.7% |
| Amounts payable after more than one year | 17 | - | €19,223 | +€19,223 | |
| Financial debts | 170/4 | - | €19,223 | +€19,223 | |
| Amounts payable within one year | 42/48 | €195,747 | €189,677 | -€6,071 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | - | €9,205 | +€9,205 | |
| Trade debts | 44 | €67,424 | €71,745 | +€4,321 | +6.4% |
| Suppliers | 440/4 | €67,424 | €71,745 | +€4,321 | +6.4% |
| Taxes, remuneration and social security | 45 | €33,244 | €26,354 | -€6,889 | -20.7% |
| Taxes | 450/3 | €15,935 | €13,450 | -€2,486 | -15.6% |
| Remuneration and social security | 454/9 | €17,308 | €12,905 | -€4,403 | -25.4% |
| Other amounts payable | 47/48 | €95,080 | €82,373 | -€12,707 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €9,349 | +€9,349 | |
| Other operating charges | 640/8 | €1,219 | €1,270 | +€51 | +4.2% |
| Gross operating margin | 9900 | €6,460 | €12,552 | +€6,092 | +94.3% |
| Operating profit (loss) | 9901 | €5,241 | €1,933 | -€3,309 | -63.1% |
| Financial charges | 65/66B | €974 | €1,750 | +€776 | +79.6% |
| Recurring financial charges | 65 | €974 | €1,750 | +€776 | +79.6% |
| Profit (loss) for the period before taxes | 9903 | €4,267 | €182 | -€4,085 | -95.7% |
| Profit (loss) for the period | 9904 | €4,267 | €182 | -€4,085 | -95.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,267 | €182 | -€4,085 | -95.7% |
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 24 October 2026 via checked.be.