MAOWA: 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.
MAOWA
Largest movements
- Receivables within one year -€76,019
down €76,019 (-69.0%), from €110,124 to €34,105
of which Trade receivables: -€76,137
- Stocks and contracts +€8,121
up €8,121 (+40.1%), from €20,235 to €28,356
- Cash -€7,918
down €7,918 (-90.7%), from €8,725 to €807
mainly Advances received (-€83,329) and Stocks and contracts (-€8,121)
- Deferred charges and accrued income +€4,097
new in 2025: €4,097
- Tangible fixed assets +€2,320
new in 2025: €2,320
- Advances received -€83,329
no longer reported in 2025 (was €83,329)
- Trade debts +€11,069
up €11,069 (+30.7%), from €36,092 to €47,161
- Other debts +€4,000
up €4,000 (+10.7%), from €37,440 to €41,440
- Gross operating margin -€15,544
down €15,544 (-57.4%), from €27,083 to €11,539
- Other operating charges -€9,055
down €9,055 (-93.1%), from €9,731 to €676
- Financial charges +€8,087
up €8,087 (+288.7%), from €2,801 to €10,888
- Taxes -€6,434
down €6,434 (-99.8%), from €6,446 to €13
- Depreciation -€2,796
down €2,796 (-97.4%), from €2,871 to €75
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 | €148,218 | €78,819 | -€69,399 | -46.8% |
| Fixed assets | 21/28 | €9,134 | €11,454 | +€2,320 | +25.4% |
| Tangible fixed assets | 22/27 | - | €2,320 | +€2,320 | |
| Plant, machinery and equipment | 23 | - | €2,320 | +€2,320 | |
| Financial fixed assets | 28 | €9,134 | €9,134 | = | 0.0% |
| Current assets | 29/58 | €139,084 | €67,366 | -€71,719 | -51.6% |
| Stocks and contracts in progress | 3 | €20,235 | €28,356 | +€8,121 | +40.1% |
| Stocks | 30/36 | €20,235 | €28,356 | +€8,121 | +40.1% |
| Amounts receivable within one year | 40/41 | €110,124 | €34,105 | -€76,019 | -69.0% |
| Trade receivables | 40 | €108,807 | €32,670 | -€76,137 | -70.0% |
| Other amounts receivable | 41 | €1,317 | €1,434 | +€118 | +8.9% |
| Cash at bank and in hand | 54/58 | €8,725 | €807 | -€7,918 | -90.7% |
| Deferred charges and accrued income | 490/1 | - | €4,097 | +€4,097 | |
| Total equity and liabilities | 10/49 | €148,218 | €78,819 | -€69,399 | -46.8% |
| Equity | 10/15 | -€26,266 | -€26,221 | +€46 | +0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €243 | €243 | = | 0.0% |
| Non-distributable reserves | 130/1 | €243 | €243 | = | 0.0% |
| Reserves not available under the articles | 1311 | €243 | €243 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,709 | -€32,663 | +€46 | +0.1% |
| Amounts payable | 17/49 | €174,484 | €105,040 | -€69,444 | -39.8% |
| Amounts payable within one year | 42/48 | €174,484 | €105,040 | -€69,444 | -39.8% |
| Trade debts | 44 | €36,092 | €47,161 | +€11,069 | +30.7% |
| Suppliers | 440/4 | €36,092 | €47,161 | +€11,069 | +30.7% |
| Advances received on contracts in progress | 46 | €83,329 | - | -€83,329 | |
| Taxes, remuneration and social security | 45 | €17,623 | €16,439 | -€1,184 | -6.7% |
| Taxes | 450/3 | €12,133 | €12,299 | +€166 | +1.4% |
| Remuneration and social security | 454/9 | €5,490 | €4,140 | -€1,350 | -24.6% |
| Other amounts payable | 47/48 | €37,440 | €41,440 | +€4,000 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,871 | €75 | -€2,796 | -97.4% |
| Other operating charges | 640/8 | €9,731 | €676 | -€9,055 | -93.1% |
| Non-recurring operating charges | 66A | €27 | €8 | -€19 | -70.2% |
| Gross operating margin | 9900 | €27,083 | €11,539 | -€15,544 | -57.4% |
| Operating profit (loss) | 9901 | €14,454 | €10,780 | -€3,674 | -25.4% |
| Financial income | 75/76B | €43 | €167 | +€123 | +284.0% |
| Recurring financial income | 75 | €43 | €167 | +€123 | +284.0% |
| Financial charges | 65/66B | €2,801 | €10,888 | +€8,087 | +288.7% |
| Recurring financial charges | 65 | €2,801 | €10,888 | +€8,087 | +288.7% |
| Profit (loss) for the period before taxes | 9903 | €11,696 | €58 | -€11,638 | -99.5% |
| Income taxes | 67/77 | €6,446 | €13 | -€6,434 | -99.8% |
| Profit (loss) for the period | 9904 | €5,250 | €46 | -€5,204 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,250 | €46 | -€5,204 | -99.1% |
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 12 October 2026 via checked.be.