MAW: what changed
Two fiscal 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.
MAW
Largest movements
- Cash +€32,482
up €32,482 (+8.4%), from €386,517 to €418,999
mainly Depreciation (+€42,244) and Net result for the year (+€29,140)
- Tangible fixed assets -€26,929
down €26,929 (-10.4%), from €259,560 to €232,631
of which Land and buildings: -€35,940
- Receivables within one year +€15,018
up €15,018 (+56.2%), from €26,734 to €41,752
of which Trade receivables: +€21,434
- Reserves +€29,000
up €29,000 (+11.1%), from €262,079 to €291,079
of which Distributable reserves: +€29,000
- Debts after one year -€17,874
down €17,874 (-16.3%), from €109,975 to €92,100
- Gross operating margin -€57,708
down €57,708 (-35.2%), from €164,173 to €106,465
- Taxes -€16,751
down €16,751 (-46.0%), from €36,403 to €19,652
- Depreciation -€2,257
down €2,257 (-5.1%), from €44,501 to €42,244
- Financial income +€1,752
up €1,752 (+2275.1%), from €77 to €1,829
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 | €674,661 | €694,017 | +€19,356 | +2.9% |
| Fixed assets | 21/28 | €259,560 | €232,631 | -€26,929 | -10.4% |
| Tangible fixed assets | 22/27 | €259,560 | €232,631 | -€26,929 | -10.4% |
| Land and buildings | 22 | €246,887 | €210,947 | -€35,940 | -14.6% |
| Plant, machinery and equipment | 23 | €2,964 | €1,663 | -€1,300 | -43.9% |
| Furniture and vehicles | 24 | €3,889 | €14,201 | +€10,311 | +265.1% |
| Other tangible fixed assets | 26 | €5,820 | €5,820 | = | 0.0% |
| Current assets | 29/58 | €415,101 | €461,385 | +€46,284 | +11.2% |
| Amounts receivable within one year | 40/41 | €26,734 | €41,752 | +€15,018 | +56.2% |
| Trade receivables | 40 | €11,504 | €32,938 | +€21,434 | +186.3% |
| Other amounts receivable | 41 | €15,230 | €8,814 | -€6,416 | -42.1% |
| Cash at bank and in hand | 54/58 | €386,517 | €418,999 | +€32,482 | +8.4% |
| Deferred charges and accrued income | 490/1 | €1,850 | €634 | -€1,216 | -65.7% |
| Total equity and liabilities | 10/49 | €674,661 | €694,017 | +€19,356 | +2.9% |
| Equity | 10/15 | €388,021 | €417,161 | +€29,140 | +7.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €262,079 | €291,079 | +€29,000 | +11.1% |
| Non-distributable reserves | 130/1 | €12,396 | €12,396 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,396 | €12,396 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,434 | €2,434 | = | 0.0% |
| Distributable reserves | 133 | €247,250 | €276,250 | +€29,000 | +11.7% |
| Profit (loss) carried forward | 14 | €113,541 | €113,681 | +€140 | +0.1% |
| Amounts payable | 17/49 | €286,640 | €276,856 | -€9,784 | -3.4% |
| Amounts payable after more than one year | 17 | €109,975 | €92,100 | -€17,874 | -16.3% |
| Financial debts | 170/4 | €109,975 | €92,100 | -€17,874 | -16.3% |
| Amounts payable within one year | 42/48 | €175,087 | €184,615 | +€9,528 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €142,149 | €144,716 | +€2,567 | +1.8% |
| Trade debts | 44 | €4,443 | €2,186 | -€2,257 | -50.8% |
| Suppliers | 440/4 | €4,443 | €2,186 | -€2,257 | -50.8% |
| Taxes, remuneration and social security | 45 | €12,217 | €16,216 | +€3,999 | +32.7% |
| Taxes | 450/3 | €12,217 | €13,504 | +€1,287 | +10.5% |
| Remuneration and social security | 454/9 | - | €2,712 | +€2,712 | |
| Other amounts payable | 47/48 | €16,278 | €21,497 | +€5,219 | +32.1% |
| Accrued charges and deferred income | 492/3 | €1,579 | €140 | -€1,439 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,501 | €42,244 | -€2,257 | -5.1% |
| Other operating charges | 640/8 | €2,131 | €2,655 | +€524 | +24.6% |
| Gross operating margin | 9900 | €164,173 | €106,465 | -€57,708 | -35.2% |
| Operating profit (loss) | 9901 | €117,541 | €61,566 | -€55,975 | -47.6% |
| Financial income | 75/76B | €77 | €1,829 | +€1,752 | +2275.1% |
| Recurring financial income | 75 | €77 | €1,829 | +€1,752 | +2275.1% |
| Financial charges | 65/66B | €14,544 | €14,603 | +€59 | +0.4% |
| Recurring financial charges | 65 | €14,544 | €14,603 | +€59 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €103,074 | €48,792 | -€54,282 | -52.7% |
| Income taxes | 67/77 | €36,403 | €19,652 | -€16,751 | -46.0% |
| Profit (loss) for the period | 9904 | €66,671 | €29,140 | -€37,531 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,671 | €29,140 | -€37,531 | -56.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.