MAW: 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.
MAW
Largest movements
- Cash +€29,905
up €29,905 (+67.6%), from €44,236 to €74,141
mainly Depreciation (+€18,614) and Net result for the year (+€7,583)
- Tangible fixed assets -€18,614
down €18,614 (-16.1%), from €115,389 to €96,775
of which Land and buildings: -€13,291
- Deferred charges and accrued income -€3,246
down €3,246 (-96.8%), from €3,355 to €109
- Receivables within one year -€2,145
down €2,145 (-35.7%), from €6,005 to €3,860
of which Other amounts receivable: -€2,375
- Reserves +€7,583
up €7,583 (+18.4%), from €41,115 to €48,698
of which Distributable reserves: +€7,583
- Gross operating margin +€21,931
up €21,931 (+349.9%), from €6,268 to €28,199
- Depreciation -€1,707
down €1,707 (-8.4%), from €20,321 to €18,614
- Taxes +€776
up €776 (+446.4%), from €174 to €950
- Other operating charges -€663
down €663 (-42.2%), from €1,570 to €907
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 | €169,185 | €175,085 | +€5,900 | +3.5% |
| Fixed assets | 21/28 | €115,589 | €96,975 | -€18,614 | -16.1% |
| Tangible fixed assets | 22/27 | €115,389 | €96,775 | -€18,614 | -16.1% |
| Land and buildings | 22 | €105,382 | €92,091 | -€13,291 | -12.6% |
| Plant, machinery and equipment | 23 | €325 | €0 | -€325 | -100.0% |
| Furniture and vehicles | 24 | €9,683 | €4,685 | -€4,998 | -51.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €53,596 | €78,109 | +€24,514 | +45.7% |
| Amounts receivable within one year | 40/41 | €6,005 | €3,860 | -€2,145 | -35.7% |
| Trade receivables | 40 | €3,630 | €3,860 | +€230 | +6.3% |
| Other amounts receivable | 41 | €2,375 | €0 | -€2,375 | -100.0% |
| Cash at bank and in hand | 54/58 | €44,236 | €74,141 | +€29,905 | +67.6% |
| Deferred charges and accrued income | 490/1 | €3,355 | €109 | -€3,246 | -96.8% |
| Total equity and liabilities | 10/49 | €169,185 | €175,085 | +€5,900 | +3.5% |
| Equity | 10/15 | €158,940 | €166,524 | +€7,583 | +4.8% |
| Contributions | 10/11 | €6,203 | €6,203 | = | 0.0% |
| Reserves | 13 | €41,115 | €48,698 | +€7,583 | +18.4% |
| Tax-exempt reserves | 132 | €19,222 | €19,222 | = | 0.0% |
| Distributable reserves | 133 | €21,892 | €29,476 | +€7,583 | +34.6% |
| Profit (loss) carried forward | 14 | €111,623 | €111,623 | = | 0.0% |
| Amounts payable | 17/49 | €10,245 | €8,561 | -€1,684 | -16.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €10,245 | €8,561 | -€1,684 | -16.4% |
| Current portion of amounts payable after more than one year | 42 | €1,058 | €0 | -€1,058 | -100.0% |
| Trade debts | 44 | €2,359 | €1,921 | -€439 | -18.6% |
| Suppliers | 440/4 | €2,359 | €1,921 | -€439 | -18.6% |
| Taxes, remuneration and social security | 45 | €2,596 | €3,614 | +€1,017 | +39.2% |
| Taxes | 450/3 | €1,446 | €3,614 | +€2,167 | +149.9% |
| Remuneration and social security | 454/9 | €1,150 | €0 | -€1,150 | -100.0% |
| Other amounts payable | 47/48 | €4,231 | €3,027 | -€1,204 | -28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,321 | €18,614 | -€1,707 | -8.4% |
| Other operating charges | 640/8 | €1,570 | €907 | -€663 | -42.2% |
| Gross operating margin | 9900 | €6,268 | €28,199 | +€21,931 | +349.9% |
| Operating profit (loss) | 9901 | -€15,623 | €8,678 | +€24,301 | |
| Financial income | 75/76B | €164 | €16 | -€147 | -90.0% |
| Recurring financial income | 75 | €164 | €16 | -€147 | -90.0% |
| Financial charges | 65/66B | €256 | €161 | -€95 | -37.2% |
| Recurring financial charges | 65 | €256 | €161 | -€95 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,715 | €8,534 | +€24,249 | |
| Income taxes | 67/77 | €174 | €950 | +€776 | +446.4% |
| Profit (loss) for the period | 9904 | -€15,889 | €7,583 | +€23,472 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,889 | €7,583 | +€23,472 |
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.