MAWELI: 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.
MAWELI
Largest movements
- Stocks and contracts +€152,652
new in 2025: €152,652
- Cash -€72,757
down €72,757 (-64.2%), from €113,394 to €40,637
mainly Stocks and contracts (-€152,652) and Other debts (-€32,829)
- Receivables within one year -€34,958
down €34,958 (-37.1%), from €94,264 to €59,306
of which Other amounts receivable: -€37,077
- Reserves +€176,292
up €176,292 (+267921.3%), from €66 to €176,358
of which Distributable reserves: +€176,134
- Profit (loss) carried forward -€106,053
down €106,053 (-60.2%), from €176,134 to €70,081
- Other debts -€32,829
down €32,829 (-99.5%), from €33,000 to €171
- Trade debts +€3,579
up €3,579 (+23.2%), from €15,458 to €19,037
- Tax, wage and social debts +€2,913
up €2,913 (+70.1%), from €4,153 to €7,067
- Gross operating margin +€62,667
up €62,667 (+169.1%), from €37,056 to €99,723
- Taxes +€11,412
up €11,412 (+146.6%), from €7,783 to €19,195
- Depreciation +€1,890
up €1,890 (+49.8%), from €3,800 to €5,690
- Other operating charges +€1,454
up €1,454 (+193.1%), from €753 to €2,206
- Financial income -€1,103
down €1,103 (-49.7%), from €2,221 to €1,118
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 | €231,811 | €275,713 | +€43,902 | +18.9% |
| Fixed assets | 21/28 | €22,898 | €21,963 | -€935 | -4.1% |
| Tangible fixed assets | 22/27 | €22,898 | €21,963 | -€935 | -4.1% |
| Plant, machinery and equipment | 23 | €8,791 | €9,545 | +€755 | +8.6% |
| Furniture and vehicles | 24 | €4,830 | €3,899 | -€931 | -19.3% |
| Other tangible fixed assets | 26 | €9,278 | €8,519 | -€759 | -8.2% |
| Current assets | 29/58 | €208,913 | €253,750 | +€44,837 | +21.5% |
| Stocks and contracts in progress | 3 | - | €152,652 | +€152,652 | |
| Stocks | 30/36 | - | €152,652 | +€152,652 | |
| Amounts receivable within one year | 40/41 | €94,264 | €59,306 | -€34,958 | -37.1% |
| Trade receivables | 40 | €55,459 | €57,578 | +€2,119 | +3.8% |
| Other amounts receivable | 41 | €38,805 | €1,728 | -€37,077 | -95.5% |
| Cash at bank and in hand | 54/58 | €113,394 | €40,637 | -€72,757 | -64.2% |
| Deferred charges and accrued income | 490/1 | €1,254 | €1,155 | -€99 | -7.9% |
| Total equity and liabilities | 10/49 | €231,811 | €275,713 | +€43,902 | +18.9% |
| Equity | 10/15 | €179,200 | €249,439 | +€70,239 | +39.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €66 | €176,358 | +€176,292 | +267921.3% |
| Tax-exempt reserves | 132 | €66 | €224 | +€158 | +240.3% |
| Distributable reserves | 133 | - | €176,134 | +€176,134 | |
| Profit (loss) carried forward | 14 | €176,134 | €70,081 | -€106,053 | -60.2% |
| Amounts payable | 17/49 | €52,611 | €26,274 | -€26,337 | -50.1% |
| Amounts payable within one year | 42/48 | €52,611 | €26,274 | -€26,337 | -50.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €15,458 | €19,037 | +€3,579 | +23.2% |
| Suppliers | 440/4 | €15,458 | €19,037 | +€3,579 | +23.2% |
| Taxes, remuneration and social security | 45 | €4,153 | €7,067 | +€2,913 | +70.1% |
| Taxes | 450/3 | €4,153 | €7,067 | +€2,913 | +70.1% |
| Other amounts payable | 47/48 | €33,000 | €171 | -€32,829 | -99.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,800 | €5,690 | +€1,890 | +49.8% |
| Other operating charges | 640/8 | €753 | €2,206 | +€1,454 | +193.1% |
| Gross operating margin | 9900 | €37,056 | €99,723 | +€62,667 | +169.1% |
| Operating profit (loss) | 9901 | €32,504 | €91,827 | +€59,323 | +182.5% |
| Financial income | 75/76B | €2,221 | €1,118 | -€1,103 | -49.7% |
| Recurring financial income | 75 | €2,221 | €1,118 | -€1,103 | -49.7% |
| Financial charges | 65/66B | €3,254 | €3,511 | +€257 | +7.9% |
| Recurring financial charges | 65 | €3,254 | €3,511 | +€257 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €31,471 | €89,434 | +€57,963 | +184.2% |
| Income taxes | 67/77 | €7,783 | €19,195 | +€11,412 | +146.6% |
| Profit (loss) for the period | 9904 | €23,687 | €70,239 | +€46,552 | +196.5% |
| Transfer to tax-exempt reserves | 689 | €66 | €158 | +€92 | +140.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,622 | €70,081 | +€46,459 | +196.7% |
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 12 October 2026 via checked.be.