MAWI: 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.
MAWI
Largest movements
- Tangible fixed assets +€625,070
up €625,070 (+38.6%), from €1.6m to €2.2m
of which Land and buildings: +€555,084
- Current investments -€250,625
down €250,625 (-99.2%), from €252,629 to €2,004
- Other debts +€364,949
up €364,949 (+37.5%), from €972,335 to €1.3m
- Reserves +€88,281
up €88,281 (+13.4%), from €660,590 to €748,872
of which Distributable reserves: +€88,281
- Debts after one year -€71,613
down €71,613 (-72.0%), from €99,520 to €27,907
of which Financial debts: -€70,993
- Gross operating margin -€71,714
down €71,714 (-19.8%), from €362,389 to €290,675
- Depreciation -€48,333
down €48,333 (-28.9%), from €167,057 to €118,724
- Taxes +€39,858
up €39,858 (+2587.8%), from €1,540 to €41,398
- Financial income +€3,955
up €3,955 (+790.0%), from €501 to €4,455
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 | €1,909,867 | €2,282,200 | +€372,333 | +19.5% |
| Fixed assets | 21/28 | €1,617,779 | €2,242,849 | +€625,070 | +38.6% |
| Tangible fixed assets | 22/27 | €1,617,779 | €2,242,849 | +€625,070 | +38.6% |
| Land and buildings | 22 | €1,533,510 | €2,088,594 | +€555,084 | +36.2% |
| Plant, machinery and equipment | 23 | €74,651 | €62,691 | -€11,960 | -16.0% |
| Furniture and vehicles | 24 | €3,669 | €85,615 | +€81,946 | +2233.8% |
| Other tangible fixed assets | 26 | €5,949 | €5,949 | = | 0.0% |
| Current assets | 29/58 | €292,089 | €39,352 | -€252,737 | -86.5% |
| Amounts receivable within one year | 40/41 | €956 | €0 | -€956 | -100.0% |
| Trade receivables | 40 | €806 | €0 | -€806 | -100.0% |
| Other amounts receivable | 41 | €150 | €0 | -€150 | -100.0% |
| Current investments | 50/53 | €252,629 | €2,004 | -€250,625 | -99.2% |
| Cash at bank and in hand | 54/58 | €38,504 | €36,998 | -€1,506 | -3.9% |
| Deferred charges and accrued income | 490/1 | - | €350 | +€350 | |
| Total equity and liabilities | 10/49 | €1,909,867 | €2,282,200 | +€372,333 | +19.5% |
| Equity | 10/15 | €741,590 | €829,872 | +€88,281 | +11.9% |
| Contributions | 10/11 | €81,000 | €81,000 | = | 0.0% |
| Capital | 10 | €81,000 | €81,000 | = | 0.0% |
| Issued capital | 100 | €81,000 | €81,000 | = | 0.0% |
| Reserves | 13 | €660,590 | €748,872 | +€88,281 | +13.4% |
| Non-distributable reserves | 130/1 | €8,100 | €8,100 | = | 0.0% |
| Legal reserve | 130 | €8,100 | €8,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €652,490 | €740,772 | +€88,281 | +13.5% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,168,277 | €1,452,329 | +€284,052 | +24.3% |
| Amounts payable after more than one year | 17 | €99,520 | €27,907 | -€71,613 | -72.0% |
| Financial debts | 170/4 | €88,898 | €17,905 | -€70,993 | -79.9% |
| Other amounts payable | 178/9 | €10,622 | €10,002 | -€620 | -5.8% |
| Amounts payable within one year | 42/48 | €1,066,817 | €1,422,124 | +€355,307 | +33.3% |
| Current portion of amounts payable after more than one year | 42 | €80,081 | €68,780 | -€11,301 | -14.1% |
| Trade debts | 44 | €8,836 | €0 | -€8,836 | -100.0% |
| Suppliers | 440/4 | €8,836 | €0 | -€8,836 | -100.0% |
| Taxes, remuneration and social security | 45 | €5,564 | €16,059 | +€10,495 | +188.6% |
| Taxes | 450/3 | €5,564 | €16,059 | +€10,495 | +188.6% |
| Other amounts payable | 47/48 | €972,335 | €1,337,285 | +€364,949 | +37.5% |
| Accrued charges and deferred income | 492/3 | €1,940 | €2,298 | +€358 | +18.5% |
| Non-recurring operating income | 76A | €202,148 | €175,676 | -€26,472 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,057 | €118,724 | -€48,333 | -28.9% |
| Other operating charges | 640/8 | €12,650 | €10,803 | -€1,847 | -14.6% |
| Gross operating margin | 9900 | €362,389 | €290,675 | -€71,714 | -19.8% |
| Operating profit (loss) | 9901 | €182,683 | €161,149 | -€21,534 | -11.8% |
| Financial income | 75/76B | €501 | €4,455 | +€3,955 | +790.0% |
| Recurring financial income | 75 | €501 | €4,455 | +€3,955 | +790.0% |
| Financial charges | 65/66B | €35,041 | €35,924 | +€883 | +2.5% |
| Recurring financial charges | 65 | €35,041 | €35,924 | +€883 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €148,142 | €129,680 | -€18,463 | -12.5% |
| Transfer from deferred taxes | 780 | €3,618 | €0 | -€3,618 | -100.0% |
| Income taxes | 67/77 | €1,540 | €41,398 | +€39,858 | +2587.8% |
| Profit (loss) for the period | 9904 | €150,220 | €88,281 | -€61,938 | -41.2% |
| Transfer from tax-exempt reserves | 789 | €10,853 | €0 | -€10,853 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €161,073 | €88,281 | -€72,792 | -45.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.