MAWU: 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.
MAWU
Largest movements
- Stocks and contracts +€41,521
up €41,521 (+4152.1%), from €1,000 to €42,521
- Receivables within one year -€28,438
down €28,438 (-69.0%), from €41,212 to €12,774
of which Trade receivables: -€37,903
- Cash -€14,532
down €14,532 (-43.2%), from €33,659 to €19,126
mainly Stocks and contracts (-€41,521) and Net result for the year (-€19,366)
- Tangible fixed assets -€3,844
down €3,844 (-17.8%), from €21,623 to €17,779
of which Plant, machinery and equipment: -€2,871
- Debts after one year +€40,577
up €40,577 (+81.2%), from €50,000 to €90,577
- Profit (loss) carried forward -€19,366
down €19,366, from €1,841 to -€17,526
- Other debts -€17,630
down €17,630 (-84.9%), from €20,770 to €3,140
- Trade debts -€15,081
down €15,081 (-86.4%), from €17,449 to €2,368
- Current portion of long-term debt +€9,423
new in 2025: €9,423
- Gross operating margin -€28,277
down €28,277, from €17,682 to -€10,595
- Other operating charges -€6,264
no longer reported in 2025 (was €6,264)
- Depreciation +€2,774
up €2,774 (+69.9%), from €3,971 to €6,744
- Taxes -€2,006
no longer reported in 2025 (was €2,006)
- Financial charges -€1,198
down €1,198 (-33.3%), from €3,603 to €2,405
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 | €97,494 | €92,201 | -€5,293 | -5.4% |
| Fixed assets | 21/28 | €21,623 | €17,779 | -€3,844 | -17.8% |
| Tangible fixed assets | 22/27 | €21,623 | €17,779 | -€3,844 | -17.8% |
| Plant, machinery and equipment | 23 | €18,743 | €15,872 | -€2,871 | -15.3% |
| Furniture and vehicles | 24 | €2,880 | €1,907 | -€973 | -33.8% |
| Current assets | 29/58 | €75,871 | €74,422 | -€1,449 | -1.9% |
| Stocks and contracts in progress | 3 | €1,000 | €42,521 | +€41,521 | +4152.1% |
| Stocks | 30/36 | €1,000 | €42,521 | +€41,521 | +4152.1% |
| Amounts receivable within one year | 40/41 | €41,212 | €12,774 | -€28,438 | -69.0% |
| Trade receivables | 40 | €38,848 | €945 | -€37,903 | -97.6% |
| Other amounts receivable | 41 | €2,364 | €11,829 | +€9,466 | +400.4% |
| Cash at bank and in hand | 54/58 | €33,659 | €19,126 | -€14,532 | -43.2% |
| Total equity and liabilities | 10/49 | €97,494 | €92,201 | -€5,293 | -5.4% |
| Equity | 10/15 | €3,541 | -€15,826 | -€19,366 | |
| Contributions | 10/11 | €1,700 | €1,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,841 | -€17,526 | -€19,366 | |
| Amounts payable | 17/49 | €93,954 | €108,027 | +€14,073 | +15.0% |
| Amounts payable after more than one year | 17 | €50,000 | €90,577 | +€40,577 | +81.2% |
| Financial debts | 170/4 | €50,000 | €90,577 | +€40,577 | +81.2% |
| Amounts payable within one year | 42/48 | €43,954 | €17,450 | -€26,503 | -60.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,423 | +€9,423 | |
| Trade debts | 44 | €17,449 | €2,368 | -€15,081 | -86.4% |
| Suppliers | 440/4 | €17,449 | €2,368 | -€15,081 | -86.4% |
| Taxes, remuneration and social security | 45 | €5,735 | €2,520 | -€3,215 | -56.1% |
| Taxes | 450/3 | €5,735 | €2,520 | -€3,215 | -56.1% |
| Other amounts payable | 47/48 | €20,770 | €3,140 | -€17,630 | -84.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,971 | €6,744 | +€2,774 | +69.9% |
| Other operating charges | 640/8 | €6,264 | - | -€6,264 | |
| Gross operating margin | 9900 | €17,682 | -€10,595 | -€28,277 | |
| Operating profit (loss) | 9901 | €7,448 | -€17,339 | -€24,786 | |
| Financial income | 75/76B | €3 | €377 | +€375 | +14582.1% |
| Recurring financial income | 75 | €3 | €377 | +€375 | +14582.1% |
| Financial charges | 65/66B | €3,603 | €2,405 | -€1,198 | -33.3% |
| Recurring financial charges | 65 | €3,603 | €2,405 | -€1,198 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €3,847 | -€19,366 | -€23,214 | |
| Income taxes | 67/77 | €2,006 | - | -€2,006 | |
| Profit (loss) for the period | 9904 | €1,841 | -€19,366 | -€21,207 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,841 | -€19,366 | -€21,207 |
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 8 October 2026 via checked.be.