MAWYC III: 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.
What changed
MAWYC III
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€192,277
2024 · -€122,232-€70,045
Equity
€2.7m
2024 · €2.9m-€192,277
Cash
€111,725
2024 · €112,323-€598
Balance sheet total
€4.6m
2024 · €4.7m-€106,237
Largest movements
Assets
- Tangible fixed assets -€113,807
down €113,807 (-3.5%), from €3.3m to €3.2m
of which Land and buildings: -€96,419
Equity and liabilities
- Other debts +€255,102
up €255,102 (+19.2%), from €1.3m to €1.6m
- Revaluation surpluses -€96,419
down €96,419 (-3.7%), from €2.6m to €2.5m
- Reserves -€95,859
down €95,859 (-47.1%), from €203,637 to €107,778
of which Distributable reserves: -€95,859
- Debts after one year -€95,000
down €95,000 (-33.3%), from €285,000 to €190,000
Income statement
- Gross operating margin -€69,536
down €69,536 (-60.6%), from €114,763 to €45,227
- Other operating charges +€1,839
up €1,839 (+5.6%), from €32,650 to €34,489
- Financial charges -€1,768
down €1,768 (-6.5%), from €27,018 to €25,250
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.
Result 2024
-€122,232
Gross operating margin
-€69,536
Staff costs
-€1,111
Depreciation
+€310
Other operating charges
-€1,839
Financial income
+€26
Financial charges
+€1,768
Taxes
+€338
Result 2025
-€192,277
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€99,103
Investment
-€4,701
Financing
-€95,000
Cash 2024
€112,323
From operations (derived)
+€99,103
Net result for the year
-€192,277
Depreciation
+€116,426
Receivables within one year
-€19,586
Deferred charges and accrued income
+€13,500
Trade debts
-€35,225
Tax, wage and social debts
-€2,989
Other debts
+€255,102
Accrued charges and deferred income
-€35,848
Investment (derived)
-€4,701
Investment in fixed assets (net)
-€4,701
Financing
-€95,000
Debts after one year
-€95,000
Cash 2025
€111,725
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,730,550 | €4,624,313 | -€106,237 | -2.2% |
| Fixed assets | 21/28 | €4,593,501 | €4,481,776 | -€111,725 | -2.4% |
| Intangible fixed assets | 21 | €3,211 | €2,475 | -€736 | -22.9% |
| Tangible fixed assets | 22/27 | €3,277,559 | €3,163,752 | -€113,807 | -3.5% |
| Land and buildings | 22 | €3,252,607 | €3,156,188 | -€96,419 | -3.0% |
| Plant, machinery and equipment | 23 | €3,459 | €2,595 | -€864 | -25.0% |
| Furniture and vehicles | 24 | €21,493 | €4,969 | -€16,525 | -76.9% |
| Financial fixed assets | 28 | €1,312,731 | €1,315,549 | +€2,818 | +0.2% |
| Current assets | 29/58 | €137,048 | €142,536 | +€5,488 | +4.0% |
| Amounts receivable within one year | 40/41 | €11,226 | €30,812 | +€19,586 | +174% |
| Trade receivables | 40 | - | €28,472 | +€28,472 | |
| Other amounts receivable | 41 | €11,226 | €2,340 | -€8,886 | -79.2% |
| Cash at bank and in hand | 54/58 | €112,323 | €111,725 | -€598 | -0.5% |
| Deferred charges and accrued income | 490/1 | €13,500 | €0 | -€13,500 | -100% |
| Total equity and liabilities | 10/49 | €4,730,550 | €4,624,313 | -€106,237 | -2.2% |
| Equity | 10/15 | €2,926,519 | €2,734,242 | -€192,277 | -6.6% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,597,882 | €2,501,464 | -€96,419 | -3.7% |
| Reserves | 13 | €203,637 | €107,778 | -€95,859 | -47.1% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €191,137 | €95,278 | -€95,859 | -50.2% |
| Amounts payable | 17/49 | €1,804,030 | €1,890,071 | +€86,040 | +4.8% |
| Amounts payable after more than one year | 17 | €285,000 | €190,000 | -€95,000 | -33.3% |
| Financial debts | 170/4 | €285,000 | €190,000 | -€95,000 | -33.3% |
| Amounts payable within one year | 42/48 | €1,483,183 | €1,700,071 | +€216,888 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €95,000 | €95,000 | = | 0.0% |
| Trade debts | 44 | €55,551 | €20,326 | -€35,225 | -63.4% |
| Suppliers | 440/4 | €55,551 | €20,326 | -€35,225 | -63.4% |
| Taxes, remuneration and social security | 45 | €6,322 | €3,333 | -€2,989 | -47.3% |
| Taxes | 450/3 | €898 | €1,006 | +€108 | +12.0% |
| Remuneration and social security | 454/9 | €5,423 | €2,327 | -€3,097 | -57.1% |
| Other amounts payable | 47/48 | €1,326,310 | €1,581,412 | +€255,102 | +19.2% |
| Accrued charges and deferred income | 492/3 | €35,848 | €0 | -€35,848 | -100% |
| Remuneration, social security and pensions | 62 | €62,588 | €63,699 | +€1,111 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,735 | €116,426 | -€310 | -0.3% |
| Other operating charges | 640/8 | €32,650 | €34,489 | +€1,839 | +5.6% |
| Gross operating margin | 9900 | €114,763 | €45,227 | -€69,536 | -60.6% |
| Operating profit (loss) | 9901 | -€97,211 | -€169,387 | -€72,176 | -74.2% |
| Financial income | 75/76B | €2,793 | €2,818 | +€26 | +0.9% |
| Recurring financial income | 75 | €2,793 | €2,818 | +€26 | +0.9% |
| Financial charges | 65/66B | €27,018 | €25,250 | -€1,768 | -6.5% |
| Recurring financial charges | 65 | €27,018 | €25,250 | -€1,768 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | -€121,436 | -€191,818 | -€70,383 | -58.0% |
| Income taxes | 67/77 | €797 | €459 | -€338 | -42.4% |
| Profit (loss) for the period | 9904 | -€122,232 | -€192,277 | -€70,045 | -57.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€122,232 | -€192,277 | -€70,045 | -57.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.