MBWF: 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.
MBWF
Largest movements
- Cash -€33,265
down €33,265 (-65.3%), from €50,947 to €17,682
mainly Other debts (-€36,726) and Receivables within one year (-€5,026)
- Tangible fixed assets -€5,418
down €5,418 (-14.0%), from €38,713 to €33,295
of which Furniture and vehicles: -€6,154
- Receivables within one year +€5,026
up €5,026 (+56.1%), from €8,956 to €13,982
of which Trade receivables: +€6,123
- Stocks and contracts -€1,345
down €1,345 (-65.5%), from €2,054 to €709
- Other debts -€36,726
no longer reported in 2025 (was €36,726)
- Reserves +€6,803
up €6,803 (+17.1%), from €39,896 to €46,699
of which Distributable reserves: +€6,803
- Trade debts -€3,789
down €3,789 (-96.6%), from €3,923 to €135
- Tax, wage and social debts -€1,291
down €1,291 (-84.6%), from €1,526 to €235
- Gross operating margin -€12,206
down €12,206 (-33.2%), from €36,788 to €24,583
- Other operating charges +€2,135
new in 2025: €2,135
- Depreciation +€1,892
up €1,892 (+22.3%), from €8,468 to €10,360
- Taxes -€1,006
down €1,006 (-18.3%), from €5,482 to €4,476
- Financial charges +€539
up €539 (+109.5%), from €493 to €1,032
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 | €100,670 | €65,668 | -€35,002 | -34.8% |
| Fixed assets | 21/28 | €38,713 | €33,295 | -€5,418 | -14.0% |
| Tangible fixed assets | 22/27 | €38,713 | €33,295 | -€5,418 | -14.0% |
| Plant, machinery and equipment | 23 | €1,205 | €1,941 | +€736 | +61.0% |
| Furniture and vehicles | 24 | €37,507 | €31,354 | -€6,154 | -16.4% |
| Current assets | 29/58 | €61,958 | €32,373 | -€29,584 | -47.7% |
| Stocks and contracts in progress | 3 | €2,054 | €709 | -€1,345 | -65.5% |
| Stocks | 30/36 | €2,054 | €709 | -€1,345 | -65.5% |
| Amounts receivable within one year | 40/41 | €8,956 | €13,982 | +€5,026 | +56.1% |
| Trade receivables | 40 | €6,438 | €12,561 | +€6,123 | +95.1% |
| Other amounts receivable | 41 | €2,518 | €1,421 | -€1,097 | -43.6% |
| Cash at bank and in hand | 54/58 | €50,947 | €17,682 | -€33,265 | -65.3% |
| Total equity and liabilities | 10/49 | €100,670 | €65,668 | -€35,002 | -34.8% |
| Equity | 10/15 | €58,496 | €65,299 | +€6,803 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,896 | €46,699 | +€6,803 | +17.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €38,036 | €44,839 | +€6,803 | +17.9% |
| Amounts payable | 17/49 | €42,174 | €369 | -€41,805 | -99.1% |
| Amounts payable within one year | 42/48 | €42,174 | €369 | -€41,805 | -99.1% |
| Trade debts | 44 | €3,923 | €135 | -€3,789 | -96.6% |
| Suppliers | 440/4 | €3,923 | €135 | -€3,789 | -96.6% |
| Taxes, remuneration and social security | 45 | €1,526 | €235 | -€1,291 | -84.6% |
| Taxes | 450/3 | €1,526 | €235 | -€1,291 | -84.6% |
| Other amounts payable | 47/48 | €36,726 | - | -€36,726 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,468 | €10,360 | +€1,892 | +22.3% |
| Other operating charges | 640/8 | - | €2,135 | +€2,135 | |
| Gross operating margin | 9900 | €36,788 | €24,583 | -€12,206 | -33.2% |
| Operating profit (loss) | 9901 | €28,321 | €12,087 | -€16,233 | -57.3% |
| Financial income | 75/76B | - | €224 | +€224 | |
| Recurring financial income | 75 | - | €224 | +€224 | |
| Financial charges | 65/66B | €493 | €1,032 | +€539 | +109.5% |
| Recurring financial charges | 65 | €493 | €1,032 | +€539 | +109.5% |
| Profit (loss) for the period before taxes | 9903 | €27,828 | €11,279 | -€16,549 | -59.5% |
| Income taxes | 67/77 | €5,482 | €4,476 | -€1,006 | -18.3% |
| Profit (loss) for the period | 9904 | €22,346 | €6,803 | -€15,543 | -69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,346 | €6,803 | -€15,543 | -69.6% |
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 9 October 2026 via checked.be.