MDW MANAGEMENT: 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.
MDW MANAGEMENT
Largest movements
- Current investments +€135,000
up €135,000 (+174%), from €77,500 to €212,500
- Cash -€41,640
down €41,640 (-96.8%), from €43,009 to €1,369
mainly Current investments (-€135,000) and Receivables within one year (-€29,040)
- Receivables within one year +€29,040
up €29,040 (+141%), from €20,570 to €49,610
- Reserves +€96,788
up €96,788 (+76.9%), from €125,867 to €222,655
- Tax, wage and social debts +€19,974
up €19,974 (+188%), from €10,624 to €30,598
- Other debts +€2,836
up €2,836 (+62.5%), from €4,535 to €7,371
- Gross operating margin +€41,902
up €41,902 (+43.1%), from €97,118 to €139,020
- Taxes +€12,915
up €12,915 (+48.7%), from €26,522 to €39,437
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €141,607 | €264,007 | +€122,400 | +86.4% |
| Fixed assets | 21/28 | €528 | €528 | = | 0.0% |
| Financial fixed assets | 28 | €528 | €528 | = | 0.0% |
| Current assets | 29/58 | €141,079 | €263,479 | +€122,400 | +86.8% |
| Amounts receivable within one year | 40/41 | €20,570 | €49,610 | +€29,040 | +141% |
| Trade receivables | 40 | €20,570 | €49,610 | +€29,040 | +141% |
| Current investments | 50/53 | €77,500 | €212,500 | +€135,000 | +174% |
| Cash at bank and in hand | 54/58 | €43,009 | €1,369 | -€41,640 | -96.8% |
| Total equity and liabilities | 10/49 | €141,607 | €264,007 | +€122,400 | +86.4% |
| Equity | 10/15 | €125,967 | €222,755 | +€96,788 | +76.8% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €125,867 | €222,655 | +€96,788 | +76.9% |
| Distributable reserves | 133 | €125,867 | €222,655 | +€96,788 | +76.9% |
| Amounts payable | 17/49 | €15,640 | €41,252 | +€25,612 | +164% |
| Amounts payable within one year | 42/48 | €15,480 | €40,879 | +€25,399 | +164% |
| Trade debts | 44 | €321 | €2,910 | +€2,589 | +807% |
| Suppliers | 440/4 | €321 | €2,910 | +€2,589 | +807% |
| Taxes, remuneration and social security | 45 | €10,624 | €30,598 | +€19,974 | +188% |
| Taxes | 450/3 | €10,624 | €30,598 | +€19,974 | +188% |
| Other amounts payable | 47/48 | €4,535 | €7,371 | +€2,836 | +62.5% |
| Accrued charges and deferred income | 492/3 | €160 | €373 | +€213 | +133% |
| Other operating charges | 640/8 | €714 | €1,615 | +€901 | +126% |
| Gross operating margin | 9900 | €97,118 | €139,020 | +€41,902 | +43.1% |
| Operating profit (loss) | 9901 | €96,404 | €137,405 | +€41,001 | +42.5% |
| Financial charges | 65/66B | €159 | €1,180 | +€1,021 | +642% |
| Recurring financial charges | 65 | €159 | €1,180 | +€1,021 | +642% |
| Profit (loss) for the period before taxes | 9903 | €96,245 | €136,225 | +€39,980 | +41.5% |
| Income taxes | 67/77 | €26,522 | €39,437 | +€12,915 | +48.7% |
| Profit (loss) for the period | 9904 | €69,723 | €96,788 | +€27,065 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,723 | €96,788 | +€27,065 | +38.8% |
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 18 October 2026 via checked.be.