MDW PROJECTS: 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
MDW PROJECTS
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€243,142
2024 · €1.2m-€961,432
Equity
€3.7m
2024 · €4.4m-€694,858
Cash
€76,339
2024 · €6,790+€69,549
Balance sheet total
€9.3m
2024 · €8.4m+€891,939
Largest movements
Assets
- Receivables within one year +€613,723
up €613,723 (+288%), from €213,071 to €826,794
of which Other amounts receivable: +€632,330
- Stocks and contracts +€357,000
up €357,000 (+20.3%), from €1.8m to €2.1m
Equity and liabilities
- Short-term financial debts +€950,000
new in 2025: €950,000
- Other debts +€948,243
up €948,243 (+141%), from €670,681 to €1.6m
- Reserves -€694,858
down €694,858 (-16.2%), from €4.3m to €3.6m
of which Distributable reserves: -€694,858
- Debts after one year -€379,324
down €379,324 (-14.4%), from €2.6m to €2.3m
of which Financial debts: -€389,953
Income statement
- Gross operating margin -€1.3m
down €1.3m (-65.2%), from €2.0m to €693,316
- Taxes -€383,046
down €383,046 (-82.8%), from €462,802 to €79,756
- Staff costs +€56,016
up €56,016 (+96.9%), from €57,801 to €113,817
- Write-downs -€30,580
down €30,580 (-58.8%), from €52,000 to €21,420
- Depreciation -€21,035
down €21,035 (-50.4%), from €41,758 to €20,723
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
€1.2m
Gross operating margin
-€1.3m
Staff costs
-€56,016
Depreciation
+€21,035
Write-downs
+€30,580
Other operating charges
+€3,324
Other operating items
-€66,177
Financial income
+€5,283
Financial charges
+€14,200
Taxes
+€383,046
Result 2025
€243,142
raises the resultlowers the resultnot broken down further in the accounts
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
+€414,842
Investment
+€50,817
Financing
-€396,109
Cash 2024
€6,790
From operations (derived)
+€414,842
Net result for the year
+€243,142
Depreciation
+€20,723
Receivables after one year
+€90,000
Stocks and contracts
-€357,000
Receivables within one year
-€613,723
Deferred charges and accrued income
-€13,207
Provisions
-€6,000
Trade debts
+€86,272
Tax, wage and social debts
+€22,388
Other debts
+€948,243
Accrued charges and deferred income
-€5,997
Investment (derived)
+€50,817
Investment in fixed assets (net)
+€50,817
Financing
-€396,109
Debts after one year
-€379,324
Current portion of long-term debt
-€28,785
Short-term financial debts
+€950,000
Contributions, distributions and other
-€938,000
Cash 2025
€76,339
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,393,617 | €9,285,556 | +€891,939 | +10.6% |
| Fixed assets | 21/28 | €6,309,654 | €6,238,114 | -€71,540 | -1.1% |
| Tangible fixed assets | 22/27 | €814,558 | €743,017 | -€71,540 | -8.8% |
| Land and buildings | 22 | €735,723 | €682,606 | -€53,117 | -7.2% |
| Furniture and vehicles | 24 | €78,835 | €60,411 | -€18,423 | -23.4% |
| Financial fixed assets | 28 | €5,495,097 | €5,495,097 | = | 0.0% |
| Current assets | 29/58 | €2,083,963 | €3,047,442 | +€963,479 | +46.2% |
| Amounts receivable after more than one year | 29 | €90,000 | - | -€90,000 | |
| Other amounts receivable | 291 | €90,000 | - | -€90,000 | |
| Stocks and contracts in progress | 3 | €1,760,000 | €2,117,000 | +€357,000 | +20.3% |
| Stocks | 30/36 | €1,760,000 | €2,117,000 | +€357,000 | +20.3% |
| Amounts receivable within one year | 40/41 | €213,071 | €826,794 | +€613,723 | +288% |
| Trade receivables | 40 | €74,570 | €55,963 | -€18,607 | -25.0% |
| Other amounts receivable | 41 | €138,501 | €770,831 | +€632,330 | +457% |
| Cash at bank and in hand | 54/58 | €6,790 | €76,339 | +€69,549 | +1,024% |
| Deferred charges and accrued income | 490/1 | €14,101 | €27,309 | +€13,207 | +93.7% |
| Total equity and liabilities | 10/49 | €8,393,617 | €9,285,556 | +€891,939 | +10.6% |
| Equity | 10/15 | €4,371,241 | €3,676,384 | -€694,858 | -15.9% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €4,281,241 | €3,586,384 | -€694,858 | -16.2% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €4,272,241 | €3,577,384 | -€694,858 | -16.3% |
| Provisions and deferred taxes | 16 | €93,000 | €87,000 | -€6,000 | -6.5% |
| Provisions for liabilities and charges | 160/5 | €93,000 | €87,000 | -€6,000 | -6.5% |
| Other liabilities and charges | 164/5 | €93,000 | €87,000 | -€6,000 | -6.5% |
| Amounts payable | 17/49 | €3,929,376 | €5,522,173 | +€1.6m | +40.5% |
| Amounts payable after more than one year | 17 | €2,639,645 | €2,260,320 | -€379,324 | -14.4% |
| Financial debts | 170/4 | €1,237,746 | €847,793 | -€389,953 | -31.5% |
| Other amounts payable | 178/9 | €1,401,899 | €1,412,527 | +€10,628 | +0.8% |
| Amounts payable within one year | 42/48 | €1,203,265 | €3,181,384 | +€2.0m | +164% |
| Current portion of amounts payable after more than one year | 42 | €418,738 | €389,953 | -€28,785 | -6.9% |
| Financial debts | 43 | - | €950,000 | +€950,000 | |
| Credit institutions | 430/8 | - | €950,000 | +€950,000 | |
| Trade debts | 44 | €4,441 | €90,713 | +€86,272 | +1,943% |
| Suppliers | 440/4 | €4,441 | €90,713 | +€86,272 | +1,943% |
| Taxes, remuneration and social security | 45 | €109,406 | €131,794 | +€22,388 | +20.5% |
| Taxes | 450/3 | €97,319 | €109,243 | +€11,924 | +12.3% |
| Remuneration and social security | 454/9 | €12,087 | €22,551 | +€10,465 | +86.6% |
| Other amounts payable | 47/48 | €670,681 | €1,618,925 | +€948,243 | +141% |
| Accrued charges and deferred income | 492/3 | €86,466 | €80,468 | -€5,997 | -6.9% |
| Non-recurring operating income | 76A | €1,776,212 | - | -€1.8m | |
| Remuneration, social security and pensions | 62 | €57,801 | €113,817 | +€56,016 | +96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,758 | €20,723 | -€21,035 | -50.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €52,000 | €21,420 | -€30,580 | -58.8% |
| Other operating charges | 640/8 | €48,924 | €45,600 | -€3,324 | -6.8% |
| Non-recurring operating charges | 66A | - | €66,177 | +€66,177 | |
| Gross operating margin | 9900 | €1,990,024 | €693,316 | -€1.3m | -65.2% |
| Operating profit (loss) | 9901 | €1,789,540 | €425,578 | -€1.4m | -76.2% |
| Financial income | 75/76B | €20,604 | €25,887 | +€5,283 | +25.6% |
| Recurring financial income | 75 | €20,604 | €25,887 | +€5,283 | +25.6% |
| Financial charges | 65/66B | €142,767 | €128,567 | -€14,200 | -9.9% |
| Recurring financial charges | 65 | €142,767 | €128,567 | -€14,200 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €1,667,376 | €322,898 | -€1.3m | -80.6% |
| Income taxes | 67/77 | €462,802 | €79,756 | -€383,046 | -82.8% |
| Profit (loss) for the period | 9904 | €1,204,574 | €243,142 | -€961,432 | -79.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,204,574 | €243,142 | -€961,432 | -79.8% |
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 1 November 2026 via checked.be.