mdwave: 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.
mdwave
Largest movements
- Current investments +€90,000
new in 2025: €90,000
- Intangible fixed assets -€75,000
down €75,000 (-17.2%), from €435,484 to €360,484
- Cash +€57,269
up €57,269 (+47.4%), from €120,829 to €178,098
mainly Other debts (+€115,314) and Net result for the year (+€108,062)
- Deferred charges and accrued income -€27,904
down €27,904 (-24.3%), from €114,793 to €86,889
- Receivables within one year -€25,780
down €25,780 (-13.7%), from €188,396 to €162,616
of which Other amounts receivable: -€46,154
- Reserves -€143,052
down €143,052 (-22.8%), from €628,343 to €485,292
- Other debts +€115,314
up €115,314 (+58.5%), from €197,168 to €312,482
- Tax, wage and social debts +€45,091
up €45,091 (+288.6%), from €15,622 to €60,713
- Gross operating margin +€37,978
up €37,978 (+18.4%), from €206,041 to €244,020
- Taxes +€15,638
up €15,638 (+53.1%), from €29,473 to €45,111
- Financial charges -€11,143
down €11,143 (-45.7%), from €24,390 to €13,247
of which Financial charges: -€11,146
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 | €868,013 | €885,034 | +€17,021 | +2.0% |
| Fixed assets | 21/28 | €443,994 | €367,431 | -€76,563 | -17.2% |
| Intangible fixed assets | 21 | €435,484 | €360,484 | -€75,000 | -17.2% |
| Tangible fixed assets | 22/27 | €8,511 | €6,947 | -€1,563 | -18.4% |
| Plant, machinery and equipment | 23 | €689 | €365 | -€324 | -47.1% |
| Furniture and vehicles | 24 | €667 | - | -€667 | |
| Other tangible fixed assets | 26 | €7,155 | €6,583 | -€572 | -8.0% |
| Current assets | 29/58 | €424,018 | €517,602 | +€93,584 | +22.1% |
| Amounts receivable within one year | 40/41 | €188,396 | €162,616 | -€25,780 | -13.7% |
| Trade receivables | 40 | €111,715 | €132,088 | +€20,373 | +18.2% |
| Other amounts receivable | 41 | €76,681 | €30,527 | -€46,154 | -60.2% |
| Current investments | 50/53 | - | €90,000 | +€90,000 | |
| Cash at bank and in hand | 54/58 | €120,829 | €178,098 | +€57,269 | +47.4% |
| Deferred charges and accrued income | 490/1 | €114,793 | €86,889 | -€27,904 | -24.3% |
| Total equity and liabilities | 10/49 | €868,013 | €885,034 | +€17,021 | +2.0% |
| Equity | 10/15 | €633,343 | €490,292 | -€143,052 | -22.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €628,343 | €485,292 | -€143,052 | -22.8% |
| Distributable reserves | 133 | €628,343 | €485,292 | -€143,052 | -22.8% |
| Amounts payable | 17/49 | €234,669 | €394,742 | +€160,073 | +68.2% |
| Amounts payable within one year | 42/48 | €229,821 | €390,775 | +€160,954 | +70.0% |
| Current portion of amounts payable after more than one year | 42 | €8,434 | - | -€8,434 | |
| Financial debts | 43 | - | €2,108 | +€2,108 | |
| Credit institutions | 430/8 | - | €2,108 | +€2,108 | |
| Trade debts | 44 | €8,596 | €15,472 | +€6,876 | +80.0% |
| Suppliers | 440/4 | €8,596 | €15,472 | +€6,876 | +80.0% |
| Taxes, remuneration and social security | 45 | €15,622 | €60,713 | +€45,091 | +288.6% |
| Taxes | 450/3 | €15,622 | €60,713 | +€45,091 | +288.6% |
| Other amounts payable | 47/48 | €197,168 | €312,482 | +€115,314 | +58.5% |
| Accrued charges and deferred income | 492/3 | €4,848 | €3,967 | -€881 | -18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,579 | €76,563 | -€16 | 0.0% |
| Other operating charges | 640/8 | €968 | €1,037 | +€69 | +7.2% |
| Gross operating margin | 9900 | €206,041 | €244,020 | +€37,978 | +18.4% |
| Operating profit (loss) | 9901 | €128,495 | €166,420 | +€37,925 | +29.5% |
| Financial charges | 65/66B | €24,390 | €13,247 | -€11,143 | -45.7% |
| Recurring financial charges | 65 | €24,390 | €13,243 | -€11,146 | -45.7% |
| Non-recurring financial charges | 66B | - | €4 | +€4 | |
| Profit (loss) for the period before taxes | 9903 | €104,105 | €153,173 | +€49,068 | +47.1% |
| Income taxes | 67/77 | €29,473 | €45,111 | +€15,638 | +53.1% |
| Profit (loss) for the period | 9904 | €74,632 | €108,062 | +€33,429 | +44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €74,632 | €108,062 | +€33,429 | +44.8% |
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 7 October 2026 via checked.be.