MEWO: 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.
MEWO
Largest movements
- Tangible fixed assets +€148,557
up €148,557 (+381%), from €39,001 to €187,558
of which Land and buildings: +€165,830
- Cash -€25,051
down €25,051 (-88.3%), from €28,356 to €3,305
mainly Investment in fixed assets (net) (-€173,234) and Other debts (-€13,109)
- Receivables within one year -€7,148
down €7,148 (-22.2%), from €32,195 to €25,046
of which Other amounts receivable: -€4,479
- Debts after one year +€111,661
new in 2025: €111,661
- Other debts -€13,109
down €13,109 (-19.0%), from €69,078 to €55,969
- Reserves +€13,029
new in 2025: €13,029
- Current portion of long-term debt +€11,834
new in 2025: €11,834
- Tax, wage and social debts -€9,184
down €9,184 (-72.8%), from €12,613 to €3,429
- Gross operating margin -€27,679
down €27,679 (-28.2%), from €98,168 to €70,489
- Taxes -€12,001
down €12,001 (-74.6%), from €16,080 to €4,079
- Financial charges +€4,952
up €4,952 (+4,657%), from €106 to €5,059
- Depreciation +€4,589
up €4,589 (+22.8%), from €20,088 to €24,678
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 | €100,531 | €216,964 | +€116,433 | +116% |
| Fixed assets | 21/28 | €39,001 | €187,558 | +€148,557 | +381% |
| Tangible fixed assets | 22/27 | €39,001 | €187,558 | +€148,557 | +381% |
| Land and buildings | 22 | - | €165,830 | +€165,830 | |
| Plant, machinery and equipment | 23 | €1,682 | €2,832 | +€1,151 | +68.4% |
| Furniture and vehicles | 24 | €30,439 | €13,738 | -€16,701 | -54.9% |
| Other tangible fixed assets | 26 | €6,881 | €5,158 | -€1,724 | -25.0% |
| Current assets | 29/58 | €61,530 | €29,406 | -€32,123 | -52.2% |
| Amounts receivable within one year | 40/41 | €32,195 | €25,046 | -€7,148 | -22.2% |
| Trade receivables | 40 | €18,795 | €16,125 | -€2,670 | -14.2% |
| Other amounts receivable | 41 | €13,400 | €8,921 | -€4,479 | -33.4% |
| Cash at bank and in hand | 54/58 | €28,356 | €3,305 | -€25,051 | -88.3% |
| Deferred charges and accrued income | 490/1 | €979 | €1,055 | +€75 | +7.7% |
| Total equity and liabilities | 10/49 | €100,531 | €216,964 | +€116,433 | +116% |
| Equity | 10/15 | €18,600 | €31,629 | +€13,029 | +70.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €13,029 | +€13,029 | |
| Distributable reserves | 133 | - | €13,029 | +€13,029 | |
| Amounts payable | 17/49 | €81,931 | €185,336 | +€103,405 | +126% |
| Amounts payable after more than one year | 17 | - | €111,661 | +€111,661 | |
| Financial debts | 170/4 | - | €111,661 | +€111,661 | |
| Amounts payable within one year | 42/48 | €81,931 | €73,675 | -€8,256 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | - | €11,834 | +€11,834 | |
| Trade debts | 44 | €239 | €2,443 | +€2,204 | +920% |
| Suppliers | 440/4 | €239 | €2,443 | +€2,204 | +920% |
| Taxes, remuneration and social security | 45 | €12,613 | €3,429 | -€9,184 | -72.8% |
| Taxes | 450/3 | €12,613 | €3,429 | -€9,184 | -72.8% |
| Other amounts payable | 47/48 | €69,078 | €55,969 | -€13,109 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,088 | €24,678 | +€4,589 | +22.8% |
| Other operating charges | 640/8 | €695 | €1,124 | +€430 | +61.9% |
| Non-recurring operating charges | 66A | - | €22,521 | +€22,521 | |
| Gross operating margin | 9900 | €98,168 | €70,489 | -€27,679 | -28.2% |
| Operating profit (loss) | 9901 | €77,385 | €22,166 | -€55,219 | -71.4% |
| Financial charges | 65/66B | €106 | €5,059 | +€4,952 | +4,657% |
| Recurring financial charges | 65 | €106 | €5,059 | +€4,952 | +4,657% |
| Profit (loss) for the period before taxes | 9903 | €77,278 | €17,107 | -€60,171 | -77.9% |
| Income taxes | 67/77 | €16,080 | €4,079 | -€12,001 | -74.6% |
| Profit (loss) for the period | 9904 | €61,199 | €13,029 | -€48,170 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €61,199 | €13,029 | -€48,170 | -78.7% |
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 16 October 2026 via checked.be.