MIW: 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.
MIW
Largest movements
- Receivables within one year -€456,913
down €456,913 (-55.7%), from €819,899 to €362,986
of which Trade receivables: -€819,899
- Cash -€107,855
down €107,855 (-99.3%), from €108,587 to €731
mainly Other debts (-€363,087) and Advances received (-€271,427)
- Other debts -€363,087
down €363,087 (-88.0%), from €412,623 to €49,536
- Advances received -€271,427
down €271,427 (-100.0%), from €271,427 to €0
- Trade debts +€128,756
up €128,756 (+2443.3%), from €5,270 to €134,026
- Tax, wage and social debts -€51,147
down €51,147 (-93.2%), from €54,890 to €3,743
- Depreciation +€5,540
up €5,540 (+3.8%), from €145,655 to €151,195
- Financial income -€3,568
down €3,568 (-100.0%), from €3,568 to €0
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 | €1,412,861 | €869,307 | -€543,554 | -38.5% |
| Fixed assets | 21/28 | €484,375 | €496,142 | +€11,767 | +2.4% |
| Tangible fixed assets | 22/27 | €484,375 | €496,142 | +€11,767 | +2.4% |
| Land and buildings | 22 | €27,027 | €27,027 | = | 0.0% |
| Plant, machinery and equipment | 23 | €138,527 | €91,763 | -€46,764 | -33.8% |
| Furniture and vehicles | 24 | €318,821 | €377,352 | +€58,531 | +18.4% |
| Current assets | 29/58 | €928,486 | €373,165 | -€555,321 | -59.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €819,899 | €362,986 | -€456,913 | -55.7% |
| Trade receivables | 40 | €819,899 | €0 | -€819,899 | -100.0% |
| Other amounts receivable | 41 | €0 | €362,986 | +€362,986 | |
| Cash at bank and in hand | 54/58 | €108,587 | €731 | -€107,855 | -99.3% |
| Deferred charges and accrued income | 490/1 | - | €9,448 | +€9,448 | |
| Total equity and liabilities | 10/49 | €1,412,861 | €869,307 | -€543,554 | -38.5% |
| Equity | 10/15 | €668,651 | €682,002 | +€13,351 | +2.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €648,651 | €662,002 | +€13,351 | +2.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €648,651 | €662,002 | +€13,351 | +2.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €744,209 | €187,305 | -€556,905 | -74.8% |
| Amounts payable within one year | 42/48 | €744,209 | €187,305 | -€556,905 | -74.8% |
| Trade debts | 44 | €5,270 | €134,026 | +€128,756 | +2443.3% |
| Suppliers | 440/4 | €5,270 | €134,026 | +€128,756 | +2443.3% |
| Advances received on contracts in progress | 46 | €271,427 | €0 | -€271,427 | -100.0% |
| Taxes, remuneration and social security | 45 | €54,890 | €3,743 | -€51,147 | -93.2% |
| Taxes | 450/3 | €54,890 | €3,743 | -€51,147 | -93.2% |
| Other amounts payable | 47/48 | €412,623 | €49,536 | -€363,087 | -88.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,655 | €151,195 | +€5,540 | +3.8% |
| Other operating charges | 640/8 | €2,758 | €2,659 | -€99 | -3.6% |
| Gross operating margin | 9900 | €167,387 | €169,007 | +€1,620 | +1.0% |
| Operating profit (loss) | 9901 | €18,974 | €15,153 | -€3,822 | -20.1% |
| Financial income | 75/76B | €3,568 | €0 | -€3,568 | -100.0% |
| Recurring financial income | 75 | €3,568 | €0 | -€3,568 | -100.0% |
| Financial charges | 65/66B | €360 | €302 | -€58 | -16.0% |
| Recurring financial charges | 65 | €360 | €302 | -€58 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €22,182 | €14,851 | -€7,332 | -33.1% |
| Income taxes | 67/77 | €2,244 | €1,500 | -€744 | -33.2% |
| Profit (loss) for the period | 9904 | €19,939 | €13,351 | -€6,588 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,939 | €13,351 | -€6,588 | -33.0% |
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 8 October 2026 via checked.be.