MKW: 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.
MKW
Largest movements
- Receivables within one year -€4,024
down €4,024 (-16.1%), from €24,969 to €20,945
of which Other amounts receivable: -€4,687
- Stocks and contracts +€1,497
up €1,497 (+8.9%), from €16,846 to €18,344
- Tangible fixed assets -€1,169
down €1,169 (-48.1%), from €2,428 to €1,260
of which Furniture and vehicles: -€737
- Cash +€1,000
new in 2025: €1,000
mainly Short-term financial debts (+€11,705) and Receivables within one year (+€4,024)
- Short-term financial debts +€11,705
up €11,705 (+6261.8%), from €187 to €11,891
- Current portion of long-term debt -€7,717
down €7,717 (-74.7%), from €10,329 to €2,612
- Other debts -€5,265
down €5,265 (-6.2%), from €85,339 to €80,074
- Debts after one year -€2,612
no longer reported in 2025 (was €2,612)
- Trade debts +€596
up €596 (+5.5%), from €10,889 to €11,485
- Gross operating margin -€970
down €970 (-19.5%), from €4,964 to €3,994
- Financial charges -€244
down €244 (-21.8%), from €1,120 to €876
- Other operating charges +€125
up €125 (+10.9%), from €1,152 to €1,277
- Depreciation -€99
down €99 (-7.8%), from €1,268 to €1,169
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 | €44,905 | €42,028 | -€2,877 | -6.4% |
| Fixed assets | 21/28 | €2,428 | €1,260 | -€1,169 | -48.1% |
| Tangible fixed assets | 22/27 | €2,428 | €1,260 | -€1,169 | -48.1% |
| Plant, machinery and equipment | 23 | €1,213 | €781 | -€432 | -35.6% |
| Furniture and vehicles | 24 | €1,215 | €478 | -€737 | -60.7% |
| Current assets | 29/58 | €42,477 | €40,768 | -€1,708 | -4.0% |
| Stocks and contracts in progress | 3 | €16,846 | €18,344 | +€1,497 | +8.9% |
| Stocks | 30/36 | €16,846 | €18,344 | +€1,497 | +8.9% |
| Amounts receivable within one year | 40/41 | €24,969 | €20,945 | -€4,024 | -16.1% |
| Trade receivables | 40 | €20,254 | €20,916 | +€663 | +3.3% |
| Other amounts receivable | 41 | €4,715 | €28 | -€4,687 | -99.4% |
| Cash at bank and in hand | 54/58 | - | €1,000 | +€1,000 | |
| Deferred charges and accrued income | 490/1 | €661 | €480 | -€181 | -27.4% |
| Total equity and liabilities | 10/49 | €44,905 | €42,028 | -€2,877 | -6.4% |
| Equity | 10/15 | -€67,474 | -€66,987 | +€488 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,074 | -€85,587 | +€488 | +0.6% |
| Amounts payable | 17/49 | €112,380 | €109,014 | -€3,365 | -3.0% |
| Amounts payable after more than one year | 17 | €2,612 | - | -€2,612 | |
| Financial debts | 170/4 | €2,612 | - | -€2,612 | |
| Amounts payable within one year | 42/48 | €109,767 | €109,014 | -€753 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €10,329 | €2,612 | -€7,717 | -74.7% |
| Financial debts | 43 | €187 | €11,891 | +€11,705 | +6261.8% |
| Credit institutions | 430/8 | €187 | €11,891 | +€11,705 | +6261.8% |
| Trade debts | 44 | €10,889 | €11,485 | +€596 | +5.5% |
| Suppliers | 440/4 | €10,889 | €11,485 | +€596 | +5.5% |
| Taxes, remuneration and social security | 45 | €3,024 | €2,952 | -€72 | -2.4% |
| Taxes | 450/3 | €3,024 | €2,952 | -€72 | -2.4% |
| Other amounts payable | 47/48 | €85,339 | €80,074 | -€5,265 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,268 | €1,169 | -€99 | -7.8% |
| Other operating charges | 640/8 | €1,152 | €1,277 | +€125 | +10.9% |
| Gross operating margin | 9900 | €4,964 | €3,994 | -€970 | -19.5% |
| Operating profit (loss) | 9901 | €2,544 | €1,548 | -€996 | -39.2% |
| Financial income | 75/76B | €4 | €0 | -€4 | -99.7% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -99.7% |
| Financial charges | 65/66B | €1,120 | €876 | -€244 | -21.8% |
| Recurring financial charges | 65 | €1,120 | €876 | -€244 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €1,427 | €672 | -€756 | -52.9% |
| Income taxes | 67/77 | €178 | €184 | +€6 | +3.1% |
| Profit (loss) for the period | 9904 | €1,249 | €488 | -€761 | -60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,249 | €488 | -€761 | -60.9% |
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 12 October 2026 via checked.be.