MNW: 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.
MNW
Largest movements
- Tangible fixed assets +€63,386
up €63,386 (+463.9%), from €13,663 to €77,050
of which Leasing and similar rights: +€73,070
- Cash -€12,995
down €12,995 (-19.2%), from €67,674 to €54,679
mainly Investment in fixed assets (net) (-€73,554) and Net result for the year (-€21,655)
- Deferred charges and accrued income +€5,083
new in 2025: €5,083
- Receivables within one year -€2,159
down €2,159 (-8.4%), from €25,553 to €23,394
of which Trade receivables: -€3,027
- Debts after one year +€59,931
up €59,931 (+897.7%), from €6,676 to €66,607
- Profit (loss) carried forward -€21,655
new in 2025: -€21,655
- Current portion of long-term debt +€13,415
up €13,415 (+396.8%), from €3,381 to €16,796
- Trade debts +€5,581
up €5,581 (+417.2%), from €1,338 to €6,919
- Tax, wage and social debts -€3,957
down €3,957 (-33.3%), from €11,890 to €7,933
- Gross operating margin -€77,742
down €77,742, from €67,241 to -€10,501
- Taxes -€11,892
down €11,892 (-98.9%), from €12,024 to €132
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 | €106,890 | €160,204 | +€53,315 | +49.9% |
| Fixed assets | 21/28 | €13,663 | €77,050 | +€63,386 | +463.9% |
| Tangible fixed assets | 22/27 | €13,663 | €77,050 | +€63,386 | +463.9% |
| Furniture and vehicles | 24 | €13,663 | €3,980 | -€9,684 | -70.9% |
| Leasing and similar rights | 25 | - | €73,070 | +€73,070 | |
| Current assets | 29/58 | €93,227 | €83,155 | -€10,072 | -10.8% |
| Amounts receivable within one year | 40/41 | €25,553 | €23,394 | -€2,159 | -8.4% |
| Trade receivables | 40 | €25,553 | €22,526 | -€3,027 | -11.8% |
| Other amounts receivable | 41 | - | €868 | +€868 | |
| Cash at bank and in hand | 54/58 | €67,674 | €54,679 | -€12,995 | -19.2% |
| Deferred charges and accrued income | 490/1 | - | €5,083 | +€5,083 | |
| Total equity and liabilities | 10/49 | €106,890 | €160,204 | +€53,315 | +49.9% |
| Equity | 10/15 | €83,605 | €61,950 | -€21,655 | -25.9% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €79,605 | €79,605 | = | 0.0% |
| Distributable reserves | 133 | €79,605 | €79,605 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€21,655 | -€21,655 | |
| Amounts payable | 17/49 | €23,285 | €98,255 | +€74,970 | +322.0% |
| Amounts payable after more than one year | 17 | €6,676 | €66,607 | +€59,931 | +897.7% |
| Financial debts | 170/4 | €6,676 | €66,607 | +€59,931 | +897.7% |
| Amounts payable within one year | 42/48 | €16,609 | €31,647 | +€15,039 | +90.5% |
| Current portion of amounts payable after more than one year | 42 | €3,381 | €16,796 | +€13,415 | +396.8% |
| Trade debts | 44 | €1,338 | €6,919 | +€5,581 | +417.2% |
| Suppliers | 440/4 | €1,338 | €6,919 | +€5,581 | +417.2% |
| Taxes, remuneration and social security | 45 | €11,890 | €7,933 | -€3,957 | -33.3% |
| Taxes | 450/3 | €11,890 | €7,933 | -€3,957 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,684 | €10,167 | +€484 | +5.0% |
| Other operating charges | 640/8 | €605 | €416 | -€189 | -31.3% |
| Gross operating margin | 9900 | €67,241 | -€10,501 | -€77,742 | |
| Operating profit (loss) | 9901 | €56,952 | -€21,084 | -€78,036 | |
| Financial charges | 65/66B | €243 | €439 | +€196 | +80.4% |
| Recurring financial charges | 65 | €243 | €439 | +€196 | +80.4% |
| Profit (loss) for the period before taxes | 9903 | €56,709 | -€21,523 | -€78,232 | |
| Income taxes | 67/77 | €12,024 | €132 | -€11,892 | -98.9% |
| Profit (loss) for the period | 9904 | €44,685 | -€21,655 | -€66,340 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,685 | -€21,655 | -€66,340 |
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 11 October 2026 via checked.be.