MSW Tienen: 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.
MSW Tienen
Largest movements
- Receivables within one year -€67,413
down €67,413 (-12.0%), from €562,702 to €495,290
of which Other amounts receivable: -€121,547
- Stocks and contracts -€66,109
down €66,109 (-5.0%), from €1.3m to €1.2m
- Tangible fixed assets -€55,744
down €55,744 (-19.9%), from €280,745 to €225,001
of which Plant, machinery and equipment: -€53,750
- Cash -€27,523
down €27,523 (-45.8%), from €60,087 to €32,564
mainly Net result for the year (-€261,290) and Other debts (-€38,705)
- Profit (loss) carried forward -€261,290
down €261,290 (-56.9%), from €458,932 to €197,641
- Short-term financial debts +€135,546
up €135,546 (+58.4%), from €232,180 to €367,726
- Other debts -€38,705
down €38,705 (-4.5%), from €861,473 to €822,768
- Debts after one year -€38,572
down €38,572 (-23.2%), from €166,533 to €127,961
- Tax, wage and social debts -€30,783
down €30,783 (-39.8%), from €77,297 to €46,514
of which Remuneration and social security: -€30,783
- Gross operating margin -€399,300
down €399,300 (-64.9%), from €615,176 to €215,876
- Staff costs -€115,355
down €115,355 (-26.0%), from €443,447 to €328,092
- Depreciation -€9,036
down €9,036 (-13.9%), from €64,781 to €55,744
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 | €2,216,249 | €2,000,467 | -€215,782 | -9.7% |
| Fixed assets | 21/28 | €280,745 | €225,001 | -€55,744 | -19.9% |
| Tangible fixed assets | 22/27 | €280,745 | €225,001 | -€55,744 | -19.9% |
| Plant, machinery and equipment | 23 | €278,750 | €225,001 | -€53,750 | -19.3% |
| Furniture and vehicles | 24 | €1,995 | - | -€1,995 | |
| Current assets | 29/58 | €1,935,504 | €1,775,467 | -€160,038 | -8.3% |
| Stocks and contracts in progress | 3 | €1,312,715 | €1,246,606 | -€66,109 | -5.0% |
| Stocks | 30/36 | €1,312,715 | €1,246,606 | -€66,109 | -5.0% |
| Amounts receivable within one year | 40/41 | €562,702 | €495,290 | -€67,413 | -12.0% |
| Trade receivables | 40 | €17,698 | €71,833 | +€54,135 | +306% |
| Other amounts receivable | 41 | €545,004 | €423,457 | -€121,547 | -22.3% |
| Cash at bank and in hand | 54/58 | €60,087 | €32,564 | -€27,523 | -45.8% |
| Deferred charges and accrued income | 490/1 | - | €1,007 | +€1,007 | |
| Total equity and liabilities | 10/49 | €2,216,249 | €2,000,467 | -€215,782 | -9.7% |
| Equity | 10/15 | €623,932 | €362,641 | -€261,290 | -41.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €458,932 | €197,641 | -€261,290 | -56.9% |
| Amounts payable | 17/49 | €1,592,317 | €1,637,826 | +€45,509 | +2.9% |
| Amounts payable after more than one year | 17 | €166,533 | €127,961 | -€38,572 | -23.2% |
| Financial debts | 170/4 | €166,533 | €127,961 | -€38,572 | -23.2% |
| Amounts payable within one year | 42/48 | €1,420,834 | €1,505,445 | +€84,611 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €38,202 | €38,572 | +€370 | +1.0% |
| Financial debts | 43 | €232,180 | €367,726 | +€135,546 | +58.4% |
| Credit institutions | 430/8 | €232,180 | €367,726 | +€135,546 | +58.4% |
| Trade debts | 44 | €194,123 | €206,378 | +€12,255 | +6.3% |
| Suppliers | 440/4 | €194,123 | €206,378 | +€12,255 | +6.3% |
| Advances received on contracts in progress | 46 | €17,560 | €23,488 | +€5,928 | +33.8% |
| Taxes, remuneration and social security | 45 | €77,297 | €46,514 | -€30,783 | -39.8% |
| Taxes | 450/3 | €487 | €487 | = | 0.0% |
| Remuneration and social security | 454/9 | €76,810 | €46,027 | -€30,783 | -40.1% |
| Other amounts payable | 47/48 | €861,473 | €822,768 | -€38,705 | -4.5% |
| Accrued charges and deferred income | 492/3 | €4,951 | €4,420 | -€530 | -10.7% |
| Non-recurring operating income | 76A | - | €1,900 | +€1,900 | |
| Remuneration, social security and pensions | 62 | €443,447 | €328,092 | -€115,355 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,781 | €55,744 | -€9,036 | -13.9% |
| Other operating charges | 640/8 | €74,180 | €69,679 | -€4,501 | -6.1% |
| Gross operating margin | 9900 | €615,176 | €215,876 | -€399,300 | -64.9% |
| Operating profit (loss) | 9901 | €32,769 | -€237,639 | -€270,407 | |
| Financial income | 75/76B | €582 | €3,995 | +€3,413 | +587% |
| Recurring financial income | 75 | €582 | €3,995 | +€3,413 | +587% |
| Financial charges | 65/66B | €25,450 | €27,647 | +€2,197 | +8.6% |
| Recurring financial charges | 65 | €25,450 | €27,647 | +€2,197 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €7,901 | -€261,290 | -€269,191 | |
| Income taxes | 67/77 | €375 | - | -€375 | |
| Profit (loss) for the period | 9904 | €7,526 | -€261,290 | -€268,816 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,526 | -€261,290 | -€268,816 |
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 29 October 2026 via checked.be.