MSWA: 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.
MSWA
Largest movements
- Cash +€842,239
up €842,239 (+9,036%), from €9,320 to €851,559
mainly Debts after one year (+€542,000) and Current investments (+€200,000)
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Debts after one year +€542,000
new in 2025: €542,000
- Reserves +€76,002
up €76,002 (+33.7%), from €225,724 to €301,725
- Tax, wage and social debts +€17,300
up €17,300 (+258%), from €6,710 to €24,009
- Gross operating margin +€59,732
up €59,732 (+106%), from €56,516 to €116,248
- Taxes +€21,473
up €21,473 (+148%), from €14,549 to €36,022
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 | €246,037 | €879,470 | +€633,433 | +257% |
| Fixed assets | 21/28 | €22,266 | €14,589 | -€7,676 | -34.5% |
| Tangible fixed assets | 22/27 | €22,266 | €14,589 | -€7,676 | -34.5% |
| Furniture and vehicles | 24 | €22,266 | €14,589 | -€7,676 | -34.5% |
| Current assets | 29/58 | €223,771 | €864,881 | +€641,109 | +287% |
| Amounts receivable within one year | 40/41 | €12,851 | €11,361 | -€1,490 | -11.6% |
| Trade receivables | 40 | €12,584 | €11,350 | -€1,234 | -9.8% |
| Other amounts receivable | 41 | €267 | €11 | -€256 | -95.8% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €9,320 | €851,559 | +€842,239 | +9,036% |
| Deferred charges and accrued income | 490/1 | €1,600 | €1,961 | +€360 | +22.5% |
| Total equity and liabilities | 10/49 | €246,037 | €879,470 | +€633,433 | +257% |
| Equity | 10/15 | €230,724 | €306,725 | +€76,002 | +32.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €225,724 | €301,725 | +€76,002 | +33.7% |
| Distributable reserves | 133 | €225,724 | €301,725 | +€76,002 | +33.7% |
| Amounts payable | 17/49 | €15,314 | €572,745 | +€557,431 | +3,640% |
| Amounts payable after more than one year | 17 | - | €542,000 | +€542,000 | |
| Financial debts | 170/4 | - | €542,000 | +€542,000 | |
| Amounts payable within one year | 42/48 | €14,806 | €30,326 | +€15,520 | +105% |
| Trade debts | 44 | €1,823 | €762 | -€1,061 | -58.2% |
| Suppliers | 440/4 | €1,823 | €762 | -€1,061 | -58.2% |
| Taxes, remuneration and social security | 45 | €6,710 | €24,009 | +€17,300 | +258% |
| Taxes | 450/3 | €6,710 | €24,009 | +€17,300 | +258% |
| Other amounts payable | 47/48 | €6,274 | €5,555 | -€719 | -11.5% |
| Accrued charges and deferred income | 492/3 | €507 | €419 | -€89 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,409 | €7,676 | +€268 | +3.6% |
| Other operating charges | 640/8 | €854 | €767 | -€86 | -10.1% |
| Gross operating margin | 9900 | €56,516 | €116,248 | +€59,732 | +106% |
| Operating profit (loss) | 9901 | €48,254 | €107,805 | +€59,551 | +123% |
| Financial income | 75/76B | €5,273 | €4,701 | -€572 | -10.8% |
| Recurring financial income | 75 | €5,273 | €4,701 | -€572 | -10.8% |
| Financial charges | 65/66B | €540 | €482 | -€58 | -10.8% |
| Recurring financial charges | 65 | €540 | €482 | -€58 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €52,987 | €112,024 | +€59,037 | +111% |
| Income taxes | 67/77 | €14,549 | €36,022 | +€21,473 | +148% |
| Profit (loss) for the period | 9904 | €38,437 | €76,002 | +€37,564 | +97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,437 | €76,002 | +€37,564 | +97.7% |
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 13 October 2026 via checked.be.