MTMW: 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.
MTMW
Largest movements
- Receivables after one year +€80,000
up €80,000 (+211%), from €38,000 to €118,000
- Receivables within one year +€21,785
up €21,785 (+82.0%), from €26,551 to €48,336
of which Other amounts receivable: +€25,395
- Cash +€4,830
up €4,830 (+12.4%), from €38,893 to €43,723
mainly Net result for the year (+€80,259) and Tax, wage and social debts (+€36,743)
- Deferred charges and accrued income +€4,447
up €4,447 (+720%), from €618 to €5,064
- Tangible fixed assets +€3,631
up €3,631 (+252%), from €1,439 to €5,071
of which Furniture and vehicles: +€3,893
- Reserves +€78,593
up €78,593 (+121%), from €65,055 to €143,648
- Tax, wage and social debts +€36,743
up €36,743 (+93.0%), from €39,529 to €76,272
of which Taxes: +€32,730
- Gross operating margin +€53,663
up €53,663 (+49.1%), from €109,318 to €162,981
- Staff costs +€34,257
up €34,257 (+211%), from €16,231 to €50,488
- Taxes +€7,070
up €7,070 (+27.1%), from €26,062 to €33,132
- Financial income +€2,889
up €2,889 (+2,375%), from €122 to €3,011
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 | €110,001 | €224,694 | +€114,693 | +104% |
| Fixed assets | 21/28 | €5,939 | €9,571 | +€3,631 | +61.1% |
| Tangible fixed assets | 22/27 | €1,439 | €5,071 | +€3,631 | +252% |
| Plant, machinery and equipment | 23 | €589 | €328 | -€261 | -44.3% |
| Furniture and vehicles | 24 | - | €3,893 | +€3,893 | |
| Assets under construction and advance payments | 27 | €850 | €850 | = | 0.0% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €104,062 | €215,123 | +€111,062 | +107% |
| Amounts receivable after more than one year | 29 | €38,000 | €118,000 | +€80,000 | +211% |
| Other amounts receivable | 291 | €38,000 | €118,000 | +€80,000 | +211% |
| Amounts receivable within one year | 40/41 | €26,551 | €48,336 | +€21,785 | +82.0% |
| Trade receivables | 40 | €26,540 | €22,930 | -€3,611 | -13.6% |
| Other amounts receivable | 41 | €11 | €25,406 | +€25,395 | +228,993% |
| Cash at bank and in hand | 54/58 | €38,893 | €43,723 | +€4,830 | +12.4% |
| Deferred charges and accrued income | 490/1 | €618 | €5,064 | +€4,447 | +720% |
| Total equity and liabilities | 10/49 | €110,001 | €224,694 | +€114,693 | +104% |
| Equity | 10/15 | €67,555 | €146,148 | +€78,593 | +116% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €65,055 | €143,648 | +€78,593 | +121% |
| Distributable reserves | 133 | €65,055 | €143,648 | +€78,593 | +121% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,446 | €78,546 | +€36,100 | +85.0% |
| Amounts payable within one year | 42/48 | €42,446 | €78,498 | +€36,052 | +84.9% |
| Trade debts | 44 | €756 | €559 | -€197 | -26.0% |
| Suppliers | 440/4 | €756 | €559 | -€197 | -26.0% |
| Taxes, remuneration and social security | 45 | €39,529 | €76,272 | +€36,743 | +93.0% |
| Taxes | 450/3 | €37,625 | €70,354 | +€32,730 | +87.0% |
| Remuneration and social security | 454/9 | €1,904 | €5,918 | +€4,014 | +211% |
| Other amounts payable | 47/48 | €2,161 | €1,666 | -€495 | -22.9% |
| Accrued charges and deferred income | 492/3 | - | €49 | +€49 | |
| Remuneration, social security and pensions | 62 | €16,231 | €50,488 | +€34,257 | +211% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195 | €1,320 | +€1,126 | +579% |
| Other operating charges | 640/8 | €162 | €676 | +€514 | +318% |
| Gross operating margin | 9900 | €109,318 | €162,981 | +€53,663 | +49.1% |
| Operating profit (loss) | 9901 | €92,731 | €110,497 | +€17,766 | +19.2% |
| Financial income | 75/76B | €122 | €3,011 | +€2,889 | +2,375% |
| Recurring financial income | 75 | €122 | €3,011 | +€2,889 | +2,375% |
| Financial charges | 65/66B | €70 | €116 | +€47 | +67.5% |
| Recurring financial charges | 65 | €70 | €116 | +€47 | +67.5% |
| Profit (loss) for the period before taxes | 9903 | €92,783 | €113,391 | +€20,608 | +22.2% |
| Income taxes | 67/77 | €26,062 | €33,132 | +€7,070 | +27.1% |
| Profit (loss) for the period | 9904 | €66,721 | €80,259 | +€13,538 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,721 | €80,259 | +€13,538 | +20.3% |
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 25 October 2026 via checked.be.