MTW: what changed
Two fiscal 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.
MTW
Largest movements
- Receivables within one year +€8,051
up €8,051 (+1552.7%), from €519 to €8,569
of which Trade receivables: +€7,945
- Cash -€1,817
down €1,817 (-99.3%), from €1,829 to €12
mainly Receivables within one year (-€8,051) and Trade debts (-€1,826)
- Tangible fixed assets -€281
down €281 (-26.3%), from €1,067 to €786
- Other debts +€5,115
up €5,115 (+29.8%), from €17,190 to €22,305
- Profit (loss) carried forward +€2,108
up €2,108 (+11.3%), from -€18,634 to -€16,526
- Trade debts -€1,826
down €1,826 (-63.9%), from €2,859 to €1,033
- Tax, wage and social debts +€556
new in 2025: €556
- Gross operating margin +€20,529
up €20,529, from -€16,846 to €3,683
- Other operating charges -€691
down €691 (-57.1%), from €1,211 to €520
- Taxes +€556
new in 2025: €556
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 | €3,415 | €9,367 | +€5,953 | +174.3% |
| Fixed assets | 21/28 | €1,067 | €786 | -€281 | -26.3% |
| Tangible fixed assets | 22/27 | €1,067 | €786 | -€281 | -26.3% |
| Furniture and vehicles | 24 | €1,067 | €786 | -€281 | -26.3% |
| Current assets | 29/58 | €2,347 | €8,581 | +€6,234 | +265.6% |
| Amounts receivable within one year | 40/41 | €519 | €8,569 | +€8,051 | +1552.7% |
| Trade receivables | 40 | - | €7,945 | +€7,945 | |
| Other amounts receivable | 41 | €519 | €624 | +€106 | +20.4% |
| Cash at bank and in hand | 54/58 | €1,829 | €12 | -€1,817 | -99.3% |
| Total equity and liabilities | 10/49 | €3,415 | €9,367 | +€5,953 | +174.3% |
| Equity | 10/15 | -€16,634 | -€14,526 | +€2,108 | +12.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,634 | -€16,526 | +€2,108 | +11.3% |
| Amounts payable | 17/49 | €20,049 | €23,894 | +€3,845 | +19.2% |
| Amounts payable within one year | 42/48 | €20,049 | €23,894 | +€3,845 | +19.2% |
| Trade debts | 44 | €2,859 | €1,033 | -€1,826 | -63.9% |
| Suppliers | 440/4 | €2,859 | €1,033 | -€1,826 | -63.9% |
| Taxes, remuneration and social security | 45 | - | €556 | +€556 | |
| Taxes | 450/3 | - | €556 | +€556 | |
| Other amounts payable | 47/48 | €17,190 | €22,305 | +€5,115 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €338 | €281 | -€57 | -16.8% |
| Other operating charges | 640/8 | €1,211 | €520 | -€691 | -57.1% |
| Gross operating margin | 9900 | -€16,846 | €3,683 | +€20,529 | |
| Operating profit (loss) | 9901 | -€18,394 | €2,882 | +€21,277 | |
| Financial charges | 65/66B | €240 | €219 | -€20 | -8.5% |
| Recurring financial charges | 65 | €240 | €219 | -€20 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | -€18,634 | €2,663 | +€21,297 | |
| Income taxes | 67/77 | - | €556 | +€556 | |
| Profit (loss) for the period | 9904 | -€18,634 | €2,108 | +€20,742 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,634 | €2,108 | +€20,742 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.