MUWA: 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.
MUWA
Largest movements
- Intangible fixed assets +€20,733
new in 2025: €20,733
- Tangible fixed assets +€6,801
up €6,801 (+204%), from €3,335 to €10,136
of which Furniture and vehicles: +€7,066
- Cash +€5,089
up €5,089 (+97.1%), from €5,240 to €10,330
mainly Net result for the year (+€26,841) and Other debts (+€11,417)
- Receivables within one year +€4,469
up €4,469 (+215%), from €2,082 to €6,551
of which Trade receivables: +€2,928
- Reserves +€14,206
up €14,206 (+764%), from €1,859 to €16,065
of which Distributable reserves: +€14,206
- Profit (loss) carried forward +€12,635
up €12,635, from -€12,635 to €0
- Other debts +€11,417
up €11,417 (+95.9%), from €11,903 to €23,319
- Trade debts -€1,759
down €1,759 (-62.4%), from €2,820 to €1,060
- Tax, wage and social debts +€908
up €908 (+177%), from €513 to €1,421
- Gross operating margin +€16,835
up €16,835 (+93.5%), from €18,000 to €34,835
- Other operating charges +€2,207
up €2,207 (+87.5%), from €2,523 to €4,730
- Depreciation +€1,481
up €1,481 (+558%), from €266 to €1,746
- Taxes +€1,421
new in 2025: €1,421
- Financial charges -€1,343
down €1,343 (-92.9%), from €1,447 to €103
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 | €10,657 | €48,062 | +€37,406 | +351% |
| Fixed assets | 21/28 | €3,335 | €30,868 | +€27,533 | +826% |
| Intangible fixed assets | 21 | - | €20,733 | +€20,733 | |
| Tangible fixed assets | 22/27 | €3,335 | €10,136 | +€6,801 | +204% |
| Land and buildings | 22 | €3,335 | €3,069 | -€266 | -8.0% |
| Furniture and vehicles | 24 | - | €7,066 | +€7,066 | |
| Current assets | 29/58 | €7,322 | €17,194 | +€9,872 | +135% |
| Amounts receivable within one year | 40/41 | €2,082 | €6,551 | +€4,469 | +215% |
| Trade receivables | 40 | €2,082 | €5,010 | +€2,928 | +141% |
| Other amounts receivable | 41 | €0 | €1,541 | +€1,541 | |
| Cash at bank and in hand | 54/58 | €5,240 | €10,330 | +€5,089 | +97.1% |
| Deferred charges and accrued income | 490/1 | €0 | €314 | +€314 | |
| Total equity and liabilities | 10/49 | €10,657 | €48,062 | +€37,406 | +351% |
| Equity | 10/15 | -€4,579 | €22,262 | +€26,841 | |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €16,065 | +€14,206 | +764% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,859 | €16,065 | +€14,206 | +764% |
| Profit (loss) carried forward | 14 | -€12,635 | €0 | +€12,635 | |
| Amounts payable | 17/49 | €15,235 | €25,800 | +€10,565 | +69.3% |
| Amounts payable within one year | 42/48 | €15,235 | €25,800 | +€10,565 | +69.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,820 | €1,060 | -€1,759 | -62.4% |
| Suppliers | 440/4 | €2,820 | €1,060 | -€1,759 | -62.4% |
| Taxes, remuneration and social security | 45 | €513 | €1,421 | +€908 | +177% |
| Taxes | 450/3 | €513 | €1,421 | +€908 | +177% |
| Other amounts payable | 47/48 | €11,903 | €23,319 | +€11,417 | +95.9% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €266 | €1,746 | +€1,481 | +558% |
| Other operating charges | 640/8 | €2,523 | €4,730 | +€2,207 | +87.5% |
| Gross operating margin | 9900 | €18,000 | €34,835 | +€16,835 | +93.5% |
| Operating profit (loss) | 9901 | €15,211 | €28,359 | +€13,147 | +86.4% |
| Financial income | 75/76B | €0 | €6 | +€6 | |
| Recurring financial income | 75 | €0 | €6 | +€6 | |
| Financial charges | 65/66B | €1,447 | €103 | -€1,343 | -92.9% |
| Recurring financial charges | 65 | €1,447 | €103 | -€1,343 | -92.9% |
| Profit (loss) for the period before taxes | 9903 | €13,765 | €28,261 | +€14,497 | +105% |
| Income taxes | 67/77 | - | €1,421 | +€1,421 | |
| Profit (loss) for the period | 9904 | €13,765 | €26,841 | +€13,076 | +95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,765 | €26,841 | +€13,076 | +95.0% |
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 19 October 2026 via checked.be.