Muwi: 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.
Muwi
Largest movements
- Current investments +€317,537
up €317,537 (+174.0%), from €182,529 to €500,067
- Receivables within one year +€193,612
up €193,612 (+14.4%), from €1.3m to €1.5m
of which Other amounts receivable: +€240,931
- Cash -€92,504
down €92,504 (-44.0%), from €210,234 to €117,729
mainly Contributions, distributions and other (-€1.1m) and Current investments (-€317,537)
- Other debts +€1.1m
new in 2025: €1.1m
- Reserves -€639,882
down €639,882 (-33.3%), from €1.9m to €1.3m
- Gross operating margin -€34,052
down €34,052 (-5.4%), from €627,941 to €593,889
- Financial income +€11,064
up €11,064 (+24.8%), from €44,667 to €55,731
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 | €1,983,554 | €2,396,270 | +€412,715 | +20.8% |
| Fixed assets | 21/28 | €78,648 | €62,365 | -€16,283 | -20.7% |
| Tangible fixed assets | 22/27 | €76,718 | €60,435 | -€16,283 | -21.2% |
| Furniture and vehicles | 24 | €20,167 | €11,405 | -€8,762 | -43.4% |
| Other tangible fixed assets | 26 | €56,551 | €49,030 | -€7,521 | -13.3% |
| Financial fixed assets | 28 | €1,930 | €1,930 | = | 0.0% |
| Current assets | 29/58 | €1,904,906 | €2,333,905 | +€428,998 | +22.5% |
| Amounts receivable after more than one year | 29 | €110,000 | €110,000 | = | 0.0% |
| Other amounts receivable | 291 | €110,000 | €110,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,347,077 | €1,540,689 | +€193,612 | +14.4% |
| Trade receivables | 40 | €325,652 | €278,333 | -€47,319 | -14.5% |
| Other amounts receivable | 41 | €1,021,425 | €1,262,356 | +€240,931 | +23.6% |
| Current investments | 50/53 | €182,529 | €500,067 | +€317,537 | +174.0% |
| Cash at bank and in hand | 54/58 | €210,234 | €117,729 | -€92,504 | -44.0% |
| Deferred charges and accrued income | 490/1 | €55,066 | €65,420 | +€10,354 | +18.8% |
| Total equity and liabilities | 10/49 | €1,983,554 | €2,396,270 | +€412,715 | +20.8% |
| Equity | 10/15 | €1,922,894 | €1,283,012 | -€639,882 | -33.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €1,920,394 | €1,280,512 | -€639,882 | -33.3% |
| Distributable reserves | 133 | €1,920,394 | €1,280,512 | -€639,882 | -33.3% |
| Amounts payable | 17/49 | €60,660 | €1,113,258 | +€1.1m | +1735.2% |
| Amounts payable within one year | 42/48 | €60,660 | €1,113,258 | +€1.1m | +1735.2% |
| Trade debts | 44 | €10,049 | €5,902 | -€4,147 | -41.3% |
| Suppliers | 440/4 | €10,049 | €5,902 | -€4,147 | -41.3% |
| Taxes, remuneration and social security | 45 | €50,611 | €37,356 | -€13,256 | -26.2% |
| Taxes | 450/3 | €50,611 | €37,356 | -€13,256 | -26.2% |
| Other amounts payable | 47/48 | - | €1,070,000 | +€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,219 | €17,651 | +€1,433 | +8.8% |
| Other operating charges | 640/8 | €2,084 | €1,347 | -€736 | -35.3% |
| Gross operating margin | 9900 | €627,941 | €593,889 | -€34,052 | -5.4% |
| Operating profit (loss) | 9901 | €609,638 | €574,890 | -€34,748 | -5.7% |
| Financial income | 75/76B | €44,667 | €55,731 | +€11,064 | +24.8% |
| Recurring financial income | 75 | €44,667 | €55,731 | +€11,064 | +24.8% |
| Financial charges | 65/66B | €1,918 | €540 | -€1,378 | -71.8% |
| Recurring financial charges | 65 | €1,918 | €540 | -€1,378 | -71.8% |
| Profit (loss) for the period before taxes | 9903 | €652,387 | €630,080 | -€22,307 | -3.4% |
| Income taxes | 67/77 | €206,234 | €199,963 | -€6,271 | -3.0% |
| Profit (loss) for the period | 9904 | €446,153 | €430,118 | -€16,036 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €446,153 | €430,118 | -€16,036 | -3.6% |
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 8 October 2026 via checked.be.