MW 5: 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.
MW 5
Largest movements
- Receivables after one year +€20,000
new in 2025: €20,000
- Financial fixed assets +€16,300
up €16,300 (+4075.0%), from €400 to €16,700
- Receivables within one year +€10,396
up €10,396 (+36.3%), from €28,610 to €39,007
of which Other amounts receivable: +€11,325
- Current investments -€6,650
down €6,650 (-100.0%), from €6,650 to €0
- Cash +€1,733
up €1,733 (+3.4%), from €50,277 to €52,009
mainly Net result for the year (+€35,037) and Tax, wage and social debts (+€9,389)
- Reserves +€35,000
up €35,000 (+41.6%), from €84,200 to €119,200
- Tax, wage and social debts +€9,389
up €9,389 (+1441.6%), from €651 to €10,041
- Financial income -€35,265
down €35,265 (-96.5%), from €36,557 to €1,292
- Gross operating margin +€7,633
up €7,633 (+19.7%), from €38,668 to €46,301
- Taxes +€1,460
up €1,460 (+18.2%), from €8,040 to €9,500
- Other operating charges +€520
up €520 (+174.3%), from €299 to €819
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 | €89,461 | €133,689 | +€44,228 | +49.4% |
| Fixed assets | 21/28 | €3,915 | €21,341 | +€17,427 | +445.1% |
| Tangible fixed assets | 22/27 | €3,515 | €4,641 | +€1,127 | +32.1% |
| Furniture and vehicles | 24 | €3,515 | €4,641 | +€1,127 | +32.1% |
| Financial fixed assets | 28 | €400 | €16,700 | +€16,300 | +4075.0% |
| Current assets | 29/58 | €85,547 | €112,348 | +€26,801 | +31.3% |
| Amounts receivable after more than one year | 29 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 291 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €28,610 | €39,007 | +€10,396 | +36.3% |
| Trade receivables | 40 | €9,447 | €8,518 | -€929 | -9.8% |
| Other amounts receivable | 41 | €19,164 | €30,489 | +€11,325 | +59.1% |
| Current investments | 50/53 | €6,650 | €0 | -€6,650 | -100.0% |
| Cash at bank and in hand | 54/58 | €50,277 | €52,009 | +€1,733 | +3.4% |
| Deferred charges and accrued income | 490/1 | €9 | €1,331 | +€1,322 | +13942.0% |
| Total equity and liabilities | 10/49 | €89,461 | €133,689 | +€44,228 | +49.4% |
| Equity | 10/15 | €87,218 | €122,255 | +€35,037 | +40.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €84,200 | €119,200 | +€35,000 | +41.6% |
| Distributable reserves | 133 | €84,200 | €119,200 | +€35,000 | +41.6% |
| Profit (loss) carried forward | 14 | €18 | €55 | +€37 | +208.4% |
| Amounts payable | 17/49 | €2,244 | €11,434 | +€9,190 | +409.6% |
| Amounts payable within one year | 42/48 | €2,244 | €11,434 | +€9,190 | +409.6% |
| Trade debts | 44 | €1,592 | €1,393 | -€199 | -12.5% |
| Suppliers | 440/4 | €1,592 | €1,393 | -€199 | -12.5% |
| Taxes, remuneration and social security | 45 | €651 | €10,041 | +€9,389 | +1441.6% |
| Taxes | 450/3 | €651 | €10,041 | +€9,389 | +1441.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €744 | €1,070 | +€326 | +43.9% |
| Other operating charges | 640/8 | €299 | €819 | +€520 | +174.3% |
| Gross operating margin | 9900 | €38,668 | €46,301 | +€7,633 | +19.7% |
| Operating profit (loss) | 9901 | €37,625 | €44,412 | +€6,787 | +18.0% |
| Financial income | 75/76B | €36,557 | €1,292 | -€35,265 | -96.5% |
| Recurring financial income | 75 | €36,557 | €1,292 | -€35,265 | -96.5% |
| Financial charges | 65/66B | €1,604 | €1,166 | -€438 | -27.3% |
| Recurring financial charges | 65 | €1,604 | €1,166 | -€438 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €72,578 | €44,537 | -€28,041 | -38.6% |
| Income taxes | 67/77 | €8,040 | €9,500 | +€1,460 | +18.2% |
| Profit (loss) for the period | 9904 | €64,537 | €35,037 | -€29,500 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €64,537 | €35,037 | -€29,500 | -45.7% |
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 9 October 2026 via checked.be.