MW Core Development: 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 Core Development
Largest movements
- Cash +€90,386
up €90,386 (+32.1%), from €281,273 to €371,659
mainly Other debts (+€157,391) and Net result for the year (+€83,332)
- Receivables within one year +€21,179
up €21,179 (+19.0%), from €111,369 to €132,548
of which Trade receivables: +€29,429
- Other debts +€157,391
up €157,391 (+9,539%), from €1,650 to €159,041
- Reserves -€71,629
down €71,629 (-20.6%), from €347,378 to €275,749
- Tax, wage and social debts +€26,160
up €26,160 (+130%), from €20,181 to €46,341
of which Taxes: +€26,160
- Trade debts -€11,009
down €11,009 (-56.0%), from €19,670 to €8,661
- Gross operating margin +€79,427
up €79,427 (+192%), from €41,264 to €120,691
- Taxes +€23,566
up €23,566 (+205%), from €11,518 to €35,084
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 | €411,627 | €517,291 | +€105,664 | +25.7% |
| Fixed assets | 21/28 | €15,133 | €12,244 | -€2,889 | -19.1% |
| Tangible fixed assets | 22/27 | €11,788 | €8,899 | -€2,889 | -24.5% |
| Plant, machinery and equipment | 23 | €2,804 | €2,066 | -€738 | -26.3% |
| Furniture and vehicles | 24 | €6,570 | €5,106 | -€1,464 | -22.3% |
| Other tangible fixed assets | 26 | €2,414 | €1,727 | -€687 | -28.5% |
| Financial fixed assets | 28 | €3,345 | €3,345 | = | 0.0% |
| Current assets | 29/58 | €396,494 | €505,047 | +€108,553 | +27.4% |
| Amounts receivable within one year | 40/41 | €111,369 | €132,548 | +€21,179 | +19.0% |
| Trade receivables | 40 | €103,115 | €132,544 | +€29,429 | +28.5% |
| Other amounts receivable | 41 | €8,254 | €4 | -€8,250 | -100.0% |
| Cash at bank and in hand | 54/58 | €281,273 | €371,659 | +€90,386 | +32.1% |
| Deferred charges and accrued income | 490/1 | €3,852 | €840 | -€3,012 | -78.2% |
| Total equity and liabilities | 10/49 | €411,627 | €517,291 | +€105,664 | +25.7% |
| Equity | 10/15 | €365,978 | €294,349 | -€71,629 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €347,378 | €275,749 | -€71,629 | -20.6% |
| Distributable reserves | 133 | €347,378 | €275,749 | -€71,629 | -20.6% |
| Amounts payable | 17/49 | €45,649 | €222,942 | +€177,293 | +388% |
| Amounts payable within one year | 42/48 | €41,501 | €214,043 | +€172,542 | +416% |
| Trade debts | 44 | €19,670 | €8,661 | -€11,009 | -56.0% |
| Suppliers | 440/4 | €19,670 | €8,661 | -€11,009 | -56.0% |
| Taxes, remuneration and social security | 45 | €20,181 | €46,341 | +€26,160 | +130% |
| Taxes | 450/3 | €14,181 | €40,341 | +€26,160 | +184% |
| Remuneration and social security | 454/9 | €6,000 | €6,000 | = | 0.0% |
| Other amounts payable | 47/48 | €1,650 | €159,041 | +€157,391 | +9,539% |
| Accrued charges and deferred income | 492/3 | €4,148 | €8,899 | +€4,751 | +115% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,894 | €2,889 | -€5 | -0.2% |
| Other operating charges | 640/8 | €901 | €1,474 | +€573 | +63.6% |
| Non-recurring operating charges | 66A | €563 | €773 | +€210 | +37.3% |
| Gross operating margin | 9900 | €41,264 | €120,691 | +€79,427 | +192% |
| Operating profit (loss) | 9901 | €36,906 | €115,555 | +€78,649 | +213% |
| Financial income | 75/76B | €2,343 | €2,993 | +€650 | +27.7% |
| Recurring financial income | 75 | €2,343 | €551 | -€1,792 | -76.5% |
| Non-recurring financial income | 76B | €2,343 | €2,442 | +€99 | +4.2% |
| Financial charges | 65/66B | €433 | €132 | -€301 | -69.5% |
| Recurring financial charges | 65 | €433 | €132 | -€301 | -69.5% |
| Profit (loss) for the period before taxes | 9903 | €38,816 | €118,416 | +€79,600 | +205% |
| Income taxes | 67/77 | €11,518 | €35,084 | +€23,566 | +205% |
| Profit (loss) for the period | 9904 | €27,298 | €83,332 | +€56,034 | +205% |
| Profit (loss) for the period to be appropriated | 9905 | €27,298 | €83,332 | +€56,034 | +205% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.