MW Projects: 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 Projects
Largest movements
- Cash +€65,980
up €65,980 (+30.4%), from €216,786 to €282,766
mainly Net result for the year (+€63,441) and Depreciation (+€19,208)
- Tangible fixed assets -€15,583
down €15,583 (-33.0%), from €47,195 to €31,612
of which Furniture and vehicles: -€10,832
- Stocks and contracts -€4,578
down €4,578 (-19.1%), from €23,954 to €19,376
- Reserves +€49,108
up €49,108 (+24.3%), from €201,943 to €251,051
- Other debts +€16,647
up €16,647 (+72.3%), from €23,022 to €39,669
- Debts after one year -€11,272
down €11,272 (-41.6%), from €27,124 to €15,852
- Tax, wage and social debts -€10,508
down €10,508 (-69.8%), from €15,049 to €4,542
- Current portion of long-term debt +€5,897
up €5,897 (+54.8%), from €10,769 to €16,666
- Taxes -€1,330
down €1,330 (-8.5%), from €15,649 to €14,319
- Financial charges -€1,068
down €1,068 (-18.8%), from €5,671 to €4,602
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 | €296,697 | €339,757 | +€43,060 | +14.5% |
| Fixed assets | 21/28 | €52,718 | €34,385 | -€18,333 | -34.8% |
| Intangible fixed assets | 21 | €5,523 | €2,773 | -€2,750 | -49.8% |
| Tangible fixed assets | 22/27 | €47,195 | €31,612 | -€15,583 | -33.0% |
| Plant, machinery and equipment | 23 | €350 | €600 | +€249 | +71.2% |
| Furniture and vehicles | 24 | €36,804 | €25,971 | -€10,832 | -29.4% |
| Other tangible fixed assets | 26 | €10,041 | €5,041 | -€5,000 | -49.8% |
| Current assets | 29/58 | €243,979 | €305,372 | +€61,393 | +25.2% |
| Stocks and contracts in progress | 3 | €23,954 | €19,376 | -€4,578 | -19.1% |
| Stocks | 30/36 | €23,954 | €19,376 | -€4,578 | -19.1% |
| Amounts receivable within one year | 40/41 | €570 | €2,514 | +€1,944 | +341% |
| Trade receivables | 40 | €219 | €315 | +€96 | +43.9% |
| Other amounts receivable | 41 | €351 | €2,199 | +€1,848 | +527% |
| Cash at bank and in hand | 54/58 | €216,786 | €282,766 | +€65,980 | +30.4% |
| Deferred charges and accrued income | 490/1 | €2,669 | €717 | -€1,953 | -73.2% |
| Total equity and liabilities | 10/49 | €296,697 | €339,757 | +€43,060 | +14.5% |
| Equity | 10/15 | €205,943 | €255,051 | +€49,108 | +23.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €201,943 | €251,051 | +€49,108 | +24.3% |
| Distributable reserves | 133 | €201,943 | €251,051 | +€49,108 | +24.3% |
| Amounts payable | 17/49 | €90,754 | €84,707 | -€6,047 | -6.7% |
| Amounts payable after more than one year | 17 | €27,124 | €15,852 | -€11,272 | -41.6% |
| Financial debts | 170/4 | €27,124 | €15,852 | -€11,272 | -41.6% |
| Amounts payable within one year | 42/48 | €63,630 | €68,854 | +€5,225 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €10,769 | €16,666 | +€5,897 | +54.8% |
| Financial debts | 43 | €5,424 | €152 | -€5,272 | -97.2% |
| Other loans | 439 | €5,424 | €152 | -€5,272 | -97.2% |
| Trade debts | 44 | €9,365 | €7,826 | -€1,539 | -16.4% |
| Suppliers | 440/4 | €9,365 | €7,826 | -€1,539 | -16.4% |
| Taxes, remuneration and social security | 45 | €15,049 | €4,542 | -€10,508 | -69.8% |
| Taxes | 450/3 | €15,049 | €4,542 | -€10,508 | -69.8% |
| Other amounts payable | 47/48 | €23,022 | €39,669 | +€16,647 | +72.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,116 | €19,208 | +€92 | +0.5% |
| Other operating charges | 640/8 | €1,774 | €1,814 | +€40 | +2.2% |
| Gross operating margin | 9900 | €102,366 | €103,383 | +€1,018 | +1.0% |
| Operating profit (loss) | 9901 | €81,476 | €82,362 | +€886 | +1.1% |
| Financial income | 75/76B | €1 | €0 | -€0 | -80.0% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -80.0% |
| Financial charges | 65/66B | €5,671 | €4,602 | -€1,068 | -18.8% |
| Recurring financial charges | 65 | €5,671 | €4,602 | -€1,068 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €75,805 | €77,760 | +€1,954 | +2.6% |
| Income taxes | 67/77 | €15,649 | €14,319 | -€1,330 | -8.5% |
| Profit (loss) for the period | 9904 | €60,156 | €63,441 | +€3,284 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €60,156 | €63,441 | +€3,284 | +5.5% |
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 15 October 2026 via checked.be.