MWDD: 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.
What changed
MWDD
NACE 90.120, Visual arts creation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€267,898
2024 · -€190,139+€458,037
Equity
€2.2m
2024 · €1.9m+€267,898
Cash
€196,215
2024 · €999,655-€803,440
Balance sheet total
€6.9m
2024 · €5.7m+€1.2m
Largest movements
Assets
- Receivables within one year +€1.5m
up €1.5m (+86.2%), from €1.7m to €3.2m
of which Trade receivables: +€1.9m
- Cash -€803,440
down €803,440 (-80.4%), from €999,655 to €196,215
mainly Receivables within one year (-€1.5m) and Stocks and contracts (-€368,636)
- Stocks and contracts +€368,636
up €368,636 (+15.8%), from €2.3m to €2.7m
- Current investments +€258,746
new in 2025: €258,746
- Financial fixed assets -€112,646
down €112,646 (-25.1%), from €448,495 to €335,849
of which Affiliated companies: -€112,789
Equity and liabilities
- Trade debts +€1.1m
up €1.1m (+36.4%), from €3.1m to €4.2m
- Reserves +€267,898
up €267,898 (+14.1%), from €1.9m to €2.2m
- Debts after one year -€142,456
down €142,456 (-37.3%), from €382,179 to €239,723
- Short-term financial debts -€98,791
down €98,791 (-94.1%), from €104,937 to €6,145
Income statement
- Turnover +€3.4m
up €3.4m (+34.5%), from €9.9m to €13.3m
- Goods and materials +€2.0m
up €2.0m (+30.2%), from €6.6m to €8.6m
of which Purchases: +€2.4m
- Services and other goods +€624,437
up €624,437 (+20.6%), from €3.0m to €3.7m
- Other operating charges +€227,841
up €227,841 (+303%), from €75,115 to €302,957
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.
Result 2024
-€190,139
Turnover
+€3.4m
Other operating income
+€43,121
Goods and materials
-€2.0m
Services and other goods
-€624,437
Staff costs
-€122,852
Depreciation
+€2,101
Write-downs
+€28,663
Other operating charges
-€227,841
Financial income
-€21,069
Financial charges
+€79,305
Taxes
-€117,200
Result 2025
€267,898
raises the resultlowers the result
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.
From operations
-€420,891
Investment
-€147,850
Financing
-€234,700
Cash 2024
€999,655
From operations (derived)
-€420,891
Net result for the year
+€267,898
Depreciation
+€26,619
Stocks and contracts
-€368,636
Receivables within one year
-€1.5m
Deferred charges and accrued income
-€19,729
Trade debts
+€1.1m
Tax, wage and social debts
+€26,290
Accrued charges and deferred income
+€25,362
Investment (derived)
-€147,850
Investment in fixed assets (net)
+€110,896
Current investments
-€258,746
Financing
-€234,700
Debts after one year
-€142,456
Current portion of long-term debt
+€6,548
Short-term financial debts
-€98,791
Cash 2025
€196,215
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,721,969 | €6,933,041 | +€1.2m | +21.2% |
| Fixed assets | 21/28 | €577,854 | €440,338 | -€137,515 | -23.8% |
| Tangible fixed assets | 22/27 | €129,359 | €104,490 | -€24,869 | -19.2% |
| Plant, machinery and equipment | 23 | €29,923 | €19,242 | -€10,681 | -35.7% |
| Furniture and vehicles | 24 | €32,476 | €29,904 | -€2,571 | -7.9% |
| Other tangible fixed assets | 26 | €66,960 | €55,343 | -€11,617 | -17.3% |
| Financial fixed assets | 28 | €448,495 | €335,849 | -€112,646 | -25.1% |
| Affiliated companies | 280/1 | €421,365 | €308,576 | -€112,789 | -26.8% |
| Participating interests | 280 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable | 281 | €411,365 | €298,576 | -€112,789 | -27.4% |
| Other financial fixed assets | 284/8 | €27,129 | €27,272 | +€143 | +0.5% |
| Amounts receivable and cash guarantees | 285/8 | €27,129 | €27,272 | +€143 | +0.5% |
| Current assets | 29/58 | €5,144,115 | €6,492,703 | +€1.3m | +26.2% |
| Stocks and contracts in progress | 3 | €2,330,452 | €2,699,088 | +€368,636 | +15.8% |
| Stocks | 30/36 | €2,330,452 | €2,699,088 | +€368,636 | +15.8% |
| Goods purchased for resale | 34 | €2,330,452 | €2,699,088 | +€368,636 | +15.8% |
| Amounts receivable within one year | 40/41 | €1,744,952 | €3,249,868 | +€1.5m | +86.2% |
| Trade receivables | 40 | €1,306,439 | €3,189,533 | +€1.9m | +144% |
| Other amounts receivable | 41 | €438,513 | €60,336 | -€378,177 | -86.2% |
| Current investments | 50/53 | - | €258,746 | +€258,746 | |
| Other investments | 51/53 | - | €258,746 | +€258,746 | |
| Cash at bank and in hand | 54/58 | €999,655 | €196,215 | -€803,440 | -80.4% |
| Deferred charges and accrued income | 490/1 | €69,057 | €88,786 | +€19,729 | +28.6% |
| Total equity and liabilities | 10/49 | €5,721,969 | €6,933,041 | +€1.2m | +21.2% |
| Equity | 10/15 | €1,901,509 | €2,169,407 | +€267,898 | +14.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,895,309 | €2,163,207 | +€267,898 | +14.1% |
| Distributable reserves | 133 | €1,895,309 | €2,163,207 | +€267,898 | +14.1% |
| Amounts payable | 17/49 | €3,820,460 | €4,763,634 | +€943,174 | +24.7% |
| Amounts payable after more than one year | 17 | €382,179 | €239,723 | -€142,456 | -37.3% |
| Financial debts | 170/4 | €382,179 | €239,723 | -€142,456 | -37.3% |
| Credit institutions | 173 | €382,179 | €239,723 | -€142,456 | -37.3% |
| Amounts payable within one year | 42/48 | €3,436,967 | €4,497,236 | +€1.1m | +30.8% |
| Current portion of amounts payable after more than one year | 42 | €135,908 | €142,456 | +€6,548 | +4.8% |
| Financial debts | 43 | €104,937 | €6,145 | -€98,791 | -94.1% |
| Credit institutions | 430/8 | €104,937 | €6,145 | -€98,791 | -94.1% |
| Trade debts | 44 | €3,094,891 | €4,221,113 | +€1.1m | +36.4% |
| Suppliers | 440/4 | €3,094,891 | €4,221,113 | +€1.1m | +36.4% |
| Taxes, remuneration and social security | 45 | €99,647 | €125,937 | +€26,290 | +26.4% |
| Taxes | 450/3 | €25,272 | €17,200 | -€8,072 | -31.9% |
| Remuneration and social security | 454/9 | €74,375 | €108,737 | +€34,362 | +46.2% |
| Other amounts payable | 47/48 | €1,583 | €1,583 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,313 | €26,675 | +€25,362 | +1,931% |
| Operating income | 70/76A | €10,255,494 | €13,702,380 | +€3.4m | +33.6% |
| Turnover | 70 | €9,869,945 | €13,273,708 | +€3.4m | +34.5% |
| Other operating income | 74 | €385,550 | €428,671 | +€43,121 | +11.2% |
| Operating charges | 60/66A | €10,379,819 | €13,309,703 | +€2.9m | +28.2% |
| Goods for resale, raw materials and consumables | 60 | €6,569,572 | €8,555,091 | +€2.0m | +30.2% |
| Purchases | 600/8 | €6,508,497 | €8,923,727 | +€2.4m | +37.1% |
| Change in stocks: decrease (increase) | 609 | €61,075 | -€368,636 | -€429,711 | |
| Services and other goods | 61 | €3,027,511 | €3,651,948 | +€624,437 | +20.6% |
| Remuneration, social security and pensions | 62 | €650,236 | €773,088 | +€122,852 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,720 | €26,619 | -€2,101 | -7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €28,663 | - | -€28,663 | |
| Other operating charges | 640/8 | €75,115 | €302,957 | +€227,841 | +303% |
| Operating profit (loss) | 9901 | -€124,324 | €392,677 | +€517,001 | |
| Financial income | 75/76B | €67,483 | €46,414 | -€21,069 | -31.2% |
| Recurring financial income | 75 | €67,483 | €46,414 | -€21,069 | -31.2% |
| Income from financial fixed assets | 750 | €67,117 | €17,901 | -€49,217 | -73.3% |
| Income from current assets | 751 | - | €2,776 | +€2,776 | |
| Other financial income | 752/9 | €366 | €25,737 | +€25,371 | +6,934% |
| Financial charges | 65/66B | €133,298 | €53,993 | -€79,305 | -59.5% |
| Recurring financial charges | 65 | €133,298 | €53,993 | -€79,305 | -59.5% |
| Debt charges | 650 | €47,199 | €42,132 | -€5,067 | -10.7% |
| Other financial charges | 652/9 | €86,099 | €11,861 | -€74,238 | -86.2% |
| Profit (loss) for the period before taxes | 9903 | -€190,139 | €385,098 | +€575,237 | |
| Income taxes | 67/77 | - | €117,200 | +€117,200 | |
| Taxes | 670/3 | - | €117,200 | +€117,200 | |
| Profit (loss) for the period | 9904 | -€190,139 | €267,898 | +€458,037 | |
| Profit (loss) for the period to be appropriated | 9905 | -€190,139 | €267,898 | +€458,037 |
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 18 October 2026 via checked.be.