MWM: 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.
MWM
Largest movements
- Cash +€36,786
up €36,786 (+47.9%), from €76,818 to €113,604
mainly Net result for the year (+€23,968) and Receivables within one year (+€18,362)
- Receivables within one year -€18,362
down €18,362 (-62.5%), from €29,381 to €11,020
of which Other amounts receivable: -€16,355
- Current investments +€5,970
up €5,970 (+7.9%), from €75,923 to €81,893
- Tangible fixed assets -€3,185
down €3,185 (-43.4%), from €7,337 to €4,152
of which Plant, machinery and equipment: -€2,380
- Reserves +€15,028
up €15,028 (+8.1%), from €184,811 to €199,839
- Tax, wage and social debts +€6,239
up €6,239 (+40.5%), from €15,396 to €21,636
- Gross operating margin +€22,143
up €22,143 (+103.2%), from €21,450 to €43,593
- Taxes +€4,766
up €4,766 (+59.7%), from €7,982 to €12,748
- Financial income -€1,371
down €1,371 (-97.2%), from €1,410 to €39
- Financial charges -€699
down €699 (-26.0%), from €2,690 to €1,991
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 | €213,804 | €236,028 | +€22,225 | +10.4% |
| Fixed assets | 21/28 | €7,337 | €4,152 | -€3,185 | -43.4% |
| Tangible fixed assets | 22/27 | €7,337 | €4,152 | -€3,185 | -43.4% |
| Plant, machinery and equipment | 23 | €6,223 | €3,843 | -€2,380 | -38.2% |
| Furniture and vehicles | 24 | €1,114 | €310 | -€804 | -72.2% |
| Current assets | 29/58 | €206,467 | €231,876 | +€25,409 | +12.3% |
| Stocks and contracts in progress | 3 | €21,111 | €22,017 | +€907 | +4.3% |
| Stocks | 30/36 | €21,111 | €22,017 | +€907 | +4.3% |
| Amounts receivable within one year | 40/41 | €29,381 | €11,020 | -€18,362 | -62.5% |
| Trade receivables | 40 | €13,008 | €11,001 | -€2,007 | -15.4% |
| Other amounts receivable | 41 | €16,373 | €19 | -€16,355 | -99.9% |
| Current investments | 50/53 | €75,923 | €81,893 | +€5,970 | +7.9% |
| Cash at bank and in hand | 54/58 | €76,818 | €113,604 | +€36,786 | +47.9% |
| Deferred charges and accrued income | 490/1 | €3,234 | €3,342 | +€108 | +3.3% |
| Total equity and liabilities | 10/49 | €213,804 | €236,028 | +€22,225 | +10.4% |
| Equity | 10/15 | €191,008 | €206,036 | +€15,028 | +7.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €184,811 | €199,839 | +€15,028 | +8.1% |
| Distributable reserves | 133 | €184,811 | €199,839 | +€15,028 | +8.1% |
| Amounts payable | 17/49 | €22,796 | €29,992 | +€7,197 | +31.6% |
| Amounts payable within one year | 42/48 | €22,165 | €28,780 | +€6,615 | +29.8% |
| Financial debts | 43 | €107 | - | -€107 | |
| Credit institutions | 430/8 | €107 | - | -€107 | |
| Trade debts | 44 | €2,599 | €4,367 | +€1,768 | +68.0% |
| Suppliers | 440/4 | €2,599 | €4,367 | +€1,768 | +68.0% |
| Advances received on contracts in progress | 46 | €722 | - | -€722 | |
| Taxes, remuneration and social security | 45 | €15,396 | €21,636 | +€6,239 | +40.5% |
| Taxes | 450/3 | €15,396 | €21,636 | +€6,239 | +40.5% |
| Other amounts payable | 47/48 | €3,341 | €2,777 | -€564 | -16.9% |
| Accrued charges and deferred income | 492/3 | €630 | €1,212 | +€582 | +92.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,030 | €3,185 | +€154 | +5.1% |
| Other operating charges | 640/8 | €1,747 | €1,740 | -€8 | -0.4% |
| Gross operating margin | 9900 | €21,450 | €43,593 | +€22,143 | +103.2% |
| Operating profit (loss) | 9901 | €16,672 | €38,669 | +€21,996 | +131.9% |
| Financial income | 75/76B | €1,410 | €39 | -€1,371 | -97.2% |
| Recurring financial income | 75 | €1,410 | €39 | -€1,371 | -97.2% |
| Financial charges | 65/66B | €2,690 | €1,991 | -€699 | -26.0% |
| Recurring financial charges | 65 | €2,690 | €1,991 | -€699 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €15,392 | €36,716 | +€21,324 | +138.5% |
| Income taxes | 67/77 | €7,982 | €12,748 | +€4,766 | +59.7% |
| Profit (loss) for the period | 9904 | €7,410 | €23,968 | +€16,558 | +223.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,410 | €23,968 | +€16,558 | +223.5% |
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 4 October 2026 via checked.be.