MWM: what changed
What changed
MWM
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€370,647
2024 · €325,027+€45,620
Equity
€12.1m
2024 · €11.7m+€370,647
Cash
€351,894
2024 · €219,499+€132,395
Balance sheet total
€22.3m
2024 · €22.7m-€378,195
Largest movements
Assets
- Receivables after one year -€425,000
down €425,000 (-54.1%), from €785,000 to €360,000
- Tangible fixed assets -€272,268
down €272,268 (-6.5%), from €4.2m to €3.9m
of which Land and buildings: -€337,613
- Intangible fixed assets +€253,209
new in 2025: €253,209
Equity and liabilities
- Other debts -€3.8m
down €3.8m (-84.4%), from €4.4m to €695,249
- Debts after one year +€3.0m
up €3.0m (+163%), from €1.9m to €4.9m
of which Other amounts payable: +€4.0m
- Reserves +€370,647
up €370,647 (+3.6%), from €10.3m to €10.7m
of which Distributable reserves: +€185,542
Income statement
- Turnover -€142,324
down €142,324 (-8.9%), from €1.6m to €1.4m
- Services and other goods +€138,180
up €138,180 (+85.3%), from €162,011 to €300,191
- Financial charges -€76,352
down €76,352 (-11.0%), from €696,458 to €620,107
- Other operating income +€73,619
up €73,619 (+47.2%), from €155,847 to €229,465
- Depreciation +€56,157
up €56,157 (+53.1%), from €105,664 to €161,820
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€325,027
Turnover
-€142,324
Other operating income
+€73,619
Services and other goods
-€138,180
Staff costs
+€39,543
Depreciation
-€56,157
Other operating charges
-€19,141
Other operating items
+€246,357
Financial income
-€19,246
Financial charges
+€76,352
Taxes
+€46,612
Deferred taxes and other
-€61,815
Result 2025
€370,647
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€2.6m
Investment
-€183,414
Financing
+€2.9m
Cash 2024
€219,499
From operations (derived)
-€2.6m
Net result for the year
+€370,647
Depreciation
+€161,820
Receivables after one year
+€425,000
Receivables within one year
+€115,615
Smaller working-capital items
-€7,997
Provisions
+€44,460
Trade debts
+€27,782
Other debts
-€3.8m
Investment (derived)
-€183,414
Investment in fixed assets (net)
-€183,414
Financing
+€2.9m
Debts after one year
+€3.0m
Current portion of long-term debt
-€90,000
Cash 2025
€351,894
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,670,064 | €22,291,869 | -€378,195 | -1.7% |
| Fixed assets | 21/28 | €21,131,605 | €21,153,199 | +€21,594 | +0.1% |
| Intangible fixed assets | 21 | - | €253,209 | +€253,209 | |
| Tangible fixed assets | 22/27 | €4,215,543 | €3,943,275 | -€272,268 | -6.5% |
| Land and buildings | 22 | €4,053,451 | €3,715,838 | -€337,613 | -8.3% |
| Furniture and vehicles | 24 | €162,092 | €227,437 | +€65,346 | +40.3% |
| Financial fixed assets | 28 | €16,916,062 | €16,956,715 | +€40,653 | +0.2% |
| Affiliated companies | 280/1 | €12,901,762 | €12,942,415 | +€40,653 | +0.3% |
| Participating interests | 280 | €12,901,762 | €12,942,415 | +€40,653 | +0.3% |
| Companies linked by participating interests | 282/3 | €4,014,300 | €4,014,300 | = | 0.0% |
| Participating interests | 282 | €4,014,300 | €4,014,300 | = | 0.0% |
| Current assets | 29/58 | €1,538,459 | €1,138,670 | -€399,789 | -26.0% |
| Amounts receivable after more than one year | 29 | €785,000 | €360,000 | -€425,000 | -54.1% |
| Other amounts receivable | 291 | €785,000 | €360,000 | -€425,000 | -54.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €533,009 | €417,394 | -€115,615 | -21.7% |
| Trade receivables | 40 | €265,384 | €146,620 | -€118,764 | -44.8% |
| Other amounts receivable | 41 | €267,626 | €270,774 | +€3,148 | +1.2% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €219,499 | €351,894 | +€132,395 | +60.3% |
| Deferred charges and accrued income | 490/1 | €950 | €9,383 | +€8,432 | +887% |
| Total equity and liabilities | 10/49 | €22,670,064 | €22,291,869 | -€378,195 | -1.7% |
| Equity | 10/15 | €11,709,316 | €12,079,963 | +€370,647 | +3.2% |
| Contributions | 10/11 | €1,380,000 | €1,380,000 | = | 0.0% |
| Reserves | 13 | €10,329,316 | €10,699,963 | +€370,647 | +3.6% |
| Tax-exempt reserves | 132 | €30,399 | €215,503 | +€185,105 | +609% |
| Distributable reserves | 133 | €10,298,917 | €10,484,460 | +€185,542 | +1.8% |
| Provisions and deferred taxes | 16 | €4,112,999 | €4,157,458 | +€44,460 | +1.1% |
| Provisions for liabilities and charges | 160/5 | €4,109,116 | €4,091,874 | -€17,242 | -0.4% |
| Other liabilities and charges | 164/5 | €4,109,116 | €4,091,874 | -€17,242 | -0.4% |
| Deferred taxes | 168 | €3,883 | €65,584 | +€61,702 | +1,589% |
| Amounts payable | 17/49 | €6,847,749 | €6,054,448 | -€793,301 | -11.6% |
| Amounts payable after more than one year | 17 | €1,854,201 | €4,873,144 | +€3.0m | +163% |
| Financial debts | 170/4 | €1,853,691 | €872,619 | -€981,071 | -52.9% |
| Credit institutions | 173 | €1,853,691 | €872,619 | -€981,071 | -52.9% |
| Other amounts payable | 178/9 | €510 | €4,000,525 | +€4.0m | +784,317% |
| Amounts payable within one year | 42/48 | €4,993,549 | €1,181,304 | -€3.8m | -76.3% |
| Current portion of amounts payable after more than one year | 42 | €433,571 | €343,571 | -€90,000 | -20.8% |
| Trade debts | 44 | €17,802 | €45,583 | +€27,782 | +156% |
| Suppliers | 440/4 | €17,802 | €45,583 | +€27,782 | +156% |
| Taxes, remuneration and social security | 45 | €96,465 | €96,900 | +€435 | +0.5% |
| Taxes | 450/3 | €39,808 | €30,727 | -€9,082 | -22.8% |
| Remuneration and social security | 454/9 | €56,657 | €66,174 | +€9,517 | +16.8% |
| Other amounts payable | 47/48 | €4,445,710 | €695,249 | -€3.8m | -84.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €1,756,129 | €1,929,818 | +€173,690 | +9.9% |
| Turnover | 70 | €1,591,782 | €1,449,458 | -€142,324 | -8.9% |
| Other operating income | 74 | €155,847 | €229,465 | +€73,619 | +47.2% |
| Non-recurring operating income | 76A | €8,500 | €250,895 | +€242,395 | +2,852% |
| Operating charges | 60/66A | €811,085 | €981,057 | +€169,972 | +21.0% |
| Services and other goods | 61 | €162,011 | €300,191 | +€138,180 | +85.3% |
| Remuneration, social security and pensions | 62 | €537,692 | €498,149 | -€39,543 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,664 | €161,820 | +€56,157 | +53.1% |
| Other operating charges | 640/8 | €18,998 | €38,139 | +€19,141 | +101% |
| Non-recurring operating charges | 66A | -€13,280 | -€17,242 | -€3,962 | -29.8% |
| Operating profit (loss) | 9901 | €945,044 | €948,761 | +€3,717 | +0.4% |
| Financial income | 75/76B | €155,957 | €136,711 | -€19,246 | -12.3% |
| Recurring financial income | 75 | €155,957 | €136,711 | -€19,246 | -12.3% |
| Income from financial fixed assets | 750 | €99,992 | €99,992 | = | 0.0% |
| Income from current assets | 751 | €55,569 | €36,719 | -€18,850 | -33.9% |
| Other financial income | 752/9 | €396 | €0 | -€396 | -100% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €696,458 | €620,107 | -€76,352 | -11.0% |
| Recurring financial charges | 65 | €696,458 | €620,107 | -€76,352 | -11.0% |
| Debt charges | 650 | €695,605 | €617,923 | -€77,682 | -11.2% |
| Other financial charges | 652/9 | €853 | €2,183 | +€1,330 | +156% |
| Profit (loss) for the period before taxes | 9903 | €404,542 | €465,366 | +€60,823 | +15.0% |
| Transfer from deferred taxes | 780 | €114 | €1,022 | +€909 | +799% |
| Transfer to deferred taxes | 680 | - | €62,724 | +€62,724 | |
| Income taxes | 67/77 | €79,629 | €33,017 | -€46,612 | -58.5% |
| Taxes | 670/3 | €79,629 | €33,017 | -€46,612 | -58.5% |
| Profit (loss) for the period | 9904 | €325,027 | €370,647 | +€45,620 | +14.0% |
| Transfer from tax-exempt reserves | 789 | €341 | €3,067 | +€2,726 | +799% |
| Transfer to tax-exempt reserves | 689 | - | €188,171 | +€188,171 | |
| Profit (loss) for the period to be appropriated | 9905 | €325,368 | €185,542 | -€139,826 | -43.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.