MWM 2: 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.
MWM 2
Largest movements
- Tangible fixed assets -€97,756
no longer reported in 2025 (was €97,756)
of which Plant, machinery and equipment: -€60,021
- Stocks and contracts -€96,433
no longer reported in 2025 (was €96,433)
- Receivables within one year +€67,771
up €67,771 (+122%), from €55,437 to €123,209
- Cash -€50,812
down €50,812 (-100.0%), from €50,826 to €14
mainly Net result for the year (-€150,476) and Receivables within one year (-€67,771)
- Deferred charges and accrued income -€6,175
no longer reported in 2025 (was €6,175)
- Profit (loss) carried forward -€150,476
down €150,476 (-79.6%), from -€189,048 to -€339,524
- Tax, wage and social debts -€25,482
no longer reported in 2025 (was €25,482)
of which Remuneration and social security: -€24,604
- Trade debts +€24,724
up €24,724 (+10.1%), from €243,997 to €268,721
- Debts after one year -€21,673
down €21,673 (-34.2%), from €63,361 to €41,687
- Current portion of long-term debt -€9,243
down €9,243 (-29.1%), from €31,816 to €22,573
- Gross operating margin -€60,664
down €60,664 (-62.6%), from €96,885 to €36,221
- Depreciation -€16,687
no longer reported in 2025 (was €16,687)
- Other operating charges +€14,387
up €14,387 (+873%), from €1,648 to €16,035
- Staff costs -€5,495
down €5,495 (-3.1%), from €174,976 to €169,481
- Financial charges -€5,393
down €5,393 (-52.2%), from €10,325 to €4,933
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 | €306,627 | €123,223 | -€183,405 | -59.8% |
| Fixed assets | 21/28 | €97,756 | - | -€97,756 | |
| Tangible fixed assets | 22/27 | €97,756 | - | -€97,756 | |
| Plant, machinery and equipment | 23 | €60,021 | - | -€60,021 | |
| Furniture and vehicles | 24 | €5,583 | - | -€5,583 | |
| Other tangible fixed assets | 26 | €32,152 | - | -€32,152 | |
| Current assets | 29/58 | €208,871 | €123,223 | -€85,649 | -41.0% |
| Stocks and contracts in progress | 3 | €96,433 | - | -€96,433 | |
| Stocks | 30/36 | €96,433 | - | -€96,433 | |
| Amounts receivable within one year | 40/41 | €55,437 | €123,209 | +€67,771 | +122% |
| Other amounts receivable | 41 | €55,437 | €123,209 | +€67,771 | +122% |
| Cash at bank and in hand | 54/58 | €50,826 | €14 | -€50,812 | -100.0% |
| Deferred charges and accrued income | 490/1 | €6,175 | - | -€6,175 | |
| Total equity and liabilities | 10/49 | €306,627 | €123,223 | -€183,405 | -59.8% |
| Equity | 10/15 | -€59,283 | -€209,759 | -€150,476 | -254% |
| Contributions | 10/11 | €106,336 | €106,336 | = | 0.0% |
| Reserves | 13 | €23,428 | €23,428 | = | 0.0% |
| Distributable reserves | 133 | €23,428 | €23,428 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,048 | -€339,524 | -€150,476 | -79.6% |
| Amounts payable | 17/49 | €365,911 | €332,982 | -€32,929 | -9.0% |
| Amounts payable after more than one year | 17 | €63,361 | €41,687 | -€21,673 | -34.2% |
| Financial debts | 170/4 | €63,361 | €41,687 | -€21,673 | -34.2% |
| Amounts payable within one year | 42/48 | €302,550 | €291,294 | -€11,255 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €31,816 | €22,573 | -€9,243 | -29.1% |
| Financial debts | 43 | €1,255 | - | -€1,255 | |
| Credit institutions | 430/8 | €1,255 | - | -€1,255 | |
| Trade debts | 44 | €243,997 | €268,721 | +€24,724 | +10.1% |
| Suppliers | 440/4 | €243,997 | €268,721 | +€24,724 | +10.1% |
| Taxes, remuneration and social security | 45 | €25,482 | - | -€25,482 | |
| Taxes | 450/3 | €879 | - | -€879 | |
| Remuneration and social security | 454/9 | €24,604 | - | -€24,604 | |
| Remuneration, social security and pensions | 62 | €174,976 | €169,481 | -€5,495 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,687 | - | -€16,687 | |
| Other operating charges | 640/8 | €1,648 | €16,035 | +€14,387 | +873% |
| Gross operating margin | 9900 | €96,885 | €36,221 | -€60,664 | -62.6% |
| Operating profit (loss) | 9901 | -€96,425 | -€149,295 | -€52,870 | -54.8% |
| Financial income | 75/76B | €0 | €3,752 | +€3,752 | +893,274% |
| Recurring financial income | 75 | €0 | €3,752 | +€3,752 | +893,274% |
| Financial charges | 65/66B | €10,325 | €4,933 | -€5,393 | -52.2% |
| Recurring financial charges | 65 | €10,325 | €4,933 | -€5,393 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | -€106,750 | -€150,476 | -€43,726 | -41.0% |
| Profit (loss) for the period | 9904 | -€106,750 | -€150,476 | -€43,726 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€106,750 | -€150,476 | -€43,726 | -41.0% |
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 23 October 2026 via checked.be.