MWM20: 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.
MWM20
Largest movements
- Cash -€188,391
down €188,391 (-29.3%), from €643,398 to €455,007
mainly Contributions, distributions and other (-€317,693) and Other debts (-€110,883)
- Current investments -€143,503
down €143,503 (-74.0%), from €193,800 to €50,297
- Financial fixed assets +€26,125
up €26,125 (+10450.0%), from €250 to €26,375
- Receivables within one year +€10,574
up €10,574 (+16.0%), from €66,199 to €76,772
of which Trade receivables: +€5,620
- Reserves -€163,212
down €163,212 (-38.4%), from €425,386 to €262,174
- Other debts -€110,883
down €110,883 (-27.6%), from €402,184 to €291,301
- Trade debts -€11,193
down €11,193 (-71.7%), from €15,617 to €4,424
- Tax, wage and social debts -€9,352
down €9,352 (-16.8%), from €55,578 to €46,226
- Gross operating margin -€28,341
down €28,341 (-12.7%), from €223,538 to €195,197
- Taxes -€6,263
down €6,263 (-12.0%), from €52,363 to €46,099
- Financial income +€5,729
up €5,729 (+111.7%), from €5,130 to €10,858
- Financial charges +€2,454
up €2,454 (+189.0%), from €1,299 to €3,753
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 | €917,315 | €622,675 | -€294,640 | -32.1% |
| Fixed assets | 21/28 | €958 | €27,589 | +€26,631 | +2780.0% |
| Tangible fixed assets | 22/27 | €708 | €1,214 | +€506 | +71.4% |
| Furniture and vehicles | 24 | €708 | €1,214 | +€506 | +71.4% |
| Financial fixed assets | 28 | €250 | €26,375 | +€26,125 | +10450.0% |
| Current assets | 29/58 | €916,357 | €595,086 | -€321,270 | -35.1% |
| Amounts receivable within one year | 40/41 | €66,199 | €76,772 | +€10,574 | +16.0% |
| Trade receivables | 40 | €64,880 | €70,500 | +€5,620 | +8.7% |
| Other amounts receivable | 41 | €1,319 | €6,272 | +€4,954 | +375.6% |
| Current investments | 50/53 | €193,800 | €50,297 | -€143,503 | -74.0% |
| Cash at bank and in hand | 54/58 | €643,398 | €455,007 | -€188,391 | -29.3% |
| Deferred charges and accrued income | 490/1 | €12,960 | €13,010 | +€50 | +0.4% |
| Total equity and liabilities | 10/49 | €917,315 | €622,675 | -€294,640 | -32.1% |
| Equity | 10/15 | €443,936 | €280,724 | -€163,212 | -36.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €425,386 | €262,174 | -€163,212 | -38.4% |
| Distributable reserves | 133 | €425,386 | €262,174 | -€163,212 | -38.4% |
| Amounts payable | 17/49 | €473,379 | €341,951 | -€131,428 | -27.8% |
| Amounts payable within one year | 42/48 | €473,379 | €341,951 | -€131,428 | -27.8% |
| Trade debts | 44 | €15,617 | €4,424 | -€11,193 | -71.7% |
| Suppliers | 440/4 | €15,617 | €4,424 | -€11,193 | -71.7% |
| Taxes, remuneration and social security | 45 | €55,578 | €46,226 | -€9,352 | -16.8% |
| Taxes | 450/3 | €55,578 | €46,226 | -€9,352 | -16.8% |
| Other amounts payable | 47/48 | €402,184 | €291,301 | -€110,883 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €681 | €676 | -€5 | -0.7% |
| Other operating charges | 640/8 | €433 | €1,044 | +€611 | +141.0% |
| Gross operating margin | 9900 | €223,538 | €195,197 | -€28,341 | -12.7% |
| Operating profit (loss) | 9901 | €222,423 | €193,476 | -€28,947 | -13.0% |
| Financial income | 75/76B | €5,130 | €10,858 | +€5,729 | +111.7% |
| Recurring financial income | 75 | €5,130 | €10,858 | +€5,729 | +111.7% |
| Financial charges | 65/66B | €1,299 | €3,753 | +€2,454 | +189.0% |
| Recurring financial charges | 65 | €1,299 | €3,753 | +€2,454 | +189.0% |
| Profit (loss) for the period before taxes | 9903 | €226,254 | €200,581 | -€25,673 | -11.3% |
| Income taxes | 67/77 | €52,363 | €46,099 | -€6,263 | -12.0% |
| Profit (loss) for the period | 9904 | €173,891 | €154,482 | -€19,410 | -11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €173,891 | €154,482 | -€19,410 | -11.2% |
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 10 October 2026 via checked.be.