MWST: 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.
MWST
Largest movements
- Tangible fixed assets -€136,717
down €136,717 (-6.6%), from €2.1m to €1.9m
- Stocks and contracts +€130,920
up €130,920 (+57.5%), from €227,663 to €358,583
- Cash +€90,400
up €90,400 (+1585.4%), from €5,702 to €96,102
mainly Trade debts (+€160,234) and Depreciation (+€153,817)
- Receivables within one year +€59,834
up €59,834 (+16.7%), from €357,586 to €417,420
of which Trade receivables: +€76,713
- Trade debts +€160,234
up €160,234 (+177.4%), from €90,318 to €250,553
- Other debts +€127,361
up €127,361 (+14.3%), from €892,382 to €1.0m
- Current portion of long-term debt -€107,050
down €107,050 (-89.0%), from €120,315 to €13,265
- Tax, wage and social debts -€43,034
down €43,034 (-33.2%), from €129,535 to €86,501
of which Taxes: -€40,687
- Gross operating margin -€622,862
down €622,862 (-76.4%), from €815,131 to €192,269
- Taxes -€116,745
down €116,745 (-98.5%), from €118,539 to €1,795
- Other operating charges -€75,124
down €75,124 (-85.1%), from €88,271 to €13,147
- Financial charges -€10,459
down €10,459 (-76.5%), from €13,679 to €3,219
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 | €2,668,923 | €2,813,360 | +€144,437 | +5.4% |
| Fixed assets | 21/28 | €2,077,972 | €1,941,255 | -€136,717 | -6.6% |
| Tangible fixed assets | 22/27 | €2,077,972 | €1,941,255 | -€136,717 | -6.6% |
| Land and buildings | 22 | €1,409,075 | €1,351,655 | -€57,419 | -4.1% |
| Plant, machinery and equipment | 23 | €175,643 | €134,092 | -€41,551 | -23.7% |
| Furniture and vehicles | 24 | €69,995 | €56,863 | -€13,132 | -18.8% |
| Leasing and similar rights | 25 | €67,761 | €26,047 | -€41,714 | -61.6% |
| Assets under construction and advance payments | 27 | €355,498 | €372,598 | +€17,100 | +4.8% |
| Current assets | 29/58 | €590,951 | €872,105 | +€281,154 | +47.6% |
| Stocks and contracts in progress | 3 | €227,663 | €358,583 | +€130,920 | +57.5% |
| Stocks | 30/36 | €227,663 | €358,583 | +€130,920 | +57.5% |
| Amounts receivable within one year | 40/41 | €357,586 | €417,420 | +€59,834 | +16.7% |
| Trade receivables | 40 | €109,968 | €186,681 | +€76,713 | +69.8% |
| Other amounts receivable | 41 | €247,618 | €230,739 | -€16,880 | -6.8% |
| Cash at bank and in hand | 54/58 | €5,702 | €96,102 | +€90,400 | +1585.4% |
| Total equity and liabilities | 10/49 | €2,668,923 | €2,813,360 | +€144,437 | +5.4% |
| Equity | 10/15 | €648,008 | €668,299 | +€20,290 | +3.1% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €17,104 | €17,104 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €17,104 | €17,104 | = | 0.0% |
| Profit (loss) carried forward | 14 | €455,904 | €476,194 | +€20,290 | +4.5% |
| Amounts payable | 17/49 | €2,020,915 | €2,145,061 | +€124,147 | +6.1% |
| Amounts payable after more than one year | 17 | €788,265 | €775,000 | -€13,265 | -1.7% |
| Financial debts | 170/4 | €788,265 | €775,000 | -€13,265 | -1.7% |
| Amounts payable within one year | 42/48 | €1,232,550 | €1,370,061 | +€137,512 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €120,315 | €13,265 | -€107,050 | -89.0% |
| Trade debts | 44 | €90,318 | €250,553 | +€160,234 | +177.4% |
| Suppliers | 440/4 | €90,318 | €250,553 | +€160,234 | +177.4% |
| Taxes, remuneration and social security | 45 | €129,535 | €86,501 | -€43,034 | -33.2% |
| Taxes | 450/3 | €127,188 | €86,501 | -€40,687 | -32.0% |
| Remuneration and social security | 454/9 | €2,346 | €0 | -€2,346 | -100.0% |
| Other amounts payable | 47/48 | €892,382 | €1,019,742 | +€127,361 | +14.3% |
| Accrued charges and deferred income | 492/3 | €100 | €0 | -€100 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,476 | €153,817 | -€3,659 | -2.3% |
| Other operating charges | 640/8 | €88,271 | €13,147 | -€75,124 | -85.1% |
| Gross operating margin | 9900 | €815,131 | €192,269 | -€622,862 | -76.4% |
| Operating profit (loss) | 9901 | €569,384 | €25,304 | -€544,080 | -95.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €13,679 | €3,219 | -€10,459 | -76.5% |
| Recurring financial charges | 65 | €13,679 | €3,219 | -€10,459 | -76.5% |
| Profit (loss) for the period before taxes | 9903 | €555,705 | €22,085 | -€533,620 | -96.0% |
| Income taxes | 67/77 | €118,539 | €1,795 | -€116,745 | -98.5% |
| Profit (loss) for the period | 9904 | €437,166 | €20,290 | -€416,876 | -95.4% |
| Profit (loss) for the period to be appropriated | 9905 | €437,166 | €20,290 | -€416,876 | -95.4% |
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 7 October 2026 via checked.be.