APOTHEEK MUTSAERD: 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.
APOTHEEK MUTSAERD
Largest movements
- Tangible fixed assets -€30,618
down €30,618 (-18.2%), from €168,160 to €137,543
- Stocks and contracts +€24,215
up €24,215 (+104%), from €23,195 to €47,410
- Cash +€22,170
up €22,170 (+67.2%), from €32,988 to €55,158
mainly Depreciation (+€37,978) and Trade debts (+€31,690)
- Receivables after one year +€16,626
up €16,626 (+15.4%), from €107,840 to €124,466
- Receivables within one year -€14,668
down €14,668 (-22.2%), from €66,004 to €51,336
of which Other amounts receivable: -€28,800
- Trade debts +€31,690
up €31,690 (+30.7%), from €103,260 to €134,951
- Debts after one year -€28,927
down €28,927 (-32.9%), from €87,892 to €58,964
- Profit (loss) carried forward +€23,506
up €23,506 (+56.5%), from €41,601 to €65,107
- Current portion of long-term debt -€8,377
down €8,377 (-22.5%), from €37,304 to €28,927
- Gross operating margin +€47,225
up €47,225 (+30.2%), from €156,409 to €203,634
- Staff costs -€5,515
down €5,515 (-4.0%), from €139,039 to €133,524
- Taxes +€3,999
up €3,999 (+571,329%), from €1 to €4,000
- Depreciation +€3,375
up €3,375 (+9.8%), from €34,602 to €37,978
- Financial income -€3,312
no longer reported in 2025 (was €3,312)
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 | €413,580 | €431,360 | +€17,779 | +4.3% |
| Fixed assets | 21/28 | €180,590 | €149,973 | -€30,618 | -17.0% |
| Tangible fixed assets | 22/27 | €168,160 | €137,543 | -€30,618 | -18.2% |
| Plant, machinery and equipment | 23 | €106,559 | €95,009 | -€11,550 | -10.8% |
| Furniture and vehicles | 24 | €32,826 | €18,154 | -€14,672 | -44.7% |
| Other tangible fixed assets | 26 | €28,775 | €24,379 | -€4,396 | -15.3% |
| Financial fixed assets | 28 | €12,430 | €12,430 | = | 0.0% |
| Current assets | 29/58 | €232,990 | €281,387 | +€48,397 | +20.8% |
| Amounts receivable after more than one year | 29 | €107,840 | €124,466 | +€16,626 | +15.4% |
| Other amounts receivable | 291 | €107,840 | €124,466 | +€16,626 | +15.4% |
| Stocks and contracts in progress | 3 | €23,195 | €47,410 | +€24,215 | +104% |
| Stocks | 30/36 | €23,195 | €47,410 | +€24,215 | +104% |
| Amounts receivable within one year | 40/41 | €66,004 | €51,336 | -€14,668 | -22.2% |
| Trade receivables | 40 | €36,935 | €51,067 | +€14,132 | +38.3% |
| Other amounts receivable | 41 | €29,069 | €269 | -€28,800 | -99.1% |
| Cash at bank and in hand | 54/58 | €32,988 | €55,158 | +€22,170 | +67.2% |
| Deferred charges and accrued income | 490/1 | €2,964 | €3,017 | +€53 | +1.8% |
| Total equity and liabilities | 10/49 | €413,580 | €431,360 | +€17,779 | +4.3% |
| Equity | 10/15 | €158,601 | €182,107 | +€23,506 | +14.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €97,000 | €97,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €95,000 | €95,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,601 | €65,107 | +€23,506 | +56.5% |
| Amounts payable | 17/49 | €254,979 | €249,253 | -€5,726 | -2.2% |
| Amounts payable after more than one year | 17 | €87,892 | €58,964 | -€28,927 | -32.9% |
| Financial debts | 170/4 | €87,892 | €58,964 | -€28,927 | -32.9% |
| Amounts payable within one year | 42/48 | €167,088 | €190,289 | +€23,201 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €37,304 | €28,927 | -€8,377 | -22.5% |
| Trade debts | 44 | €103,260 | €134,951 | +€31,690 | +30.7% |
| Suppliers | 440/4 | €103,260 | €134,951 | +€31,690 | +30.7% |
| Taxes, remuneration and social security | 45 | €26,523 | €26,411 | -€113 | -0.4% |
| Taxes | 450/3 | - | €11,906 | +€11,906 | |
| Remuneration and social security | 454/9 | €26,523 | €14,505 | -€12,018 | -45.3% |
| Remuneration, social security and pensions | 62 | €139,039 | €133,524 | -€5,515 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,602 | €37,978 | +€3,375 | +9.8% |
| Other operating charges | 640/8 | €1,228 | €2,306 | +€1,078 | +87.8% |
| Gross operating margin | 9900 | €156,409 | €203,634 | +€47,225 | +30.2% |
| Operating profit (loss) | 9901 | -€18,460 | €29,826 | +€48,286 | |
| Financial income | 75/76B | €3,312 | - | -€3,312 | |
| Recurring financial income | 75 | €3,312 | - | -€3,312 | |
| Financial charges | 65/66B | €2,862 | €2,320 | -€542 | -18.9% |
| Recurring financial charges | 65 | €2,862 | €2,320 | -€542 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | -€18,011 | €27,506 | +€45,516 | |
| Income taxes | 67/77 | €1 | €4,000 | +€3,999 | +571,329% |
| Profit (loss) for the period | 9904 | -€18,011 | €23,506 | +€41,517 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,011 | €23,506 | +€41,517 |
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 31 October 2026 via checked.be.