BERT MULLER: 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.
BERT MULLER
Largest movements
- Receivables within one year +€540,662
up €540,662 (+39.5%), from €1.4m to €1.9m
of which Trade receivables: +€425,276
- Stocks and contracts +€227,242
up €227,242 (+43.6%), from €520,727 to €747,969
of which Stocks: +€122,489
- Deferred charges and accrued income +€55,218
up €55,218 (+832.0%), from €6,636 to €61,854
- Trade debts +€632,517
up €632,517 (+138.0%), from €458,354 to €1.1m
- Short-term financial debts +€132,019
up €132,019 (+32.1%), from €411,325 to €543,344
- Reserves +€131,749
up €131,749 (+19.7%), from €669,137 to €800,887
- Tax, wage and social debts -€114,191
down €114,191 (-20.5%), from €556,054 to €441,863
of which Taxes: -€137,319
- Staff costs +€376,672
up €376,672 (+13.8%), from €2.7m to €3.1m
- Gross operating margin +€343,105
up €343,105 (+11.0%), from €3.1m to €3.5m
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 | €2,269,993 | €3,052,088 | +€782,095 | +34.5% |
| Fixed assets | 21/28 | €200,846 | €170,167 | -€30,679 | -15.3% |
| Intangible fixed assets | 21 | €106,385 | €78,972 | -€27,414 | -25.8% |
| Tangible fixed assets | 22/27 | €93,965 | €90,700 | -€3,265 | -3.5% |
| Land and buildings | 22 | €49,119 | €50,740 | +€1,621 | +3.3% |
| Plant, machinery and equipment | 23 | €27,836 | €28,267 | +€431 | +1.5% |
| Furniture and vehicles | 24 | €17,010 | €11,693 | -€5,317 | -31.3% |
| Financial fixed assets | 28 | €495 | €495 | = | 0.0% |
| Current assets | 29/58 | €2,069,147 | €2,881,921 | +€812,774 | +39.3% |
| Stocks and contracts in progress | 3 | €520,727 | €747,969 | +€227,242 | +43.6% |
| Stocks | 30/36 | €520,727 | €643,215 | +€122,489 | +23.5% |
| Contracts in progress | 37 | - | €104,753 | +€104,753 | |
| Amounts receivable within one year | 40/41 | €1,368,500 | €1,909,162 | +€540,662 | +39.5% |
| Trade receivables | 40 | €1,368,500 | €1,793,776 | +€425,276 | +31.1% |
| Other amounts receivable | 41 | - | €115,386 | +€115,386 | |
| Cash at bank and in hand | 54/58 | €173,284 | €162,936 | -€10,348 | -6.0% |
| Deferred charges and accrued income | 490/1 | €6,636 | €61,854 | +€55,218 | +832.0% |
| Total equity and liabilities | 10/49 | €2,269,993 | €3,052,088 | +€782,095 | +34.5% |
| Equity | 10/15 | €689,137 | €820,887 | +€131,749 | +19.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €669,137 | €800,887 | +€131,749 | +19.7% |
| Distributable reserves | 133 | €669,137 | €800,887 | +€131,749 | +19.7% |
| Amounts payable | 17/49 | €1,580,855 | €2,231,201 | +€650,346 | +41.1% |
| Amounts payable within one year | 42/48 | €1,580,855 | €2,231,201 | +€650,346 | +41.1% |
| Financial debts | 43 | €411,325 | €543,344 | +€132,019 | +32.1% |
| Credit institutions | 430/8 | €411,325 | €543,344 | +€132,019 | +32.1% |
| Trade debts | 44 | €458,354 | €1,090,871 | +€632,517 | +138.0% |
| Suppliers | 440/4 | €458,354 | €1,090,871 | +€632,517 | +138.0% |
| Taxes, remuneration and social security | 45 | €556,054 | €441,863 | -€114,191 | -20.5% |
| Taxes | 450/3 | €281,660 | €144,341 | -€137,319 | -48.8% |
| Remuneration and social security | 454/9 | €274,394 | €297,522 | +€23,128 | +8.4% |
| Other amounts payable | 47/48 | €155,123 | €155,123 | = | 0.0% |
| Non-recurring operating income | 76A | €35,000 | - | -€35,000 | |
| Remuneration, social security and pensions | 62 | €2,729,801 | €3,106,473 | +€376,672 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,692 | €48,356 | +€4,664 | +10.7% |
| Other operating charges | 640/8 | €3,109 | €4,863 | +€1,754 | +56.4% |
| Non-recurring operating charges | 66A | €305 | - | -€305 | |
| Gross operating margin | 9900 | €3,122,495 | €3,465,600 | +€343,105 | +11.0% |
| Operating profit (loss) | 9901 | €345,588 | €305,909 | -€39,679 | -11.5% |
| Financial income | 75/76B | €1,139 | €1,358 | +€219 | +19.2% |
| Recurring financial income | 75 | €1,139 | €1,358 | +€219 | +19.2% |
| Financial charges | 65/66B | €72,228 | €86,136 | +€13,908 | +19.3% |
| Recurring financial charges | 65 | €72,228 | €86,136 | +€13,908 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €274,499 | €221,131 | -€53,368 | -19.4% |
| Income taxes | 67/77 | €93,892 | €89,381 | -€4,510 | -4.8% |
| Profit (loss) for the period | 9904 | €180,607 | €131,749 | -€48,858 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €180,607 | €131,749 | -€48,858 | -27.1% |
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 6 October 2026 via checked.be.