Blat-Muylaert Construct: what changed
Blat-Muylaert Construct
Largest movements
- Tangible fixed assets -€13,484
down €13,484 (-64.5%), from €20,895 to €7,411
of which Leasing and similar rights: -€8,794
- Receivables within one year +€8,221
up €8,221 (+56.2%), from €14,621 to €22,842
of which Other amounts receivable: +€12,997
- Cash +€5,778
up €5,778 (+188%), from €3,071 to €8,849
mainly Depreciation (+€15,858) and Net result for the year (+€4,438)
- Current portion of long-term debt -€7,031
no longer reported in 2025 (was €7,031)
- Reserves +€4,438
up €4,438 (+23.7%), from €18,743 to €23,181
- Tax, wage and social debts +€2,300
up €2,300 (+30.1%), from €7,645 to €9,945
- Trade debts +€819
up €819 (+229%), from €358 to €1,177
- Gross operating margin -€10,868
down €10,868 (-31.6%), from €34,442 to €23,574
- Taxes -€2,394
down €2,394 (-51.0%), from €4,694 to €2,300
- Depreciation -€687
down €687 (-4.2%), from €16,545 to €15,858
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,777 | €39,303 | +€527 | +1.4% |
| Fixed assets | 21/28 | €20,895 | €7,411 | -€13,484 | -64.5% |
| Tangible fixed assets | 22/27 | €20,895 | €7,411 | -€13,484 | -64.5% |
| Plant, machinery and equipment | 23 | €148 | €2,025 | +€1,877 | +1,273% |
| Furniture and vehicles | 24 | €11,954 | €5,386 | -€6,568 | -54.9% |
| Leasing and similar rights | 25 | €8,794 | - | -€8,794 | |
| Current assets | 29/58 | €17,881 | €31,892 | +€14,011 | +78.4% |
| Amounts receivable within one year | 40/41 | €14,621 | €22,842 | +€8,221 | +56.2% |
| Trade receivables | 40 | €11,349 | €6,573 | -€4,777 | -42.1% |
| Other amounts receivable | 41 | €3,272 | €16,269 | +€12,997 | +397% |
| Cash at bank and in hand | 54/58 | €3,071 | €8,849 | +€5,778 | +188% |
| Deferred charges and accrued income | 490/1 | €189 | €201 | +€12 | +6.3% |
| Total equity and liabilities | 10/49 | €38,777 | €39,303 | +€527 | +1.4% |
| Equity | 10/15 | €23,743 | €28,181 | +€4,438 | +18.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €18,743 | €23,181 | +€4,438 | +23.7% |
| Distributable reserves | 133 | €18,743 | €23,181 | +€4,438 | +23.7% |
| Amounts payable | 17/49 | €15,034 | €11,122 | -€3,912 | -26.0% |
| Amounts payable within one year | 42/48 | €15,034 | €11,122 | -€3,912 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €7,031 | - | -€7,031 | |
| Trade debts | 44 | €358 | €1,177 | +€819 | +229% |
| Suppliers | 440/4 | €358 | €1,177 | +€819 | +229% |
| Taxes, remuneration and social security | 45 | €7,645 | €9,945 | +€2,300 | +30.1% |
| Taxes | 450/3 | €7,645 | €9,945 | +€2,300 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,545 | €15,858 | -€687 | -4.2% |
| Other operating charges | 640/8 | €1,157 | €825 | -€332 | -28.7% |
| Gross operating margin | 9900 | €34,442 | €23,574 | -€10,868 | -31.6% |
| Operating profit (loss) | 9901 | €16,740 | €6,891 | -€9,848 | -58.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €293 | €153 | -€139 | -47.7% |
| Recurring financial charges | 65 | €293 | €153 | -€139 | -47.7% |
| Profit (loss) for the period before taxes | 9903 | €16,447 | €6,738 | -€9,709 | -59.0% |
| Income taxes | 67/77 | €4,694 | €2,300 | -€2,394 | -51.0% |
| Profit (loss) for the period | 9904 | €11,753 | €4,438 | -€7,315 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,753 | €4,438 | -€7,315 | -62.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.