CHRIS MULDERS: 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.
CHRIS MULDERS
Largest movements
- Receivables within one year +€457,847
up €457,847 (+386%), from €118,502 to €576,349
of which Other amounts receivable: +€459,749
- Current investments +€175,000
up €175,000 (+62.5%), from €280,000 to €455,000
- Cash -€105,994
down €105,994 (-98.5%), from €107,610 to €1,616
mainly Receivables within one year (-€457,847) and Current investments (-€175,000)
- Reserves +€358,539
up €358,539 (+112%), from €319,661 to €678,200
- Tax, wage and social debts +€114,927
up €114,927 (+81.3%), from €141,384 to €256,311
- Other debts +€41,369
up €41,369 (+3,143%), from €1,316 to €42,685
- Trade debts +€12,013
up €12,013 (+30.3%), from €39,687 to €51,700
- Gross operating margin +€74,187
up €74,187 (+18.9%), from €393,154 to €467,341
- Financial income +€10,440
up €10,440 (+188%), from €5,564 to €16,004
- Taxes -€9,361
down €9,361 (-7.4%), from €126,278 to €116,917
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 | €507,049 | €1,033,897 | +€526,848 | +104% |
| Fixed assets | 21/28 | €937 | €546 | -€391 | -41.7% |
| Tangible fixed assets | 22/27 | €845 | €454 | -€391 | -46.3% |
| Furniture and vehicles | 24 | €845 | €454 | -€391 | -46.3% |
| Financial fixed assets | 28 | €92 | €92 | = | 0.0% |
| Current assets | 29/58 | €506,112 | €1,033,351 | +€527,239 | +104% |
| Amounts receivable within one year | 40/41 | €118,502 | €576,349 | +€457,847 | +386% |
| Trade receivables | 40 | €84,153 | €82,251 | -€1,902 | -2.3% |
| Other amounts receivable | 41 | €34,349 | €494,099 | +€459,749 | +1,338% |
| Current investments | 50/53 | €280,000 | €455,000 | +€175,000 | +62.5% |
| Cash at bank and in hand | 54/58 | €107,610 | €1,616 | -€105,994 | -98.5% |
| Deferred charges and accrued income | 490/1 | - | €385 | +€385 | |
| Total equity and liabilities | 10/49 | €507,049 | €1,033,897 | +€526,848 | +104% |
| Equity | 10/15 | €324,661 | €683,200 | +€358,539 | +110% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €319,661 | €678,200 | +€358,539 | +112% |
| Distributable reserves | 133 | €319,661 | €678,200 | +€358,539 | +112% |
| Amounts payable | 17/49 | €182,388 | €350,697 | +€168,309 | +92.3% |
| Amounts payable within one year | 42/48 | €182,388 | €350,697 | +€168,309 | +92.3% |
| Trade debts | 44 | €39,687 | €51,700 | +€12,013 | +30.3% |
| Suppliers | 440/4 | €39,687 | €51,700 | +€12,013 | +30.3% |
| Taxes, remuneration and social security | 45 | €141,384 | €256,311 | +€114,927 | +81.3% |
| Taxes | 450/3 | €141,384 | €256,311 | +€114,927 | +81.3% |
| Other amounts payable | 47/48 | €1,316 | €42,685 | +€41,369 | +3,143% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €328 | €391 | +€63 | +19.3% |
| Other operating charges | 640/8 | €3,874 | €5,752 | +€1,878 | +48.5% |
| Gross operating margin | 9900 | €393,154 | €467,341 | +€74,187 | +18.9% |
| Operating profit (loss) | 9901 | €388,952 | €461,198 | +€72,246 | +18.6% |
| Financial income | 75/76B | €5,564 | €16,004 | +€10,440 | +188% |
| Recurring financial income | 75 | €5,564 | €16,004 | +€10,440 | +188% |
| Financial charges | 65/66B | €1,135 | €1,746 | +€611 | +53.8% |
| Recurring financial charges | 65 | €1,135 | €1,746 | +€611 | +53.8% |
| Profit (loss) for the period before taxes | 9903 | €393,381 | €475,456 | +€82,075 | +20.9% |
| Income taxes | 67/77 | €126,278 | €116,917 | -€9,361 | -7.4% |
| Profit (loss) for the period | 9904 | €267,102 | €358,539 | +€91,436 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €267,102 | €358,539 | +€91,436 | +34.2% |
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 28 October 2026 via checked.be.