Docteur E. Mutsers: 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.
Docteur E. Mutsers
Largest movements
- Cash +€90,975
up €90,975 (+101%), from €90,394 to €181,369
mainly Depreciation (+€64,356) and Net result for the year (+€32,522)
- Intangible fixed assets -€42,000
down €42,000 (-29.9%), from €140,384 to €98,384
- Tangible fixed assets -€21,379
down €21,379 (-25.4%), from €84,264 to €62,885
- Receivables within one year -€12,643
down €12,643 (-12.3%), from €103,137 to €90,494
of which Other amounts receivable: -€12,643
- Reserves +€32,522
up €32,522 (+13.2%), from €246,558 to €279,080
of which Distributable reserves: +€32,522
- Current portion of long-term debt -€25,174
down €25,174 (-57.9%), from €43,511 to €18,337
- Debts after one year +€7,801
up €7,801 (+27.5%), from €28,329 to €36,130
- Financial income -€1,875
down €1,875 (-69.3%), from €2,704 to €829
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 | €418,178 | €433,132 | +€14,954 | +3.6% |
| Fixed assets | 21/28 | €224,648 | €161,269 | -€63,379 | -28.2% |
| Intangible fixed assets | 21 | €140,384 | €98,384 | -€42,000 | -29.9% |
| Tangible fixed assets | 22/27 | €84,264 | €62,885 | -€21,379 | -25.4% |
| Furniture and vehicles | 24 | €84,264 | €62,885 | -€21,379 | -25.4% |
| Current assets | 29/58 | €193,531 | €271,863 | +€78,332 | +40.5% |
| Amounts receivable within one year | 40/41 | €103,137 | €90,494 | -€12,643 | -12.3% |
| Trade receivables | 40 | €84,517 | €84,517 | = | 0.0% |
| Other amounts receivable | 41 | €18,620 | €5,977 | -€12,643 | -67.9% |
| Cash at bank and in hand | 54/58 | €90,394 | €181,369 | +€90,975 | +101% |
| Total equity and liabilities | 10/49 | €418,178 | €433,132 | +€14,954 | +3.6% |
| Equity | 10/15 | €258,958 | €291,480 | +€32,522 | +12.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €246,558 | €279,080 | +€32,522 | +13.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €244,698 | €277,220 | +€32,522 | +13.3% |
| Amounts payable | 17/49 | €159,221 | €141,652 | -€17,569 | -11.0% |
| Amounts payable after more than one year | 17 | €28,329 | €36,130 | +€7,801 | +27.5% |
| Financial debts | 170/4 | €28,329 | €36,130 | +€7,801 | +27.5% |
| Amounts payable within one year | 42/48 | €130,892 | €105,522 | -€25,370 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €43,511 | €18,337 | -€25,174 | -57.9% |
| Trade debts | 44 | €707 | €822 | +€115 | +16.2% |
| Suppliers | 440/4 | €707 | €822 | +€115 | +16.2% |
| Taxes, remuneration and social security | 45 | €19,713 | €19,402 | -€311 | -1.6% |
| Taxes | 450/3 | €19,713 | €19,402 | -€311 | -1.6% |
| Other amounts payable | 47/48 | €66,961 | €66,961 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,058 | €64,356 | +€298 | +0.5% |
| Other operating charges | 640/8 | €551 | €1,227 | +€676 | +123% |
| Gross operating margin | 9900 | €111,924 | €112,874 | +€950 | +0.8% |
| Operating profit (loss) | 9901 | €47,315 | €47,291 | -€24 | -0.1% |
| Financial income | 75/76B | €2,704 | €829 | -€1,875 | -69.3% |
| Recurring financial income | 75 | €2,704 | €829 | -€1,875 | -69.3% |
| Financial charges | 65/66B | €3,705 | €3,017 | -€688 | -18.6% |
| Recurring financial charges | 65 | €3,705 | €3,017 | -€688 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €46,314 | €45,103 | -€1,211 | -2.6% |
| Income taxes | 67/77 | €13,454 | €12,581 | -€873 | -6.5% |
| Profit (loss) for the period | 9904 | €32,860 | €32,522 | -€338 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,860 | €32,522 | -€338 | -1.0% |
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 29 October 2026 via checked.be.