DR. ASTRID MULKERS: 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.
DR. ASTRID MULKERS
Largest movements
- Tangible fixed assets +€130,012
up €130,012 (+25.8%), from €503,532 to €633,544
of which Leasing and similar rights: +€70,248
- Receivables within one year +€55,496
up €55,496 (+108%), from €51,492 to €106,988
- Cash +€9,380
up €9,380 (+9.0%), from €104,222 to €113,602
mainly Other debts (+€192,159) and Net result for the year (+€139,907)
- Other debts +€192,159
up €192,159 (+361%), from €53,258 to €245,417
- Reserves -€59,051
down €59,051 (-100%), from €59,051 to €0
- Debts after one year +€40,005
up €40,005 (+8.1%), from €496,567 to €536,573
- Current portion of long-term debt +€10,492
up €10,492 (+30.2%), from €34,719 to €45,210
- Tax, wage and social debts +€10,032
up €10,032 (+69.5%), from €14,436 to €24,468
- Gross operating margin +€58,554
up €58,554 (+31.7%), from €184,611 to €243,165
- Financial charges -€48,469
down €48,469 (-57.1%), from €84,892 to €36,423
of which Non-recurring financial charges: -€57,627
- Taxes +€29,751
up €29,751 (+229%), from €12,991 to €42,741
- Depreciation -€3,842
down €3,842 (-14.0%), from €27,503 to €23,661
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 | €665,111 | €859,913 | +€194,802 | +29.3% |
| Formation expenses | 20 | €1,661 | €765 | -€896 | -53.9% |
| Fixed assets | 21/28 | €507,150 | €636,436 | +€129,286 | +25.5% |
| Intangible fixed assets | 21 | €3,618 | €2,892 | -€726 | -20.1% |
| Tangible fixed assets | 22/27 | €503,532 | €633,544 | +€130,012 | +25.8% |
| Land and buildings | 22 | €457,176 | €517,951 | +€60,776 | +13.3% |
| Plant, machinery and equipment | 23 | €45,546 | €44,874 | -€672 | -1.5% |
| Furniture and vehicles | 24 | €810 | €470 | -€340 | -42.0% |
| Leasing and similar rights | 25 | - | €70,248 | +€70,248 | |
| Current assets | 29/58 | €156,300 | €222,712 | +€66,413 | +42.5% |
| Amounts receivable within one year | 40/41 | €51,492 | €106,988 | +€55,496 | +108% |
| Other amounts receivable | 41 | €51,492 | €106,988 | +€55,496 | +108% |
| Cash at bank and in hand | 54/58 | €104,222 | €113,602 | +€9,380 | +9.0% |
| Deferred charges and accrued income | 490/1 | €586 | €2,122 | +€1,536 | +262% |
| Total equity and liabilities | 10/49 | €665,111 | €859,913 | +€194,802 | +29.3% |
| Equity | 10/15 | €62,051 | €3,000 | -€59,051 | -95.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €59,051 | €0 | -€59,051 | -100% |
| Distributable reserves | 133 | €59,051 | €0 | -€59,051 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €603,061 | €856,913 | +€253,853 | +42.1% |
| Amounts payable after more than one year | 17 | €496,567 | €536,573 | +€40,005 | +8.1% |
| Financial debts | 170/4 | €496,567 | €536,573 | +€40,005 | +8.1% |
| Amounts payable within one year | 42/48 | €106,493 | €320,340 | +€213,847 | +201% |
| Current portion of amounts payable after more than one year | 42 | €34,719 | €45,210 | +€10,492 | +30.2% |
| Trade debts | 44 | €4,080 | €5,245 | +€1,164 | +28.5% |
| Suppliers | 440/4 | €4,080 | €5,245 | +€1,164 | +28.5% |
| Taxes, remuneration and social security | 45 | €14,436 | €24,468 | +€10,032 | +69.5% |
| Taxes | 450/3 | €14,436 | €24,468 | +€10,032 | +69.5% |
| Other amounts payable | 47/48 | €53,258 | €245,417 | +€192,159 | +361% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,503 | €23,661 | -€3,842 | -14.0% |
| Other operating charges | 640/8 | €176 | €1,001 | +€826 | +470% |
| Gross operating margin | 9900 | €184,611 | €243,165 | +€58,554 | +31.7% |
| Operating profit (loss) | 9901 | €156,933 | €218,503 | +€61,570 | +39.2% |
| Financial income | 75/76B | €0 | €568 | +€568 | +2,841,250% |
| Recurring financial income | 75 | €0 | €568 | +€568 | +2,841,250% |
| Financial charges | 65/66B | €84,892 | €36,423 | -€48,469 | -57.1% |
| Recurring financial charges | 65 | €11,980 | €21,138 | +€9,158 | +76.4% |
| Non-recurring financial charges | 66B | €72,912 | €15,285 | -€57,627 | -79.0% |
| Profit (loss) for the period before taxes | 9903 | €72,041 | €182,648 | +€110,607 | +154% |
| Income taxes | 67/77 | €12,991 | €42,741 | +€29,751 | +229% |
| Profit (loss) for the period | 9904 | €59,051 | €139,907 | +€80,856 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €59,051 | €139,907 | +€80,856 | +137% |
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.