DR BERNARD MULDER: what changed
DR BERNARD MULDER
Largest movements
- Cash -€44,471
down €44,471 (-40.2%), from €110,738 to €66,268
mainly Receivables within one year (-€33,173) and Debts after one year (-€22,726)
- Receivables within one year +€33,173
up €33,173 (+126%), from €26,289 to €59,462
of which Other amounts receivable: +€35,430
- Tangible fixed assets -€23,623
down €23,623 (-22.2%), from €106,288 to €82,665
of which Furniture and vehicles: -€14,237
- Debts after one year -€22,726
down €22,726 (-32.5%), from €70,012 to €47,286
- Reserves -€12,000
down €12,000 (-7.9%), from €151,029 to €139,029
- Profit (loss) carried forward -€10,093
new in 2026: -€10,093
- Trade debts +€9,536
up €9,536 (+128%), from €7,427 to €16,963
- Other debts +€9,431
up €9,431 (+479%), from €1,969 to €11,400
- Gross operating margin -€51,053
down €51,053 (-52.6%), from €96,971 to €45,919
- Taxes -€6,935
down €6,935 (-87.8%), from €7,902 to €967
- Other operating charges -€6,597
down €6,597 (-83.8%), from €7,872 to €1,275
- Financial charges -€5,262
down €5,262 (-81.2%), from €6,477 to €1,215
- Financial income +€3,342
new in 2026: €3,342
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €276,713 | €242,171 | -€34,543 | -12.5% |
| Fixed assets | 21/28 | €131,253 | €107,630 | -€23,623 | -18.0% |
| Tangible fixed assets | 22/27 | €106,288 | €82,665 | -€23,623 | -22.2% |
| Plant, machinery and equipment | 23 | €62,158 | €52,771 | -€9,386 | -15.1% |
| Furniture and vehicles | 24 | €44,131 | €29,894 | -€14,237 | -32.3% |
| Financial fixed assets | 28 | €24,965 | €24,965 | = | 0.0% |
| Current assets | 29/58 | €145,461 | €134,541 | -€10,920 | -7.5% |
| Amounts receivable within one year | 40/41 | €26,289 | €59,462 | +€33,173 | +126% |
| Trade receivables | 40 | €2,257 | - | -€2,257 | |
| Other amounts receivable | 41 | €24,031 | €59,462 | +€35,430 | +147% |
| Cash at bank and in hand | 54/58 | €110,738 | €66,268 | -€44,471 | -40.2% |
| Deferred charges and accrued income | 490/1 | €8,433 | €8,811 | +€378 | +4.5% |
| Total equity and liabilities | 10/49 | €276,713 | €242,171 | -€34,543 | -12.5% |
| Equity | 10/15 | €165,289 | €143,196 | -€22,093 | -13.4% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €151,029 | €139,029 | -€12,000 | -7.9% |
| Distributable reserves | 133 | €151,029 | €139,029 | -€12,000 | -7.9% |
| Profit (loss) carried forward | 14 | - | -€10,093 | -€10,093 | |
| Amounts payable | 17/49 | €111,424 | €98,975 | -€12,449 | -11.2% |
| Amounts payable after more than one year | 17 | €70,012 | €47,286 | -€22,726 | -32.5% |
| Financial debts | 170/4 | €70,012 | €47,286 | -€22,726 | -32.5% |
| Amounts payable within one year | 42/48 | €37,824 | €51,690 | +€13,866 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €25,387 | €22,726 | -€2,661 | -10.5% |
| Trade debts | 44 | €7,427 | €16,963 | +€9,536 | +128% |
| Suppliers | 440/4 | €7,427 | €16,963 | +€9,536 | +128% |
| Taxes, remuneration and social security | 45 | €3,041 | €600 | -€2,441 | -80.3% |
| Taxes | 450/3 | €2,917 | €600 | -€2,317 | -79.4% |
| Remuneration and social security | 454/9 | €124 | - | -€124 | |
| Other amounts payable | 47/48 | €1,969 | €11,400 | +€9,431 | +479% |
| Accrued charges and deferred income | 492/3 | €3,589 | - | -€3,589 | |
| Remuneration, social security and pensions | 62 | €27,856 | €27,719 | -€137 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,652 | €28,177 | +€525 | +1.9% |
| Other operating charges | 640/8 | €7,872 | €1,275 | -€6,597 | -83.8% |
| Gross operating margin | 9900 | €96,971 | €45,919 | -€51,053 | -52.6% |
| Operating profit (loss) | 9901 | €33,591 | -€11,253 | -€44,844 | |
| Financial income | 75/76B | - | €3,342 | +€3,342 | |
| Recurring financial income | 75 | - | €3,342 | +€3,342 | |
| Financial charges | 65/66B | €6,477 | €1,215 | -€5,262 | -81.2% |
| Recurring financial charges | 65 | €6,477 | €1,215 | -€5,262 | -81.2% |
| Profit (loss) for the period before taxes | 9903 | €27,114 | -€9,126 | -€36,240 | |
| Income taxes | 67/77 | €7,902 | €967 | -€6,935 | -87.8% |
| Profit (loss) for the period | 9904 | €19,212 | -€10,093 | -€29,306 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,212 | -€10,093 | -€29,306 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.