DR. DANIEL MÜLLER: 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. DANIEL MÜLLER
Largest movements
- Cash +€202,002
up €202,002 (+36.6%), from €552,066 to €754,068
mainly Net result for the year (+€192,560) and Trade debts (+€30,439)
- Receivables within one year +€28,598
up €28,598 (+38.6%), from €74,072 to €102,670
of which Other amounts receivable: +€15,889
- Reserves +€186,305
up €186,305 (+22.3%), from €835,835 to €1.0m
of which Distributable reserves: +€100,000
- Trade debts +€30,439
up €30,439 (+274%), from €11,113 to €41,552
- Debts after one year +€23,502
up €23,502 (+7.9%), from €297,462 to €320,964
of which Other amounts payable: +€60,995
- Gross operating margin +€75,558
up €75,558 (+19.6%), from €385,480 to €461,038
- Taxes +€21,317
up €21,317 (+34.9%), from €61,107 to €82,424
- Financial income +€11,597
up €11,597 (+366%), from €3,170 to €14,767
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 | €1,267,848 | €1,498,406 | +€230,558 | +18.2% |
| Fixed assets | 21/28 | €629,501 | €631,730 | +€2,229 | +0.4% |
| Tangible fixed assets | 22/27 | €65,210 | €61,932 | -€3,278 | -5.0% |
| Furniture and vehicles | 24 | €65,210 | €50,980 | -€14,230 | -21.8% |
| Other tangible fixed assets | 26 | - | €10,952 | +€10,952 | |
| Financial fixed assets | 28 | €564,291 | €569,798 | +€5,507 | +1.0% |
| Current assets | 29/58 | €638,347 | €866,676 | +€228,329 | +35.8% |
| Amounts receivable within one year | 40/41 | €74,072 | €102,670 | +€28,598 | +38.6% |
| Trade receivables | 40 | €14,749 | €27,458 | +€12,709 | +86.2% |
| Other amounts receivable | 41 | €59,323 | €75,212 | +€15,889 | +26.8% |
| Cash at bank and in hand | 54/58 | €552,066 | €754,068 | +€202,002 | +36.6% |
| Deferred charges and accrued income | 490/1 | €12,209 | €9,938 | -€2,271 | -18.6% |
| Total equity and liabilities | 10/49 | €1,267,848 | €1,498,406 | +€230,558 | +18.2% |
| Equity | 10/15 | €870,974 | €1,063,534 | +€192,560 | +22.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €835,835 | €1,022,140 | +€186,305 | +22.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €39,995 | €126,300 | +€86,305 | +216% |
| Distributable reserves | 133 | €793,980 | €893,980 | +€100,000 | +12.6% |
| Profit (loss) carried forward | 14 | €16,539 | €22,794 | +€6,255 | +37.8% |
| Amounts payable | 17/49 | €396,874 | €434,872 | +€37,998 | +9.6% |
| Amounts payable after more than one year | 17 | €297,462 | €320,964 | +€23,502 | +7.9% |
| Financial debts | 170/4 | €137,679 | €100,186 | -€37,493 | -27.2% |
| Other amounts payable | 178/9 | €159,783 | €220,778 | +€60,995 | +38.2% |
| Amounts payable within one year | 42/48 | €86,024 | €100,435 | +€14,411 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €36,544 | €37,492 | +€948 | +2.6% |
| Trade debts | 44 | €11,113 | €41,552 | +€30,439 | +274% |
| Suppliers | 440/4 | €11,113 | €41,552 | +€30,439 | +274% |
| Taxes, remuneration and social security | 45 | €28,881 | €21,391 | -€7,490 | -25.9% |
| Taxes | 450/3 | €20,853 | €13,200 | -€7,653 | -36.7% |
| Remuneration and social security | 454/9 | €8,028 | €8,191 | +€163 | +2.0% |
| Other amounts payable | 47/48 | €9,486 | - | -€9,486 | |
| Accrued charges and deferred income | 492/3 | €13,388 | €13,473 | +€85 | +0.6% |
| Remuneration, social security and pensions | 62 | €71,201 | €68,002 | -€3,199 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,094 | €23,641 | +€3,547 | +17.7% |
| Other operating charges | 640/8 | €1,894 | €3,041 | +€1,147 | +60.6% |
| Non-recurring operating charges | 66A | €664 | €127 | -€537 | -80.9% |
| Gross operating margin | 9900 | €385,480 | €461,038 | +€75,558 | +19.6% |
| Operating profit (loss) | 9901 | €291,627 | €366,227 | +€74,600 | +25.6% |
| Financial income | 75/76B | €3,170 | €14,767 | +€11,597 | +366% |
| Recurring financial income | 75 | €3,170 | €14,767 | +€11,597 | +366% |
| Financial charges | 65/66B | €107,466 | €106,010 | -€1,456 | -1.4% |
| Recurring financial charges | 65 | €14,039 | €17,360 | +€3,321 | +23.7% |
| Non-recurring financial charges | 66B | €93,427 | €88,650 | -€4,777 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €187,331 | €274,984 | +€87,653 | +46.8% |
| Income taxes | 67/77 | €61,107 | €82,424 | +€21,317 | +34.9% |
| Profit (loss) for the period | 9904 | €126,224 | €192,560 | +€66,336 | +52.6% |
| Transfer to tax-exempt reserves | 689 | €39,995 | €86,305 | +€46,310 | +116% |
| Profit (loss) for the period to be appropriated | 9905 | €86,229 | €106,255 | +€20,026 | +23.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.