Dr. E. MULLIEZ: 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. E. MULLIEZ
Largest movements
- Current investments +€48,310
up €48,310 (+6.1%), from €794,623 to €842,932
- Deferred charges and accrued income -€45,585
down €45,585 (-14.6%), from €311,485 to €265,900
- Cash +€44,698
up €44,698 (+24.9%), from €179,214 to €223,913
mainly Net result for the year (+€386,245) and Deferred charges and accrued income (+€45,585)
- Debts after one year -€129,620
down €129,620 (-49.8%), from €260,187 to €130,567
- Reserves +€116,426
up €116,426 (+3.8%), from €3.1m to €3.2m
of which Distributable reserves: +€263,325
- Gross operating margin +€28,353
up €28,353 (+5.6%), from €502,181 to €530,534
- Financial income +€19,558
up €19,558 (+19.8%), from €98,970 to €118,527
- Taxes +€11,496
up €11,496 (+5.8%), from €197,155 to €208,651
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,634,537 | €3,614,586 | -€19,951 | -0.5% |
| Fixed assets | 21/28 | €1,188,321 | €1,152,608 | -€35,713 | -3.0% |
| Tangible fixed assets | 22/27 | €1,188,321 | €1,152,608 | -€35,713 | -3.0% |
| Land and buildings | 22 | €1,187,580 | €1,152,350 | -€35,230 | -3.0% |
| Plant, machinery and equipment | 23 | €741 | €258 | -€484 | -65.2% |
| Current assets | 29/58 | €2,446,215 | €2,461,978 | +€15,762 | +0.6% |
| Amounts receivable after more than one year | 29 | €1,055,013 | €1,055,013 | = | 0.0% |
| Other amounts receivable | 291 | €1,055,013 | €1,055,013 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €105,880 | €74,220 | -€31,660 | -29.9% |
| Trade receivables | 40 | €6,583 | €28,038 | +€21,455 | +325.9% |
| Other amounts receivable | 41 | €99,297 | €46,181 | -€53,115 | -53.5% |
| Current investments | 50/53 | €794,623 | €842,932 | +€48,310 | +6.1% |
| Cash at bank and in hand | 54/58 | €179,214 | €223,913 | +€44,698 | +24.9% |
| Deferred charges and accrued income | 490/1 | €311,485 | €265,900 | -€45,585 | -14.6% |
| Total equity and liabilities | 10/49 | €3,634,537 | €3,614,586 | -€19,951 | -0.5% |
| Equity | 10/15 | €3,081,717 | €3,198,143 | +€116,426 | +3.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €3,056,717 | €3,173,143 | +€116,426 | +3.8% |
| Tax-exempt reserves | 132 | €587,704 | €440,805 | -€146,899 | -25.0% |
| Distributable reserves | 133 | €2,469,013 | €2,732,338 | +€263,325 | +10.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €153,801 | €146,935 | -€6,866 | -4.5% |
| Deferred taxes | 168 | €153,801 | €146,935 | -€6,866 | -4.5% |
| Amounts payable | 17/49 | €399,018 | €269,507 | -€129,511 | -32.5% |
| Amounts payable after more than one year | 17 | €260,187 | €130,567 | -€129,620 | -49.8% |
| Financial debts | 170/4 | €260,187 | €130,567 | -€129,620 | -49.8% |
| Amounts payable within one year | 42/48 | €138,831 | €138,065 | -€766 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €128,285 | €129,620 | +€1,335 | +1.0% |
| Trade debts | 44 | €8,626 | €6,372 | -€2,255 | -26.1% |
| Suppliers | 440/4 | €8,626 | €6,372 | -€2,255 | -26.1% |
| Taxes, remuneration and social security | 45 | €1,919 | €1,933 | +€14 | +0.7% |
| Remuneration and social security | 454/9 | €1,919 | €1,933 | +€14 | +0.7% |
| Other amounts payable | 47/48 | €0 | €140 | +€140 | |
| Accrued charges and deferred income | 492/3 | €0 | €875 | +€875 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,409 | €43,909 | +€1,500 | +3.5% |
| Other operating charges | 640/8 | €3,661 | €6,584 | +€2,923 | +79.8% |
| Gross operating margin | 9900 | €502,181 | €530,534 | +€28,353 | +5.6% |
| Operating profit (loss) | 9901 | €456,111 | €480,041 | +€23,930 | +5.2% |
| Financial income | 75/76B | €98,970 | €118,527 | +€19,558 | +19.8% |
| Recurring financial income | 75 | €98,970 | €118,527 | +€19,558 | +19.8% |
| Financial charges | 65/66B | €11,322 | €10,538 | -€784 | -6.9% |
| Recurring financial charges | 65 | €11,322 | €10,538 | -€784 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €543,759 | €588,030 | +€44,271 | +8.1% |
| Transfer from deferred taxes | 780 | €6,866 | €6,866 | = | 0.0% |
| Income taxes | 67/77 | €197,155 | €208,651 | +€11,496 | +5.8% |
| Profit (loss) for the period | 9904 | €353,470 | €386,245 | +€32,775 | +9.3% |
| Transfer from tax-exempt reserves | 789 | €188,999 | €146,899 | -€42,100 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €542,468 | €533,143 | -€9,325 | -1.7% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.