Dr. Gülsen Mutluoglu: 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. Gülsen Mutluoglu
Largest movements
- Cash +€18,681
up €18,681 (+57.1%), from €32,694 to €51,376
mainly Net result for the year (+€44,298) and Deferred charges and accrued income (+€10,187)
- Deferred charges and accrued income -€10,187
down €10,187 (-12.4%), from €82,017 to €71,830
- Reserves +€44,298
up €44,298 (+85.1%), from €52,048 to €96,346
- Other debts -€35,296
down €35,296 (-88.1%), from €40,053 to €4,757
- Gross operating margin -€8,941
down €8,941 (-12.9%), from €69,069 to €60,128
- Financial charges +€1,745
up €1,745 (+146%), from €1,194 to €2,940
- Taxes -€1,670
down €1,670 (-11.5%), from €14,561 to €12,890
- Depreciation -€1,270
no longer reported in 2025 (was €1,270)
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 | €114,711 | €123,205 | +€8,494 | +7.4% |
| Current assets | 29/58 | €114,711 | €123,205 | +€8,494 | +7.4% |
| Cash at bank and in hand | 54/58 | €32,694 | €51,376 | +€18,681 | +57.1% |
| Deferred charges and accrued income | 490/1 | €82,017 | €71,830 | -€10,187 | -12.4% |
| Total equity and liabilities | 10/49 | €114,711 | €123,205 | +€8,494 | +7.4% |
| Equity | 10/15 | €53,048 | €97,346 | +€44,298 | +83.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €52,048 | €96,346 | +€44,298 | +85.1% |
| Distributable reserves | 133 | €52,048 | €96,346 | +€44,298 | +85.1% |
| Amounts payable | 17/49 | €61,663 | €25,859 | -€35,804 | -58.1% |
| Amounts payable within one year | 42/48 | €61,663 | €24,749 | -€36,914 | -59.9% |
| Trade debts | 44 | €4,393 | €3,969 | -€424 | -9.7% |
| Suppliers | 440/4 | €4,393 | €3,969 | -€424 | -9.7% |
| Taxes, remuneration and social security | 45 | €17,218 | €16,023 | -€1,195 | -6.9% |
| Taxes | 450/3 | €14,561 | €13,366 | -€1,195 | -8.2% |
| Remuneration and social security | 454/9 | €2,657 | €2,657 | = | 0.0% |
| Other amounts payable | 47/48 | €40,053 | €4,757 | -€35,296 | -88.1% |
| Accrued charges and deferred income | 492/3 | - | €1,110 | +€1,110 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,270 | - | -€1,270 | |
| Gross operating margin | 9900 | €69,069 | €60,128 | -€8,941 | -12.9% |
| Operating profit (loss) | 9901 | €67,800 | €60,128 | -€7,672 | -11.3% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €1,194 | €2,940 | +€1,745 | +146% |
| Recurring financial charges | 65 | €1,194 | €2,940 | +€1,745 | +146% |
| Profit (loss) for the period before taxes | 9903 | €66,608 | €57,188 | -€9,420 | -14.1% |
| Income taxes | 67/77 | €14,561 | €12,890 | -€1,670 | -11.5% |
| Profit (loss) for the period | 9904 | €52,048 | €44,298 | -€7,750 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,048 | €44,298 | -€7,750 | -14.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.