DR. MULKENS TOM: 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. MULKENS TOM
Largest movements
- Current investments +€349,594
up €349,594 (+32.9%), from €1.1m to €1.4m
- Cash +€56,588
up €56,588 (+58.7%), from €96,474 to €153,063
mainly Net result for the year (+€511,456) and Other debts (+€385,316)
- Other debts +€385,316
up €385,316 (+438%), from €87,875 to €473,191
- Tax, wage and social debts +€52,464
up €52,464 (+82.9%), from €63,249 to €115,713
- Trade debts -€16,524
down €16,524 (-91.1%), from €18,134 to €1,611
- Gross operating margin +€328,249
up €328,249 (+81.7%), from €401,670 to €729,918
- Taxes +€103,649
up €103,649 (+81.5%), from €127,173 to €230,822
- Financial income +€12,551
up €12,551 (+89.0%), from €14,107 to €26,659
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 | €1,175,500 | €1,584,970 | +€409,470 | +34.8% |
| Fixed assets | 21/28 | €3,694 | €2,020 | -€1,674 | -45.3% |
| Tangible fixed assets | 22/27 | €3,694 | €2,020 | -€1,674 | -45.3% |
| Plant, machinery and equipment | 23 | €1,564 | €1,090 | -€474 | -30.3% |
| Furniture and vehicles | 24 | €2,130 | €930 | -€1,200 | -56.3% |
| Current assets | 29/58 | €1,171,806 | €1,582,951 | +€411,145 | +35.1% |
| Amounts receivable within one year | 40/41 | €7,346 | €15,794 | +€8,448 | +115% |
| Trade receivables | 40 | €7,346 | €2,594 | -€4,752 | -64.7% |
| Other amounts receivable | 41 | - | €13,200 | +€13,200 | |
| Current investments | 50/53 | €1,061,159 | €1,410,753 | +€349,594 | +32.9% |
| Cash at bank and in hand | 54/58 | €96,474 | €153,063 | +€56,588 | +58.7% |
| Deferred charges and accrued income | 490/1 | €6,827 | €3,341 | -€3,486 | -51.1% |
| Total equity and liabilities | 10/49 | €1,175,500 | €1,584,970 | +€409,470 | +34.8% |
| Equity | 10/15 | €1,006,241 | €994,456 | -€11,785 | -1.2% |
| Contributions | 10/11 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €993,156 | €994,400 | +€1,244 | +0.1% |
| Distributable reserves | 133 | €993,156 | €994,400 | +€1,244 | +0.1% |
| Profit (loss) carried forward | 14 | €685 | €56 | -€629 | -91.8% |
| Amounts payable | 17/49 | €169,259 | €590,514 | +€421,256 | +249% |
| Amounts payable within one year | 42/48 | €169,259 | €590,514 | +€421,256 | +249% |
| Trade debts | 44 | €18,134 | €1,611 | -€16,524 | -91.1% |
| Suppliers | 440/4 | €18,134 | €1,611 | -€16,524 | -91.1% |
| Taxes, remuneration and social security | 45 | €63,249 | €115,713 | +€52,464 | +82.9% |
| Taxes | 450/3 | €63,249 | €115,713 | +€52,464 | +82.9% |
| Other amounts payable | 47/48 | €87,875 | €473,191 | +€385,316 | +438% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,959 | €1,674 | -€285 | -14.6% |
| Other operating charges | 640/8 | €1,446 | €1,616 | +€170 | +11.7% |
| Gross operating margin | 9900 | €401,670 | €729,918 | +€328,249 | +81.7% |
| Operating profit (loss) | 9901 | €398,264 | €726,628 | +€328,364 | +82.4% |
| Financial income | 75/76B | €14,107 | €26,659 | +€12,551 | +89.0% |
| Recurring financial income | 75 | €14,107 | €26,659 | +€12,551 | +89.0% |
| Financial charges | 65/66B | €5,742 | €11,009 | +€5,267 | +91.7% |
| Recurring financial charges | 65 | €5,742 | €11,009 | +€5,267 | +91.7% |
| Profit (loss) for the period before taxes | 9903 | €406,629 | €742,278 | +€335,649 | +82.5% |
| Income taxes | 67/77 | €127,173 | €230,822 | +€103,649 | +81.5% |
| Profit (loss) for the period | 9904 | €279,456 | €511,456 | +€232,000 | +83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €279,456 | €511,456 | +€232,000 | +83.0% |
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 20 October 2026 via checked.be.