DR. MULLER PETER: 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. MULLER PETER
Largest movements
- Current investments +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Cash +€70,843
up €70,843 (+26.8%), from €264,269 to €335,112
mainly Net result for the year (+€209,059) and Receivables within one year (+€57,204)
- Receivables within one year -€57,204
down €57,204 (-25.0%), from €228,530 to €171,326
- Tangible fixed assets -€18,156
down €18,156 (-4.6%), from €394,840 to €376,684
of which Land and buildings: -€16,226
- Reserves +€75,000
up €75,000 (+8.1%), from €926,857 to €1.0m
of which Distributable reserves: +€75,000
- Other debts +€38,595
up €38,595 (+38.5%), from €100,218 to €138,813
- Tax, wage and social debts -€17,283
down €17,283 (-40.7%), from €42,435 to €25,152
- Gross operating margin -€74,166
down €74,166 (-18.2%), from €407,235 to €333,069
- Depreciation -€23,508
down €23,508 (-46.8%), from €50,263 to €26,755
- Taxes -€16,371
down €16,371 (-14.9%), from €109,892 to €93,521
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.
Cash bridge derived
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 | €1,096,146 | €1,188,908 | +€92,763 | +8.5% |
| Fixed assets | 21/28 | €395,963 | €377,807 | -€18,156 | -4.6% |
| Tangible fixed assets | 22/27 | €394,840 | €376,684 | -€18,156 | -4.6% |
| Land and buildings | 22 | €377,487 | €361,261 | -€16,226 | -4.3% |
| Plant, machinery and equipment | 23 | €3,250 | €2,837 | -€413 | -12.7% |
| Furniture and vehicles | 24 | €14,103 | €12,586 | -€1,517 | -10.8% |
| Financial fixed assets | 28 | €1,123 | €1,123 | = | 0.0% |
| Current assets | 29/58 | €700,183 | €811,102 | +€110,919 | +15.8% |
| Amounts receivable within one year | 40/41 | €228,530 | €171,326 | -€57,204 | -25.0% |
| Trade receivables | 40 | €228,530 | €171,326 | -€57,204 | -25.0% |
| Current investments | 50/53 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €264,269 | €335,112 | +€70,843 | +26.8% |
| Deferred charges and accrued income | 490/1 | €7,384 | €4,664 | -€2,720 | -36.8% |
| Total equity and liabilities | 10/49 | €1,096,146 | €1,188,908 | +€92,763 | +8.5% |
| Equity | 10/15 | €946,813 | €1,021,873 | +€75,059 | +7.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €926,857 | €1,001,857 | +€75,000 | +8.1% |
| Tax-exempt reserves | 132 | €997 | €997 | = | 0.0% |
| Distributable reserves | 133 | €925,860 | €1,000,860 | +€75,000 | +8.1% |
| Profit (loss) carried forward | 14 | €7,557 | €7,616 | +€59 | +0.8% |
| Amounts payable | 17/49 | €149,332 | €167,036 | +€17,703 | +11.9% |
| Amounts payable within one year | 42/48 | €149,332 | €167,036 | +€17,703 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €6,679 | €3,071 | -€3,609 | -54.0% |
| Suppliers | 440/4 | €6,679 | €3,071 | -€3,609 | -54.0% |
| Taxes, remuneration and social security | 45 | €42,435 | €25,152 | -€17,283 | -40.7% |
| Taxes | 450/3 | €42,435 | €25,152 | -€17,283 | -40.7% |
| Other amounts payable | 47/48 | €100,218 | €138,813 | +€38,595 | +38.5% |
| Non-recurring operating income | 76A | €3,229 | €0 | -€3,229 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,263 | €26,755 | -€23,508 | -46.8% |
| Other operating charges | 640/8 | €4,227 | €3,674 | -€552 | -13.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €407,235 | €333,069 | -€74,166 | -18.2% |
| Operating profit (loss) | 9901 | €352,745 | €302,640 | -€50,106 | -14.2% |
| Financial income | 75/76B | €2 | €230 | +€228 | +11322.4% |
| Recurring financial income | 75 | €2 | €230 | +€228 | +11322.4% |
| Financial charges | 65/66B | -€234 | €289 | +€523 | |
| Recurring financial charges | 65 | -€234 | €289 | +€523 | |
| Profit (loss) for the period before taxes | 9903 | €352,981 | €302,580 | -€50,401 | -14.3% |
| Income taxes | 67/77 | €109,892 | €93,521 | -€16,371 | -14.9% |
| Profit (loss) for the period | 9904 | €243,089 | €209,059 | -€34,030 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €243,089 | €209,059 | -€34,030 | -14.0% |
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 9 October 2026 via checked.be.