E. Müllendorff: what changed
Two fiscal 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.
E. Müllendorff
Largest movements
- Cash +€140,956
up €140,956 (+130.9%), from €107,712 to €248,668
mainly Other debts (+€232,555) and Receivables after one year (+€100,000)
- Receivables after one year -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Deferred charges and accrued income +€8,434
up €8,434 (+65.4%), from €12,900 to €21,334
- Tangible fixed assets -€7,706
down €7,706 (-3.1%), from €247,266 to €239,561
- Reserves -€290,000
down €290,000 (-91.1%), from €318,276 to €28,276
- Other debts +€232,555
up €232,555 (+404.8%), from €57,445 to €290,000
- Profit (loss) carried forward +€98,065
up €98,065, from €0 to €98,065
- Tax, wage and social debts -€18,415
down €18,415 (-100.0%), from €18,415 to €0
of which Taxes: -€11,426
- Short-term financial debts +€10,096
up €10,096, from €0 to €10,096
- Taxes -€8,856
down €8,856 (-21.3%), from €41,544 to €32,688
- Depreciation -€5,412
down €5,412 (-41.3%), from €13,117 to €7,706
- Gross operating margin -€4,985
down €4,985 (-3.4%), from €146,529 to €141,544
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 | €467,878 | €509,580 | +€41,702 | +8.9% |
| Fixed assets | 21/28 | €247,266 | €239,561 | -€7,706 | -3.1% |
| Tangible fixed assets | 22/27 | €247,266 | €239,561 | -€7,706 | -3.1% |
| Land and buildings | 22 | €247,266 | €239,561 | -€7,706 | -3.1% |
| Current assets | 29/58 | €220,612 | €270,019 | +€49,407 | +22.4% |
| Amounts receivable after more than one year | 29 | €100,000 | €0 | -€100,000 | -100.0% |
| Other amounts receivable | 291 | €100,000 | €0 | -€100,000 | -100.0% |
| Amounts receivable within one year | 40/41 | - | €17 | +€17 | |
| Other amounts receivable | 41 | - | €17 | +€17 | |
| Cash at bank and in hand | 54/58 | €107,712 | €248,668 | +€140,956 | +130.9% |
| Deferred charges and accrued income | 490/1 | €12,900 | €21,334 | +€8,434 | +65.4% |
| Total equity and liabilities | 10/49 | €467,878 | €509,580 | +€41,702 | +8.9% |
| Equity | 10/15 | €380,249 | €188,314 | -€191,935 | -50.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €318,276 | €28,276 | -€290,000 | -91.1% |
| Distributable reserves | 133 | €318,276 | €28,276 | -€290,000 | -91.1% |
| Profit (loss) carried forward | 14 | €0 | €98,065 | +€98,065 | |
| Amounts payable | 17/49 | €87,629 | €321,266 | +€233,637 | +266.6% |
| Amounts payable after more than one year | 17 | €4,400 | €4,400 | = | 0.0% |
| Other amounts payable | 178/9 | €4,400 | €4,400 | = | 0.0% |
| Amounts payable within one year | 42/48 | €76,379 | €309,049 | +€232,670 | +304.6% |
| Financial debts | 43 | €0 | €10,096 | +€10,096 | |
| Credit institutions | 430/8 | €0 | €10,096 | +€10,096 | |
| Trade debts | 44 | €519 | €8,953 | +€8,434 | +1624.6% |
| Suppliers | 440/4 | €519 | €8,953 | +€8,434 | +1624.6% |
| Taxes, remuneration and social security | 45 | €18,415 | €0 | -€18,415 | -100.0% |
| Taxes | 450/3 | €11,426 | €0 | -€11,426 | -100.0% |
| Remuneration and social security | 454/9 | €6,988 | €0 | -€6,988 | -100.0% |
| Other amounts payable | 47/48 | €57,445 | €290,000 | +€232,555 | +404.8% |
| Accrued charges and deferred income | 492/3 | €6,850 | €7,817 | +€967 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,117 | €7,706 | -€5,412 | -41.3% |
| Other operating charges | 640/8 | €5,074 | €6,160 | +€1,086 | +21.4% |
| Gross operating margin | 9900 | €146,529 | €141,544 | -€4,985 | -3.4% |
| Operating profit (loss) | 9901 | €128,338 | €127,678 | -€660 | -0.5% |
| Financial income | 75/76B | €3,393 | €3,561 | +€168 | +4.9% |
| Recurring financial income | 75 | €3,393 | €3,561 | +€168 | +4.9% |
| Financial charges | 65/66B | €481 | €485 | +€5 | +0.9% |
| Recurring financial charges | 65 | €481 | €485 | +€5 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €131,250 | €130,753 | -€497 | -0.4% |
| Income taxes | 67/77 | €41,544 | €32,688 | -€8,856 | -21.3% |
| Profit (loss) for the period | 9904 | €89,706 | €98,065 | +€8,359 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €89,706 | €98,065 | +€8,359 | +9.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.