EURO-MULTITEL: 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.
EURO-MULTITEL
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+84.1%), from €1.4m to €2.7m
of which Trade receivables: +€1.5m
- Cash -€1.1m
down €1.1m (-90.4%), from €1.2m to €114,515
mainly Investment in fixed assets (net) (-€1.9m) and Receivables within one year (-€1.2m)
- Tangible fixed assets -€113,195
down €113,195 (-38.3%), from €295,210 to €182,015
of which Furniture and vehicles: -€111,702
- Intangible fixed assets -€104,870
down €104,870 (-4.9%), from €2.2m to €2.1m
- Debts after one year -€538,223
down €538,223 (-28.2%), from €1.9m to €1.4m
- Advances received +€303,534
up €303,534, from €0 to €303,534
- Profit (loss) carried forward +€274,264
up €274,264 (+35.4%), from -€775,565 to -€501,300
- Tax, wage and social debts -€147,878
down €147,878 (-39.9%), from €370,954 to €223,076
of which Remuneration and social security: -€140,414
- Staff costs -€694,528
down €694,528 (-27.3%), from €2.5m to €1.8m
- Gross operating margin +€677,085
up €677,085 (+29.7%), from €2.3m to €3.0m
- Depreciation -€179,371
down €179,371 (-7.9%), from €2.3m to €2.1m
- Financial income -€75,588
down €75,588 (-5.5%), from €1.4m to €1.3m
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 | €5,127,014 | €5,036,559 | -€90,455 | -1.8% |
| Fixed assets | 21/28 | €2,469,895 | €2,251,829 | -€218,066 | -8.8% |
| Intangible fixed assets | 21 | €2,157,979 | €2,053,109 | -€104,870 | -4.9% |
| Tangible fixed assets | 22/27 | €295,210 | €182,015 | -€113,195 | -38.3% |
| Plant, machinery and equipment | 23 | €1,859 | €366 | -€1,494 | -80.3% |
| Furniture and vehicles | 24 | €293,351 | €181,649 | -€111,702 | -38.1% |
| Financial fixed assets | 28 | €16,705 | €16,705 | = | 0.0% |
| Current assets | 29/58 | €2,657,119 | €2,784,730 | +€127,610 | +4.8% |
| Amounts receivable within one year | 40/41 | €1,447,152 | €2,664,271 | +€1.2m | +84.1% |
| Trade receivables | 40 | €907,150 | €2,360,393 | +€1.5m | +160% |
| Other amounts receivable | 41 | €540,002 | €303,878 | -€236,124 | -43.7% |
| Cash at bank and in hand | 54/58 | €1,186,788 | €114,515 | -€1.1m | -90.4% |
| Deferred charges and accrued income | 490/1 | €23,179 | €5,943 | -€17,236 | -74.4% |
| Total equity and liabilities | 10/49 | €5,127,014 | €5,036,559 | -€90,455 | -1.8% |
| Equity | 10/15 | €935,372 | €1,199,287 | +€263,915 | +28.2% |
| Contributions | 10/11 | €299,000 | €299,000 | = | 0.0% |
| Capital | 10 | €299,000 | €299,000 | = | 0.0% |
| Issued capital | 100 | €561,500 | €561,500 | = | 0.0% |
| Uncalled capital | 101 | €262,500 | €262,500 | = | 0.0% |
| Reserves | 13 | €23,089 | €23,089 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,089 | €23,089 | = | 0.0% |
| Legal reserve | 130 | €23,089 | €23,089 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€775,565 | -€501,300 | +€274,264 | +35.4% |
| Investment grants | 15 | €1,388,848 | €1,378,499 | -€10,349 | -0.7% |
| Provisions and deferred taxes | 16 | - | €24,975 | +€24,975 | |
| Provisions for liabilities and charges | 160/5 | - | €24,975 | +€24,975 | |
| Environmental obligations | 163 | - | €24,975 | +€24,975 | |
| Amounts payable | 17/49 | €4,191,642 | €3,812,297 | -€379,346 | -9.1% |
| Amounts payable after more than one year | 17 | €1,909,890 | €1,371,667 | -€538,223 | -28.2% |
| Financial debts | 170/4 | €1,909,890 | €1,371,667 | -€538,223 | -28.2% |
| Amounts payable within one year | 42/48 | €2,281,753 | €2,440,630 | +€158,878 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €660,946 | €623,375 | -€37,571 | -5.7% |
| Financial debts | 43 | €140,000 | €140,000 | = | 0.0% |
| Credit institutions | 430/8 | €140,000 | €140,000 | = | 0.0% |
| Trade debts | 44 | €890,161 | €903,024 | +€12,863 | +1.4% |
| Suppliers | 440/4 | €890,161 | €903,024 | +€12,863 | +1.4% |
| Advances received on contracts in progress | 46 | €0 | €303,534 | +€303,534 | |
| Taxes, remuneration and social security | 45 | €370,954 | €223,076 | -€147,878 | -39.9% |
| Taxes | 450/3 | €24,960 | €17,497 | -€7,463 | -29.9% |
| Remuneration and social security | 454/9 | €345,994 | €205,579 | -€140,414 | -40.6% |
| Other amounts payable | 47/48 | €219,692 | €247,621 | +€27,929 | +12.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €23,193 | €9,276 | -€13,917 | -60.0% |
| Remuneration, social security and pensions | 62 | €2,542,186 | €1,847,659 | -€694,528 | -27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,263,796 | €2,084,425 | -€179,371 | -7.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €24,975 | +€24,975 | |
| Other operating charges | 640/8 | €12,095 | €19,916 | +€7,820 | +64.7% |
| Non-recurring operating charges | 66A | €4,331 | €0 | -€4,331 | -100% |
| Gross operating margin | 9900 | €2,282,326 | €2,959,411 | +€677,085 | +29.7% |
| Operating profit (loss) | 9901 | -€2,540,082 | -€1,017,563 | +€1.5m | +59.9% |
| Financial income | 75/76B | €1,383,819 | €1,308,232 | -€75,588 | -5.5% |
| Recurring financial income | 75 | €1,383,819 | €1,308,232 | -€75,588 | -5.5% |
| Financial charges | 65/66B | €63,898 | €62,485 | -€1,412 | -2.2% |
| Recurring financial charges | 65 | €63,898 | €62,485 | -€1,412 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,220,160 | €228,183 | +€1.4m | |
| Income taxes | 67/77 | -€44,166 | -€46,081 | -€1,915 | -4.3% |
| Profit (loss) for the period | 9904 | -€1,175,994 | €274,264 | +€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,175,994 | €274,264 | +€1.5m |
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 28 October 2026 via checked.be.