François MULLER: 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.
François MULLER
Largest movements
- Cash +€58,267
up €58,267 (+65.5%), from €88,956 to €147,223
mainly Net result for the year (+€66,238) and Receivables within one year (+€17,106)
- Receivables within one year -€17,106
down €17,106 (-45.1%), from €37,913 to €20,807
of which Trade receivables: -€17,143
- Deferred charges and accrued income -€10,801
down €10,801 (-87.4%), from €12,355 to €1,554
- Tangible fixed assets -€6,633
down €6,633 (-18.0%), from €36,810 to €30,177
of which Furniture and vehicles: -€4,837
- Reserves +€35,405
up €35,405 (+10.9%), from €326,133 to €361,538
of which Distributable reserves: +€35,405
- Trade debts -€9,019
down €9,019 (-26.0%), from €34,622 to €25,604
- Debts after one year -€6,873
down €6,873 (-74.4%), from €9,236 to €2,363
- Staff costs -€13,713
down €13,713 (-12.7%), from €108,250 to €94,537
- Gross operating margin -€13,100
down €13,100 (-6.1%), from €214,670 to €201,571
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 | €424,969 | €445,129 | +€20,160 | +4.7% |
| Fixed assets | 21/28 | €36,810 | €30,177 | -€6,633 | -18.0% |
| Tangible fixed assets | 22/27 | €36,810 | €30,177 | -€6,633 | -18.0% |
| Plant, machinery and equipment | 23 | €7,992 | €6,322 | -€1,670 | -20.9% |
| Furniture and vehicles | 24 | €28,470 | €23,633 | -€4,837 | -17.0% |
| Other tangible fixed assets | 26 | €347 | €222 | -€126 | -36.2% |
| Current assets | 29/58 | €388,159 | €414,952 | +€26,793 | +6.9% |
| Stocks and contracts in progress | 3 | €8,934 | €5,368 | -€3,567 | -39.9% |
| Stocks | 30/36 | €8,934 | €5,368 | -€3,567 | -39.9% |
| Amounts receivable within one year | 40/41 | €37,913 | €20,807 | -€17,106 | -45.1% |
| Trade receivables | 40 | €37,898 | €20,755 | -€17,143 | -45.2% |
| Other amounts receivable | 41 | €15 | €53 | +€37 | +247% |
| Current investments | 50/53 | €240,000 | €240,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €88,956 | €147,223 | +€58,267 | +65.5% |
| Deferred charges and accrued income | 490/1 | €12,355 | €1,554 | -€10,801 | -87.4% |
| Total equity and liabilities | 10/49 | €424,969 | €445,129 | +€20,160 | +4.7% |
| Equity | 10/15 | €344,733 | €380,138 | +€35,405 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €326,133 | €361,538 | +€35,405 | +10.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €324,273 | €359,678 | +€35,405 | +10.9% |
| Amounts payable | 17/49 | €80,236 | €64,991 | -€15,245 | -19.0% |
| Amounts payable after more than one year | 17 | €9,236 | €2,363 | -€6,873 | -74.4% |
| Financial debts | 170/4 | €9,236 | €2,363 | -€6,873 | -74.4% |
| Amounts payable within one year | 42/48 | €69,987 | €61,949 | -€8,038 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €6,559 | €6,873 | +€314 | +4.8% |
| Trade debts | 44 | €34,622 | €25,604 | -€9,019 | -26.0% |
| Suppliers | 440/4 | €34,622 | €25,604 | -€9,019 | -26.0% |
| Advances received on contracts in progress | 46 | €5,000 | €5,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €17,099 | €18,637 | +€1,539 | +9.0% |
| Taxes | 450/3 | €13,478 | €16,750 | +€3,272 | +24.3% |
| Remuneration and social security | 454/9 | €3,620 | €1,887 | -€1,733 | -47.9% |
| Other amounts payable | 47/48 | €6,708 | €5,836 | -€872 | -13.0% |
| Accrued charges and deferred income | 492/3 | €1,013 | €679 | -€334 | -33.0% |
| Non-recurring operating income | 76A | €4,079 | - | -€4,079 | |
| Remuneration, social security and pensions | 62 | €108,250 | €94,537 | -€13,713 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,857 | €12,312 | +€454 | +3.8% |
| Other operating charges | 640/8 | €1,278 | €1,339 | +€61 | +4.8% |
| Gross operating margin | 9900 | €214,670 | €201,571 | -€13,100 | -6.1% |
| Operating profit (loss) | 9901 | €93,285 | €93,383 | +€98 | +0.1% |
| Financial income | 75/76B | €6,752 | €5,302 | -€1,450 | -21.5% |
| Recurring financial income | 75 | €6,752 | €5,302 | -€1,450 | -21.5% |
| Financial charges | 65/66B | €1,450 | €1,370 | -€80 | -5.5% |
| Recurring financial charges | 65 | €1,450 | €1,370 | -€80 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €98,586 | €97,315 | -€1,272 | -1.3% |
| Income taxes | 67/77 | €30,619 | €31,077 | +€457 | +1.5% |
| Profit (loss) for the period | 9904 | €67,967 | €66,238 | -€1,729 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,967 | €66,238 | -€1,729 | -2.5% |
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 27 October 2026 via checked.be.