FREDERIC VANMULLEM: 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.
FREDERIC VANMULLEM
Largest movements
- Current investments -€204,000
down €204,000 (-100.0%), from €204,000 to €0
- Cash +€165,084
up €165,084 (+60.7%), from €271,775 to €436,859
mainly Current investments (+€204,000) and Net result for the year (+€56,529)
- Stocks and contracts +€32,253
up €32,253 (+135.1%), from €23,865 to €56,119
- Tangible fixed assets -€22,215
down €22,215 (-28.3%), from €78,560 to €56,344
of which Furniture and vehicles: -€18,879
- Other debts -€24,471
down €24,471 (-24.2%), from €101,102 to €76,631
- Trade debts +€23,732
up €23,732 (+230.1%), from €10,313 to €34,045
- Reserves -€20,103
down €20,103 (-4.6%), from €441,268 to €421,166
- Debts after one year -€6,690
down €6,690 (-100.0%), from €6,690 to €0
- Gross operating margin -€36,796
down €36,796 (-27.7%), from €132,927 to €96,131
- Taxes -€10,419
down €10,419 (-32.1%), from €32,482 to €22,063
- Depreciation +€3,244
up €3,244 (+17.1%), from €18,971 to €22,215
- Financial charges -€2,980
down €2,980 (-92.8%), from €3,211 to €231
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 | €600,925 | €569,649 | -€31,275 | -5.2% |
| Fixed assets | 21/28 | €78,560 | €56,344 | -€22,215 | -28.3% |
| Tangible fixed assets | 22/27 | €78,560 | €56,344 | -€22,215 | -28.3% |
| Plant, machinery and equipment | 23 | €1,519 | €289 | -€1,230 | -81.0% |
| Furniture and vehicles | 24 | €57,157 | €38,278 | -€18,879 | -33.0% |
| Other tangible fixed assets | 26 | €19,883 | €17,777 | -€2,107 | -10.6% |
| Current assets | 29/58 | €522,365 | €513,305 | -€9,060 | -1.7% |
| Stocks and contracts in progress | 3 | €23,865 | €56,119 | +€32,253 | +135.1% |
| Stocks | 30/36 | €23,865 | €56,119 | +€32,253 | +135.1% |
| Amounts receivable within one year | 40/41 | €16,654 | €16,977 | +€322 | +1.9% |
| Trade receivables | 40 | €8,328 | €7,089 | -€1,238 | -14.9% |
| Other amounts receivable | 41 | €8,327 | €9,887 | +€1,561 | +18.7% |
| Current investments | 50/53 | €204,000 | €0 | -€204,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €271,775 | €436,859 | +€165,084 | +60.7% |
| Deferred charges and accrued income | 490/1 | €6,070 | €3,350 | -€2,720 | -44.8% |
| Total equity and liabilities | 10/49 | €600,925 | €569,649 | -€31,275 | -5.2% |
| Equity | 10/15 | €459,868 | €439,766 | -€20,103 | -4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €441,268 | €421,166 | -€20,103 | -4.6% |
| Distributable reserves | 133 | €441,268 | €421,166 | -€20,103 | -4.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €141,056 | €129,883 | -€11,173 | -7.9% |
| Amounts payable after more than one year | 17 | €6,690 | €0 | -€6,690 | -100.0% |
| Financial debts | 170/4 | €6,690 | €0 | -€6,690 | -100.0% |
| Amounts payable within one year | 42/48 | €131,540 | €129,883 | -€1,656 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €7,963 | €6,690 | -€1,273 | -16.0% |
| Trade debts | 44 | €10,313 | €34,045 | +€23,732 | +230.1% |
| Suppliers | 440/4 | €10,313 | €34,045 | +€23,732 | +230.1% |
| Taxes, remuneration and social security | 45 | €12,162 | €12,517 | +€356 | +2.9% |
| Taxes | 450/3 | €12,162 | €12,517 | +€356 | +2.9% |
| Other amounts payable | 47/48 | €101,102 | €76,631 | -€24,471 | -24.2% |
| Accrued charges and deferred income | 492/3 | €2,827 | €0 | -€2,827 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,971 | €22,215 | +€3,244 | +17.1% |
| Other operating charges | 640/8 | €469 | €508 | +€39 | +8.3% |
| Gross operating margin | 9900 | €132,927 | €96,131 | -€36,796 | -27.7% |
| Operating profit (loss) | 9901 | €113,487 | €73,407 | -€40,079 | -35.3% |
| Financial income | 75/76B | €6,525 | €5,415 | -€1,110 | -17.0% |
| Recurring financial income | 75 | €6,525 | €5,415 | -€1,110 | -17.0% |
| Financial charges | 65/66B | €3,211 | €231 | -€2,980 | -92.8% |
| Recurring financial charges | 65 | €3,211 | €231 | -€2,980 | -92.8% |
| Profit (loss) for the period before taxes | 9903 | €116,801 | €78,591 | -€38,210 | -32.7% |
| Income taxes | 67/77 | €32,482 | €22,063 | -€10,419 | -32.1% |
| Profit (loss) for the period | 9904 | €84,319 | €56,529 | -€27,790 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,319 | €56,529 | -€27,790 | -33.0% |
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 5 October 2026 via checked.be.