Hubert Van Mulders: 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.
Hubert Van Mulders
Largest movements
- Cash +€12,457
up €12,457 (+12.3%), from €101,430 to €113,887
mainly Net result for the year (+€15,973) and Other debts (+€5,372)
- Tangible fixed assets +€3,331
up €3,331 (+56.2%), from €5,923 to €9,254
of which Plant, machinery and equipment: +€5,030
- Profit (loss) carried forward +€15,973
up €15,973 (+12.1%), from -€131,691 to -€115,719
- Other debts +€5,372
up €5,372 (+65.6%), from €8,185 to €13,557
- Tax, wage and social debts -€3,806
down €3,806 (-28.2%), from €13,507 to €9,701
of which Taxes: -€3,614
- Trade debts -€1,848
down €1,848 (-34.6%), from €5,341 to €3,493
- Gross operating margin +€3,369
up €3,369 (+17.0%), from €19,832 to €23,201
- Depreciation +€1,519
up €1,519 (+129%), from €1,178 to €2,697
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 | €123,408 | €139,099 | +€15,691 | +12.7% |
| Fixed assets | 21/28 | €5,923 | €9,254 | +€3,331 | +56.2% |
| Tangible fixed assets | 22/27 | €5,923 | €9,254 | +€3,331 | +56.2% |
| Plant, machinery and equipment | 23 | €1,651 | €6,681 | +€5,030 | +305% |
| Furniture and vehicles | 24 | €4,272 | €2,573 | -€1,699 | -39.8% |
| Current assets | 29/58 | €117,485 | €129,845 | +€12,360 | +10.5% |
| Amounts receivable within one year | 40/41 | €16,055 | €15,958 | -€97 | -0.6% |
| Trade receivables | 40 | €15,782 | €15,742 | -€40 | -0.3% |
| Other amounts receivable | 41 | €273 | €216 | -€57 | -20.9% |
| Cash at bank and in hand | 54/58 | €101,430 | €113,887 | +€12,457 | +12.3% |
| Total equity and liabilities | 10/49 | €123,408 | €139,099 | +€15,691 | +12.7% |
| Equity | 10/15 | €96,376 | €112,349 | +€15,973 | +16.6% |
| Contributions | 10/11 | €228,067 | €228,067 | = | 0.0% |
| Capital | 10 | €228,067 | €228,067 | = | 0.0% |
| Issued capital | 100 | €228,067 | €228,067 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€131,691 | -€115,719 | +€15,973 | +12.1% |
| Amounts payable | 17/49 | €27,032 | €26,750 | -€282 | -1.0% |
| Amounts payable within one year | 42/48 | €27,032 | €26,750 | -€282 | -1.0% |
| Trade debts | 44 | €5,341 | €3,493 | -€1,848 | -34.6% |
| Suppliers | 440/4 | €5,341 | €3,493 | -€1,848 | -34.6% |
| Taxes, remuneration and social security | 45 | €13,507 | €9,701 | -€3,806 | -28.2% |
| Taxes | 450/3 | €11,687 | €8,073 | -€3,614 | -30.9% |
| Remuneration and social security | 454/9 | €1,820 | €1,628 | -€192 | -10.5% |
| Other amounts payable | 47/48 | €8,185 | €13,557 | +€5,372 | +65.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,178 | €2,697 | +€1,519 | +129% |
| Other operating charges | 640/8 | €216 | €294 | +€79 | +36.5% |
| Gross operating margin | 9900 | €19,832 | €23,201 | +€3,369 | +17.0% |
| Operating profit (loss) | 9901 | €18,439 | €20,210 | +€1,772 | +9.6% |
| Financial charges | 65/66B | €118 | €41 | -€77 | -65.1% |
| Recurring financial charges | 65 | €118 | €41 | -€77 | -65.1% |
| Profit (loss) for the period before taxes | 9903 | €18,321 | €20,169 | +€1,849 | +10.1% |
| Income taxes | 67/77 | €4,232 | €4,196 | -€36 | -0.9% |
| Profit (loss) for the period | 9904 | €14,088 | €15,973 | +€1,885 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,088 | €15,973 | +€1,885 | +13.4% |
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 31 October 2026 via checked.be.