IMMO Mulder: 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.
IMMO Mulder
Largest movements
- Tangible fixed assets -€672,228
down €672,228 (-28.5%), from €2.4m to €1.7m
of which Land and buildings: -€490,988
- Cash +€352,880
up €352,880 (+1,468%), from €24,043 to €376,923
mainly Investment in fixed assets (net) (+€575,947) and Net result for the year (+€156,399)
- Receivables within one year -€65,984
down €65,984 (-90.3%), from €73,107 to €7,123
of which Trade receivables: -€60,797
- Debts after one year -€277,903
down €277,903 (-25.0%), from €1.1m to €832,075
- Reserves +€156,000
up €156,000 (+33.4%), from €466,682 to €622,682
of which Distributable reserves: +€156,000
- Trade debts -€141,123
down €141,123 (-91.0%), from €155,090 to €13,966
- Other debts -€101,753
down €101,753 (-21.3%), from €476,917 to €375,164
- Tax, wage and social debts +€31,452
up €31,452 (+213%), from €14,776 to €46,228
- Gross operating margin +€235,401
up €235,401 (+149%), from €157,712 to €393,112
- Taxes +€67,692
up €67,692 (+13,154%), from €515 to €68,207
- Financial charges +€34,177
up €34,177 (+131%), from €26,119 to €60,297
- Depreciation -€27,908
down €27,908 (-22.5%), from €124,189 to €96,281
- Other operating charges +€19,062
up €19,062 (+311%), from €6,135 to €25,196
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 | €2,469,909 | €2,077,446 | -€392,463 | -15.9% |
| Fixed assets | 21/28 | €2,358,028 | €1,685,800 | -€672,228 | -28.5% |
| Tangible fixed assets | 22/27 | €2,358,028 | €1,685,800 | -€672,228 | -28.5% |
| Land and buildings | 22 | €2,164,486 | €1,673,497 | -€490,988 | -22.7% |
| Plant, machinery and equipment | 23 | €3,047 | €2,128 | -€919 | -30.2% |
| Furniture and vehicles | 24 | €190,495 | €10,174 | -€180,321 | -94.7% |
| Current assets | 29/58 | €111,881 | €391,646 | +€279,765 | +250% |
| Amounts receivable within one year | 40/41 | €73,107 | €7,123 | -€65,984 | -90.3% |
| Trade receivables | 40 | €67,584 | €6,787 | -€60,797 | -90.0% |
| Other amounts receivable | 41 | €5,523 | €336 | -€5,187 | -93.9% |
| Current investments | 50/53 | €3,527 | €4,741 | +€1,214 | +34.4% |
| Cash at bank and in hand | 54/58 | €24,043 | €376,923 | +€352,880 | +1,468% |
| Deferred charges and accrued income | 490/1 | €11,204 | €2,860 | -€8,345 | -74.5% |
| Total equity and liabilities | 10/49 | €2,469,909 | €2,077,446 | -€392,463 | -15.9% |
| Equity | 10/15 | €578,988 | €734,553 | +€155,566 | +26.9% |
| Contributions | 10/11 | €4,969 | €4,969 | = | 0.0% |
| Reserves | 13 | €466,682 | €622,682 | +€156,000 | +33.4% |
| Tax-exempt reserves | 132 | €43,989 | €43,989 | = | 0.0% |
| Distributable reserves | 133 | €422,693 | €578,693 | +€156,000 | +36.9% |
| Profit (loss) carried forward | 14 | €107,336 | €106,902 | -€434 | -0.4% |
| Amounts payable | 17/49 | €1,890,921 | €1,342,893 | -€548,029 | -29.0% |
| Amounts payable after more than one year | 17 | €1,109,978 | €832,075 | -€277,903 | -25.0% |
| Financial debts | 170/4 | €1,109,978 | €832,075 | -€277,903 | -25.0% |
| Amounts payable within one year | 42/48 | €780,943 | €510,818 | -€270,125 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €104,870 | €74,003 | -€30,867 | -29.4% |
| Financial debts | 43 | €1,461 | €1,456 | -€5 | -0.3% |
| Credit institutions | 430/8 | €1,461 | €1,456 | -€5 | -0.3% |
| Trade debts | 44 | €155,090 | €13,966 | -€141,123 | -91.0% |
| Suppliers | 440/4 | €155,090 | €13,966 | -€141,123 | -91.0% |
| Advances received on contracts in progress | 46 | €27,830 | €0 | -€27,830 | -100% |
| Taxes, remuneration and social security | 45 | €14,776 | €46,228 | +€31,452 | +213% |
| Taxes | 450/3 | €14,776 | €46,228 | +€31,452 | +213% |
| Other amounts payable | 47/48 | €476,917 | €375,164 | -€101,753 | -21.3% |
| Non-recurring operating income | 76A | €15,750 | €309,574 | +€293,824 | +1,866% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,189 | €96,281 | -€27,908 | -22.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€13,267 | -€13,267 | |
| Other operating charges | 640/8 | €6,135 | €25,196 | +€19,062 | +311% |
| Gross operating margin | 9900 | €157,712 | €393,112 | +€235,401 | +149% |
| Operating profit (loss) | 9901 | €27,388 | €284,902 | +€257,513 | +940% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €26,119 | €60,297 | +€34,177 | +131% |
| Recurring financial charges | 65 | €26,119 | €60,297 | +€34,177 | +131% |
| Profit (loss) for the period before taxes | 9903 | €1,269 | €224,605 | +€223,336 | +17,595% |
| Income taxes | 67/77 | €515 | €68,207 | +€67,692 | +13,154% |
| Profit (loss) for the period | 9904 | €755 | €156,399 | +€155,644 | +20,624% |
| Profit (loss) for the period to be appropriated | 9905 | €755 | €156,399 | +€155,644 | +20,624% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.