KLAAS 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.
KLAAS MULLER
Largest movements
- Stocks and contracts +€138,973
up €138,973 (+12.0%), from €1.2m to €1.3m
- Cash -€96,323
down €96,323 (-34.1%), from €282,182 to €185,858
mainly Stocks and contracts (-€138,973) and Trade debts (-€132,585)
- Current investments -€56,401
down €56,401 (-100%), from €56,401 to €0
- Trade debts -€132,585
down €132,585 (-95.2%), from €139,241 to €6,656
- Reserves +€85,119
up €85,119 (+6.2%), from €1.4m to €1.5m
of which Distributable reserves: +€85,119
- Current portion of long-term debt +€65,000
new in 2025: €65,000
- Other debts -€38,995
down €38,995 (-88.6%), from €44,006 to €5,010
- Gross operating margin +€51,378
up €51,378 (+37.2%), from €137,975 to €189,353
- Staff costs +€18,999
up €18,999 (+50.3%), from €37,792 to €56,791
- Taxes +€16,593
up €16,593 (+107%), from €15,481 to €32,073
- Depreciation -€10,652
down €10,652 (-44.2%), from €24,122 to €13,469
- Other operating charges -€3,887
down €3,887 (-73.7%), from €5,274 to €1,388
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 | €1,587,510 | €1,575,024 | -€12,486 | -0.8% |
| Fixed assets | 21/28 | €19,822 | €10,206 | -€9,616 | -48.5% |
| Intangible fixed assets | 21 | €10,750 | €0 | -€10,750 | -100% |
| Tangible fixed assets | 22/27 | €8,907 | €10,041 | +€1,134 | +12.7% |
| Land and buildings | 22 | €2,868 | €5,062 | +€2,195 | +76.5% |
| Plant, machinery and equipment | 23 | €3,539 | €2,478 | -€1,061 | -30.0% |
| Furniture and vehicles | 24 | €2,500 | €2,500 | = | 0.0% |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €1,567,688 | €1,564,818 | -€2,870 | -0.2% |
| Stocks and contracts in progress | 3 | €1,162,818 | €1,301,791 | +€138,973 | +12.0% |
| Stocks | 30/36 | €1,162,818 | €1,301,791 | +€138,973 | +12.0% |
| Amounts receivable within one year | 40/41 | €59,563 | €72,044 | +€12,481 | +21.0% |
| Trade receivables | 40 | €39,287 | €6,643 | -€32,644 | -83.1% |
| Other amounts receivable | 41 | €20,276 | €65,401 | +€45,125 | +223% |
| Current investments | 50/53 | €56,401 | €0 | -€56,401 | -100% |
| Cash at bank and in hand | 54/58 | €282,182 | €185,858 | -€96,323 | -34.1% |
| Deferred charges and accrued income | 490/1 | €6,725 | €5,125 | -€1,600 | -23.8% |
| Total equity and liabilities | 10/49 | €1,587,510 | €1,575,024 | -€12,486 | -0.8% |
| Equity | 10/15 | €1,399,377 | €1,484,496 | +€85,119 | +6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,380,777 | €1,465,896 | +€85,119 | +6.2% |
| 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 | €1,378,917 | €1,464,036 | +€85,119 | +6.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €188,133 | €90,528 | -€97,605 | -51.9% |
| Amounts payable within one year | 42/48 | €185,431 | €89,110 | -€96,321 | -51.9% |
| Current portion of amounts payable after more than one year | 42 | - | €65,000 | +€65,000 | |
| Trade debts | 44 | €139,241 | €6,656 | -€132,585 | -95.2% |
| Suppliers | 440/4 | €139,241 | €6,656 | -€132,585 | -95.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,184 | €12,443 | +€10,259 | +470% |
| Taxes | 450/3 | €0 | €5,788 | +€5,788 | |
| Remuneration and social security | 454/9 | €2,184 | €6,655 | +€4,471 | +205% |
| Other amounts payable | 47/48 | €44,006 | €5,010 | -€38,995 | -88.6% |
| Accrued charges and deferred income | 492/3 | €2,702 | €1,418 | -€1,284 | -47.5% |
| Remuneration, social security and pensions | 62 | €37,792 | €56,791 | +€18,999 | +50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,122 | €13,469 | -€10,652 | -44.2% |
| Other operating charges | 640/8 | €5,274 | €1,388 | -€3,887 | -73.7% |
| Non-recurring operating charges | 66A | -€967 | -€147 | +€821 | +84.9% |
| Gross operating margin | 9900 | €137,975 | €189,353 | +€51,378 | +37.2% |
| Operating profit (loss) | 9901 | €71,755 | €117,852 | +€46,097 | +64.2% |
| Financial income | 75/76B | €2,673 | €2,947 | +€275 | +10.3% |
| Recurring financial income | 75 | €2,673 | €2,947 | +€275 | +10.3% |
| Financial charges | 65/66B | €1,383 | €3,607 | +€2,224 | +161% |
| Recurring financial charges | 65 | €1,383 | €3,607 | +€2,224 | +161% |
| Profit (loss) for the period before taxes | 9903 | €73,045 | €117,192 | +€44,148 | +60.4% |
| Income taxes | 67/77 | €15,481 | €32,073 | +€16,593 | +107% |
| Profit (loss) for the period | 9904 | €57,564 | €85,119 | +€27,555 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,564 | €85,119 | +€27,555 | +47.9% |
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 26 October 2026 via checked.be.