MADAME MOULIN: 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.
MADAME MOULIN
Largest movements
- Tangible fixed assets +€867,689
up €867,689 (+62.2%), from €1.4m to €2.3m
of which Land and buildings: +€879,740
- Cash -€46,389
down €46,389 (-53.7%), from €86,413 to €40,024
mainly Investment in fixed assets (net) (-€1.1m) and Tax, wage and social debts (-€96,833)
- Debts after one year +€703,222
up €703,222 (+120%), from €588,146 to €1.3m
- Other debts +€134,448
up €134,448 (+74.6%), from €180,159 to €314,607
- Profit (loss) carried forward +€118,138
up €118,138 (+24.4%), from €484,232 to €602,370
- Tax, wage and social debts -€96,833
down €96,833 (-86.3%), from €112,249 to €15,416
of which Taxes: -€58,434
- Gross operating margin +€189,885
up €189,885 (+75.8%), from €250,566 to €440,451
- Depreciation +€104,182
up €104,182 (+109%), from €95,438 to €199,620
- Taxes +€40,000
new in 2025: €40,000
- Other operating charges +€17,570
up €17,570 (+208%), from €8,455 to €26,025
- Financial charges +€12,482
up €12,482 (+65.1%), from €19,186 to €31,668
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 | €1,516,517 | €2,357,338 | +€840,821 | +55.4% |
| Fixed assets | 21/28 | €1,393,983 | €2,261,672 | +€867,689 | +62.2% |
| Tangible fixed assets | 22/27 | €1,393,983 | €2,261,672 | +€867,689 | +62.2% |
| Land and buildings | 22 | €879,759 | €1,759,499 | +€879,740 | +100.0% |
| Plant, machinery and equipment | 23 | €478,796 | €434,588 | -€44,208 | -9.2% |
| Furniture and vehicles | 24 | €35,428 | €67,585 | +€32,157 | +90.8% |
| Current assets | 29/58 | €122,534 | €95,666 | -€26,868 | -21.9% |
| Amounts receivable within one year | 40/41 | €36,121 | €55,642 | +€19,521 | +54.0% |
| Trade receivables | 40 | €36,121 | €55,480 | +€19,359 | +53.6% |
| Other amounts receivable | 41 | - | €162 | +€162 | |
| Cash at bank and in hand | 54/58 | €86,413 | €40,024 | -€46,389 | -53.7% |
| Total equity and liabilities | 10/49 | €1,516,517 | €2,357,338 | +€840,821 | +55.4% |
| Equity | 10/15 | €490,432 | €608,570 | +€118,138 | +24.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €484,232 | €602,370 | +€118,138 | +24.4% |
| Amounts payable | 17/49 | €1,026,085 | €1,748,768 | +€722,683 | +70.4% |
| Amounts payable after more than one year | 17 | €588,146 | €1,291,368 | +€703,222 | +120% |
| Financial debts | 170/4 | €588,146 | €1,291,368 | +€703,222 | +120% |
| Amounts payable within one year | 42/48 | €429,688 | €457,401 | +€27,713 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €80,126 | €77,831 | -€2,295 | -2.9% |
| Trade debts | 44 | €57,154 | €49,547 | -€7,607 | -13.3% |
| Suppliers | 440/4 | €57,154 | €49,547 | -€7,607 | -13.3% |
| Taxes, remuneration and social security | 45 | €112,249 | €15,416 | -€96,833 | -86.3% |
| Taxes | 450/3 | €67,123 | €8,689 | -€58,434 | -87.1% |
| Remuneration and social security | 454/9 | €45,126 | €6,726 | -€38,400 | -85.1% |
| Other amounts payable | 47/48 | €180,159 | €314,607 | +€134,448 | +74.6% |
| Accrued charges and deferred income | 492/3 | €8,251 | - | -€8,251 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,438 | €199,620 | +€104,182 | +109% |
| Other operating charges | 640/8 | €8,455 | €26,025 | +€17,570 | +208% |
| Non-recurring operating charges | 66A | €95,698 | - | -€95,698 | |
| Gross operating margin | 9900 | €250,566 | €440,451 | +€189,885 | +75.8% |
| Operating profit (loss) | 9901 | €50,975 | €214,805 | +€163,830 | +321% |
| Financial charges | 65/66B | €19,186 | €31,668 | +€12,482 | +65.1% |
| Recurring financial charges | 65 | €19,186 | €31,668 | +€12,482 | +65.1% |
| Profit (loss) for the period before taxes | 9903 | €31,789 | €183,138 | +€151,349 | +476% |
| Income taxes | 67/77 | - | €40,000 | +€40,000 | |
| Profit (loss) for the period | 9904 | €31,789 | €143,138 | +€111,349 | +350% |
| Profit (loss) for the period to be appropriated | 9905 | €31,789 | €143,138 | +€111,349 | +350% |
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.