MÜHLENBERG: 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.
MÜHLENBERG
Largest movements
- Cash +€203,641
up €203,641 (+3834.6%), from €5,311 to €208,952
mainly Stocks and contracts (+€84,564) and Investment in fixed assets (net) (+€50,511)
- Stocks and contracts -€84,564
no longer reported in 2025 (was €84,564)
- Tangible fixed assets -€50,511
down €50,511 (-49.1%), from €102,879 to €52,367
- Receivables within one year -€5,418
down €5,418 (-8.8%), from €61,243 to €55,825
- Profit (loss) carried forward +€50,239
up €50,239 (+1940.8%), from €2,589 to €52,827
- Tax, wage and social debts +€12,746
up €12,746 (+2214.6%), from €576 to €13,322
- Gross operating margin +€59,426
up €59,426 (+1363.8%), from €4,357 to €63,784
- Taxes +€12,115
up €12,115 (+1872.1%), from €647 to €12,762
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 | €273,164 | €336,349 | +€63,185 | +23.1% |
| Fixed assets | 21/28 | €102,879 | €52,367 | -€50,511 | -49.1% |
| Tangible fixed assets | 22/27 | €102,879 | €52,367 | -€50,511 | -49.1% |
| Land and buildings | 22 | €102,879 | €52,367 | -€50,511 | -49.1% |
| Current assets | 29/58 | €170,285 | €283,981 | +€113,696 | +66.8% |
| Stocks and contracts in progress | 3 | €84,564 | - | -€84,564 | |
| Stocks | 30/36 | €84,564 | - | -€84,564 | |
| Amounts receivable within one year | 40/41 | €61,243 | €55,825 | -€5,418 | -8.8% |
| Other amounts receivable | 41 | €61,243 | €55,825 | -€5,418 | -8.8% |
| Current investments | 50/53 | €19,167 | €19,204 | +€37 | +0.2% |
| Cash at bank and in hand | 54/58 | €5,311 | €208,952 | +€203,641 | +3834.6% |
| Total equity and liabilities | 10/49 | €273,164 | €336,349 | +€63,185 | +23.1% |
| Equity | 10/15 | €17,589 | €67,827 | +€50,239 | +285.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,589 | €52,827 | +€50,239 | +1940.8% |
| Amounts payable | 17/49 | €255,576 | €268,522 | +€12,946 | +5.1% |
| Amounts payable within one year | 42/48 | €255,576 | €268,322 | +€12,746 | +5.0% |
| Financial debts | 43 | €255,000 | €255,000 | = | 0.0% |
| Credit institutions | 430/8 | €255,000 | - | -€255,000 | |
| Other loans | 439 | - | €255,000 | +€255,000 | |
| Taxes, remuneration and social security | 45 | €576 | €13,322 | +€12,746 | +2214.6% |
| Taxes | 450/3 | €576 | €13,322 | +€12,746 | +2214.6% |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Other operating charges | 640/8 | €1,056 | €600 | -€456 | -43.2% |
| Gross operating margin | 9900 | €4,357 | €63,784 | +€59,426 | +1363.8% |
| Operating profit (loss) | 9901 | €3,301 | €63,184 | +€59,883 | +1814.0% |
| Financial income | 75/76B | €239 | €53 | -€186 | -77.8% |
| Recurring financial income | 75 | €239 | €53 | -€186 | -77.8% |
| Financial charges | 65/66B | €304 | €236 | -€68 | -22.3% |
| Recurring financial charges | 65 | €304 | €236 | -€68 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €3,236 | €63,001 | +€59,765 | +1847.1% |
| Income taxes | 67/77 | €647 | €12,762 | +€12,115 | +1872.1% |
| Profit (loss) for the period | 9904 | €2,589 | €50,239 | +€47,650 | +1840.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,589 | €50,239 | +€47,650 | +1840.8% |
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 8 October 2026 via checked.be.