MÜHLENBERG TRANSACT: 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.
MÜHLENBERG TRANSACT
Largest movements
- Cash +€922,966
up €922,966 (+678%), from €136,044 to €1.1m
mainly Current portion of long-term debt (+€2.1m) and Trade debts (+€342,094)
- Stocks and contracts +€880,000
up €880,000 (+119%), from €740,000 to €1.6m
- Receivables within one year +€184,610
new in 2025: €184,610
of which Trade receivables: +€159,830
- Current portion of long-term debt +€2.1m
new in 2025: €2.1m
- Debts after one year -€550,463
no longer reported in 2025 (was €550,463)
- Trade debts +€342,094
up €342,094 (+263%), from €130,213 to €472,307
- Profit (loss) carried forward +€46,256
up €46,256 (+13,442%), from €344 to €46,600
- Gross operating margin +€133,996
up €133,996, from -€7,017 to €126,979
- Financial charges +€88,304
up €88,304 (+53,683%), from €164 to €88,468
of which Non-recurring financial charges: +€88,107
- Financial income +€16,124
up €16,124 (+173%), from €9,300 to €25,424
of which Non-recurring financial income: +€22,506
- Taxes +€11,465
up €11,465 (+6,294%), from €182 to €11,647
- Other operating charges +€4,439
up €4,439 (+279%), from €1,592 to €6,031
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 | €876,044 | €2,865,213 | +€2.0m | +227% |
| Current assets | 29/58 | €876,044 | €2,865,213 | +€2.0m | +227% |
| Stocks and contracts in progress | 3 | €740,000 | €1,620,000 | +€880,000 | +119% |
| Stocks | 30/36 | €740,000 | €1,620,000 | +€880,000 | +119% |
| Amounts receivable within one year | 40/41 | - | €184,610 | +€184,610 | |
| Trade receivables | 40 | - | €159,830 | +€159,830 | |
| Other amounts receivable | 41 | - | €24,780 | +€24,780 | |
| Cash at bank and in hand | 54/58 | €136,044 | €1,059,009 | +€922,966 | +678% |
| Deferred charges and accrued income | 490/1 | - | €1,593 | +€1,593 | |
| Total equity and liabilities | 10/49 | €876,044 | €2,865,213 | +€2.0m | +227% |
| Equity | 10/15 | €15,344 | €61,600 | +€46,256 | +301% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €344 | €46,600 | +€46,256 | +13,442% |
| Amounts payable | 17/49 | €860,699 | €2,803,613 | +€1.9m | +226% |
| Amounts payable after more than one year | 17 | €550,463 | - | -€550,463 | |
| Financial debts | 170/4 | €550,463 | - | -€550,463 | |
| Amounts payable within one year | 42/48 | €310,237 | €2,796,766 | +€2.5m | +801% |
| Current portion of amounts payable after more than one year | 42 | - | €2,137,683 | +€2.1m | |
| Financial debts | 43 | €55,822 | €55,822 | = | 0.0% |
| Credit institutions | 430/8 | €55,822 | €55,822 | = | 0.0% |
| Trade debts | 44 | €130,213 | €472,307 | +€342,094 | +263% |
| Suppliers | 440/4 | €130,213 | €472,307 | +€342,094 | +263% |
| Taxes, remuneration and social security | 45 | €4,202 | €10,954 | +€6,752 | +161% |
| Taxes | 450/3 | €4,202 | €10,954 | +€6,752 | +161% |
| Other amounts payable | 47/48 | €120,000 | €120,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €6,847 | +€6,847 | |
| Other operating charges | 640/8 | €1,592 | €6,031 | +€4,439 | +279% |
| Gross operating margin | 9900 | -€7,017 | €126,979 | +€133,996 | |
| Operating profit (loss) | 9901 | -€8,609 | €120,947 | +€129,557 | |
| Financial income | 75/76B | €9,300 | €25,424 | +€16,124 | +173% |
| Recurring financial income | 75 | €9,300 | €2,917 | -€6,383 | -68.6% |
| Non-recurring financial income | 76B | - | €22,506 | +€22,506 | |
| Financial charges | 65/66B | €164 | €88,468 | +€88,304 | +53,683% |
| Recurring financial charges | 65 | €164 | €361 | +€197 | +120% |
| Non-recurring financial charges | 66B | - | €88,107 | +€88,107 | |
| Profit (loss) for the period before taxes | 9903 | €526 | €57,903 | +€57,377 | +10,903% |
| Income taxes | 67/77 | €182 | €11,647 | +€11,465 | +6,294% |
| Profit (loss) for the period | 9904 | €344 | €46,256 | +€45,912 | +13,342% |
| Profit (loss) for the period to be appropriated | 9905 | €344 | €46,256 | +€45,912 | +13,342% |
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 28 October 2026 via checked.be.