MUHTEREM: 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.
MUHTEREM
Largest movements
- Receivables after one year -€591,500
down €591,500 (-39.9%), from €1.5m to €891,000
- Cash +€367,042
up €367,042 (+179%), from €205,129 to €572,171
mainly Receivables after one year (+€591,500) and Trade debts (+€580,719)
- Receivables within one year +€293,960
up €293,960 (+53.1%), from €553,119 to €847,079
of which Trade receivables: +€281,037
- Tangible fixed assets -€220,603
down €220,603 (-15.9%), from €1.4m to €1.2m
of which Plant, machinery and equipment: -€140,061
- Stocks and contracts +€169,094
up €169,094 (+30.1%), from €561,708 to €730,802
- Trade debts +€580,719
up €580,719 (+63.2%), from €918,457 to €1.5m
- Other debts -€269,714
down €269,714 (-26.8%), from €1.0m to €735,601
- Debts after one year -€158,254
down €158,254 (-20.1%), from €786,585 to €628,331
- Profit (loss) carried forward -€121,357
down €121,357 (-13.6%), from €891,138 to €769,781
- Taxes -€62,177
down €62,177 (-44.4%), from €140,077 to €77,900
- Gross operating margin +€39,993
up €39,993 (+2.8%), from €1.4m to €1.5m
- Staff costs +€26,708
up €26,708 (+4.4%), from €612,251 to €638,959
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 | €4,198,630 | €4,216,227 | +€17,598 | +0.4% |
| Fixed assets | 21/28 | €1,390,847 | €1,170,244 | -€220,603 | -15.9% |
| Tangible fixed assets | 22/27 | €1,390,506 | €1,169,903 | -€220,603 | -15.9% |
| Plant, machinery and equipment | 23 | €826,408 | €686,347 | -€140,061 | -16.9% |
| Furniture and vehicles | 24 | €26,397 | €16,026 | -€10,371 | -39.3% |
| Leasing and similar rights | 25 | €234,039 | €200,592 | -€33,447 | -14.3% |
| Other tangible fixed assets | 26 | €303,663 | €266,938 | -€36,725 | -12.1% |
| Financial fixed assets | 28 | €341 | €341 | = | 0.0% |
| Current assets | 29/58 | €2,807,782 | €3,045,983 | +€238,201 | +8.5% |
| Amounts receivable after more than one year | 29 | €1,482,500 | €891,000 | -€591,500 | -39.9% |
| Other amounts receivable | 291 | €1,482,500 | €891,000 | -€591,500 | -39.9% |
| Stocks and contracts in progress | 3 | €561,708 | €730,802 | +€169,094 | +30.1% |
| Stocks | 30/36 | €561,708 | €730,802 | +€169,094 | +30.1% |
| Amounts receivable within one year | 40/41 | €553,119 | €847,079 | +€293,960 | +53.1% |
| Trade receivables | 40 | €226,255 | €507,292 | +€281,037 | +124% |
| Other amounts receivable | 41 | €326,864 | €339,787 | +€12,923 | +4.0% |
| Cash at bank and in hand | 54/58 | €205,129 | €572,171 | +€367,042 | +179% |
| Deferred charges and accrued income | 490/1 | €5,326 | €4,931 | -€395 | -7.4% |
| Total equity and liabilities | 10/49 | €4,198,630 | €4,216,227 | +€17,598 | +0.4% |
| Equity | 10/15 | €1,056,138 | €934,781 | -€121,357 | -11.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €891,138 | €769,781 | -€121,357 | -13.6% |
| Amounts payable | 17/49 | €3,142,492 | €3,281,446 | +€138,954 | +4.4% |
| Amounts payable after more than one year | 17 | €786,585 | €628,331 | -€158,254 | -20.1% |
| Financial debts | 170/4 | €786,585 | €628,331 | -€158,254 | -20.1% |
| Amounts payable within one year | 42/48 | €2,354,989 | €2,652,396 | +€297,407 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €204,191 | €191,447 | -€12,744 | -6.2% |
| Financial debts | 43 | €40,000 | €48,241 | +€8,241 | +20.6% |
| Credit institutions | 430/8 | €40,000 | €48,241 | +€8,241 | +20.6% |
| Trade debts | 44 | €918,457 | €1,499,176 | +€580,719 | +63.2% |
| Suppliers | 440/4 | €918,457 | €1,499,176 | +€580,719 | +63.2% |
| Taxes, remuneration and social security | 45 | €187,026 | €177,931 | -€9,095 | -4.9% |
| Taxes | 450/3 | €74,663 | €64,249 | -€10,415 | -13.9% |
| Remuneration and social security | 454/9 | €112,363 | €113,682 | +€1,320 | +1.2% |
| Other amounts payable | 47/48 | €1,005,316 | €735,601 | -€269,714 | -26.8% |
| Accrued charges and deferred income | 492/3 | €918 | €719 | -€199 | -21.7% |
| Remuneration, social security and pensions | 62 | €612,251 | €638,959 | +€26,708 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239,036 | €236,748 | -€2,288 | -1.0% |
| Other operating charges | 640/8 | €7,892 | €8,345 | +€453 | +5.7% |
| Gross operating margin | 9900 | €1,449,755 | €1,489,749 | +€39,993 | +2.8% |
| Operating profit (loss) | 9901 | €590,577 | €605,697 | +€15,121 | +2.6% |
| Financial income | 75/76B | €68 | €59 | -€9 | -12.6% |
| Recurring financial income | 75 | €68 | €59 | -€9 | -12.6% |
| Financial charges | 65/66B | €51,229 | €49,214 | -€2,015 | -3.9% |
| Recurring financial charges | 65 | €51,229 | €49,214 | -€2,015 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €539,415 | €556,543 | +€17,127 | +3.2% |
| Income taxes | 67/77 | €140,077 | €77,900 | -€62,177 | -44.4% |
| Profit (loss) for the period | 9904 | €399,339 | €478,643 | +€79,304 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €399,339 | €478,643 | +€79,304 | +19.9% |
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 23 October 2026 via checked.be.