Mul'ina: 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.
Mul'ina
Largest movements
- Cash +€161,059
up €161,059 (+366.7%), from €43,922 to €204,981
mainly Other debts (+€221,737) and Net result for the year (+€174,223)
- Current investments -€63,148
down €63,148 (-19.6%), from €321,772 to €258,624
- Receivables within one year +€29,525
up €29,525 (+57.3%), from €51,536 to €81,061
of which Other amounts receivable: +€21,657
- Tangible fixed assets -€28,956
down €28,956 (-7.4%), from €390,876 to €361,921
of which Plant, machinery and equipment: -€14,550
- Other debts +€221,737
up €221,737 (+360.0%), from €61,595 to €283,332
- Reserves -€109,109
down €109,109 (-16.5%), from €661,117 to €552,008
- Accrued charges and deferred income -€15,298
down €15,298 (-94.8%), from €16,137 to €839
- Gross operating margin -€45,380
down €45,380 (-15.3%), from €296,496 to €251,115
- Financial income +€36,003
up €36,003 (+356.2%), from €10,107 to €46,110
- Financial charges -€11,787
down €11,787 (-78.8%), from €14,966 to €3,179
- Staff costs +€9,406
new in 2025: €9,406
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 | €810,844 | €908,595 | +€97,751 | +12.1% |
| Fixed assets | 21/28 | €390,876 | €361,921 | -€28,956 | -7.4% |
| Tangible fixed assets | 22/27 | €390,876 | €361,921 | -€28,956 | -7.4% |
| Land and buildings | 22 | €327,600 | €315,120 | -€12,480 | -3.8% |
| Plant, machinery and equipment | 23 | €52,015 | €37,465 | -€14,550 | -28.0% |
| Furniture and vehicles | 24 | €11,233 | €9,297 | -€1,936 | -17.2% |
| Assets under construction and advance payments | 27 | €28 | €38 | +€10 | +37.4% |
| Current assets | 29/58 | €419,967 | €546,674 | +€126,707 | +30.2% |
| Amounts receivable within one year | 40/41 | €51,536 | €81,061 | +€29,525 | +57.3% |
| Trade receivables | 40 | €51,536 | €59,405 | +€7,869 | +15.3% |
| Other amounts receivable | 41 | - | €21,657 | +€21,657 | |
| Current investments | 50/53 | €321,772 | €258,624 | -€63,148 | -19.6% |
| Cash at bank and in hand | 54/58 | €43,922 | €204,981 | +€161,059 | +366.7% |
| Deferred charges and accrued income | 490/1 | €2,737 | €2,008 | -€729 | -26.6% |
| Total equity and liabilities | 10/49 | €810,844 | €908,595 | +€97,751 | +12.1% |
| Equity | 10/15 | €679,667 | €570,558 | -€109,109 | -16.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €661,117 | €552,008 | -€109,109 | -16.5% |
| Distributable reserves | 133 | €661,117 | €552,008 | -€109,109 | -16.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €131,176 | €338,037 | +€206,860 | +157.7% |
| Amounts payable within one year | 42/48 | €115,039 | €337,197 | +€222,158 | +193.1% |
| Trade debts | 44 | €11,761 | €5,350 | -€6,411 | -54.5% |
| Suppliers | 440/4 | €11,761 | €5,350 | -€6,411 | -54.5% |
| Taxes, remuneration and social security | 45 | €41,684 | €48,516 | +€6,832 | +16.4% |
| Taxes | 450/3 | €39,934 | €44,122 | +€4,188 | +10.5% |
| Remuneration and social security | 454/9 | €1,750 | €4,394 | +€2,644 | +151.1% |
| Other amounts payable | 47/48 | €61,595 | €283,332 | +€221,737 | +360.0% |
| Accrued charges and deferred income | 492/3 | €16,137 | €839 | -€15,298 | -94.8% |
| Remuneration, social security and pensions | 62 | - | €9,406 | +€9,406 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,640 | €30,808 | +€1,168 | +3.9% |
| Other operating charges | 640/8 | €2,836 | €2,607 | -€229 | -8.1% |
| Gross operating margin | 9900 | €296,496 | €251,115 | -€45,380 | -15.3% |
| Operating profit (loss) | 9901 | €264,020 | €208,294 | -€55,726 | -21.1% |
| Financial income | 75/76B | €10,107 | €46,110 | +€36,003 | +356.2% |
| Recurring financial income | 75 | €10,107 | €46,110 | +€36,003 | +356.2% |
| Financial charges | 65/66B | €14,966 | €3,179 | -€11,787 | -78.8% |
| Recurring financial charges | 65 | €14,966 | €3,179 | -€11,787 | -78.8% |
| Profit (loss) for the period before taxes | 9903 | €259,161 | €251,225 | -€7,936 | -3.1% |
| Income taxes | 67/77 | €79,215 | €77,003 | -€2,213 | -2.8% |
| Profit (loss) for the period | 9904 | €179,946 | €174,223 | -€5,723 | -3.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €179,946 | €174,223 | -€5,723 | -3.2% |
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 11 October 2026 via checked.be.