MULCO: 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.
MULCO
Largest movements
- Current investments -€309,786
down €309,786 (-100.0%), from €309,852 to €66
- Receivables within one year +€176,907
up €176,907 (+136.4%), from €129,680 to €306,588
of which Trade receivables: +€180,000
- Cash +€144,936
up €144,936 (+932.6%), from €15,541 to €160,476
mainly Net result for the year (+€379,548) and Current investments (+€309,786)
- Tangible fixed assets -€40,706
down €40,706 (-2.7%), from €1.5m to €1.5m
of which Land and buildings: -€39,506
- Debts after one year -€74,086
down €74,086 (-11.3%), from €654,010 to €579,923
of which Financial debts: -€51,086
- Reserves +€27,304
up €27,304 (+2.3%), from €1.2m to €1.2m
of which Distributable reserves: +€30,260
- Tax, wage and social debts +€25,955
up €25,955 (+185.3%), from €14,008 to €39,963
- Gross operating margin +€439,184
up €439,184 (+253.8%), from €173,063 to €612,247
- Taxes +€142,110
up €142,110 (+443.7%), from €32,030 to €174,140
- Financial income +€7,222
up €7,222 (+1690.4%), from €427 to €7,649
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 | €1,981,144 | €1,950,363 | -€30,780 | -1.6% |
| Fixed assets | 21/28 | €1,523,940 | €1,483,234 | -€40,706 | -2.7% |
| Tangible fixed assets | 22/27 | €1,523,940 | €1,483,234 | -€40,706 | -2.7% |
| Land and buildings | 22 | €1,514,929 | €1,475,423 | -€39,506 | -2.6% |
| Furniture and vehicles | 24 | €9,011 | €7,811 | -€1,201 | -13.3% |
| Current assets | 29/58 | €457,204 | €467,130 | +€9,926 | +2.2% |
| Amounts receivable within one year | 40/41 | €129,680 | €306,588 | +€176,907 | +136.4% |
| Trade receivables | 40 | €18,150 | €198,150 | +€180,000 | +991.7% |
| Other amounts receivable | 41 | €111,530 | €108,438 | -€3,093 | -2.8% |
| Current investments | 50/53 | €309,852 | €66 | -€309,786 | -100.0% |
| Cash at bank and in hand | 54/58 | €15,541 | €160,476 | +€144,936 | +932.6% |
| Deferred charges and accrued income | 490/1 | €2,131 | - | -€2,131 | |
| Total equity and liabilities | 10/49 | €1,981,144 | €1,950,363 | -€30,780 | -1.6% |
| Equity | 10/15 | €1,212,106 | €1,239,024 | +€26,918 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,193,115 | €1,220,419 | +€27,304 | +2.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €91,375 | €88,419 | -€2,956 | -3.2% |
| Distributable reserves | 133 | €1,099,880 | €1,130,140 | +€30,260 | +2.8% |
| Profit (loss) carried forward | 14 | €391 | €4 | -€387 | -98.9% |
| Provisions and deferred taxes | 16 | €30,458 | €29,473 | -€985 | -3.2% |
| Deferred taxes | 168 | €30,458 | €29,473 | -€985 | -3.2% |
| Amounts payable | 17/49 | €738,579 | €681,866 | -€56,713 | -7.7% |
| Amounts payable after more than one year | 17 | €654,010 | €579,923 | -€74,086 | -11.3% |
| Financial debts | 170/4 | €416,010 | €364,923 | -€51,086 | -12.3% |
| Other amounts payable | 178/9 | €238,000 | €215,000 | -€23,000 | -9.7% |
| Amounts payable within one year | 42/48 | €79,044 | €101,943 | +€22,899 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €58,878 | €51,086 | -€7,792 | -13.2% |
| Trade debts | 44 | €2,608 | €5,143 | +€2,535 | +97.2% |
| Suppliers | 440/4 | €2,608 | €5,143 | +€2,535 | +97.2% |
| Taxes, remuneration and social security | 45 | €14,008 | €39,963 | +€25,955 | +185.3% |
| Taxes | 450/3 | €14,008 | €39,963 | +€25,955 | +185.3% |
| Other amounts payable | 47/48 | €3,550 | €5,751 | +€2,201 | +62.0% |
| Accrued charges and deferred income | 492/3 | €5,526 | - | -€5,526 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,787 | €40,706 | +€920 | +2.3% |
| Other operating charges | 640/8 | €5,590 | €6,557 | +€967 | +17.3% |
| Gross operating margin | 9900 | €173,063 | €612,247 | +€439,184 | +253.8% |
| Operating profit (loss) | 9901 | €127,686 | €564,983 | +€437,297 | +342.5% |
| Financial income | 75/76B | €427 | €7,649 | +€7,222 | +1690.4% |
| Recurring financial income | 75 | €427 | €7,649 | +€7,222 | +1690.4% |
| Financial charges | 65/66B | €21,533 | €19,930 | -€1,603 | -7.4% |
| Recurring financial charges | 65 | €21,533 | €19,930 | -€1,603 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €106,580 | €552,703 | +€446,122 | +418.6% |
| Transfer from deferred taxes | 780 | €985 | €985 | = | 0.0% |
| Income taxes | 67/77 | €32,030 | €174,140 | +€142,110 | +443.7% |
| Profit (loss) for the period | 9904 | €75,536 | €379,548 | +€304,012 | +402.5% |
| Transfer from tax-exempt reserves | 789 | €2,956 | €2,956 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,491 | €382,503 | +€304,012 | +387.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.