Mulder: 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.
Mulder
Largest movements
- Tangible fixed assets -€269,313
down €269,313 (-92.9%), from €289,853 to €20,540
of which Land and buildings: -€265,109
- Receivables within one year -€14,569
down €14,569 (-17.0%), from €85,762 to €71,193
- Cash +€14,387
up €14,387 (+87.4%), from €16,455 to €30,842
mainly Investment in fixed assets (net) (+€262,451) and Receivables within one year (+€14,569)
- Debts after one year -€251,061
no longer reported in 2025 (was €251,061)
- Profit (loss) carried forward +€14,079
up €14,079 (+40.2%), from €35,019 to €49,098
- Current portion of long-term debt -€13,939
no longer reported in 2025 (was €13,939)
- Tax, wage and social debts -€11,880
down €11,880 (-72.9%), from €16,287 to €4,407
- Accrued charges and deferred income -€5,859
no longer reported in 2025 (was €5,859)
- Other operating charges -€31,847
down €31,847 (-94.5%), from €33,714 to €1,867
- Financial income +€31,543
up €31,543 (+1435.0%), from €2,198 to €33,741
of which Non-recurring financial income: +€31,920
- Gross operating margin -€25,968
down €25,968 (-66.3%), from €39,157 to €13,188
- Financial charges +€13,903
up €13,903 (+256.0%), from €5,432 to €19,335
of which Financial charges: +€9,403
- Taxes +€4,328
up €4,328 (+942.3%), from €459 to €4,787
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 | €393,308 | €124,324 | -€268,983 | -68.4% |
| Fixed assets | 21/28 | €289,853 | €20,540 | -€269,313 | -92.9% |
| Tangible fixed assets | 22/27 | €289,853 | €20,540 | -€269,313 | -92.9% |
| Land and buildings | 22 | €272,186 | €7,078 | -€265,109 | -97.4% |
| Plant, machinery and equipment | 23 | €2,699 | €3,170 | +€471 | +17.4% |
| Furniture and vehicles | 24 | €14,967 | €10,292 | -€4,676 | -31.2% |
| Current assets | 29/58 | €103,455 | €103,785 | +€330 | +0.3% |
| Amounts receivable within one year | 40/41 | €85,762 | €71,193 | -€14,569 | -17.0% |
| Other amounts receivable | 41 | €85,762 | €71,193 | -€14,569 | -17.0% |
| Cash at bank and in hand | 54/58 | €16,455 | €30,842 | +€14,387 | +87.4% |
| Deferred charges and accrued income | 490/1 | €1,238 | €1,749 | +€511 | +41.3% |
| Total equity and liabilities | 10/49 | €393,308 | €124,324 | -€268,983 | -68.4% |
| Equity | 10/15 | €100,619 | €114,698 | +€14,079 | +14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,000 | €47,000 | = | 0.0% |
| Distributable reserves | 133 | €47,000 | €47,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,019 | €49,098 | +€14,079 | +40.2% |
| Amounts payable | 17/49 | €292,688 | €9,626 | -€283,062 | -96.7% |
| Amounts payable after more than one year | 17 | €251,061 | - | -€251,061 | |
| Financial debts | 170/4 | €251,061 | - | -€251,061 | |
| Amounts payable within one year | 42/48 | €35,768 | €9,626 | -€26,141 | -73.1% |
| Current portion of amounts payable after more than one year | 42 | €13,939 | - | -€13,939 | |
| Trade debts | 44 | €5,542 | €5,220 | -€323 | -5.8% |
| Suppliers | 440/4 | €5,542 | €5,220 | -€323 | -5.8% |
| Taxes, remuneration and social security | 45 | €16,287 | €4,407 | -€11,880 | -72.9% |
| Taxes | 450/3 | €16,287 | €4,407 | -€11,880 | -72.9% |
| Accrued charges and deferred income | 492/3 | €5,859 | - | -€5,859 | |
| Non-recurring operating income | 76A | €2,407 | €7,687 | +€5,280 | +219.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,959 | €6,862 | -€97 | -1.4% |
| Other operating charges | 640/8 | €33,714 | €1,867 | -€31,847 | -94.5% |
| Gross operating margin | 9900 | €39,157 | €13,188 | -€25,968 | -66.3% |
| Operating profit (loss) | 9901 | -€1,517 | €4,459 | +€5,976 | |
| Financial income | 75/76B | €2,198 | €33,741 | +€31,543 | +1435.0% |
| Recurring financial income | 75 | €2,198 | €1,821 | -€377 | -17.2% |
| Non-recurring financial income | 76B | - | €31,920 | +€31,920 | |
| Financial charges | 65/66B | €5,432 | €19,335 | +€13,903 | +256.0% |
| Recurring financial charges | 65 | €5,432 | €14,835 | +€9,403 | +173.1% |
| Non-recurring financial charges | 66B | - | €4,500 | +€4,500 | |
| Profit (loss) for the period before taxes | 9903 | -€4,751 | €18,866 | +€23,616 | |
| Income taxes | 67/77 | €459 | €4,787 | +€4,328 | +942.3% |
| Profit (loss) for the period | 9904 | -€5,210 | €14,079 | +€19,289 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,210 | €14,079 | +€19,289 |
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 6 October 2026 via checked.be.