Mulders: 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.
Mulders
Largest movements
- Cash +€298,532
up €298,532 (+104.6%), from €285,317 to €583,849
mainly Net result for the year (+€275,041) and Current investments (+€125,000)
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Tangible fixed assets -€51,886
down €51,886 (-10.8%), from €480,344 to €428,458
- Receivables within one year +€37,068
up €37,068 (+37.1%), from €100,028 to €137,096
of which Trade receivables: +€27,576
- Reserves +€252,217
up €252,217 (+48.0%), from €525,800 to €778,017
of which Distributable reserves: +€252,217
- Trade debts -€44,866
down €44,866 (-38.0%), from €117,965 to €73,098
- Debts after one year -€38,783
down €38,783 (-33.1%), from €117,272 to €78,489
- Tax, wage and social debts +€34,484
up €34,484 (+31.7%), from €108,875 to €143,359
of which Taxes: +€36,159
- Current portion of long-term debt -€20,883
down €20,883 (-35.3%), from €59,115 to €38,232
- Gross operating margin +€167,131
up €167,131 (+23.7%), from €705,897 to €873,029
- Staff costs +€48,218
up €48,218 (+16.1%), from €299,223 to €347,441
- Taxes +€35,699
up €35,699 (+38.8%), from €91,910 to €127,608
- Depreciation +€12,570
up €12,570 (+11.9%), from €105,416 to €117,986
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 | €1,282,732 | €1,449,109 | +€166,377 | +13.0% |
| Fixed assets | 21/28 | €481,181 | €428,458 | -€52,724 | -11.0% |
| Intangible fixed assets | 21 | €838 | - | -€838 | |
| Tangible fixed assets | 22/27 | €480,344 | €428,458 | -€51,886 | -10.8% |
| Land and buildings | 22 | €1,458 | €1,093 | -€364 | -25.0% |
| Plant, machinery and equipment | 23 | €45,903 | €41,103 | -€4,800 | -10.5% |
| Furniture and vehicles | 24 | €109,087 | €98,224 | -€10,863 | -10.0% |
| Leasing and similar rights | 25 | €27,339 | €12,259 | -€15,080 | -55.2% |
| Other tangible fixed assets | 26 | €296,557 | €275,779 | -€20,778 | -7.0% |
| Current assets | 29/58 | €801,551 | €1,020,651 | +€219,100 | +27.3% |
| Stocks and contracts in progress | 3 | €288,584 | €296,833 | +€8,248 | +2.9% |
| Stocks | 30/36 | €288,584 | €296,833 | +€8,248 | +2.9% |
| Amounts receivable within one year | 40/41 | €100,028 | €137,096 | +€37,068 | +37.1% |
| Trade receivables | 40 | €5,562 | €33,137 | +€27,576 | +495.8% |
| Other amounts receivable | 41 | €94,466 | €103,959 | +€9,493 | +10.0% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €285,317 | €583,849 | +€298,532 | +104.6% |
| Deferred charges and accrued income | 490/1 | €2,622 | €2,874 | +€252 | +9.6% |
| Total equity and liabilities | 10/49 | €1,282,732 | €1,449,109 | +€166,377 | +13.0% |
| Equity | 10/15 | €860,300 | €1,112,516 | +€252,217 | +29.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €525,800 | €778,017 | +€252,217 | +48.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,000 | €17,000 | = | 0.0% |
| Distributable reserves | 133 | €502,600 | €754,817 | +€252,217 | +50.2% |
| Profit (loss) carried forward | 14 | €272,499 | €272,499 | = | 0.0% |
| Amounts payable | 17/49 | €422,432 | €336,592 | -€85,840 | -20.3% |
| Amounts payable after more than one year | 17 | €117,272 | €78,489 | -€38,783 | -33.1% |
| Financial debts | 170/4 | €117,272 | €78,489 | -€38,783 | -33.1% |
| Amounts payable within one year | 42/48 | €303,092 | €255,722 | -€47,370 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €59,115 | €38,232 | -€20,883 | -35.3% |
| Trade debts | 44 | €117,965 | €73,098 | -€44,866 | -38.0% |
| Suppliers | 440/4 | €117,965 | €73,098 | -€44,866 | -38.0% |
| Advances received on contracts in progress | 46 | €587 | €1,033 | +€446 | +76.0% |
| Taxes, remuneration and social security | 45 | €108,875 | €143,359 | +€34,484 | +31.7% |
| Taxes | 450/3 | €51,084 | €87,243 | +€36,159 | +70.8% |
| Remuneration and social security | 454/9 | €57,791 | €56,116 | -€1,675 | -2.9% |
| Other amounts payable | 47/48 | €16,550 | - | -€16,550 | |
| Accrued charges and deferred income | 492/3 | €2,068 | €2,381 | +€312 | +15.1% |
| Non-recurring operating income | 76A | €207 | - | -€207 | |
| Remuneration, social security and pensions | 62 | €299,223 | €347,441 | +€48,218 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,416 | €117,986 | +€12,570 | +11.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,264 | -€315 | +€1,949 | +86.1% |
| Other operating charges | 640/8 | €2,267 | €2,341 | +€74 | +3.3% |
| Gross operating margin | 9900 | €705,897 | €873,029 | +€167,131 | +23.7% |
| Operating profit (loss) | 9901 | €301,256 | €405,576 | +€104,320 | +34.6% |
| Financial income | 75/76B | €1,919 | €3,978 | +€2,059 | +107.3% |
| Recurring financial income | 75 | €1,919 | €3,978 | +€2,059 | +107.3% |
| Financial charges | 65/66B | €8,690 | €6,904 | -€1,786 | -20.6% |
| Recurring financial charges | 65 | €8,690 | €6,904 | -€1,786 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €294,484 | €402,649 | +€108,165 | +36.7% |
| Income taxes | 67/77 | €91,910 | €127,608 | +€35,699 | +38.8% |
| Profit (loss) for the period | 9904 | €202,574 | €275,041 | +€72,466 | +35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €202,574 | €275,041 | +€72,466 | +35.8% |
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 12 October 2026 via checked.be.