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
- Stocks and contracts +€39,875
up €39,875 (+20.8%), from €192,000 to €231,875
- Tangible fixed assets +€10,972
up €10,972 (+5.8%), from €190,584 to €201,555
of which Land and buildings: +€8,731
- Reserves +€47,346
up €47,346 (+45.6%), from €103,857 to €151,203
of which Distributable reserves: +€47,346
- Trade debts +€25,297
up €25,297 (+24.3%), from €104,107 to €129,404
- Other debts -€12,370
down €12,370 (-15.4%), from €80,168 to €67,798
- Debts after one year -€7,688
down €7,688 (-100%), from €7,688 to €0
- Current portion of long-term debt -€6,674
down €6,674 (-43.4%), from €15,369 to €8,695
- Gross operating margin -€32,929
down €32,929 (-22.2%), from €148,362 to €115,433
- Taxes -€9,509
down €9,509 (-30.2%), from €31,453 to €21,944
- Staff costs -€9,138
down €9,138 (-52.8%), from €17,305 to €8,167
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 | €396,445 | €444,182 | +€47,737 | +12.0% |
| Fixed assets | 21/28 | €190,584 | €201,555 | +€10,972 | +5.8% |
| Tangible fixed assets | 22/27 | €190,584 | €201,555 | +€10,972 | +5.8% |
| Land and buildings | 22 | €155,489 | €164,219 | +€8,731 | +5.6% |
| Plant, machinery and equipment | 23 | €31,248 | €31,136 | -€112 | -0.4% |
| Furniture and vehicles | 24 | €3,847 | €6,200 | +€2,353 | +61.2% |
| Current assets | 29/58 | €205,861 | €242,627 | +€36,766 | +17.9% |
| Stocks and contracts in progress | 3 | €192,000 | €231,875 | +€39,875 | +20.8% |
| Stocks | 30/36 | €192,000 | €231,875 | +€39,875 | +20.8% |
| Amounts receivable within one year | 40/41 | €2,783 | €3,229 | +€446 | +16.0% |
| Trade receivables | 40 | €1,704 | €2,493 | +€789 | +46.3% |
| Other amounts receivable | 41 | €1,080 | €736 | -€343 | -31.8% |
| Cash at bank and in hand | 54/58 | €11,078 | €7,522 | -€3,555 | -32.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €396,445 | €444,182 | +€47,737 | +12.0% |
| Equity | 10/15 | €182,659 | €230,005 | +€47,346 | +25.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €103,857 | €151,203 | +€47,346 | +45.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €103,857 | €151,203 | +€47,346 | +45.6% |
| Profit (loss) carried forward | 14 | €60,202 | €60,202 | = | 0.0% |
| Amounts payable | 17/49 | €213,785 | €214,177 | +€392 | +0.2% |
| Amounts payable after more than one year | 17 | €7,688 | €0 | -€7,688 | -100% |
| Financial debts | 170/4 | €7,688 | €0 | -€7,688 | -100% |
| Amounts payable within one year | 42/48 | €206,097 | €214,177 | +€8,080 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €15,369 | €8,695 | -€6,674 | -43.4% |
| Trade debts | 44 | €104,107 | €129,404 | +€25,297 | +24.3% |
| Suppliers | 440/4 | €104,107 | €129,404 | +€25,297 | +24.3% |
| Taxes, remuneration and social security | 45 | €6,453 | €8,280 | +€1,828 | +28.3% |
| Taxes | 450/3 | €6,453 | €8,031 | +€1,578 | +24.5% |
| Remuneration and social security | 454/9 | €0 | €250 | +€250 | |
| Other amounts payable | 47/48 | €80,168 | €67,798 | -€12,370 | -15.4% |
| Non-recurring operating income | 76A | €584 | €0 | -€584 | -100% |
| Remuneration, social security and pensions | 62 | €17,305 | €8,167 | -€9,138 | -52.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,768 | €27,552 | +€783 | +2.9% |
| Other operating charges | 640/8 | €7,966 | €9,121 | +€1,154 | +14.5% |
| Gross operating margin | 9900 | €148,362 | €115,433 | -€32,929 | -22.2% |
| Operating profit (loss) | 9901 | €96,322 | €70,593 | -€25,729 | -26.7% |
| Financial income | 75/76B | €48 | €31 | -€17 | -35.1% |
| Recurring financial income | 75 | €48 | €31 | -€17 | -35.1% |
| Financial charges | 65/66B | €1,564 | €1,335 | -€230 | -14.7% |
| Recurring financial charges | 65 | €1,564 | €1,335 | -€230 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €94,806 | €69,290 | -€25,516 | -26.9% |
| Income taxes | 67/77 | €31,453 | €21,944 | -€9,509 | -30.2% |
| Profit (loss) for the period | 9904 | €63,353 | €47,346 | -€16,007 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €63,353 | €47,346 | -€16,007 | -25.3% |
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 24 October 2026 via checked.be.