MULKHOF: 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.
MULKHOF
Largest movements
- Receivables within one year -€733,807
down €733,807 (-90.5%), from €810,857 to €77,050
of which Other amounts receivable: -€721,971
- Cash +€268,401
up €268,401 (+979.0%), from €27,417 to €295,818
mainly Receivables within one year (+€733,807) and Depreciation (+€217,432)
- Tangible fixed assets -€49,553
down €49,553 (-5.1%), from €964,657 to €915,104
of which Plant, machinery and equipment: -€54,458
- Other debts -€602,751
no longer reported in 2025 (was €602,751)
- Reserves +€109,517
up €109,517 (+28.7%), from €381,302 to €490,819
- Tax, wage and social debts -€25,649
down €25,649 (-60.6%), from €42,348 to €16,699
- Gross operating margin +€70,055
up €70,055 (+24.8%), from €282,526 to €352,581
- Depreciation +€27,677
up €27,677 (+14.6%), from €189,755 to €217,432
- Taxes +€17,252
up €17,252 (+108.8%), from €15,853 to €33,105
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 | €1,970,231 | €1,449,501 | -€520,730 | -26.4% |
| Fixed assets | 21/28 | €964,657 | €915,104 | -€49,553 | -5.1% |
| Tangible fixed assets | 22/27 | €964,657 | €915,104 | -€49,553 | -5.1% |
| Land and buildings | 22 | €634,522 | €666,891 | +€32,368 | +5.1% |
| Plant, machinery and equipment | 23 | €261,711 | €207,252 | -€54,458 | -20.8% |
| Furniture and vehicles | 24 | €68,424 | €40,961 | -€27,463 | -40.1% |
| Current assets | 29/58 | €1,005,574 | €534,397 | -€471,177 | -46.9% |
| Amounts receivable after more than one year | 29 | €159,360 | €159,360 | = | 0.0% |
| Other amounts receivable | 291 | €159,360 | €159,360 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €810,857 | €77,050 | -€733,807 | -90.5% |
| Trade receivables | 40 | €13,512 | €1,677 | -€11,835 | -87.6% |
| Other amounts receivable | 41 | €797,344 | €75,373 | -€721,971 | -90.5% |
| Cash at bank and in hand | 54/58 | €27,417 | €295,818 | +€268,401 | +979.0% |
| Deferred charges and accrued income | 490/1 | €7,941 | €2,170 | -€5,771 | -72.7% |
| Total equity and liabilities | 10/49 | €1,970,231 | €1,449,501 | -€520,730 | -26.4% |
| Equity | 10/15 | €1,216,964 | €1,326,482 | +€109,517 | +9.0% |
| Contributions | 10/11 | €27,300 | €27,300 | = | 0.0% |
| Reserves | 13 | €381,302 | €490,819 | +€109,517 | +28.7% |
| Distributable reserves | 133 | €381,302 | €490,819 | +€109,517 | +28.7% |
| Profit (loss) carried forward | 14 | €808,362 | €808,362 | = | 0.0% |
| Amounts payable | 17/49 | €753,267 | €123,020 | -€630,247 | -83.7% |
| Amounts payable after more than one year | 17 | €80,000 | €72,000 | -€8,000 | -10.0% |
| Financial debts | 170/4 | €80,000 | €72,000 | -€8,000 | -10.0% |
| Amounts payable within one year | 42/48 | €673,267 | €51,020 | -€622,247 | -92.4% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | €8,000 | = | 0.0% |
| Trade debts | 44 | €20,168 | €26,321 | +€6,152 | +30.5% |
| Suppliers | 440/4 | €20,168 | €26,321 | +€6,152 | +30.5% |
| Taxes, remuneration and social security | 45 | €42,348 | €16,699 | -€25,649 | -60.6% |
| Taxes | 450/3 | €42,348 | €16,699 | -€25,649 | -60.6% |
| Other amounts payable | 47/48 | €602,751 | - | -€602,751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €189,755 | €217,432 | +€27,677 | +14.6% |
| Other operating charges | 640/8 | €1,175 | €1,490 | +€315 | +26.8% |
| Gross operating margin | 9900 | €282,526 | €352,581 | +€70,055 | +24.8% |
| Operating profit (loss) | 9901 | €91,597 | €133,659 | +€42,063 | +45.9% |
| Financial income | 75/76B | €16,896 | €16,722 | -€174 | -1.0% |
| Recurring financial income | 75 | €16,896 | €16,722 | -€174 | -1.0% |
| Financial charges | 65/66B | €6,698 | €7,759 | +€1,061 | +15.8% |
| Recurring financial charges | 65 | €6,698 | €7,759 | +€1,061 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €101,795 | €142,623 | +€40,828 | +40.1% |
| Income taxes | 67/77 | €15,853 | €33,105 | +€17,252 | +108.8% |
| Profit (loss) for the period | 9904 | €85,942 | €109,517 | +€23,576 | +27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €85,942 | €109,517 | +€23,576 | +27.4% |
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.