MULLER: 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.
MULLER
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+35.4%), from €3.8m to €5.2m
of which Other tangible fixed assets: +€1.2m
- Cash -€521,271
down €521,271 (-92.5%), from €563,571 to €42,300
mainly Investment in fixed assets (net) (-€1.5m) and Debts after one year (-€153,470)
- Stocks and contracts -€280,348
down €280,348 (-11.8%), from €2.4m to €2.1m
- Reserves +€469,084
up €469,084 (+10.7%), from €4.4m to €4.9m
- Short-term financial debts +€250,000
new in 2025: €250,000
- Debts after one year -€153,470
down €153,470 (-14.1%), from €1.1m to €932,497
of which Financial debts: -€153,470
- Other debts -€136,483
down €136,483 (-24.6%), from €555,677 to €419,193
- Trade debts +€124,219
up €124,219 (+183%), from €68,000 to €192,219
- Gross operating margin +€168,609
up €168,609 (+23.0%), from €733,667 to €902,276
- Taxes +€49,820
up €49,820 (+29.7%), from €167,977 to €217,796
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 | €6,965,690 | €7,609,807 | +€644,117 | +9.2% |
| Fixed assets | 21/28 | €3,837,676 | €5,196,594 | +€1.4m | +35.4% |
| Tangible fixed assets | 22/27 | €3,837,676 | €5,196,594 | +€1.4m | +35.4% |
| Land and buildings | 22 | €1,620,469 | €1,784,385 | +€163,916 | +10.1% |
| Furniture and vehicles | 24 | €5,424 | €0 | -€5,424 | -100% |
| Other tangible fixed assets | 26 | €2,211,783 | €3,412,209 | +€1.2m | +54.3% |
| Current assets | 29/58 | €3,128,014 | €2,413,213 | -€714,800 | -22.9% |
| Stocks and contracts in progress | 3 | €2,378,046 | €2,097,698 | -€280,348 | -11.8% |
| Stocks | 30/36 | €2,378,046 | €2,097,698 | -€280,348 | -11.8% |
| Amounts receivable within one year | 40/41 | €186,228 | €214,996 | +€28,768 | +15.4% |
| Trade receivables | 40 | €101,817 | €35,829 | -€65,988 | -64.8% |
| Other amounts receivable | 41 | €84,411 | €179,167 | +€94,756 | +112% |
| Cash at bank and in hand | 54/58 | €563,571 | €42,300 | -€521,271 | -92.5% |
| Deferred charges and accrued income | 490/1 | €169 | €58,220 | +€58,051 | +34,413% |
| Total equity and liabilities | 10/49 | €6,965,690 | €7,609,807 | +€644,117 | +9.2% |
| Equity | 10/15 | €4,918,203 | €5,387,287 | +€469,084 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,381,689 | €4,850,773 | +€469,084 | +10.7% |
| Distributable reserves | 133 | €4,381,689 | €4,850,773 | +€469,084 | +10.7% |
| Profit (loss) carried forward | 14 | €517,914 | €517,914 | = | 0.0% |
| Amounts payable | 17/49 | €2,047,487 | €2,222,520 | +€175,033 | +8.5% |
| Amounts payable after more than one year | 17 | €1,085,967 | €932,497 | -€153,470 | -14.1% |
| Financial debts | 170/4 | €1,078,317 | €924,847 | -€153,470 | -14.2% |
| Other amounts payable | 178/9 | €7,650 | €7,650 | = | 0.0% |
| Amounts payable within one year | 42/48 | €947,801 | €1,274,600 | +€326,799 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €150,041 | €153,470 | +€3,429 | +2.3% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €68,000 | €192,219 | +€124,219 | +183% |
| Suppliers | 440/4 | €68,000 | €192,219 | +€124,219 | +183% |
| Taxes, remuneration and social security | 45 | €174,083 | €259,718 | +€85,635 | +49.2% |
| Taxes | 450/3 | €171,861 | €256,207 | +€84,346 | +49.1% |
| Remuneration and social security | 454/9 | €2,222 | €3,511 | +€1,289 | +58.0% |
| Other amounts payable | 47/48 | €555,677 | €419,193 | -€136,483 | -24.6% |
| Accrued charges and deferred income | 492/3 | €13,719 | €15,423 | +€1,704 | +12.4% |
| Remuneration, social security and pensions | 62 | €15,308 | €20,438 | +€5,130 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,608 | €125,604 | +€5,996 | +5.0% |
| Other operating charges | 640/8 | €12,093 | €18,591 | +€6,499 | +53.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €733,667 | €902,276 | +€168,609 | +23.0% |
| Operating profit (loss) | 9901 | €586,658 | €737,642 | +€150,984 | +25.7% |
| Financial income | 75/76B | €2,307 | €6,921 | +€4,614 | +200% |
| Recurring financial income | 75 | €2,307 | €6,921 | +€4,614 | +200% |
| Financial charges | 65/66B | €55,090 | €57,683 | +€2,593 | +4.7% |
| Recurring financial charges | 65 | €55,090 | €57,683 | +€2,593 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €533,874 | €686,880 | +€153,006 | +28.7% |
| Income taxes | 67/77 | €167,977 | €217,796 | +€49,820 | +29.7% |
| Profit (loss) for the period | 9904 | €365,898 | €469,084 | +€103,186 | +28.2% |
| Profit (loss) for the period to be appropriated | 9905 | €365,898 | €469,084 | +€103,186 | +28.2% |
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.