MULLER CYCLES: 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.
MULLER CYCLES
Largest movements
- Stocks and contracts +€28,276
up €28,276 (+13.9%), from €203,190 to €231,466
- Cash +€18,663
up €18,663 (+105.2%), from €17,738 to €36,401
mainly Depreciation (+€65,695) and Debts after one year (+€38,792)
- Tangible fixed assets +€14,384
up €14,384 (+2.4%), from €590,509 to €604,892
of which Furniture and vehicles: +€51,872
- Debts after one year +€38,792
up €38,792 (+7.8%), from €494,902 to €533,694
- Other debts +€24,551
up €24,551 (+25.3%), from €97,199 to €121,750
- Tax, wage and social debts -€9,131
down €9,131 (-30.4%), from €30,077 to €20,947
of which Taxes: -€8,930
- Turnover +€85,085
up €85,085 (+19.5%), from €436,231 to €521,316
- Purchases and services +€61,355
up €61,355 (+19.1%), from €321,831 to €383,186
- Gross operating margin +€23,730
up €23,730 (+20.7%), from €114,399 to €138,130
- Write-downs +€20,881
new in 2025: €20,881
- Depreciation +€18,574
up €18,574 (+39.4%), from €47,121 to €65,695
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 | €815,884 | €876,089 | +€60,205 | +7.4% |
| Formation expenses | 20 | €271 | - | -€271 | |
| Fixed assets | 21/28 | €590,554 | €604,937 | +€14,384 | +2.4% |
| Tangible fixed assets | 22/27 | €590,509 | €604,892 | +€14,384 | +2.4% |
| Land and buildings | 22 | €491,020 | €459,128 | -€31,892 | -6.5% |
| Plant, machinery and equipment | 23 | €49,809 | €44,212 | -€5,597 | -11.2% |
| Furniture and vehicles | 24 | €49,680 | €101,552 | +€51,872 | +104.4% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €225,060 | €271,152 | +€46,092 | +20.5% |
| Stocks and contracts in progress | 3 | €203,190 | €231,466 | +€28,276 | +13.9% |
| Stocks | 30/36 | €203,190 | €231,466 | +€28,276 | +13.9% |
| Amounts receivable within one year | 40/41 | €4,131 | €3,285 | -€847 | -20.5% |
| Trade receivables | 40 | €2,499 | €1,485 | -€1,014 | -40.6% |
| Other amounts receivable | 41 | €1,632 | €1,799 | +€167 | +10.3% |
| Cash at bank and in hand | 54/58 | €17,738 | €36,401 | +€18,663 | +105.2% |
| Total equity and liabilities | 10/49 | €815,884 | €876,089 | +€60,205 | +7.4% |
| Equity | 10/15 | €149,270 | €148,754 | -€516 | -0.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €84,386 | €84,386 | = | 0.0% |
| Distributable reserves | 133 | €84,386 | €84,386 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,884 | €59,368 | -€516 | -0.9% |
| Amounts payable | 17/49 | €666,614 | €727,335 | +€60,721 | +9.1% |
| Amounts payable after more than one year | 17 | €494,902 | €533,694 | +€38,792 | +7.8% |
| Financial debts | 170/4 | €494,902 | €533,694 | +€38,792 | +7.8% |
| Amounts payable within one year | 42/48 | €171,570 | €193,596 | +€22,025 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €27,441 | €28,988 | +€1,547 | +5.6% |
| Trade debts | 44 | €16,854 | €21,911 | +€5,058 | +30.0% |
| Suppliers | 440/4 | €16,854 | €21,911 | +€5,058 | +30.0% |
| Taxes, remuneration and social security | 45 | €30,077 | €20,947 | -€9,131 | -30.4% |
| Taxes | 450/3 | €28,847 | €19,917 | -€8,930 | -31.0% |
| Remuneration and social security | 454/9 | €1,230 | €1,029 | -€201 | -16.3% |
| Other amounts payable | 47/48 | €97,199 | €121,750 | +€24,551 | +25.3% |
| Accrued charges and deferred income | 492/3 | €141 | €45 | -€96 | -68.0% |
| Turnover | 70 | €436,231 | €521,316 | +€85,085 | +19.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €321,831 | €383,186 | +€61,355 | +19.1% |
| Remuneration, social security and pensions | 62 | €11,144 | €18,603 | +€7,459 | +66.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,121 | €65,695 | +€18,574 | +39.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €20,881 | +€20,881 | |
| Other operating charges | 640/8 | €3,813 | €3,788 | -€25 | -0.7% |
| Gross operating margin | 9900 | €114,399 | €138,130 | +€23,730 | +20.7% |
| Operating profit (loss) | 9901 | €52,322 | €29,162 | -€23,160 | -44.3% |
| Financial income | 75/76B | €1,721 | €92 | -€1,628 | -94.6% |
| Recurring financial income | 75 | €1,721 | €92 | -€1,628 | -94.6% |
| Financial charges | 65/66B | €22,688 | €29,770 | +€7,082 | +31.2% |
| Recurring financial charges | 65 | €22,688 | €29,770 | +€7,082 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €31,355 | -€516 | -€31,870 | |
| Income taxes | 67/77 | €6,216 | - | -€6,216 | |
| Profit (loss) for the period | 9904 | €25,138 | -€516 | -€25,654 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,138 | -€516 | -€25,654 |
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.