Müller Matthias: 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.
Müller Matthias
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+59.9%), from €2.1m to €3.4m
of which Land and buildings: +€990,638
- Stocks and contracts -€70,773
down €70,773 (-100%), from €70,773 to €0
- Cash +€37,922
up €37,922 (+61.6%), from €61,551 to €99,472
mainly Debts after one year (+€953,120) and Other debts (+€229,549)
- Debts after one year +€953,120
up €953,120 (+58.0%), from €1.6m to €2.6m
of which Other amounts payable: +€512,080
- Other debts +€229,549
up €229,549 (+84.2%), from €272,535 to €502,085
- Trade debts -€91,368
down €91,368 (-60.0%), from €152,272 to €60,904
- Current portion of long-term debt +€65,043
up €65,043 (+161%), from €40,455 to €105,498
- Gross operating margin +€243,124
up €243,124 (+663%), from €36,661 to €279,786
- Depreciation +€135,514
up €135,514 (+5,636%), from €2,405 to €137,918
- Staff costs +€52,802
new in 2025: €52,802
- Financial charges +€34,021
up €34,021 (+78.2%), from €43,520 to €77,541
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 | €2,273,776 | €3,490,717 | +€1.2m | +53.5% |
| Fixed assets | 21/28 | €2,117,727 | €3,385,953 | +€1.3m | +59.9% |
| Tangible fixed assets | 22/27 | €2,117,727 | €3,385,953 | +€1.3m | +59.9% |
| Land and buildings | 22 | €2,066,549 | €3,057,187 | +€990,638 | +47.9% |
| Furniture and vehicles | 24 | €25,167 | €328,766 | +€303,599 | +1,206% |
| Assets under construction and advance payments | 27 | €26,011 | €0 | -€26,011 | -100% |
| Current assets | 29/58 | €156,050 | €104,765 | -€51,285 | -32.9% |
| Stocks and contracts in progress | 3 | €70,773 | €0 | -€70,773 | -100% |
| Stocks | 30/36 | €70,773 | €0 | -€70,773 | -100% |
| Amounts receivable within one year | 40/41 | €17,133 | €0 | -€17,133 | -100% |
| Trade receivables | 40 | €2,111 | €0 | -€2,111 | -100% |
| Other amounts receivable | 41 | €15,022 | €0 | -€15,022 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €61,551 | €99,472 | +€37,922 | +61.6% |
| Deferred charges and accrued income | 490/1 | €6,593 | €5,292 | -€1,301 | -19.7% |
| Total equity and liabilities | 10/49 | €2,273,776 | €3,490,717 | +€1.2m | +53.5% |
| Equity | 10/15 | €154,825 | €178,771 | +€23,945 | +15.5% |
| Contributions | 10/11 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €49,825 | €73,771 | +€23,945 | +48.1% |
| Distributable reserves | 133 | €49,825 | €73,771 | +€23,945 | +48.1% |
| Amounts payable | 17/49 | €2,118,951 | €3,311,947 | +€1.2m | +56.3% |
| Amounts payable after more than one year | 17 | €1,643,489 | €2,596,609 | +€953,120 | +58.0% |
| Financial debts | 170/4 | €1,503,489 | €1,944,529 | +€441,040 | +29.3% |
| Other amounts payable | 178/9 | €140,000 | €652,080 | +€512,080 | +366% |
| Amounts payable within one year | 42/48 | €473,631 | €684,306 | +€210,675 | +44.5% |
| Current portion of amounts payable after more than one year | 42 | €40,455 | €105,498 | +€65,043 | +161% |
| Trade debts | 44 | €152,272 | €60,904 | -€91,368 | -60.0% |
| Suppliers | 440/4 | €152,272 | €60,904 | -€91,368 | -60.0% |
| Taxes, remuneration and social security | 45 | €8,368 | €15,819 | +€7,451 | +89.0% |
| Taxes | 450/3 | €8,368 | €4,021 | -€4,347 | -51.9% |
| Remuneration and social security | 454/9 | - | €11,798 | +€11,798 | |
| Other amounts payable | 47/48 | €272,535 | €502,085 | +€229,549 | +84.2% |
| Accrued charges and deferred income | 492/3 | €1,831 | €31,032 | +€29,201 | +1,595% |
| Remuneration, social security and pensions | 62 | - | €52,802 | +€52,802 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,405 | €137,918 | +€135,514 | +5,636% |
| Other operating charges | 640/8 | - | €545 | +€545 | |
| Gross operating margin | 9900 | €36,661 | €279,786 | +€243,124 | +663% |
| Operating profit (loss) | 9901 | €34,257 | €88,520 | +€54,263 | +158% |
| Financial income | 75/76B | €15,666 | €12,966 | -€2,700 | -17.2% |
| Recurring financial income | 75 | €15,666 | €12,966 | -€2,700 | -17.2% |
| Financial charges | 65/66B | €43,520 | €77,541 | +€34,021 | +78.2% |
| Recurring financial charges | 65 | €43,520 | €77,541 | +€34,021 | +78.2% |
| Profit (loss) for the period before taxes | 9903 | €6,403 | €23,945 | +€17,542 | +274% |
| Profit (loss) for the period | 9904 | €6,403 | €23,945 | +€17,542 | +274% |
| Profit (loss) for the period to be appropriated | 9905 | €6,403 | €23,945 | +€17,542 | +274% |
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 23 October 2026 via checked.be.