MULLER & PARTNERS: 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 & PARTNERS
Largest movements
- Receivables within one year -€56,470
down €56,470 (-53.8%), from €104,899 to €48,429
of which Trade receivables: -€54,015
- Cash +€30,996
up €30,996 (+18.2%), from €170,504 to €201,500
mainly Receivables within one year (+€56,470) and Tax, wage and social debts (+€28,144)
- Tangible fixed assets -€11,881
down €11,881 (-10.4%), from €114,136 to €102,255
of which Plant, machinery and equipment: -€6,007
- Trade debts -€93,054
down €93,054 (-75.3%), from €123,500 to €30,446
- Tax, wage and social debts +€28,144
up €28,144 (+242%), from €11,607 to €39,750
of which Taxes: +€24,777
- Reserves +€22,150
up €22,150 (+61.8%), from €35,850 to €58,000
- Debts after one year +€5,505
up €5,505 (+3.1%), from €178,126 to €183,631
of which Other amounts payable: +€16,734
- Gross operating margin +€39,501
up €39,501 (+81.6%), from €48,430 to €87,931
- Other operating charges +€16,558
up €16,558 (+272%), from €6,085 to €22,642
- Taxes +€6,224
new in 2025: €6,224
- Staff costs +€2,066
up €2,066 (+11.6%), from €17,831 to €19,898
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 | €392,147 | €353,850 | -€38,298 | -9.8% |
| Fixed assets | 21/28 | €114,136 | €102,255 | -€11,881 | -10.4% |
| Tangible fixed assets | 22/27 | €114,136 | €102,255 | -€11,881 | -10.4% |
| Land and buildings | 22 | €99,857 | €94,661 | -€5,197 | -5.2% |
| Plant, machinery and equipment | 23 | €6,007 | €0 | -€6,007 | -100% |
| Furniture and vehicles | 24 | €8,272 | €7,594 | -€678 | -8.2% |
| Current assets | 29/58 | €278,011 | €251,595 | -€26,416 | -9.5% |
| Amounts receivable within one year | 40/41 | €104,899 | €48,429 | -€56,470 | -53.8% |
| Trade receivables | 40 | €96,964 | €42,948 | -€54,015 | -55.7% |
| Other amounts receivable | 41 | €7,935 | €5,481 | -€2,454 | -30.9% |
| Cash at bank and in hand | 54/58 | €170,504 | €201,500 | +€30,996 | +18.2% |
| Deferred charges and accrued income | 490/1 | €2,608 | €1,665 | -€943 | -36.1% |
| Total equity and liabilities | 10/49 | €392,147 | €353,850 | -€38,298 | -9.8% |
| Equity | 10/15 | €54,488 | €76,823 | +€22,335 | +41.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,850 | €58,000 | +€22,150 | +61.8% |
| Distributable reserves | 133 | €35,850 | €58,000 | +€22,150 | +61.8% |
| Profit (loss) carried forward | 14 | €38 | €223 | +€185 | +489% |
| Amounts payable | 17/49 | €337,659 | €277,026 | -€60,633 | -18.0% |
| Amounts payable after more than one year | 17 | €178,126 | €183,631 | +€5,505 | +3.1% |
| Financial debts | 170/4 | €88,456 | €77,227 | -€11,229 | -12.7% |
| Other amounts payable | 178/9 | €89,670 | €106,404 | +€16,734 | +18.7% |
| Amounts payable within one year | 42/48 | €159,491 | €93,395 | -€66,096 | -41.4% |
| Current portion of amounts payable after more than one year | 42 | €10,981 | €11,229 | +€247 | +2.3% |
| Trade debts | 44 | €123,500 | €30,446 | -€93,054 | -75.3% |
| Suppliers | 440/4 | €123,500 | €30,446 | -€93,054 | -75.3% |
| Taxes, remuneration and social security | 45 | €11,607 | €39,750 | +€28,144 | +242% |
| Taxes | 450/3 | €10,769 | €35,546 | +€24,777 | +230% |
| Remuneration and social security | 454/9 | €837 | €4,204 | +€3,367 | +402% |
| Other amounts payable | 47/48 | €13,404 | €11,971 | -€1,433 | -10.7% |
| Accrued charges and deferred income | 492/3 | €42 | €0 | -€42 | -100% |
| Non-recurring operating income | 76A | €533 | €0 | -€533 | -100% |
| Remuneration, social security and pensions | 62 | €17,831 | €19,898 | +€2,066 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,732 | €13,599 | -€133 | -1.0% |
| Other operating charges | 640/8 | €6,085 | €22,642 | +€16,558 | +272% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €48,430 | €87,931 | +€39,501 | +81.6% |
| Operating profit (loss) | 9901 | €10,782 | €31,792 | +€21,009 | +195% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,955 | €3,232 | +€277 | +9.4% |
| Recurring financial charges | 65 | €2,955 | €3,232 | +€277 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €7,827 | €28,560 | +€20,733 | +265% |
| Income taxes | 67/77 | - | €6,224 | +€6,224 | |
| Profit (loss) for the period | 9904 | €7,827 | €22,335 | +€14,508 | +185% |
| Profit (loss) for the period to be appropriated | 9905 | €7,827 | €22,335 | +€14,508 | +185% |
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 15 October 2026 via checked.be.