Muller Van Severen: 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 Van Severen
Largest movements
- Current investments -€90,118
down €90,118 (-21.7%), from €416,000 to €325,883
- Receivables within one year +€31,970
up €31,970 (+144%), from €22,195 to €54,165
of which Trade receivables: +€22,634
- Tangible fixed assets -€21,933
down €21,933 (-7.4%), from €297,222 to €275,289
of which Land and buildings: -€21,107
- Intangible fixed assets +€11,213
new in 2025: €11,213
- Other debts -€34,961
down €34,961 (-27.2%), from €128,321 to €93,360
- Trade debts -€27,317
down €27,317 (-34.0%), from €80,354 to €53,037
- Reserves +€16,830
up €16,830 (+4.7%), from €358,613 to €375,443
- Debts after one year -€15,682
down €15,682 (-10.8%), from €145,303 to €129,621
- Gross operating margin -€35,827
down €35,827 (-15.4%), from €232,118 to €196,291
- Financial charges +€20,793
up €20,793 (+52.7%), from €39,438 to €60,231
- Taxes -€16,317
down €16,317 (-33.5%), from €48,686 to €32,369
- Write-downs +€10,296
no longer reported in 2025 (was -€10,296)
- Other operating charges -€9,984
down €9,984 (-72.8%), from €13,719 to €3,735
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 | €754,545 | €695,440 | -€59,105 | -7.8% |
| Fixed assets | 21/28 | €297,222 | €290,102 | -€7,120 | -2.4% |
| Intangible fixed assets | 21 | - | €11,213 | +€11,213 | |
| Tangible fixed assets | 22/27 | €297,222 | €275,289 | -€21,933 | -7.4% |
| Land and buildings | 22 | €280,634 | €259,527 | -€21,107 | -7.5% |
| Plant, machinery and equipment | 23 | €11,849 | €11,432 | -€416 | -3.5% |
| Furniture and vehicles | 24 | €4,740 | €1,630 | -€3,110 | -65.6% |
| Other tangible fixed assets | 26 | - | €2,700 | +€2,700 | |
| Financial fixed assets | 28 | - | €3,600 | +€3,600 | |
| Current assets | 29/58 | €457,323 | €405,338 | -€51,985 | -11.4% |
| Amounts receivable within one year | 40/41 | €22,195 | €54,165 | +€31,970 | +144% |
| Trade receivables | 40 | €10,027 | €32,661 | +€22,634 | +226% |
| Other amounts receivable | 41 | €12,168 | €21,504 | +€9,336 | +76.7% |
| Current investments | 50/53 | €416,000 | €325,883 | -€90,118 | -21.7% |
| Cash at bank and in hand | 54/58 | €19,127 | €25,290 | +€6,163 | +32.2% |
| Total equity and liabilities | 10/49 | €754,545 | €695,440 | -€59,105 | -7.8% |
| Equity | 10/15 | €367,498 | €384,328 | +€16,830 | +4.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €358,613 | €375,443 | +€16,830 | +4.7% |
| Distributable reserves | 133 | €358,613 | €375,443 | +€16,830 | +4.7% |
| Profit (loss) carried forward | 14 | -€11,115 | -€11,115 | = | 0.0% |
| Amounts payable | 17/49 | €387,047 | €311,112 | -€75,934 | -19.6% |
| Amounts payable after more than one year | 17 | €145,303 | €129,621 | -€15,682 | -10.8% |
| Financial debts | 170/4 | €145,303 | €129,621 | -€15,682 | -10.8% |
| Amounts payable within one year | 42/48 | €239,062 | €179,081 | -€59,981 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €16,782 | €15,592 | -€1,190 | -7.1% |
| Financial debts | 43 | €454 | €1,367 | +€913 | +201% |
| Credit institutions | 430/8 | €454 | €1,367 | +€913 | +201% |
| Trade debts | 44 | €80,354 | €53,037 | -€27,317 | -34.0% |
| Suppliers | 440/4 | €80,354 | €53,037 | -€27,317 | -34.0% |
| Taxes, remuneration and social security | 45 | €13,152 | €15,725 | +€2,574 | +19.6% |
| Taxes | 450/3 | €13,152 | €15,725 | +€2,574 | +19.6% |
| Other amounts payable | 47/48 | €128,321 | €93,360 | -€34,961 | -27.2% |
| Accrued charges and deferred income | 492/3 | €2,681 | €2,410 | -€271 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,227 | €33,157 | -€3,070 | -8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,296 | - | +€10,296 | |
| Other operating charges | 640/8 | €13,719 | €3,735 | -€9,984 | -72.8% |
| Gross operating margin | 9900 | €232,118 | €196,291 | -€35,827 | -15.4% |
| Operating profit (loss) | 9901 | €192,469 | €159,399 | -€33,070 | -17.2% |
| Financial income | 75/76B | €171 | €4,261 | +€4,090 | +2,395% |
| Recurring financial income | 75 | €171 | €4,261 | +€4,090 | +2,395% |
| Financial charges | 65/66B | €39,438 | €60,231 | +€20,793 | +52.7% |
| Recurring financial charges | 65 | €39,438 | €60,231 | +€20,793 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | €153,202 | €103,429 | -€49,773 | -32.5% |
| Income taxes | 67/77 | €48,686 | €32,369 | -€16,317 | -33.5% |
| Profit (loss) for the period | 9904 | €104,516 | €71,060 | -€33,456 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €104,516 | €71,060 | -€33,456 | -32.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.