MULLIGAN: 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.
MULLIGAN
Largest movements
- Cash -€9,103
down €9,103 (-20.8%), from €43,729 to €34,626
mainly Tax, wage and social debts (-€4,376) and Investment in fixed assets (net) (-€3,199)
- Receivables within one year +€2,666
up €2,666 (+2,068%), from €129 to €2,795
- Tangible fixed assets +€2,053
up €2,053 (+71.4%), from €2,874 to €4,927
of which Furniture and vehicles: +€2,908
- Tax, wage and social debts -€4,376
down €4,376 (-29.1%), from €15,011 to €10,635
- Trade debts +€712
up €712 (+24.1%), from €2,948 to €3,660
- Other debts -€610
no longer reported in 2025 (was €610)
- Profit (loss) carried forward -€531
new in 2025: -€531
- Gross operating margin -€8,962
down €8,962 (-71.8%), from €12,489 to €3,527
- Taxes -€1,891
down €1,891 (-64.7%), from €2,924 to €1,033
- Depreciation -€508
down €508 (-30.7%), from €1,654 to €1,146
- Financial charges -€288
down €288 (-14.2%), from €2,032 to €1,744
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 | €48,373 | €43,568 | -€4,805 | -9.9% |
| Fixed assets | 21/28 | €2,874 | €4,927 | +€2,053 | +71.4% |
| Tangible fixed assets | 22/27 | €2,874 | €4,927 | +€2,053 | +71.4% |
| Plant, machinery and equipment | 23 | €1,860 | €1,255 | -€605 | -32.5% |
| Furniture and vehicles | 24 | €743 | €3,651 | +€2,908 | +392% |
| Other tangible fixed assets | 26 | €272 | €21 | -€251 | -92.3% |
| Current assets | 29/58 | €45,499 | €38,641 | -€6,857 | -15.1% |
| Amounts receivable within one year | 40/41 | €129 | €2,795 | +€2,666 | +2,068% |
| Other amounts receivable | 41 | €129 | €2,795 | +€2,666 | +2,068% |
| Cash at bank and in hand | 54/58 | €43,729 | €34,626 | -€9,103 | -20.8% |
| Deferred charges and accrued income | 490/1 | €1,641 | €1,220 | -€421 | -25.6% |
| Total equity and liabilities | 10/49 | €48,373 | €43,568 | -€4,805 | -9.9% |
| Equity | 10/15 | €29,804 | €29,273 | -€531 | -1.8% |
| Contributions | 10/11 | €200 | €200 | = | 0.0% |
| Reserves | 13 | €29,604 | €29,604 | = | 0.0% |
| Distributable reserves | 133 | €29,604 | €29,604 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€531 | -€531 | |
| Amounts payable | 17/49 | €18,569 | €14,296 | -€4,274 | -23.0% |
| Amounts payable within one year | 42/48 | €18,569 | €14,296 | -€4,274 | -23.0% |
| Trade debts | 44 | €2,948 | €3,660 | +€712 | +24.1% |
| Suppliers | 440/4 | €2,948 | €3,660 | +€712 | +24.1% |
| Taxes, remuneration and social security | 45 | €15,011 | €10,635 | -€4,376 | -29.1% |
| Taxes | 450/3 | €15,011 | €10,635 | -€4,376 | -29.1% |
| Other amounts payable | 47/48 | €610 | - | -€610 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,654 | €1,146 | -€508 | -30.7% |
| Other operating charges | 640/8 | €142 | €137 | -€5 | -3.3% |
| Gross operating margin | 9900 | €12,489 | €3,527 | -€8,962 | -71.8% |
| Operating profit (loss) | 9901 | €10,694 | €2,244 | -€8,450 | -79.0% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €2,032 | €1,744 | -€288 | -14.2% |
| Recurring financial charges | 65 | €2,032 | €1,744 | -€288 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €8,662 | €502 | -€8,160 | -94.2% |
| Income taxes | 67/77 | €2,924 | €1,033 | -€1,891 | -64.7% |
| Profit (loss) for the period | 9904 | €5,738 | -€531 | -€6,269 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,738 | -€531 | -€6,269 |
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 22 October 2026 via checked.be.