MULLIGAN CAPITAL: 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 CAPITAL
Largest movements
- Tangible fixed assets +€123,578
up €123,578 (+17.8%), from €692,751 to €816,329
of which Land and buildings: +€137,239
- Reserves +€119,325
up €119,325 (+3.3%), from €3.6m to €3.7m
- Financial income +€52,107
up €52,107 (+43.8%), from €118,893 to €171,000
- Depreciation +€26,428
up €26,428 (+459%), from €5,764 to €32,192
- Taxes -€6,793
down €6,793 (-99.6%), from €6,823 to €30
- Gross operating margin -€4,031
down €4,031 (-32.2%), from -€12,520 to -€16,551
- Other operating charges +€1,619
up €1,619 (+141%), from €1,147 to €2,766
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 | €5,455,776 | €5,573,900 | +€118,124 | +2.2% |
| Fixed assets | 21/28 | €3,229,751 | €3,353,329 | +€123,578 | +3.8% |
| Tangible fixed assets | 22/27 | €692,751 | €816,329 | +€123,578 | +17.8% |
| Land and buildings | 22 | €630,416 | €767,655 | +€137,239 | +21.8% |
| Plant, machinery and equipment | 23 | €868 | €440 | -€428 | -49.3% |
| Furniture and vehicles | 24 | €61,467 | €48,234 | -€13,233 | -21.5% |
| Financial fixed assets | 28 | €2,537,000 | €2,537,000 | = | 0.0% |
| Current assets | 29/58 | €2,226,025 | €2,220,571 | -€5,454 | -0.2% |
| Amounts receivable within one year | 40/41 | €8,334 | - | -€8,334 | |
| Other amounts receivable | 41 | €8,334 | - | -€8,334 | |
| Current investments | 50/53 | €2,032,064 | €2,032,064 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €185,627 | €188,507 | +€2,880 | +1.6% |
| Total equity and liabilities | 10/49 | €5,455,776 | €5,573,900 | +€118,124 | +2.2% |
| Equity | 10/15 | €5,412,719 | €5,532,044 | +€119,325 | +2.2% |
| Contributions | 10/11 | €1,837,250 | €1,837,250 | = | 0.0% |
| Reserves | 13 | €3,575,469 | €3,694,794 | +€119,325 | +3.3% |
| Distributable reserves | 133 | €3,575,469 | €3,694,794 | +€119,325 | +3.3% |
| Amounts payable | 17/49 | €43,057 | €41,856 | -€1,201 | -2.8% |
| Amounts payable within one year | 42/48 | €43,057 | €41,856 | -€1,201 | -2.8% |
| Trade debts | 44 | €8,875 | €10,933 | +€2,058 | +23.2% |
| Suppliers | 440/4 | €8,875 | €10,933 | +€2,058 | +23.2% |
| Taxes, remuneration and social security | 45 | €11,330 | - | -€11,330 | |
| Taxes | 450/3 | €11,330 | - | -€11,330 | |
| Other amounts payable | 47/48 | €22,852 | €30,923 | +€8,071 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,764 | €32,192 | +€26,428 | +459% |
| Other operating charges | 640/8 | €1,147 | €2,766 | +€1,619 | +141% |
| Gross operating margin | 9900 | -€12,520 | -€16,551 | -€4,031 | -32.2% |
| Operating profit (loss) | 9901 | -€19,431 | -€51,509 | -€32,078 | -165% |
| Financial income | 75/76B | €118,893 | €171,000 | +€52,107 | +43.8% |
| Recurring financial income | 75 | €118,893 | €171,000 | +€52,107 | +43.8% |
| Financial charges | 65/66B | €779 | €136 | -€643 | -82.5% |
| Recurring financial charges | 65 | €779 | €136 | -€643 | -82.5% |
| Profit (loss) for the period before taxes | 9903 | €98,683 | €119,355 | +€20,672 | +20.9% |
| Income taxes | 67/77 | €6,823 | €30 | -€6,793 | -99.6% |
| Profit (loss) for the period | 9904 | €91,860 | €119,325 | +€27,465 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €91,860 | €119,325 | +€27,465 | +29.9% |
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 31 October 2026 via checked.be.