MULPAS: what changed
Two fiscal 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.
MULPAS
Largest movements
- Deferred charges and accrued income +€4,180
up €4,180 (+50.5%), from €8,284 to €12,464
- Tangible fixed assets +€4,124
up €4,124 (+1.8%), from €228,202 to €232,326
of which Land and buildings: +€5,383
- Reserves +€28,000
up €28,000 (+111.7%), from €25,063 to €53,063
- Debts after one year -€15,159
down €15,159 (-10.1%), from €150,494 to €135,335
- Tax, wage and social debts +€3,315
up €3,315 (+58.8%), from €5,636 to €8,951
of which Remuneration and social security: +€4,166
- Purchases and services +€22,145
up €22,145 (+13.1%), from €169,655 to €191,800
- Depreciation -€6,390
down €6,390 (-16.0%), from €39,848 to €33,458
- Staff costs +€2,734
up €2,734, from €0 to €2,734
- Financial charges -€1,129
down €1,129 (-14.7%), from €7,656 to €6,527
- Other operating charges +€1,034
up €1,034 (+59.2%), from €1,746 to €2,780
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.
Cash bridge derived
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 | €267,550 | €280,955 | +€13,405 | +5.0% |
| Fixed assets | 21/28 | €228,312 | €232,436 | +€4,124 | +1.8% |
| Tangible fixed assets | 22/27 | €228,202 | €232,326 | +€4,124 | +1.8% |
| Land and buildings | 22 | €203,119 | €208,502 | +€5,383 | +2.7% |
| Plant, machinery and equipment | 23 | €17,702 | €12,512 | -€5,190 | -29.3% |
| Furniture and vehicles | 24 | €7,381 | €11,312 | +€3,931 | +53.3% |
| Financial fixed assets | 28 | €110 | €110 | = | 0.0% |
| Current assets | 29/58 | €39,238 | €48,519 | +€9,281 | +23.7% |
| Stocks and contracts in progress | 3 | €2,877 | €3,950 | +€1,073 | +37.3% |
| Stocks | 30/36 | €2,877 | €3,950 | +€1,073 | +37.3% |
| Amounts receivable within one year | 40/41 | €2,326 | €4,026 | +€1,700 | +73.1% |
| Trade receivables | 40 | €2,326 | €4,026 | +€1,700 | +73.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €25,752 | €28,079 | +€2,328 | +9.0% |
| Deferred charges and accrued income | 490/1 | €8,284 | €12,464 | +€4,180 | +50.5% |
| Total equity and liabilities | 10/49 | €267,550 | €280,955 | +€13,405 | +5.0% |
| Equity | 10/15 | €72,404 | €100,628 | +€28,224 | +39.0% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €25,063 | €53,063 | +€28,000 | +111.7% |
| Distributable reserves | 133 | €25,063 | €53,063 | +€28,000 | +111.7% |
| Profit (loss) carried forward | 14 | €19,841 | €20,065 | +€224 | +1.1% |
| Amounts payable | 17/49 | €195,146 | €180,327 | -€14,819 | -7.6% |
| Amounts payable after more than one year | 17 | €150,494 | €135,335 | -€15,159 | -10.1% |
| Financial debts | 170/4 | €150,494 | €135,335 | -€15,159 | -10.1% |
| Amounts payable within one year | 42/48 | €41,860 | €41,231 | -€629 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €15,931 | €14,717 | -€1,214 | -7.6% |
| Trade debts | 44 | €3,013 | €3,092 | +€79 | +2.6% |
| Suppliers | 440/4 | €3,013 | €3,092 | +€79 | +2.6% |
| Taxes, remuneration and social security | 45 | €5,636 | €8,951 | +€3,315 | +58.8% |
| Taxes | 450/3 | €5,636 | €4,785 | -€851 | -15.1% |
| Remuneration and social security | 454/9 | - | €4,166 | +€4,166 | |
| Other amounts payable | 47/48 | €17,280 | €14,471 | -€2,809 | -16.3% |
| Accrued charges and deferred income | 492/3 | €2,792 | €3,761 | +€969 | +34.7% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €169,655 | €191,800 | +€22,145 | +13.1% |
| Remuneration, social security and pensions | 62 | €0 | €2,734 | +€2,734 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,848 | €33,458 | -€6,390 | -16.0% |
| Other operating charges | 640/8 | €1,746 | €2,780 | +€1,034 | +59.2% |
| Gross operating margin | 9900 | €75,145 | €74,554 | -€591 | -0.8% |
| Operating profit (loss) | 9901 | €33,551 | €35,582 | +€2,031 | +6.1% |
| Financial income | 75/76B | €0 | €2 | +€2 | +821.1% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +821.1% |
| Financial charges | 65/66B | €7,656 | €6,527 | -€1,129 | -14.7% |
| Recurring financial charges | 65 | €7,656 | €6,527 | -€1,129 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €25,896 | €29,057 | +€3,161 | +12.2% |
| Profit (loss) for the period | 9904 | €25,896 | €29,057 | +€3,161 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,896 | €29,057 | +€3,161 | +12.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.