Multa Incepta: 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.
Multa Incepta
Largest movements
- Cash -€273,455
down €273,455 (-45.5%), from €600,402 to €326,947
mainly Trade debts (-€550,940) and Contributions, distributions and other (-€400,000)
- Receivables within one year -€40,375
down €40,375 (-2.9%), from €1.4m to €1.4m
of which Other amounts receivable: -€83,878
- Trade debts -€550,940
down €550,940 (-83.5%), from €660,119 to €109,179
- Reserves -€400,000
down €400,000 (-64.5%), from €620,620 to €220,620
- Other debts +€398,710
new in 2025: €398,710
- Profit (loss) carried forward +€164,750
up €164,750 (+130%), from €126,964 to €291,714
- Advances received +€61,972
up €61,972 (+11.3%), from €547,993 to €609,965
- Gross operating margin -€115,235
down €115,235 (-18.7%), from €615,795 to €500,560
- Staff costs -€105,292
down €105,292 (-27.5%), from €382,624 to €277,332
- Taxes +€20,442
up €20,442 (+44.0%), from €46,407 to €66,849
- Other operating charges -€11,423
down €11,423 (-90.2%), from €12,663 to €1,240
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 | €2,030,349 | €1,707,217 | -€323,132 | -15.9% |
| Fixed assets | 21/28 | €12,074 | €492 | -€11,582 | -95.9% |
| Tangible fixed assets | 22/27 | €11,994 | €412 | -€11,582 | -96.6% |
| Furniture and vehicles | 24 | €11,994 | €412 | -€11,582 | -96.6% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €2,018,276 | €1,706,725 | -€311,550 | -15.4% |
| Amounts receivable within one year | 40/41 | €1,414,391 | €1,374,016 | -€40,375 | -2.9% |
| Trade receivables | 40 | €880,712 | €924,215 | +€43,503 | +4.9% |
| Other amounts receivable | 41 | €533,680 | €449,801 | -€83,878 | -15.7% |
| Cash at bank and in hand | 54/58 | €600,402 | €326,947 | -€273,455 | -45.5% |
| Deferred charges and accrued income | 490/1 | €3,482 | €5,762 | +€2,280 | +65.5% |
| Total equity and liabilities | 10/49 | €2,030,349 | €1,707,217 | -€323,132 | -15.9% |
| Equity | 10/15 | €753,784 | €518,534 | -€235,250 | -31.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €620,620 | €220,620 | -€400,000 | -64.5% |
| Distributable reserves | 133 | €620,620 | €220,620 | -€400,000 | -64.5% |
| Profit (loss) carried forward | 14 | €126,964 | €291,714 | +€164,750 | +130% |
| Amounts payable | 17/49 | €1,276,565 | €1,188,683 | -€87,882 | -6.9% |
| Amounts payable within one year | 42/48 | €1,269,447 | €1,154,309 | -€115,138 | -9.1% |
| Trade debts | 44 | €660,119 | €109,179 | -€550,940 | -83.5% |
| Suppliers | 440/4 | €660,119 | €109,179 | -€550,940 | -83.5% |
| Advances received on contracts in progress | 46 | €547,993 | €609,965 | +€61,972 | +11.3% |
| Taxes, remuneration and social security | 45 | €61,335 | €36,456 | -€24,880 | -40.6% |
| Taxes | 450/3 | €6,292 | €10,936 | +€4,644 | +73.8% |
| Remuneration and social security | 454/9 | €55,043 | €25,519 | -€29,524 | -53.6% |
| Other amounts payable | 47/48 | - | €398,710 | +€398,710 | |
| Accrued charges and deferred income | 492/3 | €7,118 | €34,373 | +€27,256 | +383% |
| Non-recurring operating income | 76A | €17,197 | €2,167 | -€15,031 | -87.4% |
| Remuneration, social security and pensions | 62 | €382,624 | €277,332 | -€105,292 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,293 | €119 | -€5,174 | -97.8% |
| Other operating charges | 640/8 | €12,663 | €1,240 | -€11,423 | -90.2% |
| Non-recurring operating charges | 66A | €15,081 | €4,270 | -€10,812 | -71.7% |
| Gross operating margin | 9900 | €615,795 | €500,560 | -€115,235 | -18.7% |
| Operating profit (loss) | 9901 | €200,133 | €217,600 | +€17,466 | +8.7% |
| Financial income | 75/76B | €23,564 | €20,027 | -€3,537 | -15.0% |
| Recurring financial income | 75 | €23,564 | €20,027 | -€3,537 | -15.0% |
| Financial charges | 65/66B | €2,254 | €6,027 | +€3,773 | +167% |
| Recurring financial charges | 65 | €2,254 | €6,027 | +€3,773 | +167% |
| Profit (loss) for the period before taxes | 9903 | €221,444 | €231,599 | +€10,156 | +4.6% |
| Income taxes | 67/77 | €46,407 | €66,849 | +€20,442 | +44.0% |
| Profit (loss) for the period | 9904 | €175,036 | €164,750 | -€10,286 | -5.9% |
| Transfer from tax-exempt reserves | 789 | - | €400,000 | +€400,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €175,036 | €564,750 | +€389,714 | +223% |
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 16 October 2026 via checked.be.