Multhi: 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.
Multhi
Largest movements
- Cash +€81,292
up €81,292 (+188.6%), from €43,102 to €124,394
mainly Net result for the year (+€65,764) and Depreciation (+€31,827)
- Tangible fixed assets -€25,005
down €25,005 (-21.9%), from €114,273 to €89,267
of which Plant, machinery and equipment: -€20,896
- Receivables within one year +€17,952
up €17,952 (+114.6%), from €15,661 to €33,613
of which Other amounts receivable: +€17,529
- Deferred charges and accrued income -€3,041
down €3,041 (-31.0%), from €9,795 to €6,754
- Reserves +€65,764
up €65,764 (+125.8%), from €52,267 to €118,031
- Tax, wage and social debts +€19,194
up €19,194 (+29.3%), from €65,474 to €84,668
of which Taxes: +€20,883
- Debts after one year -€12,500
down €12,500 (-100.0%), from €12,500 to €0
- Trade debts -€4,630
down €4,630 (-11.4%), from €40,550 to €35,920
- Gross operating margin +€42,314
up €42,314 (+8.5%), from €498,522 to €540,836
- Staff costs +€23,870
up €23,870 (+6.0%), from €395,772 to €419,642
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 | €207,972 | €280,121 | +€72,148 | +34.7% |
| Fixed assets | 21/28 | €123,273 | €97,267 | -€26,005 | -21.1% |
| Intangible fixed assets | 21 | €9,000 | €8,000 | -€1,000 | -11.1% |
| Tangible fixed assets | 22/27 | €114,273 | €89,267 | -€25,005 | -21.9% |
| Plant, machinery and equipment | 23 | €90,139 | €69,244 | -€20,896 | -23.2% |
| Furniture and vehicles | 24 | €24,133 | €17,267 | -€6,867 | -28.5% |
| Other tangible fixed assets | 26 | - | €2,757 | +€2,757 | |
| Current assets | 29/58 | €84,700 | €182,853 | +€98,153 | +115.9% |
| Stocks and contracts in progress | 3 | €16,142 | €18,092 | +€1,951 | +12.1% |
| Stocks | 30/36 | €16,142 | €18,092 | +€1,951 | +12.1% |
| Amounts receivable within one year | 40/41 | €15,661 | €33,613 | +€17,952 | +114.6% |
| Trade receivables | 40 | - | €422 | +€422 | |
| Other amounts receivable | 41 | €15,661 | €33,190 | +€17,529 | +111.9% |
| Cash at bank and in hand | 54/58 | €43,102 | €124,394 | +€81,292 | +188.6% |
| Deferred charges and accrued income | 490/1 | €9,795 | €6,754 | -€3,041 | -31.0% |
| Total equity and liabilities | 10/49 | €207,972 | €280,121 | +€72,148 | +34.7% |
| Equity | 10/15 | €57,067 | €122,831 | +€65,764 | +115.2% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €52,267 | €118,031 | +€65,764 | +125.8% |
| Distributable reserves | 133 | €52,267 | €118,031 | +€65,764 | +125.8% |
| Amounts payable | 17/49 | €150,905 | €157,289 | +€6,384 | +4.2% |
| Amounts payable after more than one year | 17 | €12,500 | €0 | -€12,500 | -100.0% |
| Financial debts | 170/4 | €12,500 | €0 | -€12,500 | -100.0% |
| Amounts payable within one year | 42/48 | €131,498 | €148,262 | +€16,765 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €25,474 | €27,674 | +€2,200 | +8.6% |
| Trade debts | 44 | €40,550 | €35,920 | -€4,630 | -11.4% |
| Suppliers | 440/4 | €40,550 | €35,920 | -€4,630 | -11.4% |
| Taxes, remuneration and social security | 45 | €65,474 | €84,668 | +€19,194 | +29.3% |
| Taxes | 450/3 | €14,275 | €35,158 | +€20,883 | +146.3% |
| Remuneration and social security | 454/9 | €51,199 | €49,510 | -€1,689 | -3.3% |
| Accrued charges and deferred income | 492/3 | €6,908 | €9,027 | +€2,120 | +30.7% |
| Remuneration, social security and pensions | 62 | €395,772 | €419,642 | +€23,870 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,801 | €31,827 | +€1,027 | +3.3% |
| Other operating charges | 640/8 | €1,898 | €2,776 | +€879 | +46.3% |
| Gross operating margin | 9900 | €498,522 | €540,836 | +€42,314 | +8.5% |
| Operating profit (loss) | 9901 | €70,052 | €86,591 | +€16,539 | +23.6% |
| Financial income | 75/76B | €25 | €12 | -€13 | -50.9% |
| Recurring financial income | 75 | €25 | €12 | -€13 | -50.9% |
| Financial charges | 65/66B | €1,694 | €958 | -€736 | -43.4% |
| Recurring financial charges | 65 | €1,694 | €958 | -€736 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €68,382 | €85,645 | +€17,262 | +25.2% |
| Income taxes | 67/77 | €16,115 | €19,881 | +€3,766 | +23.4% |
| Profit (loss) for the period | 9904 | €52,267 | €65,764 | +€13,496 | +25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €52,267 | €65,764 | +€13,496 | +25.8% |
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 7 October 2026 via checked.be.