MULTI BOUW: 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.
MULTI BOUW
Largest movements
- Tangible fixed assets +€431,751
up €431,751 (+553%), from €78,092 to €509,842
of which Land and buildings: +€445,235
- Deferred charges and accrued income +€73,817
up €73,817 (+302%), from €24,403 to €98,219
- Cash -€58,488
down €58,488 (-58.4%), from €100,068 to €41,579
mainly Investment in fixed assets (net) (-€459,782) and Deferred charges and accrued income (-€73,817)
- Receivables within one year +€11,525
up €11,525 (+5.3%), from €215,560 to €227,086
of which Other amounts receivable: +€37,102
- Debts after one year +€384,207
up €384,207 (+770%), from €49,928 to €434,135
- Profit (loss) carried forward +€122,346
up €122,346 (+94.4%), from €129,577 to €251,923
- Trade debts -€54,000
down €54,000 (-31.0%), from €174,031 to €120,031
- Tax, wage and social debts -€16,973
down €16,973 (-41.8%), from €40,559 to €23,586
of which Taxes: -€19,688
- Current portion of long-term debt +€15,559
up €15,559 (+105%), from €14,816 to €30,375
- Gross operating margin +€163,738
up €163,738 (+234%), from €70,000 to €233,737
- Staff costs +€35,463
new in 2025: €35,463
- Taxes +€18,414
up €18,414 (+167%), from €11,030 to €29,444
- Depreciation +€12,614
up €12,614 (+81.8%), from €15,417 to €28,032
- Financial charges +€9,966
up €9,966 (+195%), from €5,113 to €15,079
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 | €429,372 | €887,976 | +€458,604 | +107% |
| Fixed assets | 21/28 | €89,342 | €521,092 | +€431,751 | +483% |
| Tangible fixed assets | 22/27 | €78,092 | €509,842 | +€431,751 | +553% |
| Land and buildings | 22 | €33,791 | €479,027 | +€445,235 | +1,318% |
| Plant, machinery and equipment | 23 | €3,918 | €3,969 | +€51 | +1.3% |
| Furniture and vehicles | 24 | €3,977 | €1,130 | -€2,847 | -71.6% |
| Leasing and similar rights | 25 | €36,406 | €25,717 | -€10,689 | -29.4% |
| Financial fixed assets | 28 | €11,250 | €11,250 | = | 0.0% |
| Current assets | 29/58 | €340,030 | €366,884 | +€26,854 | +7.9% |
| Amounts receivable within one year | 40/41 | €215,560 | €227,086 | +€11,525 | +5.3% |
| Trade receivables | 40 | €121,093 | €95,517 | -€25,576 | -21.1% |
| Other amounts receivable | 41 | €94,467 | €131,569 | +€37,102 | +39.3% |
| Cash at bank and in hand | 54/58 | €100,068 | €41,579 | -€58,488 | -58.4% |
| Deferred charges and accrued income | 490/1 | €24,403 | €98,219 | +€73,817 | +302% |
| Total equity and liabilities | 10/49 | €429,372 | €887,976 | +€458,604 | +107% |
| Equity | 10/15 | €150,037 | €272,383 | +€122,346 | +81.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,577 | €251,923 | +€122,346 | +94.4% |
| Amounts payable | 17/49 | €279,335 | €615,593 | +€336,258 | +120% |
| Amounts payable after more than one year | 17 | €49,928 | €434,135 | +€384,207 | +770% |
| Financial debts | 170/4 | €49,928 | €434,135 | +€384,207 | +770% |
| Amounts payable within one year | 42/48 | €229,407 | €181,458 | -€47,949 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €14,816 | €30,375 | +€15,559 | +105% |
| Financial debts | 43 | - | €7,466 | +€7,466 | |
| Credit institutions | 430/8 | - | €7,466 | +€7,466 | |
| Trade debts | 44 | €174,031 | €120,031 | -€54,000 | -31.0% |
| Suppliers | 440/4 | €174,031 | €120,031 | -€54,000 | -31.0% |
| Taxes, remuneration and social security | 45 | €40,559 | €23,586 | -€16,973 | -41.8% |
| Taxes | 450/3 | €40,559 | €20,871 | -€19,688 | -48.5% |
| Remuneration and social security | 454/9 | - | €2,715 | +€2,715 | |
| Remuneration, social security and pensions | 62 | - | €35,463 | +€35,463 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,417 | €28,032 | +€12,614 | +81.8% |
| Other operating charges | 640/8 | €5,744 | €5,367 | -€378 | -6.6% |
| Gross operating margin | 9900 | €70,000 | €233,737 | +€163,738 | +234% |
| Operating profit (loss) | 9901 | €48,838 | €164,876 | +€116,038 | +238% |
| Financial income | 75/76B | €3,808 | €1,993 | -€1,815 | -47.7% |
| Recurring financial income | 75 | €3,808 | €1,993 | -€1,815 | -47.7% |
| Financial charges | 65/66B | €5,113 | €15,079 | +€9,966 | +195% |
| Recurring financial charges | 65 | €5,113 | €15,079 | +€9,966 | +195% |
| Profit (loss) for the period before taxes | 9903 | €47,533 | €151,790 | +€104,257 | +219% |
| Income taxes | 67/77 | €11,030 | €29,444 | +€18,414 | +167% |
| Profit (loss) for the period | 9904 | €36,503 | €122,346 | +€85,843 | +235% |
| Profit (loss) for the period to be appropriated | 9905 | €36,503 | €122,346 | +€85,843 | +235% |
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 25 October 2026 via checked.be.