MULTI CONSTRUCTION: 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.
MULTI CONSTRUCTION
Largest movements
- Receivables within one year -€4.9m
down €4.9m (-32.1%), from €15.3m to €10.4m
of which Trade receivables: -€3.1m
- Financial fixed assets +€4.4m
up €4.4m (+6775.7%), from €64,440 to €4.4m
- Stocks and contracts +€876,721
up €876,721 (+12.6%), from €7.0m to €7.8m
of which Stocks: +€1.8m
- Cash -€323,668
down €323,668 (-72.6%), from €445,609 to €121,940
mainly Investment in fixed assets (net) (-€4.4m) and Net result for the year (-€3.2m)
- Profit (loss) carried forward -€3.2m
down €3.2m (-80.5%), from -€4.0m to -€7.3m
- Debts after one year +€2.4m
up €2.4m (+22.7%), from €10.4m to €12.7m
- Trade debts +€1.5m
up €1.5m (+33.5%), from €4.6m to €6.2m
- Other debts -€718,969
down €718,969 (-99.8%), from €720,414 to €1,445
- Write-downs -€9.9m
down €9.9m, from €5.0m to -€4.9m
- Financial charges +€8.2m
up €8.2m (+3423.3%), from €240,880 to €8.5m
of which Non-recurring financial charges: +€8.2m
- Gross operating margin -€1.2m
down €1.2m (-48.7%), from €2.5m to €1.3m
- Financial income +€344,124
up €344,124 (+554.6%), from €62,046 to €406,170
of which Non-recurring financial income: +€399,731
- Other operating charges -€176,352
down €176,352 (-45.3%), from €389,461 to €213,109
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 | €23,795,617 | €23,737,224 | -€58,393 | -0.2% |
| Fixed assets | 21/28 | €1,053,544 | €5,367,045 | +€4.3m | +409.4% |
| Tangible fixed assets | 22/27 | €989,104 | €936,326 | -€52,777 | -5.3% |
| Land and buildings | 22 | €899,938 | €860,842 | -€39,096 | -4.3% |
| Plant, machinery and equipment | 23 | €36,347 | €27,129 | -€9,218 | -25.4% |
| Furniture and vehicles | 24 | €52,820 | €48,355 | -€4,464 | -8.5% |
| Financial fixed assets | 28 | €64,440 | €4,430,718 | +€4.4m | +6775.7% |
| Current assets | 29/58 | €22,742,074 | €18,370,180 | -€4.4m | -19.2% |
| Stocks and contracts in progress | 3 | €6,950,829 | €7,827,550 | +€876,721 | +12.6% |
| Stocks | 30/36 | €2,415,914 | €4,240,669 | +€1.8m | +75.5% |
| Contracts in progress | 37 | €4,534,916 | €3,586,881 | -€948,035 | -20.9% |
| Amounts receivable within one year | 40/41 | €15,345,636 | €10,420,689 | -€4.9m | -32.1% |
| Trade receivables | 40 | €8,626,779 | €5,527,456 | -€3.1m | -35.9% |
| Other amounts receivable | 41 | €6,718,857 | €4,893,233 | -€1.8m | -27.2% |
| Cash at bank and in hand | 54/58 | €445,609 | €121,940 | -€323,668 | -72.6% |
| Total equity and liabilities | 10/49 | €23,795,617 | €23,737,224 | -€58,393 | -0.2% |
| Equity | 10/15 | €7,203,290 | €3,953,318 | -€3.2m | -45.1% |
| Contributions | 10/11 | €9,050,000 | €9,050,000 | = | 0.0% |
| Capital | 10 | €9,050,000 | €9,050,000 | = | 0.0% |
| Issued capital | 100 | €9,050,000 | €9,050,000 | = | 0.0% |
| Revaluation surpluses | 12 | €241,731 | €241,731 | = | 0.0% |
| Reserves | 13 | €1,950,712 | €1,950,712 | = | 0.0% |
| Non-distributable reserves | 130/1 | €905,000 | €905,000 | = | 0.0% |
| Legal reserve | 130 | €905,000 | €905,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €104 | €104 | = | 0.0% |
| Distributable reserves | 133 | €1,045,607 | €1,045,607 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,039,152 | -€7,289,124 | -€3.2m | -80.5% |
| Amounts payable | 17/49 | €16,592,327 | €19,783,906 | +€3.2m | +19.2% |
| Amounts payable after more than one year | 17 | €10,390,623 | €12,745,696 | +€2.4m | +22.7% |
| Financial debts | 170/4 | €10,390,623 | €12,745,696 | +€2.4m | +22.7% |
| Amounts payable within one year | 42/48 | €6,201,704 | €7,038,211 | +€836,507 | +13.5% |
| Trade debts | 44 | €4,625,973 | €6,174,414 | +€1.5m | +33.5% |
| Suppliers | 440/4 | €4,625,973 | €6,174,414 | +€1.5m | +33.5% |
| Taxes, remuneration and social security | 45 | €855,317 | €862,352 | +€7,035 | +0.8% |
| Taxes | 450/3 | €831,953 | €845,880 | +€13,926 | +1.7% |
| Remuneration and social security | 454/9 | €23,363 | €16,472 | -€6,892 | -29.5% |
| Other amounts payable | 47/48 | €720,414 | €1,445 | -€718,969 | -99.8% |
| Non-recurring operating income | 76A | €1,100 | - | -€1,100 | |
| Remuneration, social security and pensions | 62 | €1,009,655 | €974,321 | -€35,334 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,192 | €78,204 | +€18,012 | +29.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,012,563 | -€4,889,235 | -€9.9m | |
| Other operating charges | 640/8 | €389,461 | €213,109 | -€176,352 | -45.3% |
| Non-recurring operating charges | 66A | - | €1,171 | +€1,171 | |
| Gross operating margin | 9900 | €2,514,953 | €1,289,629 | -€1.2m | -48.7% |
| Operating profit (loss) | 9901 | -€3,956,918 | €4,912,059 | +€8.9m | |
| Financial income | 75/76B | €62,046 | €406,170 | +€344,124 | +554.6% |
| Recurring financial income | 75 | €62,046 | €6,439 | -€55,607 | -89.6% |
| Non-recurring financial income | 76B | - | €399,731 | +€399,731 | |
| Financial charges | 65/66B | €240,880 | €8,486,956 | +€8.2m | +3423.3% |
| Recurring financial charges | 65 | €240,880 | €243,672 | +€2,792 | +1.2% |
| Non-recurring financial charges | 66B | - | €8,243,284 | +€8.2m | |
| Profit (loss) for the period before taxes | 9903 | -€4,135,752 | -€3,168,727 | +€967,025 | +23.4% |
| Income taxes | 67/77 | €50,667 | €81,246 | +€30,579 | +60.4% |
| Profit (loss) for the period | 9904 | -€4,186,419 | -€3,249,972 | +€936,447 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,186,419 | -€3,249,972 | +€936,447 | +22.4% |
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 8 October 2026 via checked.be.