MULTI-G: 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.
What changed
MULTI-G
NACE 47.741, Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€437,787
2024 · €545,888-€108,100
Equity
€1.8m
2024 · €1.4m+€382,787
Cash
€227,711
2024 · €196,212+€31,500
Balance sheet total
€4.4m
2024 · €5.2m-€848,225
Largest movements
Assets
- Receivables within one year -€1.0m
down €1.0m (-24.0%), from €4.3m to €3.3m
of which Trade receivables: -€1.1m
- Stocks and contracts +€163,869
up €163,869 (+150.8%), from €108,697 to €272,566
Equity and liabilities
- Trade debts -€857,211
down €857,211 (-41.5%), from €2.1m to €1.2m
- Current portion of long-term debt -€423,615
down €423,615 (-32.4%), from €1.3m to €885,802
- Reserves +€382,787
up €382,787 (+27.4%), from €1.4m to €1.8m
Income statement
- Gross operating margin -€464,431
down €464,431 (-29.3%), from €1.6m to €1.1m
- Financial income +€233,555
up €233,555 (+797.7%), from €29,279 to €262,834
- Other operating charges -€123,991
down €123,991 (-64.7%), from €191,711 to €67,720
- Taxes -€118,766
down €118,766 (-36.6%), from €324,193 to €205,427
- Write-downs +€39,173
up €39,173, from -€39,173 to €0
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.
Result 2024
€545,888
Gross operating margin
-€464,431
Staff costs
-€33,434
Depreciation
-€7,642
Write-downs
-€39,173
Other operating charges
+€123,991
Other operating items
-€12,806
Financial income
+€233,555
Financial charges
-€26,926
Taxes
+€118,766
Result 2025
€437,787
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.
From operations
+€558,980
Investment
-€87,992
Financing
-€439,488
Cash 2024
€196,212
From operations (derived)
+€558,980
Net result for the year
+€437,787
Depreciation
+€53,864
Receivables after one year
+€47,803
Stocks and contracts
-€163,869
Receivables within one year
+€1.0m
Deferred charges and accrued income
+€3,993
Trade debts
-€857,211
Tax, wage and social debts
+€40,570
Other debts
-€28,348
Accrued charges and deferred income
-€1,535
Investment (derived)
-€87,992
Investment in fixed assets (net)
-€87,992
Financing
-€439,488
Debts after one year
+€39,126
Current portion of long-term debt
-€423,615
Contributions, distributions and other
-€55,000
Cash 2025
€227,711
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,227,515 | €4,379,290 | -€848,225 | -16.2% |
| Fixed assets | 21/28 | €186,451 | €220,580 | +€34,128 | +18.3% |
| Intangible fixed assets | 21 | €22,316 | €14,954 | -€7,361 | -33.0% |
| Tangible fixed assets | 22/27 | €151,751 | €193,240 | +€41,489 | +27.3% |
| Land and buildings | 22 | €120,271 | €92,409 | -€27,862 | -23.2% |
| Plant, machinery and equipment | 23 | €8,639 | €3,260 | -€5,380 | -62.3% |
| Furniture and vehicles | 24 | €22,840 | €31,528 | +€8,688 | +38.0% |
| Leasing and similar rights | 25 | - | €66,044 | +€66,044 | |
| Financial fixed assets | 28 | €12,385 | €12,385 | = | 0.0% |
| Current assets | 29/58 | €5,041,064 | €4,158,710 | -€882,353 | -17.5% |
| Amounts receivable after more than one year | 29 | €450,050 | €402,247 | -€47,803 | -10.6% |
| Other amounts receivable | 291 | €450,050 | €402,247 | -€47,803 | -10.6% |
| Stocks and contracts in progress | 3 | €108,697 | €272,566 | +€163,869 | +150.8% |
| Stocks | 30/36 | €108,697 | €272,566 | +€163,869 | +150.8% |
| Amounts receivable within one year | 40/41 | €4,280,317 | €3,254,390 | -€1.0m | -24.0% |
| Trade receivables | 40 | €4,272,073 | €3,124,881 | -€1.1m | -26.9% |
| Other amounts receivable | 41 | €8,244 | €129,510 | +€121,265 | +1470.9% |
| Cash at bank and in hand | 54/58 | €196,212 | €227,711 | +€31,500 | +16.1% |
| Deferred charges and accrued income | 490/1 | €5,788 | €1,795 | -€3,993 | -69.0% |
| Total equity and liabilities | 10/49 | €5,227,515 | €4,379,290 | -€848,225 | -16.2% |
| Equity | 10/15 | €1,427,627 | €1,810,415 | +€382,787 | +26.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,398,145 | €1,780,932 | +€382,787 | +27.4% |
| Distributable reserves | 133 | €1,398,145 | €1,780,932 | +€382,787 | +27.4% |
| Profit (loss) carried forward | 14 | €10,883 | €10,883 | = | 0.0% |
| Amounts payable | 17/49 | €3,799,888 | €2,568,875 | -€1.2m | -32.4% |
| Amounts payable after more than one year | 17 | €33,763 | €72,889 | +€39,126 | +115.9% |
| Financial debts | 170/4 | €33,763 | €72,889 | +€39,126 | +115.9% |
| Amounts payable within one year | 42/48 | €3,764,590 | €2,495,986 | -€1.3m | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €1,309,417 | €885,802 | -€423,615 | -32.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,065,836 | €1,208,625 | -€857,211 | -41.5% |
| Suppliers | 440/4 | €2,065,836 | €1,208,625 | -€857,211 | -41.5% |
| Taxes, remuneration and social security | 45 | €245,446 | €286,016 | +€40,570 | +16.5% |
| Taxes | 450/3 | €200,450 | €233,523 | +€33,073 | +16.5% |
| Remuneration and social security | 454/9 | €44,996 | €52,493 | +€7,497 | +16.7% |
| Other amounts payable | 47/48 | €143,892 | €115,544 | -€28,348 | -19.7% |
| Accrued charges and deferred income | 492/3 | €1,535 | €0 | -€1,535 | -100.0% |
| Remuneration, social security and pensions | 62 | €324,997 | €358,430 | +€33,434 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,222 | €53,864 | +€7,642 | +16.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€39,173 | €0 | +€39,173 | |
| Other operating charges | 640/8 | €191,711 | €67,720 | -€123,991 | -64.7% |
| Non-recurring operating charges | 66A | €0 | €12,806 | +€12,806 | |
| Gross operating margin | 9900 | €1,583,941 | €1,119,511 | -€464,431 | -29.3% |
| Operating profit (loss) | 9901 | €1,060,185 | €626,690 | -€433,494 | -40.9% |
| Financial income | 75/76B | €29,279 | €262,834 | +€233,555 | +797.7% |
| Recurring financial income | 75 | €29,279 | €262,834 | +€233,555 | +797.7% |
| Financial charges | 65/66B | €219,383 | €246,309 | +€26,926 | +12.3% |
| Recurring financial charges | 65 | €219,383 | €246,309 | +€26,926 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €870,081 | €643,214 | -€226,866 | -26.1% |
| Income taxes | 67/77 | €324,193 | €205,427 | -€118,766 | -36.6% |
| Profit (loss) for the period | 9904 | €545,888 | €437,787 | -€108,100 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €545,888 | €437,787 | -€108,100 | -19.8% |
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 10 October 2026 via checked.be.