MULTI-HART: 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-HART
Largest movements
- Stocks and contracts -€550,567
down €550,567 (-55.8%), from €986,621 to €436,054
- Receivables after one year -€51,850
down €51,850 (-17.3%), from €299,850 to €248,000
- Cash +€18,455
up €18,455 (+29.0%), from €63,624 to €82,079
mainly Stocks and contracts (+€550,567) and Receivables after one year (+€51,850)
- Trade debts -€626,491
down €626,491 (-60.9%), from €1.0m to €402,329
- Reserves +€30,841
up €30,841 (+98.9%), from €31,190 to €62,031
of which Distributable reserves: +€30,841
- Gross operating margin -€40,002
down €40,002 (-41.0%), from €97,472 to €57,470
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 | €1,362,322 | €766,541 | -€595,782 | -43.7% |
| Current assets | 29/58 | €1,362,322 | €766,541 | -€595,782 | -43.7% |
| Amounts receivable after more than one year | 29 | €299,850 | €248,000 | -€51,850 | -17.3% |
| Other amounts receivable | 291 | €299,850 | €248,000 | -€51,850 | -17.3% |
| Stocks and contracts in progress | 3 | €986,621 | €436,054 | -€550,567 | -55.8% |
| Stocks | 30/36 | €986,621 | €436,054 | -€550,567 | -55.8% |
| Amounts receivable within one year | 40/41 | €12,227 | €408 | -€11,820 | -96.7% |
| Trade receivables | 40 | €291 | €388 | +€97 | +33.2% |
| Other amounts receivable | 41 | €11,936 | €20 | -€11,916 | -99.8% |
| Cash at bank and in hand | 54/58 | €63,624 | €82,079 | +€18,455 | +29.0% |
| Total equity and liabilities | 10/49 | €1,362,322 | €766,541 | -€595,782 | -43.7% |
| Equity | 10/15 | €93,190 | €124,031 | +€30,841 | +33.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €31,190 | €62,031 | +€30,841 | +98.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €24,990 | €55,831 | +€30,841 | +123% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,269,132 | €642,510 | -€626,623 | -49.4% |
| Amounts payable after more than one year | 17 | €229,550 | €229,550 | = | 0.0% |
| Financial debts | 170/4 | €229,550 | €229,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,039,582 | €412,960 | -€626,623 | -60.3% |
| Trade debts | 44 | €1,028,821 | €402,329 | -€626,491 | -60.9% |
| Suppliers | 440/4 | €1,028,821 | €402,329 | -€626,491 | -60.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €10,642 | €10,510 | -€131 | -1.2% |
| Taxes | 450/3 | €10,642 | €10,510 | -€131 | -1.2% |
| Other amounts payable | 47/48 | €120 | €120 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,189 | €1,353 | +€164 | +13.8% |
| Gross operating margin | 9900 | €97,472 | €57,470 | -€40,002 | -41.0% |
| Operating profit (loss) | 9901 | €96,283 | €56,117 | -€40,166 | -41.7% |
| Financial charges | 65/66B | €15,527 | €14,766 | -€761 | -4.9% |
| Recurring financial charges | 65 | €15,527 | €14,766 | -€761 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €80,756 | €41,351 | -€39,405 | -48.8% |
| Income taxes | 67/77 | €10,642 | €10,510 | -€131 | -1.2% |
| Profit (loss) for the period | 9904 | €70,114 | €30,841 | -€39,273 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €70,114 | €30,841 | -€39,273 | -56.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.