MULTI-MAT: 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-MAT
Largest movements
- Stocks and contracts -€64,203
down €64,203 (-18.0%), from €356,836 to €292,633
- Cash +€43,063
up €43,063 (+20.8%), from €206,610 to €249,673
mainly Stocks and contracts (+€64,203) and Depreciation (+€23,226)
- Tangible fixed assets -€21,845
down €21,845 (-13.5%), from €162,351 to €140,506
of which Land and buildings: -€16,052
- Profit (loss) carried forward -€20,241
down €20,241 (-5.6%), from €362,664 to €342,423
- Debts after one year -€12,727
down €12,727 (-47.7%), from €26,701 to €13,974
- Current portion of long-term debt -€8,879
down €8,879 (-31.8%), from €27,883 to €19,004
- Gross operating margin -€17,777
down €17,777 (-27.9%), from €63,674 to €45,897
- Other operating charges -€10,454
down €10,454 (-66.8%), from €15,659 to €5,205
- Taxes -€7,616
new in 2025: -€7,616
- Depreciation -€796
down €796 (-3.3%), from €24,022 to €23,226
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 | €797,186 | €758,987 | -€38,199 | -4.8% |
| Fixed assets | 21/28 | €164,851 | €143,006 | -€21,845 | -13.3% |
| Tangible fixed assets | 22/27 | €162,351 | €140,506 | -€21,845 | -13.5% |
| Land and buildings | 22 | €153,325 | €137,273 | -€16,052 | -10.5% |
| Plant, machinery and equipment | 23 | €437 | €244 | -€193 | -44.2% |
| Furniture and vehicles | 24 | €8,589 | €2,989 | -€5,600 | -65.2% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €632,335 | €615,981 | -€16,354 | -2.6% |
| Stocks and contracts in progress | 3 | €356,836 | €292,633 | -€64,203 | -18.0% |
| Stocks | 30/36 | €356,836 | €292,633 | -€64,203 | -18.0% |
| Amounts receivable within one year | 40/41 | €62,776 | €67,698 | +€4,922 | +7.8% |
| Trade receivables | 40 | €33,971 | €43,148 | +€9,177 | +27.0% |
| Other amounts receivable | 41 | €28,805 | €24,550 | -€4,255 | -14.8% |
| Cash at bank and in hand | 54/58 | €206,610 | €249,673 | +€43,063 | +20.8% |
| Deferred charges and accrued income | 490/1 | €6,113 | €5,977 | -€136 | -2.2% |
| Total equity and liabilities | 10/49 | €797,186 | €758,987 | -€38,199 | -4.8% |
| Equity | 10/15 | €699,261 | €679,020 | -€20,241 | -2.9% |
| Contributions | 10/11 | €320,540 | €320,540 | = | 0.0% |
| Reserves | 13 | €16,057 | €16,057 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,057 | €16,057 | = | 0.0% |
| Profit (loss) carried forward | 14 | €362,664 | €342,423 | -€20,241 | -5.6% |
| Amounts payable | 17/49 | €97,925 | €79,967 | -€17,958 | -18.3% |
| Amounts payable after more than one year | 17 | €26,701 | €13,974 | -€12,727 | -47.7% |
| Financial debts | 170/4 | €26,701 | €13,974 | -€12,727 | -47.7% |
| Amounts payable within one year | 42/48 | €71,224 | €65,993 | -€5,231 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €27,883 | €19,004 | -€8,879 | -31.8% |
| Trade debts | 44 | €31,795 | €35,682 | +€3,887 | +12.2% |
| Suppliers | 440/4 | €31,795 | €35,682 | +€3,887 | +12.2% |
| Taxes, remuneration and social security | 45 | €10,215 | €9,325 | -€890 | -8.7% |
| Taxes | 450/3 | €2,009 | €2,327 | +€318 | +15.8% |
| Remuneration and social security | 454/9 | €8,206 | €6,998 | -€1,208 | -14.7% |
| Other amounts payable | 47/48 | €1,331 | €1,982 | +€651 | +48.9% |
| Remuneration, social security and pensions | 62 | €35,747 | €36,132 | +€385 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,022 | €23,226 | -€796 | -3.3% |
| Other operating charges | 640/8 | €15,659 | €5,205 | -€10,454 | -66.8% |
| Non-recurring operating charges | 66A | - | €6,194 | +€6,194 | |
| Gross operating margin | 9900 | €63,674 | €45,897 | -€17,777 | -27.9% |
| Operating profit (loss) | 9901 | -€11,754 | -€24,860 | -€13,106 | -112% |
| Financial income | 75/76B | €854 | €886 | +€32 | +3.7% |
| Recurring financial income | 75 | €854 | €886 | +€32 | +3.7% |
| Financial charges | 65/66B | €3,933 | €3,883 | -€50 | -1.3% |
| Recurring financial charges | 65 | €3,933 | €3,883 | -€50 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | -€14,833 | -€27,857 | -€13,024 | -87.8% |
| Income taxes | 67/77 | - | -€7,616 | -€7,616 | |
| Profit (loss) for the period | 9904 | -€14,833 | -€20,241 | -€5,408 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,833 | -€20,241 | -€5,408 | -36.5% |
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 17 October 2026 via checked.be.