MULTI-MONTAGE: 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-MONTAGE
Largest movements
- Stocks and contracts +€69,717
up €69,717 (+50.1%), from €139,103 to €208,820
of which Stocks: +€108,984
- Tangible fixed assets -€42,723
down €42,723 (-24.9%), from €171,719 to €128,996
of which Furniture and vehicles: -€41,276
- Receivables within one year +€21,137
up €21,137 (+5.7%), from €367,703 to €388,840
of which Trade receivables: +€61,608
- Cash +€11,737
up €11,737 (+16.2%), from €72,283 to €84,020
mainly Depreciation (+€54,437) and Short-term financial debts (+€50,000)
- Short-term financial debts +€50,000
new in 2025: €50,000
- Trade debts +€44,596
up €44,596 (+29.1%), from €153,118 to €197,714
- Profit (loss) carried forward -€35,735
down €35,735, from €7,064 to -€28,671
- Tax, wage and social debts +€20,181
up €20,181 (+18.5%), from €108,907 to €129,088
of which Remuneration and social security: +€25,442
- Current portion of long-term debt -€20,022
down €20,022 (-39.0%), from €51,383 to €31,361
- Turnover -€1.7m
no longer reported in 2025 (was €1.7m)
- Purchases and services -€1.1m
no longer reported in 2025 (was €1.1m)
- Gross operating margin +€39,252
up €39,252 (+6.4%), from €617,734 to €656,986
- Staff costs +€30,605
up €30,605 (+5.2%), from €584,788 to €615,393
- Depreciation +€19,103
up €19,103 (+54.1%), from €35,334 to €54,437
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 | €756,808 | €810,676 | +€53,867 | +7.1% |
| Fixed assets | 21/28 | €177,719 | €128,996 | -€48,723 | -27.4% |
| Tangible fixed assets | 22/27 | €171,719 | €128,996 | -€42,723 | -24.9% |
| Plant, machinery and equipment | 23 | €18,614 | €17,167 | -€1,447 | -7.8% |
| Furniture and vehicles | 24 | €153,105 | €111,829 | -€41,276 | -27.0% |
| Financial fixed assets | 28 | €6,000 | €0 | -€6,000 | -100% |
| Current assets | 29/58 | €579,090 | €681,680 | +€102,591 | +17.7% |
| Stocks and contracts in progress | 3 | €139,103 | €208,820 | +€69,717 | +50.1% |
| Stocks | 30/36 | €99,836 | €208,820 | +€108,984 | +109% |
| Contracts in progress | 37 | €39,267 | - | -€39,267 | |
| Amounts receivable within one year | 40/41 | €367,703 | €388,840 | +€21,137 | +5.7% |
| Trade receivables | 40 | €296,877 | €358,485 | +€61,608 | +20.8% |
| Other amounts receivable | 41 | €70,826 | €30,355 | -€40,472 | -57.1% |
| Cash at bank and in hand | 54/58 | €72,283 | €84,020 | +€11,737 | +16.2% |
| Total equity and liabilities | 10/49 | €756,808 | €810,676 | +€53,867 | +7.1% |
| Equity | 10/15 | €276,219 | €240,484 | -€35,735 | -12.9% |
| Contributions | 10/11 | €261,973 | €261,973 | = | 0.0% |
| Reserves | 13 | €7,182 | €7,182 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,182 | €7,182 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,182 | €7,182 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,064 | -€28,671 | -€35,735 | |
| Amounts payable | 17/49 | €480,589 | €570,191 | +€89,602 | +18.6% |
| Amounts payable after more than one year | 17 | €78,248 | €63,179 | -€15,068 | -19.3% |
| Financial debts | 170/4 | €78,248 | €63,179 | -€15,068 | -19.3% |
| Amounts payable within one year | 42/48 | €402,341 | €507,012 | +€104,671 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €51,383 | €31,361 | -€20,022 | -39.0% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €153,118 | €197,714 | +€44,596 | +29.1% |
| Suppliers | 440/4 | €153,118 | €197,714 | +€44,596 | +29.1% |
| Taxes, remuneration and social security | 45 | €108,907 | €129,088 | +€20,181 | +18.5% |
| Taxes | 450/3 | €24,097 | €18,836 | -€5,261 | -21.8% |
| Remuneration and social security | 454/9 | €84,810 | €110,252 | +€25,442 | +30.0% |
| Other amounts payable | 47/48 | €88,933 | €98,850 | +€9,917 | +11.2% |
| Turnover | 70 | €1,679,923 | - | -€1.7m | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,062,189 | - | -€1.1m | |
| Remuneration, social security and pensions | 62 | €584,788 | €615,393 | +€30,605 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,334 | €54,437 | +€19,103 | +54.1% |
| Other operating charges | 640/8 | €2,389 | €3,220 | +€831 | +34.8% |
| Gross operating margin | 9900 | €617,734 | €656,986 | +€39,252 | +6.4% |
| Operating profit (loss) | 9901 | -€4,777 | -€16,064 | -€11,287 | -236% |
| Financial income | 75/76B | €320 | €0 | -€320 | -100% |
| Recurring financial income | 75 | €320 | €0 | -€320 | -100% |
| Financial charges | 65/66B | €7,122 | €19,501 | +€12,379 | +174% |
| Recurring financial charges | 65 | €7,122 | €19,501 | +€12,379 | +174% |
| Profit (loss) for the period before taxes | 9903 | -€11,579 | -€35,565 | -€23,986 | -207% |
| Income taxes | 67/77 | €62 | €170 | +€108 | +175% |
| Profit (loss) for the period | 9904 | -€11,641 | -€35,735 | -€24,094 | -207% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,641 | -€35,735 | -€24,094 | -207% |
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.