MULTI PESAGE: 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 PESAGE
Largest movements
- Cash +€201,756
up €201,756 (+74.4%), from €271,295 to €473,051
mainly Net result for the year (+€151,593) and Current investments (+€150,000)
- Current investments -€150,000
no longer reported in 2026 (was €150,000)
- Receivables within one year -€33,727
down €33,727 (-65.3%), from €51,641 to €17,914
of which Trade receivables: -€20,959
- Tangible fixed assets +€22,058
up €22,058 (+10.1%), from €218,710 to €240,768
of which Furniture and vehicles: +€34,521
- Other debts +€79,786
up €79,786 (+29.3%), from €272,157 to €351,943
- Advances received -€42,632
no longer reported in 2026 (was €42,632)
- Reserves +€37,446
up €37,446 (+12.7%), from €295,430 to €332,875
of which Distributable reserves: +€37,463
- Trade debts -€27,713
down €27,713 (-74.2%), from €37,364 to €9,650
- Gross operating margin +€96,705
up €96,705 (+54.2%), from €178,511 to €275,216
- Taxes +€22,283
up €22,283 (+51.8%), from €42,981 to €65,264
- Depreciation +€15,158
up €15,158 (+46.9%), from €32,288 to €47,447
- Financial charges +€9,976
up €9,976 (+1,555%), from €642 to €10,618
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €710,830 | €750,764 | +€39,934 | +5.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €218,710 | €240,768 | +€22,058 | +10.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €218,710 | €240,768 | +€22,058 | +10.1% |
| Land and buildings | 22 | €96,476 | €88,504 | -€7,972 | -8.3% |
| Plant, machinery and equipment | 23 | €8,606 | €4,115 | -€4,490 | -52.2% |
| Furniture and vehicles | 24 | €113,628 | €148,149 | +€34,521 | +30.4% |
| Current assets | 29/58 | €492,120 | €509,996 | +€17,876 | +3.6% |
| Stocks and contracts in progress | 3 | €10,470 | €12,086 | +€1,615 | +15.4% |
| Stocks | 30/36 | €10,470 | €12,086 | +€1,615 | +15.4% |
| Amounts receivable within one year | 40/41 | €51,641 | €17,914 | -€33,727 | -65.3% |
| Trade receivables | 40 | €38,873 | €17,914 | -€20,959 | -53.9% |
| Other amounts receivable | 41 | €12,767 | - | -€12,767 | |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €271,295 | €473,051 | +€201,756 | +74.4% |
| Deferred charges and accrued income | 490/1 | €8,714 | €6,945 | -€1,769 | -20.3% |
| Total equity and liabilities | 10/49 | €710,830 | €750,764 | +€39,934 | +5.6% |
| Equity | 10/15 | €328,245 | €363,897 | +€35,652 | +10.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €295,430 | €332,875 | +€37,446 | +12.7% |
| Tax-exempt reserves | 132 | €18 | - | -€18 | |
| Distributable reserves | 133 | €295,412 | €332,875 | +€37,463 | +12.7% |
| Profit (loss) carried forward | 14 | €5,601 | €4,501 | -€1,100 | -19.6% |
| Investment grants | 15 | €8,615 | €7,921 | -€694 | -8.1% |
| Provisions and deferred taxes | 16 | €62 | - | -€62 | |
| Deferred taxes | 168 | €62 | - | -€62 | |
| Amounts payable | 17/49 | €382,522 | €386,866 | +€4,345 | +1.1% |
| Amounts payable within one year | 42/48 | €382,447 | €386,791 | +€4,345 | +1.1% |
| Trade debts | 44 | €37,364 | €9,650 | -€27,713 | -74.2% |
| Suppliers | 440/4 | €37,364 | €9,650 | -€27,713 | -74.2% |
| Advances received on contracts in progress | 46 | €42,632 | - | -€42,632 | |
| Taxes, remuneration and social security | 45 | €30,295 | €25,198 | -€5,097 | -16.8% |
| Taxes | 450/3 | €30,295 | €25,198 | -€5,097 | -16.8% |
| Other amounts payable | 47/48 | €272,157 | €351,943 | +€79,786 | +29.3% |
| Accrued charges and deferred income | 492/3 | €75 | €75 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,288 | €47,447 | +€15,158 | +46.9% |
| Other operating charges | 640/8 | €3,548 | €5,536 | +€1,989 | +56.1% |
| Gross operating margin | 9900 | €178,511 | €275,216 | +€96,705 | +54.2% |
| Operating profit (loss) | 9901 | €142,675 | €222,233 | +€79,558 | +55.8% |
| Financial income | 75/76B | €6,947 | €5,179 | -€1,768 | -25.4% |
| Recurring financial income | 75 | €6,947 | €5,179 | -€1,768 | -25.4% |
| Financial charges | 65/66B | €642 | €10,618 | +€9,976 | +1,555% |
| Recurring financial charges | 65 | €642 | €10,618 | +€9,976 | +1,555% |
| Profit (loss) for the period before taxes | 9903 | €148,981 | €216,794 | +€67,814 | +45.5% |
| Transfer from deferred taxes | 780 | €270 | €62 | -€208 | -76.9% |
| Income taxes | 67/77 | €42,981 | €65,264 | +€22,283 | +51.8% |
| Profit (loss) for the period | 9904 | €106,269 | €151,593 | +€45,323 | +42.6% |
| Transfer from tax-exempt reserves | 789 | €550 | €18 | -€532 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €106,819 | €151,610 | +€44,791 | +41.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.