MULTI WORK: what changed
Two fiscal 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 WORK
Largest movements
- Receivables within one year -€229,810
down €229,810 (-59.6%), from €385,522 to €155,712
of which Other amounts receivable: -€269,920
- Deferred charges and accrued income +€199,978
up €199,978 (+4374.7%), from €4,571 to €204,549
- Tangible fixed assets -€115,624
down €115,624 (-46.8%), from €247,178 to €131,554
of which Leasing and similar rights: -€111,114
- Stocks and contracts +€24,200
new in 2025: €24,200
- Cash -€17,853
down €17,853 (-20.8%), from €85,840 to €67,987
mainly Deferred charges and accrued income (-€199,978) and Debts after one year (-€52,498)
- Debts after one year -€52,498
down €52,498 (-41.3%), from €127,142 to €74,643
- Current portion of long-term debt -€51,132
down €51,132 (-62.0%), from €82,457 to €31,326
- Profit (loss) carried forward -€49,066
down €49,066 (-18.5%), from €265,825 to €216,759
- Trade debts +€16,978
up €16,978 (+24.1%), from €70,323 to €87,301
- Tax, wage and social debts +€9,413
up €9,413 (+8.6%), from €109,427 to €118,840
of which Remuneration and social security: +€12,081
- Other operating charges +€232,439
up €232,439 (+831.0%), from €27,971 to €260,411
- Gross operating margin +€193,785
up €193,785 (+29.0%), from €668,010 to €861,796
- Staff costs +€120,413
up €120,413 (+25.7%), from €468,151 to €588,563
- Taxes -€26,624
down €26,624 (-99.4%), from €26,785 to €161
- Depreciation -€17,377
down €17,377 (-24.8%), from €69,957 to €52,581
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €731,510 | €592,402 | -€139,109 | -19.0% |
| Fixed assets | 21/28 | €255,578 | €139,954 | -€115,624 | -45.2% |
| Tangible fixed assets | 22/27 | €247,178 | €131,554 | -€115,624 | -46.8% |
| Furniture and vehicles | 24 | €15,113 | €10,603 | -€4,510 | -29.8% |
| Leasing and similar rights | 25 | €232,066 | €120,951 | -€111,114 | -47.9% |
| Financial fixed assets | 28 | €8,400 | €8,400 | = | 0.0% |
| Current assets | 29/58 | €475,932 | €452,448 | -€23,485 | -4.9% |
| Stocks and contracts in progress | 3 | - | €24,200 | +€24,200 | |
| Stocks | 30/36 | - | €24,200 | +€24,200 | |
| Amounts receivable within one year | 40/41 | €385,522 | €155,712 | -€229,810 | -59.6% |
| Trade receivables | 40 | €84,469 | €124,580 | +€40,110 | +47.5% |
| Other amounts receivable | 41 | €301,052 | €31,132 | -€269,920 | -89.7% |
| Cash at bank and in hand | 54/58 | €85,840 | €67,987 | -€17,853 | -20.8% |
| Deferred charges and accrued income | 490/1 | €4,571 | €204,549 | +€199,978 | +4374.7% |
| Total equity and liabilities | 10/49 | €731,510 | €592,402 | -€139,109 | -19.0% |
| Equity | 10/15 | €327,325 | €278,259 | -€49,066 | -15.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €265,825 | €216,759 | -€49,066 | -18.5% |
| Amounts payable | 17/49 | €404,185 | €314,143 | -€90,042 | -22.3% |
| Amounts payable after more than one year | 17 | €127,142 | €74,643 | -€52,498 | -41.3% |
| Financial debts | 170/4 | €127,142 | €74,643 | -€52,498 | -41.3% |
| Amounts payable within one year | 42/48 | €269,425 | €237,467 | -€31,958 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €82,457 | €31,326 | -€51,132 | -62.0% |
| Trade debts | 44 | €70,323 | €87,301 | +€16,978 | +24.1% |
| Suppliers | 440/4 | €70,323 | €87,301 | +€16,978 | +24.1% |
| Taxes, remuneration and social security | 45 | €109,427 | €118,840 | +€9,413 | +8.6% |
| Taxes | 450/3 | €91,935 | €89,268 | -€2,668 | -2.9% |
| Remuneration and social security | 454/9 | €17,492 | €29,572 | +€12,081 | +69.1% |
| Other amounts payable | 47/48 | €7,217 | - | -€7,217 | |
| Accrued charges and deferred income | 492/3 | €7,619 | €2,033 | -€5,586 | -73.3% |
| Non-recurring operating income | 76A | €3,913 | €5,096 | +€1,184 | +30.2% |
| Remuneration, social security and pensions | 62 | €468,151 | €588,563 | +€120,413 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,957 | €52,581 | -€17,377 | -24.8% |
| Other operating charges | 640/8 | €27,971 | €260,411 | +€232,439 | +831.0% |
| Non-recurring operating charges | 66A | €12,331 | - | -€12,331 | |
| Gross operating margin | 9900 | €668,010 | €861,796 | +€193,785 | +29.0% |
| Operating profit (loss) | 9901 | €89,599 | -€39,759 | -€129,358 | |
| Financial income | 75/76B | €64 | €1,666 | +€1,602 | +2503.5% |
| Recurring financial income | 75 | €64 | €1,666 | +€1,602 | +2503.5% |
| Financial charges | 65/66B | €8,275 | €10,813 | +€2,538 | +30.7% |
| Recurring financial charges | 65 | €7,864 | €10,813 | +€2,949 | +37.5% |
| Non-recurring financial charges | 66B | €411 | - | -€411 | |
| Profit (loss) for the period before taxes | 9903 | €81,388 | -€48,906 | -€130,294 | |
| Income taxes | 67/77 | €26,785 | €161 | -€26,624 | -99.4% |
| Profit (loss) for the period | 9904 | €54,603 | -€49,066 | -€103,670 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,603 | -€49,066 | -€103,670 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.