MULTICAP: 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.
MULTICAP
Largest movements
- Receivables after one year -€110,000
down €110,000 (-37.9%), from €290,000 to €180,000
- Stocks and contracts -€43,552
down €43,552 (-36.9%), from €117,945 to €74,393
- Cash -€20,853
down €20,853 (-19.4%), from €107,576 to €86,723
mainly Net result for the year (-€104,377) and Trade debts (-€70,332)
- Receivables within one year -€10,109
down €10,109 (-2.3%), from €432,850 to €422,740
of which Other amounts receivable: -€9,893
- Reserves -€103,000
down €103,000 (-20.6%), from €501,000 to €398,000
- Trade debts -€70,332
down €70,332 (-36.7%), from €191,882 to €121,550
- Tax, wage and social debts -€9,960
down €9,960 (-11.6%), from €85,854 to €75,894
of which Remuneration and social security: -€12,532
- Staff costs +€88,649
up €88,649 (+19.7%), from €450,419 to €539,068
- Gross operating margin +€58,935
up €58,935 (+15.4%), from €382,250 to €441,185
- Financial charges -€15,987
down €15,987 (-51.5%), from €31,067 to €15,079
- Financial income +€7,507
up €7,507 (+217.1%), from €3,457 to €10,964
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 | €948,695 | €763,877 | -€184,818 | -19.5% |
| Fixed assets | 21/28 | €324 | - | -€324 | |
| Tangible fixed assets | 22/27 | €324 | - | -€324 | |
| Plant, machinery and equipment | 23 | €324 | - | -€324 | |
| Current assets | 29/58 | €948,371 | €763,877 | -€184,495 | -19.5% |
| Amounts receivable after more than one year | 29 | €290,000 | €180,000 | -€110,000 | -37.9% |
| Trade receivables | 290 | €290,000 | €180,000 | -€110,000 | -37.9% |
| Stocks and contracts in progress | 3 | €117,945 | €74,393 | -€43,552 | -36.9% |
| Stocks | 30/36 | €117,945 | €74,393 | -€43,552 | -36.9% |
| Amounts receivable within one year | 40/41 | €432,850 | €422,740 | -€10,109 | -2.3% |
| Trade receivables | 40 | €242,850 | €242,634 | -€216 | -0.1% |
| Other amounts receivable | 41 | €190,000 | €180,107 | -€9,893 | -5.2% |
| Cash at bank and in hand | 54/58 | €107,576 | €86,723 | -€20,853 | -19.4% |
| Deferred charges and accrued income | 490/1 | - | €20 | +€20 | |
| Total equity and liabilities | 10/49 | €948,695 | €763,877 | -€184,818 | -19.5% |
| Equity | 10/15 | €645,553 | €541,175 | -€104,377 | -16.2% |
| Contributions | 10/11 | €142,587 | €142,587 | = | 0.0% |
| Reserves | 13 | €501,000 | €398,000 | -€103,000 | -20.6% |
| Distributable reserves | 133 | €501,000 | €398,000 | -€103,000 | -20.6% |
| Profit (loss) carried forward | 14 | €1,966 | €588 | -€1,377 | -70.1% |
| Amounts payable | 17/49 | €303,142 | €222,701 | -€80,441 | -26.5% |
| Amounts payable within one year | 42/48 | €302,646 | €221,530 | -€81,116 | -26.8% |
| Trade debts | 44 | €191,882 | €121,550 | -€70,332 | -36.7% |
| Suppliers | 440/4 | €191,882 | €121,550 | -€70,332 | -36.7% |
| Taxes, remuneration and social security | 45 | €85,854 | €75,894 | -€9,960 | -11.6% |
| Taxes | 450/3 | €13,304 | €15,876 | +€2,572 | +19.3% |
| Remuneration and social security | 454/9 | €72,550 | €60,018 | -€12,532 | -17.3% |
| Other amounts payable | 47/48 | €24,910 | €24,087 | -€823 | -3.3% |
| Accrued charges and deferred income | 492/3 | €496 | €1,171 | +€675 | +136.1% |
| Remuneration, social security and pensions | 62 | €450,419 | €539,068 | +€88,649 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €913 | €324 | -€589 | -64.5% |
| Other operating charges | 640/8 | €1,166 | €1,201 | +€35 | +3.0% |
| Gross operating margin | 9900 | €382,250 | €441,185 | +€58,935 | +15.4% |
| Operating profit (loss) | 9901 | -€70,247 | -€99,407 | -€29,160 | -41.5% |
| Financial income | 75/76B | €3,457 | €10,964 | +€7,507 | +217.1% |
| Recurring financial income | 75 | €3,457 | €10,964 | +€7,507 | +217.1% |
| Financial charges | 65/66B | €31,067 | €15,079 | -€15,987 | -51.5% |
| Recurring financial charges | 65 | €31,067 | €15,079 | -€15,987 | -51.5% |
| Profit (loss) for the period before taxes | 9903 | -€97,857 | -€103,522 | -€5,665 | -5.8% |
| Income taxes | 67/77 | €1,003 | €856 | -€147 | -14.7% |
| Profit (loss) for the period | 9904 | -€98,860 | -€104,377 | -€5,518 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€98,860 | -€104,377 | -€5,518 | -5.6% |
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 7 October 2026 via checked.be.