MULTIFIN: 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.
What changed
MULTIFIN
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€345,738
2024 · €3.2m-€3.6m
Equity
€254.3m
2024 · €254.7m-€390,738
Cash
€33.3m
2024 · €7.8m+€25.6m
Balance sheet total
€435.6m
2024 · €452.7m-€17.1m
Largest movements
Assets
- Financial fixed assets -€54.4m
down €54.4m (-12.7%), from €427.8m to €373.5m
of which Other financial fixed assets: -€70.7m
- Cash +€25.6m
up €25.6m (+330%), from €7.8m to €33.3m
mainly Investment in fixed assets (net) (+€54.3m) and Accrued charges and deferred income (+€6.4m)
- Receivables within one year +€11.9m
up €11.9m (+77.4%), from €15.4m to €27.3m
of which Other amounts receivable: +€11.9m
Equity and liabilities
- Other debts -€20.4m
down €20.4m (-10.7%), from €190.5m to €170.1m
- Accrued charges and deferred income +€6.4m
up €6.4m (+192%), from €3.3m to €9.8m
Income statement
- Financial charges +€2.3m
up €2.3m (+4.9%), from €47.8m to €50.1m
of which Financial charges: +€15.1m
- Financial income -€2.0m
down €2.0m (-3.7%), from €53.8m to €51.8m
of which Non-recurring financial income: -€12.6m
- Services and other goods -€564,861
down €564,861 (-22.1%), from €2.6m to €2.0m
- Taxes -€192,292
down €192,292 (-94.9%), from €202,566 to €10,274
- Turnover -€66,500
down €66,500 (-93.0%), from €71,500 to €5,000
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.
Result 2024
€3.2m
Turnover
-€66,500
Other operating income
+€3,136
Services and other goods
+€564,861
Depreciation
-€8,080
Write-downs
+€60,750
Other operating charges
-€1,132
Other operating items
+€35,608
Financial income
-€2.0m
Financial charges
-€2.3m
Taxes
+€192,292
Result 2025
-€345,738
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€28.6m
Investment
+€54.3m
Financing
-€45,000
Cash 2024
€7.8m
From operations (derived)
-€28.6m
Net result for the year
-€345,738
Depreciation
+€36,525
Receivables within one year
-€11.9m
Deferred charges and accrued income
+€296,894
Provisions
-€2.7m
Smaller working-capital items
-€11,545
Other debts
-€20.4m
Accrued charges and deferred income
+€6.4m
Investment (derived)
+€54.3m
Investment in fixed assets (net)
+€54.3m
Financing
-€45,000
Contributions, distributions and other
-€45,000
Cash 2025
€33.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €452,674,939 | €435,589,989 | -€17.1m | -3.8% |
| Fixed assets | 21/28 | €428,702,352 | €374,404,787 | -€54.3m | -12.7% |
| Tangible fixed assets | 22/27 | €894,768 | €948,102 | +€53,334 | +6.0% |
| Land and buildings | 22 | €230,896 | €305,713 | +€74,817 | +32.4% |
| Plant, machinery and equipment | 23 | €29,933 | €41,021 | +€11,089 | +37.0% |
| Furniture and vehicles | 24 | €57,474 | €38,612 | -€18,862 | -32.8% |
| Other tangible fixed assets | 26 | €562,756 | €562,756 | = | 0.0% |
| Assets under construction and advance payments | 27 | €13,711 | €0 | -€13,711 | -100% |
| Financial fixed assets | 28 | €427,807,584 | €373,456,685 | -€54.4m | -12.7% |
| Affiliated companies | 280/1 | €14,155,054 | €15,687,588 | +€1.5m | +10.8% |
| Participating interests | 280 | €13,223,363 | €15,687,588 | +€2.5m | +18.6% |
| Amounts receivable | 281 | €931,692 | €0 | -€931,692 | -100% |
| Companies linked by participating interests | 282/3 | €47,942,385 | €62,744,702 | +€14.8m | +30.9% |
| Participating interests | 282 | €47,942,385 | €62,744,702 | +€14.8m | +30.9% |
| Other financial fixed assets | 284/8 | €365,710,144 | €295,024,395 | -€70.7m | -19.3% |
| Shares | 284 | €365,710,144 | €295,024,395 | -€70.7m | -19.3% |
| Current assets | 29/58 | €23,972,587 | €61,185,202 | +€37.2m | +155% |
| Amounts receivable within one year | 40/41 | €15,404,689 | €27,323,779 | +€11.9m | +77.4% |
| Trade receivables | 40 | €25,564 | €0 | -€25,564 | -100% |
| Other amounts receivable | 41 | €15,379,125 | €27,323,779 | +€11.9m | +77.7% |
| Current investments | 50/53 | €211,764 | €211,764 | = | 0.0% |
| Other investments | 51/53 | €211,764 | €211,764 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,752,106 | €33,342,524 | +€25.6m | +330% |
| Deferred charges and accrued income | 490/1 | €604,029 | €307,135 | -€296,894 | -49.2% |
| Total equity and liabilities | 10/49 | €452,674,939 | €435,589,989 | -€17.1m | -3.8% |
| Equity | 10/15 | €254,717,571 | €254,326,834 | -€390,738 | -0.2% |
| Contributions | 10/11 | €122,695,842 | €122,695,842 | = | 0.0% |
| Capital | 10 | €122,695,842 | €122,695,842 | = | 0.0% |
| Issued capital | 100 | €122,695,842 | €122,695,842 | = | 0.0% |
| Reserves | 13 | €12,269,584 | €12,269,584 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,269,584 | €12,269,584 | = | 0.0% |
| Legal reserve | 130 | €12,269,584 | €12,269,584 | = | 0.0% |
| Profit (loss) carried forward | 14 | €119,752,145 | €119,361,407 | -€390,738 | -0.3% |
| Provisions and deferred taxes | 16 | €3,990,977 | €1,292,676 | -€2.7m | -67.6% |
| Provisions for liabilities and charges | 160/5 | €3,990,977 | €1,292,676 | -€2.7m | -67.6% |
| Other liabilities and charges | 164/5 | €3,990,977 | €1,292,676 | -€2.7m | -67.6% |
| Amounts payable | 17/49 | €193,966,391 | €179,970,480 | -€14.0m | -7.2% |
| Amounts payable within one year | 42/48 | €190,621,752 | €170,194,284 | -€20.4m | -10.7% |
| Trade debts | 44 | €92,865 | €68,516 | -€24,349 | -26.2% |
| Suppliers | 440/4 | €92,865 | €68,516 | -€24,349 | -26.2% |
| Taxes, remuneration and social security | 45 | €1,510 | €14,314 | +€12,804 | +848% |
| Taxes | 450/3 | €1,510 | €14,314 | +€12,804 | +848% |
| Other amounts payable | 47/48 | €190,527,377 | €170,111,454 | -€20.4m | -10.7% |
| Accrued charges and deferred income | 492/3 | €3,344,639 | €9,776,196 | +€6.4m | +192% |
| Operating income | 70/76A | €122,290 | €57,925 | -€64,364 | -52.6% |
| Turnover | 70 | €71,500 | €5,000 | -€66,500 | -93.0% |
| Other operating income | 74 | €49,790 | €52,925 | +€3,136 | +6.3% |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Operating charges | 60/66A | €2,692,214 | €2,039,207 | -€653,007 | -24.3% |
| Services and other goods | 61 | €2,559,249 | €1,994,388 | -€564,861 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,445 | €36,525 | +€8,080 | +28.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €60,750 | €0 | -€60,750 | -100% |
| Other operating charges | 640/8 | €7,162 | €8,294 | +€1,132 | +15.8% |
| Non-recurring operating charges | 66A | €36,608 | €0 | -€36,608 | -100% |
| Operating profit (loss) | 9901 | -€2,569,924 | -€1,981,281 | +€588,643 | +22.9% |
| Financial income | 75/76B | €53,757,186 | €51,755,624 | -€2.0m | -3.7% |
| Recurring financial income | 75 | €24,529,436 | €35,134,150 | +€10.6m | +43.2% |
| Income from financial fixed assets | 750 | €12,948,973 | €10,131,950 | -€2.8m | -21.8% |
| Income from current assets | 751 | €793,828 | €547,074 | -€246,754 | -31.1% |
| Other financial income | 752/9 | €10,786,634 | €24,455,126 | +€13.7m | +127% |
| Non-recurring financial income | 76B | €29,227,750 | €16,621,475 | -€12.6m | -43.1% |
| Financial charges | 65/66B | €47,767,597 | €50,109,807 | +€2.3m | +4.9% |
| Recurring financial charges | 65 | €10,379,779 | €25,513,595 | +€15.1m | +146% |
| Debt charges | 650 | €87,201 | €202,946 | +€115,745 | +133% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€27,739 | €0 | +€27,739 | |
| Other financial charges | 652/9 | €10,320,317 | €25,310,649 | +€15.0m | +145% |
| Non-recurring financial charges | 66B | €37,387,818 | €24,596,212 | -€12.8m | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €3,419,665 | -€335,464 | -€3.8m | |
| Income taxes | 67/77 | €202,566 | €10,274 | -€192,292 | -94.9% |
| Taxes | 670/3 | €202,566 | €10,274 | -€192,292 | -94.9% |
| Profit (loss) for the period | 9904 | €3,217,099 | -€345,738 | -€3.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €3,217,099 | -€345,738 | -€3.6m |
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 14 October 2026 via checked.be.