MULTIFORM: 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.
MULTIFORM
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-14.3%), from €7.9m to €6.8m
of which Land and buildings: -€1.0m
- Current investments +€1.1m
new in 2025: €1.1m
- Stocks and contracts +€392,839
up €392,839 (+42.2%), from €931,952 to €1.3m
- Receivables within one year +€336,806
up €336,806 (+42.0%), from €801,141 to €1.1m
of which Other amounts receivable: +€581,399
- Cash +€138,114
up €138,114 (+1891.0%), from €7,304 to €145,418
mainly Debts after one year (+€1.0m) and Depreciation (+€604,404)
- Debts after one year +€1.0m
up €1.0m (+30.2%), from €3.5m to €4.5m
- Short-term financial debts -€750,000
no longer reported in 2025 (was €750,000)
- Investment grants +€540,959
up €540,959 (+72.9%), from €741,926 to €1.3m
- Reserves -€438,262
down €438,262 (-17.4%), from €2.5m to €2.1m
of which Distributable reserves: -€410,985
- Other debts +€347,198
up €347,198 (+150.4%), from €230,810 to €578,008
- Gross operating margin -€245,839
down €245,839 (-16.5%), from €1.5m to €1.2m
- Financial income +€218,671
up €218,671 (+240.5%), from €90,908 to €309,579
of which Non-recurring financial income: +€214,300
- Staff costs -€99,944
down €99,944 (-11.4%), from €874,434 to €774,490
- Depreciation +€95,299
up €95,299 (+18.7%), from €509,105 to €604,404
- Other operating charges +€51,445
up €51,445 (+1610.5%), from €3,194 to €54,639
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 | €9,829,765 | €10,646,254 | +€816,490 | +8.3% |
| Formation expenses | 20 | €30,804 | €23,919 | -€6,886 | -22.4% |
| Fixed assets | 21/28 | €7,957,060 | €6,926,711 | -€1.0m | -12.9% |
| Intangible fixed assets | 21 | €22,897 | €125,050 | +€102,153 | +446.1% |
| Tangible fixed assets | 22/27 | €7,932,337 | €6,799,835 | -€1.1m | -14.3% |
| Land and buildings | 22 | €5,906,185 | €4,881,391 | -€1.0m | -17.4% |
| Plant, machinery and equipment | 23 | €1,980,373 | €1,890,251 | -€90,122 | -4.6% |
| Furniture and vehicles | 24 | €45,779 | €28,194 | -€17,585 | -38.4% |
| Financial fixed assets | 28 | €1,826 | €1,826 | = | 0.0% |
| Current assets | 29/58 | €1,841,900 | €3,695,624 | +€1.9m | +100.6% |
| Stocks and contracts in progress | 3 | €931,952 | €1,324,792 | +€392,839 | +42.2% |
| Stocks | 30/36 | €931,952 | €1,324,792 | +€392,839 | +42.2% |
| Amounts receivable within one year | 40/41 | €801,141 | €1,137,948 | +€336,806 | +42.0% |
| Trade receivables | 40 | €774,209 | €529,616 | -€244,593 | -31.6% |
| Other amounts receivable | 41 | €26,932 | €608,331 | +€581,399 | +2158.8% |
| Current investments | 50/53 | - | €1,050,000 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €7,304 | €145,418 | +€138,114 | +1891.0% |
| Deferred charges and accrued income | 490/1 | €101,503 | €37,467 | -€64,036 | -63.1% |
| Total equity and liabilities | 10/49 | €9,829,765 | €10,646,254 | +€816,490 | +8.3% |
| Equity | 10/15 | €4,190,344 | €4,293,041 | +€102,697 | +2.5% |
| Contributions | 10/11 | €923,525 | €923,525 | = | 0.0% |
| Capital | 10 | €923,525 | €923,525 | = | 0.0% |
| Issued capital | 100 | €923,525 | €923,525 | = | 0.0% |
| Reserves | 13 | €2,524,892 | €2,086,631 | -€438,262 | -17.4% |
| Non-distributable reserves | 130/1 | €92,353 | €92,353 | = | 0.0% |
| Legal reserve | 130 | €92,353 | €92,353 | = | 0.0% |
| Tax-exempt reserves | 132 | €749,180 | €721,903 | -€27,277 | -3.6% |
| Distributable reserves | 133 | €1,683,360 | €1,272,375 | -€410,985 | -24.4% |
| Investment grants | 15 | €741,926 | €1,282,885 | +€540,959 | +72.9% |
| Provisions and deferred taxes | 16 | €249,727 | €240,634 | -€9,092 | -3.6% |
| Deferred taxes | 168 | €249,727 | €240,634 | -€9,092 | -3.6% |
| Amounts payable | 17/49 | €5,389,694 | €6,112,579 | +€722,885 | +13.4% |
| Amounts payable after more than one year | 17 | €3,462,464 | €4,509,738 | +€1.0m | +30.2% |
| Financial debts | 170/4 | €3,462,464 | €4,509,738 | +€1.0m | +30.2% |
| Amounts payable within one year | 42/48 | €1,927,230 | €1,602,841 | -€324,389 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €438,923 | €599,495 | +€160,572 | +36.6% |
| Financial debts | 43 | €750,000 | - | -€750,000 | |
| Credit institutions | 430/8 | €750,000 | - | -€750,000 | |
| Trade debts | 44 | €412,255 | €343,585 | -€68,669 | -16.7% |
| Suppliers | 440/4 | €412,255 | €343,585 | -€68,669 | -16.7% |
| Taxes, remuneration and social security | 45 | €95,242 | €81,753 | -€13,489 | -14.2% |
| Taxes | 450/3 | €4,471 | €3,192 | -€1,279 | -28.6% |
| Remuneration and social security | 454/9 | €90,771 | €78,561 | -€12,210 | -13.5% |
| Other amounts payable | 47/48 | €230,810 | €578,008 | +€347,198 | +150.4% |
| Non-recurring operating income | 76A | - | €19,263 | +€19,263 | |
| Remuneration, social security and pensions | 62 | €874,434 | €774,490 | -€99,944 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €509,105 | €604,404 | +€95,299 | +18.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €405 | +€405 | |
| Other operating charges | 640/8 | €3,194 | €54,639 | +€51,445 | +1610.5% |
| Non-recurring operating charges | 66A | - | €10,370 | +€10,370 | |
| Gross operating margin | 9900 | €1,485,803 | €1,239,964 | -€245,839 | -16.5% |
| Operating profit (loss) | 9901 | €99,070 | -€204,344 | -€303,414 | |
| Financial income | 75/76B | €90,908 | €309,579 | +€218,671 | +240.5% |
| Recurring financial income | 75 | €87,458 | €91,829 | +€4,371 | +5.0% |
| Non-recurring financial income | 76B | €3,450 | €217,750 | +€214,300 | +6211.6% |
| Financial charges | 65/66B | €131,935 | €152,289 | +€20,354 | +15.4% |
| Recurring financial charges | 65 | €131,935 | €152,289 | +€20,354 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €58,043 | -€47,054 | -€105,097 | |
| Transfer from deferred taxes | 780 | €9,092 | €9,092 | = | 0.0% |
| Income taxes | 67/77 | €216 | €300 | +€84 | +39.0% |
| Profit (loss) for the period | 9904 | €66,920 | -€38,262 | -€105,182 | |
| Transfer from tax-exempt reserves | 789 | €27,277 | €27,277 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,197 | -€10,985 | -€105,182 |
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 29 September 2026 via checked.be.