MULTIMAS: 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.
MULTIMAS
Largest movements
- Receivables within one year +€81,987
up €81,987 (+245.7%), from €33,362 to €115,349
of which Trade receivables: +€85,454
- Cash -€47,512
down €47,512 (-32.1%), from €147,843 to €100,331
mainly Receivables within one year (-€81,987) and Investment in fixed assets (net) (-€6,214)
- Reserves +€27,977
up €27,977 (+16.8%), from €166,465 to €194,441
of which Distributable reserves: +€27,977
- Tax, wage and social debts +€7,448
new in 2025: €7,448
- Gross operating margin +€28,972
up €28,972 (+60.1%), from €48,240 to €77,211
- Taxes +€8,882
up €8,882 (+194.5%), from €4,566 to €13,448
- Depreciation +€1,282
up €1,282 (+50.8%), from €2,524 to €3,806
- Other operating charges +€944
up €944 (+3.1%), from €30,087 to €31,032
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 | €622,655 | €659,564 | +€36,909 | +5.9% |
| Fixed assets | 21/28 | €440,255 | €442,663 | +€2,408 | +0.5% |
| Tangible fixed assets | 22/27 | €440,255 | €442,663 | +€2,408 | +0.5% |
| Land and buildings | 22 | €440,255 | €442,663 | +€2,408 | +0.5% |
| Current assets | 29/58 | €182,400 | €216,901 | +€34,501 | +18.9% |
| Amounts receivable within one year | 40/41 | €33,362 | €115,349 | +€81,987 | +245.7% |
| Trade receivables | 40 | €25,347 | €110,801 | +€85,454 | +337.1% |
| Other amounts receivable | 41 | €8,015 | €4,548 | -€3,467 | -43.3% |
| Cash at bank and in hand | 54/58 | €147,843 | €100,331 | -€47,512 | -32.1% |
| Deferred charges and accrued income | 490/1 | €1,194 | €1,220 | +€26 | +2.2% |
| Total equity and liabilities | 10/49 | €622,655 | €659,564 | +€36,909 | +5.9% |
| Equity | 10/15 | €489,139 | €517,116 | +€27,977 | +5.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €166,465 | €194,441 | +€27,977 | +16.8% |
| Non-distributable reserves | 130/1 | €28,700 | €28,700 | = | 0.0% |
| Legal reserve | 130 | €28,700 | €28,700 | = | 0.0% |
| Distributable reserves | 133 | €137,765 | €165,741 | +€27,977 | +20.3% |
| Profit (loss) carried forward | 14 | €260,675 | €260,675 | = | 0.0% |
| Amounts payable | 17/49 | €133,515 | €142,448 | +€8,932 | +6.7% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Financial debts | 170/4 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,015 | €8,698 | +€7,682 | +756.6% |
| Trade debts | 44 | €500 | €1,250 | +€750 | +150.0% |
| Suppliers | 440/4 | €500 | €1,250 | +€750 | +150.0% |
| Taxes, remuneration and social security | 45 | - | €7,448 | +€7,448 | |
| Taxes | 450/3 | - | €7,448 | +€7,448 | |
| Other amounts payable | 47/48 | €515 | - | -€515 | |
| Accrued charges and deferred income | 492/3 | €7,500 | €8,750 | +€1,250 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,524 | €3,806 | +€1,282 | +50.8% |
| Other operating charges | 640/8 | €30,087 | €31,032 | +€944 | +3.1% |
| Gross operating margin | 9900 | €48,240 | €77,211 | +€28,972 | +60.1% |
| Operating profit (loss) | 9901 | €15,628 | €42,373 | +€26,745 | +171.1% |
| Financial income | 75/76B | - | €331 | +€331 | |
| Recurring financial income | 75 | - | €331 | +€331 | |
| Financial charges | 65/66B | €1,279 | €1,280 | +€2 | +0.1% |
| Recurring financial charges | 65 | €1,279 | €1,280 | +€2 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €14,349 | €41,424 | +€27,075 | +188.7% |
| Income taxes | 67/77 | €4,566 | €13,448 | +€8,882 | +194.5% |
| Profit (loss) for the period | 9904 | €9,784 | €27,977 | +€18,193 | +185.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,784 | €27,977 | +€18,193 | +185.9% |
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.