MULTIROUE SERVICE: 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.
MULTIROUE SERVICE
Largest movements
- Stocks and contracts +€98,460
up €98,460 (+26.8%), from €367,477 to €465,937
- Cash -€97,242
down €97,242 (-57.3%), from €169,646 to €72,404
mainly Contributions, distributions and other (-€102,000) and Stocks and contracts (-€98,460)
- Receivables within one year -€30,778
down €30,778 (-10.2%), from €301,003 to €270,225
of which Trade receivables: -€28,189
- Current investments -€12,264
down €12,264 (-89.1%), from €13,768 to €1,504
- Intangible fixed assets +€10,928
new in 2025: €10,928
- Debts after one year -€45,631
down €45,631 (-12.8%), from €357,587 to €311,956
- Tax, wage and social debts +€23,534
up €23,534 (+64.1%), from €36,692 to €60,226
of which Remuneration and social security: +€22,418
- Short-term financial debts -€18,975
no longer reported in 2025 (was €18,975)
- Advances received -€16,766
no longer reported in 2025 (was €16,766)
- Trade debts +€15,141
up €15,141 (+15.6%), from €96,964 to €112,105
- Gross operating margin +€77,387
up €77,387 (+23.4%), from €330,121 to €407,508
- Write-downs +€40,000
no longer reported in 2025 (was -€40,000)
- Staff costs +€23,740
up €23,740 (+16.3%), from €145,217 to €168,957
- Financial charges +€10,465
up €10,465 (+102%), from €10,217 to €20,682
- Depreciation +€5,905
up €5,905 (+16.3%), from €36,144 to €42,049
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,065,980 | €1,041,784 | -€24,196 | -2.3% |
| Fixed assets | 21/28 | €213,504 | €227,666 | +€14,162 | +6.6% |
| Intangible fixed assets | 21 | - | €10,928 | +€10,928 | |
| Tangible fixed assets | 22/27 | €213,435 | €216,669 | +€3,234 | +1.5% |
| Land and buildings | 22 | €103,846 | €91,522 | -€12,324 | -11.9% |
| Plant, machinery and equipment | 23 | €27,824 | €42,720 | +€14,896 | +53.5% |
| Furniture and vehicles | 24 | €81,765 | €82,427 | +€662 | +0.8% |
| Financial fixed assets | 28 | €69 | €69 | = | 0.0% |
| Current assets | 29/58 | €852,476 | €814,118 | -€38,358 | -4.5% |
| Stocks and contracts in progress | 3 | €367,477 | €465,937 | +€98,460 | +26.8% |
| Stocks | 30/36 | €367,477 | €465,937 | +€98,460 | +26.8% |
| Amounts receivable within one year | 40/41 | €301,003 | €270,225 | -€30,778 | -10.2% |
| Trade receivables | 40 | €165,144 | €136,955 | -€28,189 | -17.1% |
| Other amounts receivable | 41 | €135,859 | €133,270 | -€2,589 | -1.9% |
| Current investments | 50/53 | €13,768 | €1,504 | -€12,264 | -89.1% |
| Cash at bank and in hand | 54/58 | €169,646 | €72,404 | -€97,242 | -57.3% |
| Deferred charges and accrued income | 490/1 | €582 | €4,048 | +€3,466 | +596% |
| Total equity and liabilities | 10/49 | €1,065,980 | €1,041,784 | -€24,196 | -2.3% |
| Equity | 10/15 | €469,032 | €482,168 | +€13,136 | +2.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €450,440 | €463,576 | +€13,136 | +2.9% |
| Tax-exempt reserves | 132 | €52,621 | €45,127 | -€7,494 | -14.2% |
| Distributable reserves | 133 | €397,819 | €418,449 | +€20,630 | +5.2% |
| Provisions and deferred taxes | 16 | €17,540 | €15,042 | -€2,498 | -14.2% |
| Deferred taxes | 168 | €17,540 | €15,042 | -€2,498 | -14.2% |
| Amounts payable | 17/49 | €579,408 | €544,574 | -€34,834 | -6.0% |
| Amounts payable after more than one year | 17 | €357,587 | €311,956 | -€45,631 | -12.8% |
| Financial debts | 170/4 | €357,587 | €311,956 | -€45,631 | -12.8% |
| Amounts payable within one year | 42/48 | €221,118 | €232,618 | +€11,500 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €51,721 | €60,287 | +€8,566 | +16.6% |
| Financial debts | 43 | €18,975 | - | -€18,975 | |
| Credit institutions | 430/8 | €18,975 | - | -€18,975 | |
| Trade debts | 44 | €96,964 | €112,105 | +€15,141 | +15.6% |
| Suppliers | 440/4 | €96,964 | €112,105 | +€15,141 | +15.6% |
| Advances received on contracts in progress | 46 | €16,766 | - | -€16,766 | |
| Taxes, remuneration and social security | 45 | €36,692 | €60,226 | +€23,534 | +64.1% |
| Taxes | 450/3 | €36,692 | €37,808 | +€1,116 | +3.0% |
| Remuneration and social security | 454/9 | - | €22,418 | +€22,418 | |
| Accrued charges and deferred income | 492/3 | €703 | - | -€703 | |
| Remuneration, social security and pensions | 62 | €145,217 | €168,957 | +€23,740 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,144 | €42,049 | +€5,905 | +16.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€40,000 | - | +€40,000 | |
| Other operating charges | 640/8 | €7,770 | €11,111 | +€3,341 | +43.0% |
| Gross operating margin | 9900 | €330,121 | €407,508 | +€77,387 | +23.4% |
| Operating profit (loss) | 9901 | €180,990 | €185,391 | +€4,401 | +2.4% |
| Financial income | 75/76B | €3,273 | €2,087 | -€1,186 | -36.2% |
| Recurring financial income | 75 | €2,284 | €946 | -€1,338 | -58.6% |
| Non-recurring financial income | 76B | €989 | €1,141 | +€152 | +15.4% |
| Financial charges | 65/66B | €10,217 | €20,682 | +€10,465 | +102% |
| Recurring financial charges | 65 | €10,217 | €20,682 | +€10,465 | +102% |
| Profit (loss) for the period before taxes | 9903 | €174,046 | €166,796 | -€7,250 | -4.2% |
| Transfer from deferred taxes | 780 | €5,246 | €2,498 | -€2,748 | -52.4% |
| Income taxes | 67/77 | €53,731 | €54,158 | +€427 | +0.8% |
| Profit (loss) for the period | 9904 | €125,561 | €115,136 | -€10,425 | -8.3% |
| Transfer from tax-exempt reserves | 789 | €15,739 | €7,494 | -€8,245 | -52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €141,300 | €122,630 | -€18,670 | -13.2% |
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 17 October 2026 via checked.be.