MULTIS: 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.
MULTIS
Largest movements
- Stocks and contracts +€110,953
new in 2025: €110,953
- Cash -€76,528
down €76,528 (-39.7%), from €192,806 to €116,277
mainly Stocks and contracts (-€110,953) and Receivables within one year (-€52,897)
- Receivables within one year +€52,897
up €52,897 (+22.4%), from €236,012 to €288,909
of which Trade receivables: +€51,258
- Deferred charges and accrued income +€9,265
up €9,265 (+14.6%), from €63,567 to €72,831
- Short-term financial debts +€73,682
up €73,682 (+276.2%), from €26,679 to €100,361
of which Other loans: +€75,000
- Reserves +€37,745
up €37,745 (+17.6%), from €214,118 to €251,864
- Debts after one year -€21,257
down €21,257 (-11.5%), from €184,399 to €163,142
- Trade debts +€15,900
up €15,900 (+10.7%), from €148,094 to €163,995
- Tax, wage and social debts -€13,116
down €13,116 (-8.4%), from €156,327 to €143,211
of which Taxes: -€15,281
- Staff costs +€60,063
up €60,063 (+11.7%), from €513,824 to €573,888
- Gross operating margin +€43,982
up €43,982 (+6.9%), from €635,185 to €679,167
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 | €782,204 | €872,075 | +€89,871 | +11.5% |
| Fixed assets | 21/28 | €289,819 | €283,104 | -€6,715 | -2.3% |
| Tangible fixed assets | 22/27 | €282,853 | €276,138 | -€6,715 | -2.4% |
| Land and buildings | 22 | €228,971 | €227,308 | -€1,663 | -0.7% |
| Plant, machinery and equipment | 23 | €898 | €498 | -€400 | -44.6% |
| Furniture and vehicles | 24 | €3,512 | €11,491 | +€7,979 | +227.2% |
| Leasing and similar rights | 25 | €35,897 | €26,330 | -€9,567 | -26.7% |
| Other tangible fixed assets | 26 | €13,574 | €10,512 | -€3,062 | -22.6% |
| Financial fixed assets | 28 | €6,966 | €6,966 | = | 0.0% |
| Current assets | 29/58 | €492,385 | €588,971 | +€96,586 | +19.6% |
| Stocks and contracts in progress | 3 | - | €110,953 | +€110,953 | |
| Contracts in progress | 37 | - | €110,953 | +€110,953 | |
| Amounts receivable within one year | 40/41 | €236,012 | €288,909 | +€52,897 | +22.4% |
| Trade receivables | 40 | €235,668 | €286,926 | +€51,258 | +21.8% |
| Other amounts receivable | 41 | €344 | €1,983 | +€1,639 | +476.1% |
| Cash at bank and in hand | 54/58 | €192,806 | €116,277 | -€76,528 | -39.7% |
| Deferred charges and accrued income | 490/1 | €63,567 | €72,831 | +€9,265 | +14.6% |
| Total equity and liabilities | 10/49 | €782,204 | €872,075 | +€89,871 | +11.5% |
| Equity | 10/15 | €220,318 | €258,064 | +€37,745 | +17.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €214,118 | €251,864 | +€37,745 | +17.6% |
| Distributable reserves | 133 | €214,118 | €251,864 | +€37,745 | +17.6% |
| Amounts payable | 17/49 | €561,886 | €614,011 | +€52,126 | +9.3% |
| Amounts payable after more than one year | 17 | €184,399 | €163,142 | -€21,257 | -11.5% |
| Financial debts | 170/4 | €184,399 | €163,142 | -€21,257 | -11.5% |
| Amounts payable within one year | 42/48 | €357,486 | €439,187 | +€81,701 | +22.9% |
| Current portion of amounts payable after more than one year | 42 | €25,931 | €31,166 | +€5,235 | +20.2% |
| Financial debts | 43 | €26,679 | €100,361 | +€73,682 | +276.2% |
| Credit institutions | 430/8 | €1,679 | €361 | -€1,318 | -78.5% |
| Other loans | 439 | €25,000 | €100,000 | +€75,000 | +300.0% |
| Trade debts | 44 | €148,094 | €163,995 | +€15,900 | +10.7% |
| Suppliers | 440/4 | €148,094 | €163,995 | +€15,900 | +10.7% |
| Taxes, remuneration and social security | 45 | €156,327 | €143,211 | -€13,116 | -8.4% |
| Taxes | 450/3 | €71,026 | €55,745 | -€15,281 | -21.5% |
| Remuneration and social security | 454/9 | €85,302 | €87,466 | +€2,165 | +2.5% |
| Other amounts payable | 47/48 | €455 | €455 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €20,000 | €11,682 | -€8,318 | -41.6% |
| Non-recurring operating income | 76A | €4,525 | €0 | -€4,525 | -100.0% |
| Remuneration, social security and pensions | 62 | €513,824 | €573,888 | +€60,063 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,266 | €26,701 | +€1,435 | +5.7% |
| Other operating charges | 640/8 | €3,212 | €4,080 | +€868 | +27.0% |
| Gross operating margin | 9900 | €635,185 | €679,167 | +€43,982 | +6.9% |
| Operating profit (loss) | 9901 | €92,883 | €74,499 | -€18,384 | -19.8% |
| Financial income | 75/76B | €1 | €72 | +€71 | +5052.9% |
| Recurring financial income | 75 | €1 | €72 | +€71 | +5052.9% |
| Financial charges | 65/66B | €19,026 | €15,361 | -€3,665 | -19.3% |
| Recurring financial charges | 65 | €19,026 | €15,361 | -€3,665 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €73,859 | €59,210 | -€14,649 | -19.8% |
| Income taxes | 67/77 | €18,708 | €21,465 | +€2,757 | +14.7% |
| Profit (loss) for the period | 9904 | €55,151 | €37,745 | -€17,406 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,151 | €37,745 | -€17,406 | -31.6% |
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 8 October 2026 via checked.be.