MULTISEPA: 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.
MULTISEPA
Largest movements
- Receivables within one year -€67,564
down €67,564 (-47.1%), from €143,343 to €75,779
of which Trade receivables: -€97,930
- Stocks and contracts +€15,368
up €15,368 (+36.4%), from €42,237 to €57,604
- Cash +€3,754
up €3,754 (+10.1%), from €37,003 to €40,757
mainly Receivables within one year (+€67,564) and Depreciation (+€28,164)
- Tangible fixed assets +€3,115
up €3,115 (+6.7%), from €46,357 to €49,472
of which Furniture and vehicles: +€12,073
- Tax, wage and social debts -€13,927
down €13,927 (-46.0%), from €30,291 to €16,364
of which Remuneration and social security: -€14,233
- Current portion of long-term debt -€13,011
down €13,011 (-50.1%), from €25,992 to €12,981
- Trade debts -€10,434
down €10,434 (-10.1%), from €103,302 to €92,868
- Accrued charges and deferred income -€5,099
down €5,099 (-8.7%), from €58,845 to €53,746
- Profit (loss) carried forward -€3,724
down €3,724 (-10.5%), from €35,413 to €31,689
- Gross operating margin -€14,053
down €14,053 (-5.4%), from €258,843 to €244,790
- Financial income -€5,516
down €5,516 (-99.6%), from €5,539 to €23
- Staff costs +€3,151
up €3,151 (+1.5%), from €209,847 to €212,999
- Taxes -€3,148
down €3,148 (-87.8%), from €3,584 to €436
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €277,421 | €231,739 | -€45,682 | -16.5% |
| Fixed assets | 21/28 | €51,352 | €53,373 | +€2,020 | +3.9% |
| Intangible fixed assets | 21 | €4,820 | €3,726 | -€1,094 | -22.7% |
| Tangible fixed assets | 22/27 | €46,357 | €49,472 | +€3,115 | +6.7% |
| Land and buildings | 22 | €9,976 | €8,875 | -€1,101 | -11.0% |
| Plant, machinery and equipment | 23 | €33,583 | €25,726 | -€7,858 | -23.4% |
| Furniture and vehicles | 24 | €2,798 | €14,872 | +€12,073 | +431% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €226,068 | €178,366 | -€47,702 | -21.1% |
| Stocks and contracts in progress | 3 | €42,237 | €57,604 | +€15,368 | +36.4% |
| Stocks | 30/36 | €42,237 | €57,604 | +€15,368 | +36.4% |
| Amounts receivable within one year | 40/41 | €143,343 | €75,779 | -€67,564 | -47.1% |
| Trade receivables | 40 | €129,927 | €31,997 | -€97,930 | -75.4% |
| Other amounts receivable | 41 | €13,416 | €43,782 | +€30,367 | +226% |
| Cash at bank and in hand | 54/58 | €37,003 | €40,757 | +€3,754 | +10.1% |
| Deferred charges and accrued income | 490/1 | €3,486 | €4,226 | +€740 | +21.2% |
| Total equity and liabilities | 10/49 | €277,421 | €231,739 | -€45,682 | -16.5% |
| Equity | 10/15 | €40,413 | €36,689 | -€3,724 | -9.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,413 | €31,689 | -€3,724 | -10.5% |
| Amounts payable | 17/49 | €237,008 | €195,050 | -€41,958 | -17.7% |
| Amounts payable after more than one year | 17 | €13,886 | €14,603 | +€717 | +5.2% |
| Financial debts | 170/4 | €13,886 | €14,603 | +€717 | +5.2% |
| Amounts payable within one year | 42/48 | €164,277 | €126,701 | -€37,576 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €25,992 | €12,981 | -€13,011 | -50.1% |
| Financial debts | 43 | €4,520 | €4,316 | -€204 | -4.5% |
| Other loans | 439 | €4,520 | €4,316 | -€204 | -4.5% |
| Trade debts | 44 | €103,302 | €92,868 | -€10,434 | -10.1% |
| Suppliers | 440/4 | €103,302 | €92,868 | -€10,434 | -10.1% |
| Taxes, remuneration and social security | 45 | €30,291 | €16,364 | -€13,927 | -46.0% |
| Taxes | 450/3 | €4,148 | €4,454 | +€306 | +7.4% |
| Remuneration and social security | 454/9 | €26,143 | €11,910 | -€14,233 | -54.4% |
| Other amounts payable | 47/48 | €172 | €172 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €58,845 | €53,746 | -€5,099 | -8.7% |
| Remuneration, social security and pensions | 62 | €209,847 | €212,999 | +€3,151 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,792 | €28,164 | -€628 | -2.2% |
| Other operating charges | 640/8 | €3,694 | €3,935 | +€241 | +6.5% |
| Non-recurring operating charges | 66A | €1,510 | €469 | -€1,041 | -68.9% |
| Gross operating margin | 9900 | €258,843 | €244,790 | -€14,053 | -5.4% |
| Operating profit (loss) | 9901 | €14,999 | -€777 | -€15,776 | |
| Financial income | 75/76B | €5,539 | €23 | -€5,516 | -99.6% |
| Recurring financial income | 75 | €5,539 | €23 | -€5,516 | -99.6% |
| Financial charges | 65/66B | €2,653 | €2,534 | -€119 | -4.5% |
| Recurring financial charges | 65 | €2,653 | €2,534 | -€119 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €17,885 | -€3,288 | -€21,173 | |
| Income taxes | 67/77 | €3,584 | €436 | -€3,148 | -87.8% |
| Profit (loss) for the period | 9904 | €14,301 | -€3,724 | -€18,025 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,301 | -€3,724 | -€18,025 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.