Multiserv Belgium: 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.
Multiserv Belgium
Largest movements
- Stocks and contracts +€59,300
up €59,300 (+98.8%), from €60,050 to €119,350
- Cash -€35,263
down €35,263 (-49.1%), from €71,748 to €36,485
mainly Stocks and contracts (-€59,300) and Investment in fixed assets (net) (-€23,686)
- Tangible fixed assets +€12,342
up €12,342 (+51.4%), from €23,994 to €36,336
- Receivables within one year +€9,439
up €9,439 (+49.2%), from €19,181 to €28,620
of which Other amounts receivable: +€6,628
- Financial fixed assets +€2,436
up €2,436 (+308%), from €791 to €3,227
- Profit (loss) carried forward +€35,342
up €35,342 (+134%), from €26,466 to €61,809
- Trade debts +€11,328
up €11,328 (+43.7%), from €25,904 to €37,232
- Current portion of long-term debt +€10,089
up €10,089 (+66.1%), from €15,270 to €25,359
- Tax, wage and social debts -€8,073
down €8,073 (-18.9%), from €42,764 to €34,691
of which Remuneration and social security: -€6,151
- Gross operating margin +€28,344
up €28,344 (+12.0%), from €237,124 to €265,468
- Other operating charges +€11,031
up €11,031 (+799%), from €1,381 to €12,412
- Taxes -€2,688
no longer reported in 2025 (was €2,688)
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 | €175,961 | €224,209 | +€48,248 | +27.4% |
| Fixed assets | 21/28 | €24,785 | €39,564 | +€14,778 | +59.6% |
| Tangible fixed assets | 22/27 | €23,994 | €36,336 | +€12,342 | +51.4% |
| Furniture and vehicles | 24 | €23,994 | €36,336 | +€12,342 | +51.4% |
| Financial fixed assets | 28 | €791 | €3,227 | +€2,436 | +308% |
| Current assets | 29/58 | €151,176 | €184,645 | +€33,470 | +22.1% |
| Stocks and contracts in progress | 3 | €60,050 | €119,350 | +€59,300 | +98.8% |
| Stocks | 30/36 | €60,050 | €119,350 | +€59,300 | +98.8% |
| Amounts receivable within one year | 40/41 | €19,181 | €28,620 | +€9,439 | +49.2% |
| Trade receivables | 40 | €2,917 | €5,727 | +€2,810 | +96.3% |
| Other amounts receivable | 41 | €16,264 | €22,893 | +€6,628 | +40.8% |
| Cash at bank and in hand | 54/58 | €71,748 | €36,485 | -€35,263 | -49.1% |
| Deferred charges and accrued income | 490/1 | €197 | €190 | -€7 | -3.3% |
| Total equity and liabilities | 10/49 | €175,961 | €224,209 | +€48,248 | +27.4% |
| Equity | 10/15 | €26,466 | €61,809 | +€35,342 | +134% |
| Profit (loss) carried forward | 14 | €26,466 | €61,809 | +€35,342 | +134% |
| Amounts payable | 17/49 | €149,495 | €162,400 | +€12,905 | +8.6% |
| Amounts payable after more than one year | 17 | €65,557 | €65,119 | -€438 | -0.7% |
| Financial debts | 170/4 | €65,557 | €65,119 | -€438 | -0.7% |
| Amounts payable within one year | 42/48 | €83,938 | €97,281 | +€13,344 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €15,270 | €25,359 | +€10,089 | +66.1% |
| Trade debts | 44 | €25,904 | €37,232 | +€11,328 | +43.7% |
| Suppliers | 440/4 | €25,904 | €37,232 | +€11,328 | +43.7% |
| Taxes, remuneration and social security | 45 | €42,764 | €34,691 | -€8,073 | -18.9% |
| Taxes | 450/3 | €10,708 | €8,786 | -€1,922 | -18.0% |
| Remuneration and social security | 454/9 | €32,056 | €25,905 | -€6,151 | -19.2% |
| Non-recurring operating income | 76A | €6,392 | - | -€6,392 | |
| Remuneration, social security and pensions | 62 | €205,500 | €204,333 | -€1,167 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,894 | €8,908 | +€1,014 | +12.8% |
| Other operating charges | 640/8 | €1,381 | €12,412 | +€11,031 | +799% |
| Gross operating margin | 9900 | €237,124 | €265,468 | +€28,344 | +12.0% |
| Operating profit (loss) | 9901 | €22,348 | €39,815 | +€17,467 | +78.2% |
| Financial income | 75/76B | €4 | €3 | -€0 | -10.3% |
| Recurring financial income | 75 | €4 | €3 | -€0 | -10.3% |
| Financial charges | 65/66B | €6,346 | €4,476 | -€1,869 | -29.5% |
| Recurring financial charges | 65 | €6,346 | €4,476 | -€1,869 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €16,007 | €35,342 | +€19,336 | +121% |
| Income taxes | 67/77 | €2,688 | - | -€2,688 | |
| Profit (loss) for the period | 9904 | €13,318 | €35,342 | +€22,024 | +165% |
| Profit (loss) for the period to be appropriated | 9905 | €13,318 | €35,342 | +€22,024 | +165% |
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 23 October 2026 via checked.be.