MULTITEL: 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.
What changed
MULTITEL
NACE 72.109, Other research and development on natural sciences
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€132,219
2024 · €192,127-€324,346
Equity
€3.6m
2024 · €4.2m-€578,877
Cash
€1.1m
2024 · €3.5m-€2.4m
Balance sheet total
€7.3m
2024 · €16.5m-€9.2m
Largest movements
Assets
- Receivables within one year -€6.0m
down €6.0m (-67.3%), from €8.9m to €2.9m
of which Trade receivables: -€5.8m
- Cash -€2.4m
down €2.4m (-69.0%), from €3.5m to €1.1m
mainly Debts within one year (-€8.6m) and Investment in fixed assets (net) (-€564,694)
- Tangible fixed assets -€741,003
down €741,003 (-19.5%), from €3.8m to €3.1m
of which Land and buildings: -€519,495
Equity and liabilities
- Debts within one year -€8.6m
down €8.6m (-75.9%), from €11.3m to €2.7m
of which Advances received: -€9.0m
- Investment grants -€446,658
down €446,658 (-20.4%), from €2.2m to €1.7m
- Debts after one year -€187,026
down €187,026 (-18.0%), from €1.0m to €854,303
Income statement
- Other operating income +€2.3m
up €2.3m (+36.7%), from €6.2m to €8.5m
- Staff costs +€1.4m
up €1.4m (+20.3%), from €6.8m to €8.1m
- Turnover -€930,674
down €930,674 (-25.2%), from €3.7m to €2.8m
- Services and other goods -€636,149
down €636,149 (-30.4%), from €2.1m to €1.5m
- Goods and materials +€579,217
up €579,217 (+705.2%), from €82,132 to €661,349
of which Purchases: +€579,217
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.
Result 2024
€192,127
Turnover
-€930,674
Other operating income
+€2.3m
Goods and materials
-€579,217
Services and other goods
+€636,149
Staff costs
-€1.4m
Depreciation
-€243,950
Write-downs
+€24,071
Other operating charges
+€9,302
Other operating items
-€56,347
Financial income
-€93,813
Financial charges
-€4,608
Taxes
+€8,602
Result 2025
-€132,219
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.
From operations
-€1.2m
Investment
-€564,694
Financing
-€633,684
Cash 2024
€3.5m
From operations (derived)
-€1.2m
Net result for the year
-€132,219
Depreciation
+€1.4m
Receivables within one year
+€6.0m
Deferred charges and accrued income
+€18,911
Provisions
+€27,000
Debts within one year
-€8.6m
Accrued charges and deferred income
+€85,830
Investment (derived)
-€564,694
Investment in fixed assets (net)
-€564,694
Financing
-€633,684
Debts after one year
-€187,026
Contributions, distributions and other
-€446,658
Cash 2025
€1.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,518,503 | €7,303,850 | -€9.2m | -55.8% |
| Fixed assets | 21/28 | €4,055,762 | €3,260,041 | -€795,721 | -19.6% |
| Intangible fixed assets | 21 | €8,237 | €4,691 | -€3,546 | -43.0% |
| Tangible fixed assets | 22/27 | €3,794,076 | €3,053,073 | -€741,003 | -19.5% |
| Land and buildings | 22 | €2,691,288 | €2,171,793 | -€519,495 | -19.3% |
| Plant, machinery and equipment | 23 | €186,369 | €95,195 | -€91,175 | -48.9% |
| Furniture and vehicles | 24 | €916,419 | €786,086 | -€130,333 | -14.2% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €253,449 | €202,277 | -€51,172 | -20.2% |
| Affiliated companies | 280/1 | €199,863 | €148,691 | -€51,172 | -25.6% |
| Participating interests | 280 | €148,691 | €148,691 | = | 0.0% |
| Amounts receivable | 281 | €51,172 | €0 | -€51,172 | -100.0% |
| Other financial fixed assets | 284/8 | €53,586 | €53,586 | = | 0.0% |
| Shares | 284 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €28,586 | €28,586 | = | 0.0% |
| Current assets | 29/58 | €12,462,741 | €4,043,809 | -€8.4m | -67.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €8,906,407 | €2,914,522 | -€6.0m | -67.3% |
| Trade receivables | 40 | €8,701,767 | €2,858,598 | -€5.8m | -67.1% |
| Other amounts receivable | 41 | €204,640 | €55,923 | -€148,716 | -72.7% |
| Cash at bank and in hand | 54/58 | €3,487,758 | €1,079,621 | -€2.4m | -69.0% |
| Deferred charges and accrued income | 490/1 | €68,577 | €49,665 | -€18,911 | -27.6% |
| Total equity and liabilities | 10/49 | €16,518,503 | €7,303,850 | -€9.2m | -55.8% |
| Equity | 10/15 | €4,191,753 | €3,612,876 | -€578,877 | -13.8% |
| Profit (loss) carried forward | 14 | €2,004,485 | €1,872,266 | -€132,219 | -6.6% |
| Investment grants | 15 | €2,187,268 | €1,740,610 | -€446,658 | -20.4% |
| Provisions and deferred taxes | 16 | - | €27,000 | +€27,000 | |
| Provisions for liabilities and charges | 160/5 | - | €27,000 | +€27,000 | |
| Environmental obligations | 163 | - | €27,000 | +€27,000 | |
| Amounts payable | 17/49 | €12,326,750 | €3,663,974 | -€8.7m | -70.3% |
| Amounts payable after more than one year | 17 | €1,041,329 | €854,303 | -€187,026 | -18.0% |
| Financial debts | 170/4 | €1,041,329 | €854,303 | -€187,026 | -18.0% |
| Credit institutions | 173 | €1,041,329 | €854,303 | -€187,026 | -18.0% |
| Amounts payable within one year | 42/48 | €11,277,519 | €2,715,939 | -€8.6m | -75.9% |
| Current portion of amounts payable after more than one year | 42 | €341,321 | €300,206 | -€41,115 | -12.0% |
| Financial debts | 43 | €130,254 | €129,897 | -€358 | -0.3% |
| Credit institutions | 430/8 | €130,254 | €129,897 | -€358 | -0.3% |
| Trade debts | 44 | €431,143 | €553,106 | +€121,963 | +28.3% |
| Suppliers | 440/4 | €431,143 | €553,106 | +€121,963 | +28.3% |
| Advances received on contracts in progress | 46 | €9,280,756 | €300,208 | -€9.0m | -96.8% |
| Taxes, remuneration and social security | 45 | €989,852 | €1,202,068 | +€212,216 | +21.4% |
| Taxes | 450/3 | €72,416 | €109,496 | +€37,080 | +51.2% |
| Remuneration and social security | 454/9 | €917,436 | €1,092,572 | +€175,136 | +19.1% |
| Accrued charges and deferred income | 492/3 | €7,901 | €93,731 | +€85,830 | +1086.3% |
| Operating income | 70/76A | €9,983,175 | €11,282,217 | +€1.3m | +13.0% |
| Turnover | 70 | €3,687,489 | €2,756,815 | -€930,674 | -25.2% |
| Other operating income | 74 | €6,204,120 | €8,483,036 | +€2.3m | +36.7% |
| Non-recurring operating income | 76A | €91,565 | €42,366 | -€49,199 | -53.7% |
| Operating charges | 60/66A | €10,246,335 | €11,779,905 | +€1.5m | +15.0% |
| Goods for resale, raw materials and consumables | 60 | €82,132 | €661,349 | +€579,217 | +705.2% |
| Purchases | 600/8 | €82,132 | €661,349 | +€579,217 | +705.2% |
| Change in stocks: decrease (increase) | 609 | €0 | - | = | |
| Services and other goods | 61 | €2,089,168 | €1,453,020 | -€636,149 | -30.4% |
| Remuneration, social security and pensions | 62 | €6,764,711 | €8,137,489 | +€1.4m | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,116,465 | €1,360,415 | +€243,950 | +21.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,071 | -€15,000 | -€24,071 | |
| Other operating charges | 640/8 | €163,431 | €154,128 | -€9,302 | -5.7% |
| Non-recurring operating charges | 66A | €21,356 | €1,504 | -€19,853 | -93.0% |
| Operating profit (loss) | 9901 | -€263,160 | -€497,687 | -€234,527 | -89.1% |
| Financial income | 75/76B | €551,164 | €457,351 | -€93,813 | -17.0% |
| Recurring financial income | 75 | €551,164 | €457,351 | -€93,813 | -17.0% |
| Income from current assets | 751 | €31,871 | €2,034 | -€29,837 | -93.6% |
| Other financial income | 752/9 | €519,293 | €455,317 | -€63,976 | -12.3% |
| Financial charges | 65/66B | €76,090 | €80,698 | +€4,608 | +6.1% |
| Recurring financial charges | 65 | €76,090 | €80,698 | +€4,608 | +6.1% |
| Debt charges | 650 | €35,618 | €39,122 | +€3,504 | +9.8% |
| Other financial charges | 652/9 | €40,472 | €41,576 | +€1,104 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €211,914 | -€121,035 | -€332,948 | |
| Income taxes | 67/77 | €19,787 | €11,185 | -€8,602 | -43.5% |
| Taxes | 670/3 | €19,787 | €11,185 | -€8,602 | -43.5% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €192,127 | -€132,219 | -€324,346 | |
| Profit (loss) for the period to be appropriated | 9905 | €192,127 | -€132,219 | -€324,346 |
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 9 October 2026 via checked.be.