MURIEL VANNERUM MANAGEMENT: 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.
MURIEL VANNERUM MANAGEMENT
Largest movements
- Receivables within one year -€65,184
down €65,184 (-54.3%), from €120,123 to €54,938
of which Trade receivables: -€66,049
- Cash -€64,237
down €64,237 (-28.1%), from €228,450 to €164,213
mainly Other debts (-€126,339) and Tax, wage and social debts (-€20,126)
- Other debts -€126,339
down €126,339 (-71.1%), from €177,715 to €51,377
- Reserves +€37,883
up €37,883 (+44.1%), from €86,000 to €123,883
- Tax, wage and social debts -€20,126
down €20,126 (-37.4%), from €53,773 to €33,647
- Trade debts -€18,090
down €18,090 (-77.5%), from €23,335 to €5,245
- Gross operating margin -€128,914
down €128,914 (-68.6%), from €188,054 to €59,139
- Taxes -€33,628
down €33,628 (-68.1%), from €49,358 to €15,730
- Financial charges +€3,055
up €3,055 (+205%), from €1,493 to €4,548
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 | €348,573 | €219,151 | -€129,422 | -37.1% |
| Current assets | 29/58 | €348,573 | €219,151 | -€129,422 | -37.1% |
| Amounts receivable within one year | 40/41 | €120,123 | €54,938 | -€65,184 | -54.3% |
| Trade receivables | 40 | €120,000 | €53,951 | -€66,049 | -55.0% |
| Other amounts receivable | 41 | €123 | €987 | +€865 | +705% |
| Cash at bank and in hand | 54/58 | €228,450 | €164,213 | -€64,237 | -28.1% |
| Total equity and liabilities | 10/49 | €348,573 | €219,151 | -€129,422 | -37.1% |
| Equity | 10/15 | €91,000 | €128,883 | +€37,883 | +41.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €86,000 | €123,883 | +€37,883 | +44.1% |
| Distributable reserves | 133 | €86,000 | €123,883 | +€37,883 | +44.1% |
| Amounts payable | 17/49 | €257,573 | €90,268 | -€167,305 | -65.0% |
| Amounts payable within one year | 42/48 | €254,823 | €90,268 | -€164,555 | -64.6% |
| Trade debts | 44 | €23,335 | €5,245 | -€18,090 | -77.5% |
| Suppliers | 440/4 | €23,335 | €5,245 | -€18,090 | -77.5% |
| Taxes, remuneration and social security | 45 | €53,773 | €33,647 | -€20,126 | -37.4% |
| Taxes | 450/3 | €53,773 | €33,647 | -€20,126 | -37.4% |
| Other amounts payable | 47/48 | €177,715 | €51,377 | -€126,339 | -71.1% |
| Accrued charges and deferred income | 492/3 | €2,750 | - | -€2,750 | |
| Other operating charges | 640/8 | €75 | €148 | +€73 | +96.8% |
| Gross operating margin | 9900 | €188,054 | €59,139 | -€128,914 | -68.6% |
| Operating profit (loss) | 9901 | €187,978 | €58,991 | -€128,987 | -68.6% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €1,493 | €4,548 | +€3,055 | +205% |
| Recurring financial charges | 65 | €1,493 | €4,548 | +€3,055 | +205% |
| Profit (loss) for the period before taxes | 9903 | €186,486 | €54,446 | -€132,040 | -70.8% |
| Income taxes | 67/77 | €49,358 | €15,730 | -€33,628 | -68.1% |
| Profit (loss) for the period | 9904 | €137,128 | €38,716 | -€98,412 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €137,128 | €38,716 | -€98,412 | -71.8% |
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 29 October 2026 via checked.be.