Mutandis: 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.
Mutandis
Largest movements
- Cash -€98,379
down €98,379 (-47.8%), from €205,777 to €107,398
mainly Receivables within one year (-€95,207) and Contributions, distributions and other (-€58,824)
- Receivables within one year +€95,207
up €95,207 (+170.9%), from €55,708 to €150,914
of which Trade receivables: +€115,626
- Tangible fixed assets -€9,843
down €9,843 (-1.7%), from €577,543 to €567,700
of which Furniture and vehicles: -€11,984
- Debts after one year -€37,131
down €37,131 (-14.8%), from €251,438 to €214,307
- Reserves +€12,922
up €12,922 (+2.6%), from €493,531 to €506,453
- Tax, wage and social debts +€10,323
up €10,323 (+30.1%), from €34,323 to €44,645
- Gross operating margin +€4,950
up €4,950 (+3.6%), from €138,800 to €143,750
- Depreciation +€3,128
up €3,128 (+12.8%), from €24,349 to €27,476
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 | €843,519 | €831,360 | -€12,159 | -1.4% |
| Fixed assets | 21/28 | €577,543 | €567,700 | -€9,843 | -1.7% |
| Tangible fixed assets | 22/27 | €577,543 | €567,700 | -€9,843 | -1.7% |
| Land and buildings | 22 | €504,341 | €506,483 | +€2,141 | +0.4% |
| Furniture and vehicles | 24 | €73,202 | €61,218 | -€11,984 | -16.4% |
| Current assets | 29/58 | €265,976 | €263,660 | -€2,316 | -0.9% |
| Stocks and contracts in progress | 3 | €3,872 | €1,056 | -€2,816 | -72.7% |
| Stocks | 30/36 | €3,872 | €1,056 | -€2,816 | -72.7% |
| Amounts receivable within one year | 40/41 | €55,708 | €150,914 | +€95,207 | +170.9% |
| Trade receivables | 40 | €35,288 | €150,914 | +€115,626 | +327.7% |
| Other amounts receivable | 41 | €20,419 | - | -€20,419 | |
| Cash at bank and in hand | 54/58 | €205,777 | €107,398 | -€98,379 | -47.8% |
| Deferred charges and accrued income | 490/1 | €620 | €4,292 | +€3,672 | +592.3% |
| Total equity and liabilities | 10/49 | €843,519 | €831,360 | -€12,159 | -1.4% |
| Equity | 10/15 | €512,131 | €525,053 | +€12,922 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €493,531 | €506,453 | +€12,922 | +2.6% |
| Distributable reserves | 133 | €493,531 | €506,453 | +€12,922 | +2.6% |
| Amounts payable | 17/49 | €331,388 | €306,307 | -€25,081 | -7.6% |
| Amounts payable after more than one year | 17 | €251,438 | €214,307 | -€37,131 | -14.8% |
| Financial debts | 170/4 | €251,438 | €214,307 | -€37,131 | -14.8% |
| Amounts payable within one year | 42/48 | €78,582 | €90,615 | +€12,033 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €35,776 | €37,131 | +€1,355 | +3.8% |
| Trade debts | 44 | €2,898 | €4,028 | +€1,129 | +39.0% |
| Suppliers | 440/4 | €2,898 | €4,028 | +€1,129 | +39.0% |
| Advances received on contracts in progress | 46 | €3,423 | - | -€3,423 | |
| Taxes, remuneration and social security | 45 | €34,323 | €44,645 | +€10,323 | +30.1% |
| Taxes | 450/3 | €34,323 | €44,645 | +€10,323 | +30.1% |
| Other amounts payable | 47/48 | €2,162 | €4,811 | +€2,649 | +122.5% |
| Accrued charges and deferred income | 492/3 | €1,368 | €1,385 | +€17 | +1.2% |
| Non-recurring operating income | 76A | €6,173 | - | -€6,173 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,349 | €27,476 | +€3,128 | +12.8% |
| Other operating charges | 640/8 | €2,406 | €1,778 | -€628 | -26.1% |
| Gross operating margin | 9900 | €138,800 | €143,750 | +€4,950 | +3.6% |
| Operating profit (loss) | 9901 | €112,045 | €114,496 | +€2,450 | +2.2% |
| Financial income | 75/76B | €0 | €60 | +€60 | +150225.0% |
| Recurring financial income | 75 | €0 | €60 | +€60 | +150225.0% |
| Financial charges | 65/66B | €10,298 | €9,914 | -€383 | -3.7% |
| Recurring financial charges | 65 | €10,298 | €9,914 | -€383 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €101,748 | €104,641 | +€2,894 | +2.8% |
| Income taxes | 67/77 | €32,729 | €32,896 | +€167 | +0.5% |
| Profit (loss) for the period | 9904 | €69,019 | €71,745 | +€2,727 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,019 | €71,745 | +€2,727 | +4.0% |
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.