MUTATIS: 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.
What changed
MUTATIS
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €3.1m-€1.2m
Equity
€157.7m
2024 · €155.8m+€1.9m
Cash
€1.6m
2024 · €173,395+€1.5m
Balance sheet total
€197.5m
2024 · €598.3m-€400.8m
Largest movements
Assets
- Receivables within one year -€392.7m
down €392.7m (-70.1%), from €560.4m to €167.7m
of which Other amounts receivable: -€392.5m
- Deferred charges and accrued income -€9.6m
down €9.6m (-42.3%), from €22.8m to €13.1m
Equity and liabilities
- Other debts -€394.4m
down €394.4m (-93.4%), from €422.4m to €28.0m
- Accrued charges and deferred income -€8.1m
down €8.1m (-43.7%), from €18.6m to €10.5m
Income statement
- Financial income -€9.8m
down €9.8m (-42.7%), from €22.9m to €13.1m
- Financial charges -€8.1m
down €8.1m (-43.7%), from €18.6m to €10.5m
- Taxes -€512,086
down €512,086 (-44.0%), from €1.2m to €651,932
of which Taxes: -€512,086
- Staff costs +€55,419
up €55,419 (+22.2%), from €250,063 to €305,481
- Services and other goods -€51,081
down €51,081 (-17.7%), from €288,198 to €237,117
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
€3.1m
Turnover
-€12,411
Other operating income
+€1,171
Services and other goods
+€51,081
Staff costs
-€55,419
Depreciation
+€185
Other operating charges
+€44
Other operating items
-€3,052
Financial income
-€9.8m
Financial charges
+€8.1m
Taxes
+€512,086
Result 2025
€1.9m
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
+€1.5m
Investment
€0
Financing
-€17,662
Cash 2024
€173,395
From operations (derived)
+€1.5m
Net result for the year
+€1.9m
Depreciation
+€779
Receivables within one year
+€392.7m
Deferred charges and accrued income
+€9.6m
Smaller working-capital items
-€213,105
Other debts
-€394.4m
Accrued charges and deferred income
-€8.1m
Financing
-€17,662
Contributions, distributions and other
-€17,662
Cash 2025
€1.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €598,302,288 | €197,465,479 | -€400.8m | -67.0% |
| Fixed assets | 21/28 | €14,932,872 | €14,932,093 | -€779 | 0.0% |
| Tangible fixed assets | 22/27 | €779 | €0 | -€779 | -100.0% |
| Furniture and vehicles | 24 | €779 | €0 | -€779 | -100.0% |
| Financial fixed assets | 28 | €14,932,093 | €14,932,093 | = | 0.0% |
| Affiliated companies | 280/1 | €14,931,080 | €14,931,080 | = | 0.0% |
| Participating interests | 280 | €14,931,080 | €14,931,080 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,014 | €1,014 | = | 0.0% |
| Shares | 284 | €1,014 | €1,014 | = | 0.0% |
| Current assets | 29/58 | €583,369,416 | €182,533,385 | -€400.8m | -68.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €560,431,244 | €167,741,822 | -€392.7m | -70.1% |
| Trade receivables | 40 | €239,683 | €62,913 | -€176,770 | -73.8% |
| Other amounts receivable | 41 | €560,191,561 | €167,678,909 | -€392.5m | -70.1% |
| Cash at bank and in hand | 54/58 | €173,395 | €1,647,174 | +€1.5m | +850.0% |
| Deferred charges and accrued income | 490/1 | €22,764,777 | €13,144,389 | -€9.6m | -42.3% |
| Total equity and liabilities | 10/49 | €598,302,288 | €197,465,479 | -€400.8m | -67.0% |
| Equity | 10/15 | €155,817,588 | €157,731,866 | +€1.9m | +1.2% |
| Contributions | 10/11 | €127,996,000 | €127,996,000 | = | 0.0% |
| Capital | 10 | €120,000,000 | €120,000,000 | = | 0.0% |
| Issued capital | 100 | €120,000,000 | €120,000,000 | = | 0.0% |
| Outside capital | 11 | €7,996,000 | €7,996,000 | = | 0.0% |
| Share premium | 1100/10 | €7,996,000 | €7,996,000 | = | 0.0% |
| Reserves | 13 | €1,432,060 | €1,532,060 | +€100,000 | +7.0% |
| Non-distributable reserves | 130/1 | €1,432,060 | €1,532,060 | +€100,000 | +7.0% |
| Legal reserve | 130 | €1,432,060 | €1,532,060 | +€100,000 | +7.0% |
| Profit (loss) carried forward | 14 | €26,389,528 | €28,203,806 | +€1.8m | +6.9% |
| Amounts payable | 17/49 | €442,484,700 | €39,733,612 | -€402.8m | -91.0% |
| Amounts payable within one year | 42/48 | €423,865,642 | €29,244,725 | -€394.6m | -93.1% |
| Trade debts | 44 | €13,203 | €36,926 | +€23,723 | +179.7% |
| Suppliers | 440/4 | €13,203 | €36,926 | +€23,723 | +179.7% |
| Taxes, remuneration and social security | 45 | €1,441,402 | €1,204,573 | -€236,828 | -16.4% |
| Taxes | 450/3 | €1,416,031 | €1,177,114 | -€238,918 | -16.9% |
| Remuneration and social security | 454/9 | €25,370 | €27,460 | +€2,089 | +8.2% |
| Other amounts payable | 47/48 | €422,411,037 | €28,003,226 | -€394.4m | -93.4% |
| Accrued charges and deferred income | 492/3 | €18,619,058 | €10,488,887 | -€8.1m | -43.7% |
| Operating income | 70/76A | €492,569 | €481,330 | -€11,240 | -2.3% |
| Turnover | 70 | €490,160 | €477,750 | -€12,411 | -2.5% |
| Other operating income | 74 | €2,409 | €3,580 | +€1,171 | +48.6% |
| Operating charges | 60/66A | €540,476 | €547,636 | +€7,160 | +1.3% |
| Services and other goods | 61 | €288,198 | €237,117 | -€51,081 | -17.7% |
| Remuneration, social security and pensions | 62 | €250,063 | €305,481 | +€55,419 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €964 | €779 | -€185 | -19.2% |
| Other operating charges | 640/8 | €1,252 | €1,207 | -€44 | -3.5% |
| Non-recurring operating charges | 66A | - | €3,052 | +€3,052 | |
| Operating profit (loss) | 9901 | -€47,906 | -€66,306 | -€18,400 | -38.4% |
| Financial income | 75/76B | €22,931,821 | €13,143,649 | -€9.8m | -42.7% |
| Recurring financial income | 75 | €22,931,821 | €13,143,649 | -€9.8m | -42.7% |
| Income from current assets | 751 | €22,931,821 | €13,143,649 | -€9.8m | -42.7% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €18,635,675 | €10,493,471 | -€8.1m | -43.7% |
| Recurring financial charges | 65 | €18,635,675 | €10,493,471 | -€8.1m | -43.7% |
| Debt charges | 650 | €18,632,829 | €10,490,596 | -€8.1m | -43.7% |
| Other financial charges | 652/9 | €2,846 | €2,875 | +€29 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €4,248,240 | €2,583,872 | -€1.7m | -39.2% |
| Income taxes | 67/77 | €1,164,018 | €651,932 | -€512,086 | -44.0% |
| Taxes | 670/3 | €1,164,018 | €651,932 | -€512,086 | -44.0% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €3,084,222 | €1,931,940 | -€1.2m | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,084,222 | €1,931,940 | -€1.2m | -37.4% |
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 6 October 2026 via checked.be.