MUTLU: 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.
MUTLU
Largest movements
- Receivables within one year +€63,176
up €63,176 (+391.8%), from €16,123 to €79,299
of which Other amounts receivable: +€60,137
- Tangible fixed assets -€24,801
down €24,801 (-28.1%), from €88,309 to €63,508
of which Furniture and vehicles: -€19,181
- Cash -€21,065
down €21,065 (-42.5%), from €49,535 to €28,470
mainly Receivables within one year (-€63,176) and Debts after one year (-€19,693)
- Trade debts +€22,527
up €22,527 (+1218.3%), from €1,849 to €24,377
- Debts after one year -€19,693
down €19,693 (-85.4%), from €23,048 to €3,355
- Tax, wage and social debts +€7,539
up €7,539 (+68.5%), from €11,001 to €18,539
- Profit (loss) carried forward +€6,202
up €6,202 (+7.5%), from €82,377 to €88,579
- Financial charges +€6,545
up €6,545 (+255.9%), from €2,558 to €9,103
of which Non-recurring financial charges: +€5,053
- Gross operating margin +€4,024
up €4,024 (+9.8%), from €41,212 to €45,236
- Financial income +€1,260
up €1,260 (+101.3%), from €1,243 to €2,503
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 | €157,693 | €175,002 | +€17,309 | +11.0% |
| Fixed assets | 21/28 | €88,309 | €63,508 | -€24,801 | -28.1% |
| Tangible fixed assets | 22/27 | €88,309 | €63,508 | -€24,801 | -28.1% |
| Plant, machinery and equipment | 23 | €26,255 | €20,634 | -€5,621 | -21.4% |
| Furniture and vehicles | 24 | €62,054 | €42,874 | -€19,181 | -30.9% |
| Current assets | 29/58 | €69,384 | €111,495 | +€42,111 | +60.7% |
| Stocks and contracts in progress | 3 | €3,726 | €3,726 | = | 0.0% |
| Stocks | 30/36 | €3,726 | €3,726 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,123 | €79,299 | +€63,176 | +391.8% |
| Trade receivables | 40 | - | €3,039 | +€3,039 | |
| Other amounts receivable | 41 | €16,123 | €76,260 | +€60,137 | +373.0% |
| Cash at bank and in hand | 54/58 | €49,535 | €28,470 | -€21,065 | -42.5% |
| Total equity and liabilities | 10/49 | €157,693 | €175,002 | +€17,309 | +11.0% |
| Equity | 10/15 | €102,837 | €109,039 | +€6,202 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,377 | €88,579 | +€6,202 | +7.5% |
| Amounts payable | 17/49 | €54,856 | €65,963 | +€11,107 | +20.2% |
| Amounts payable after more than one year | 17 | €23,048 | €3,355 | -€19,693 | -85.4% |
| Financial debts | 170/4 | €23,048 | €3,355 | -€19,693 | -85.4% |
| Amounts payable within one year | 42/48 | €31,809 | €62,608 | +€30,800 | +96.8% |
| Current portion of amounts payable after more than one year | 42 | €18,959 | €19,693 | +€734 | +3.9% |
| Trade debts | 44 | €1,849 | €24,377 | +€22,527 | +1218.3% |
| Suppliers | 440/4 | €1,849 | €24,377 | +€22,527 | +1218.3% |
| Taxes, remuneration and social security | 45 | €11,001 | €18,539 | +€7,539 | +68.5% |
| Taxes | 450/3 | €11,001 | €18,539 | +€7,539 | +68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,191 | €24,536 | +€345 | +1.4% |
| Other operating charges | 640/8 | €2,747 | €2,581 | -€166 | -6.0% |
| Gross operating margin | 9900 | €41,212 | €45,236 | +€4,024 | +9.8% |
| Operating profit (loss) | 9901 | €14,274 | €18,118 | +€3,844 | +26.9% |
| Financial income | 75/76B | €1,243 | €2,503 | +€1,260 | +101.3% |
| Recurring financial income | 75 | €1,243 | €2,503 | +€1,260 | +101.3% |
| Financial charges | 65/66B | €2,558 | €9,103 | +€6,545 | +255.9% |
| Recurring financial charges | 65 | €2,558 | €4,050 | +€1,492 | +58.3% |
| Non-recurring financial charges | 66B | - | €5,053 | +€5,053 | |
| Profit (loss) for the period before taxes | 9903 | €12,960 | €11,519 | -€1,441 | -11.1% |
| Income taxes | 67/77 | €5,485 | €5,316 | -€169 | -3.1% |
| Profit (loss) for the period | 9904 | €7,474 | €6,202 | -€1,272 | -17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,474 | €6,202 | -€1,272 | -17.0% |
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 11 October 2026 via checked.be.