OLIVIER MÜLLER: 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
OLIVIER MÜLLER
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8,329
2024 · -€6,900-€1,429
Equity
€849,179
2024 · €857,508-€8,329
Cash
€6,255
2024 · €257+€5,999
Balance sheet total
€2.2m
2024 · €1.7m+€474,851
Largest movements
Assets
- Current investments +€450,000
new in 2025: €450,000
Equity and liabilities
- Debts after one year +€508,037
up €508,037 (+61.1%), from €831,963 to €1.3m
of which Other amounts payable: +€510,000
Income statement
- Financial charges +€2,518
up €2,518 (+10.0%), from €25,271 to €27,789
- Gross operating margin +€2,181
up €2,181 (+7.0%), from €31,022 to €33,204
- Depreciation +€793
up €793 (+6.7%), from €11,806 to €12,599
- Other operating charges +€602
up €602 (+83.9%), from €717 to €1,319
- Financial income +€339
new in 2025: €339
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
-€6,900
Gross operating margin
+€2,181
Depreciation
-€793
Other operating charges
-€602
Financial income
+€339
Financial charges
-€2,518
Taxes
-€37
Result 2025
-€8,329
raises the resultlowers the result
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.
From operations
-€24,469
Investment
-€471,740
Financing
+€502,207
Cash 2024
€257
From operations (derived)
-€24,469
Net result for the year
-€8,329
Depreciation
+€12,599
Receivables within one year
-€9,442
Smaller working-capital items
-€1,357
Accrued charges and deferred income
-€17,940
Investment (derived)
-€471,740
Investment in fixed assets (net)
-€21,740
Current investments
-€450,000
Financing
+€502,207
Debts after one year
+€508,037
Current portion of long-term debt
-€5,830
Cash 2025
€6,255
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,723,866 | €2,198,717 | +€474,851 | +27.5% |
| Fixed assets | 21/28 | €1,701,638 | €1,710,779 | +€9,141 | +0.5% |
| Tangible fixed assets | 22/27 | €38,638 | €47,779 | +€9,141 | +23.7% |
| Furniture and vehicles | 24 | €15,038 | €7,679 | -€7,359 | -48.9% |
| Other tangible fixed assets | 26 | €23,600 | €40,100 | +€16,500 | +69.9% |
| Financial fixed assets | 28 | €1,663,000 | €1,663,000 | = | 0.0% |
| Current assets | 29/58 | €22,229 | €487,938 | +€465,709 | +2,095% |
| Amounts receivable within one year | 40/41 | €21,510 | €30,952 | +€9,442 | +43.9% |
| Trade receivables | 40 | €5,648 | €25,189 | +€19,542 | +346% |
| Other amounts receivable | 41 | €15,862 | €5,763 | -€10,100 | -63.7% |
| Current investments | 50/53 | - | €450,000 | +€450,000 | |
| Cash at bank and in hand | 54/58 | €257 | €6,255 | +€5,999 | +2,337% |
| Deferred charges and accrued income | 490/1 | €462 | €731 | +€269 | +58.3% |
| Total equity and liabilities | 10/49 | €1,723,866 | €2,198,717 | +€474,851 | +27.5% |
| Equity | 10/15 | €857,508 | €849,179 | -€8,329 | -1.0% |
| Contributions | 10/11 | €833,000 | €833,000 | = | 0.0% |
| Reserves | 13 | €31,000 | €31,000 | = | 0.0% |
| Distributable reserves | 133 | €31,000 | €31,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,492 | -€14,821 | -€8,329 | -128% |
| Amounts payable | 17/49 | €866,358 | €1,349,538 | +€483,180 | +55.8% |
| Amounts payable after more than one year | 17 | €831,963 | €1,340,000 | +€508,037 | +61.1% |
| Financial debts | 170/4 | €1,963 | - | -€1,963 | |
| Other amounts payable | 178/9 | €830,000 | €1,340,000 | +€510,000 | +61.4% |
| Amounts payable within one year | 42/48 | €9,429 | €2,512 | -€6,918 | -73.4% |
| Current portion of amounts payable after more than one year | 42 | €7,793 | €1,963 | -€5,830 | -74.8% |
| Trade debts | 44 | €309 | €306 | -€4 | -1.2% |
| Suppliers | 440/4 | €309 | €306 | -€4 | -1.2% |
| Taxes, remuneration and social security | 45 | €29 | €0 | -€29 | -100% |
| Taxes | 450/3 | €29 | €0 | -€29 | -100% |
| Other amounts payable | 47/48 | €1,299 | €243 | -€1,055 | -81.3% |
| Accrued charges and deferred income | 492/3 | €24,966 | €7,026 | -€17,940 | -71.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,806 | €12,599 | +€793 | +6.7% |
| Other operating charges | 640/8 | €717 | €1,319 | +€602 | +83.9% |
| Gross operating margin | 9900 | €31,022 | €33,204 | +€2,181 | +7.0% |
| Operating profit (loss) | 9901 | €18,499 | €19,286 | +€787 | +4.3% |
| Financial income | 75/76B | - | €339 | +€339 | |
| Recurring financial income | 75 | - | €339 | +€339 | |
| Financial charges | 65/66B | €25,271 | €27,789 | +€2,518 | +10.0% |
| Recurring financial charges | 65 | €25,271 | €27,789 | +€2,518 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,772 | -€8,164 | -€1,392 | -20.6% |
| Income taxes | 67/77 | €128 | €165 | +€37 | +28.9% |
| Profit (loss) for the period | 9904 | -€6,900 | -€8,329 | -€1,429 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,900 | -€8,329 | -€1,429 | -20.7% |
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 28 October 2026 via checked.be.