PAUL MULLER: 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.
PAUL MULLER
Largest movements
- Tangible fixed assets -€4,570
down €4,570 (-48.0%), from €9,515 to €4,945
of which Plant, machinery and equipment: -€4,418
- Receivables within one year -€3,386
down €3,386 (-8.2%), from €41,497 to €38,111
- Debts after one year -€5,569
down €5,569 (-28.2%), from €19,725 to €14,156
- Profit (loss) carried forward -€3,793
down €3,793 (-2.8%), from -€135,147 to -€138,940
- Other debts +€3,302
up €3,302 (+1.8%), from €184,359 to €187,661
- Trade debts -€3,235
down €3,235 (-6.2%), from €52,601 to €49,366
- Turnover -€12,357
down €12,357 (-15.3%), from €80,880 to €68,523
- Purchases and services -€9,297
down €9,297 (-12.7%), from €73,064 to €63,767
- Depreciation -€9,036
down €9,036 (-61.2%), from €14,761 to €5,725
- Gross operating margin -€3,060
down €3,060 (-39.2%), from €7,816 to €4,756
- Staff costs +€982
new in 2025: €982
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 | €199,246 | €189,714 | -€9,532 | -4.8% |
| Fixed assets | 21/28 | €9,565 | €4,995 | -€4,570 | -47.8% |
| Tangible fixed assets | 22/27 | €9,515 | €4,945 | -€4,570 | -48.0% |
| Plant, machinery and equipment | 23 | €9,211 | €4,793 | -€4,418 | -48.0% |
| Other tangible fixed assets | 26 | €304 | €152 | -€152 | -50.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €189,681 | €184,719 | -€4,962 | -2.6% |
| Stocks and contracts in progress | 3 | €146,994 | €145,260 | -€1,734 | -1.2% |
| Stocks | 30/36 | €146,994 | €145,260 | -€1,734 | -1.2% |
| Amounts receivable within one year | 40/41 | €41,497 | €38,111 | -€3,386 | -8.2% |
| Trade receivables | 40 | €41,497 | €38,111 | -€3,386 | -8.2% |
| Cash at bank and in hand | 54/58 | €1,190 | €1,348 | +€158 | +13.3% |
| Total equity and liabilities | 10/49 | €199,246 | €189,714 | -€9,532 | -4.8% |
| Equity | 10/15 | -€57,693 | -€61,486 | -€3,793 | -6.6% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €7,454 | €7,454 | = | 0.0% |
| Non-distributable reserves | 130/1 | €523 | €523 | = | 0.0% |
| Reserves not available under the articles | 1311 | €523 | €523 | = | 0.0% |
| Distributable reserves | 133 | €6,931 | €6,931 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€135,147 | -€138,940 | -€3,793 | -2.8% |
| Amounts payable | 17/49 | €256,939 | €251,200 | -€5,739 | -2.2% |
| Amounts payable after more than one year | 17 | €19,725 | €14,156 | -€5,569 | -28.2% |
| Financial debts | 170/4 | €19,725 | €14,156 | -€5,569 | -28.2% |
| Amounts payable within one year | 42/48 | €237,214 | €237,044 | -€170 | -0.1% |
| Trade debts | 44 | €52,601 | €49,366 | -€3,235 | -6.2% |
| Suppliers | 440/4 | €52,601 | €49,366 | -€3,235 | -6.2% |
| Taxes, remuneration and social security | 45 | €254 | €17 | -€237 | -93.3% |
| Taxes | 450/3 | €254 | €17 | -€237 | -93.3% |
| Other amounts payable | 47/48 | €184,359 | €187,661 | +€3,302 | +1.8% |
| Turnover | 70 | €80,880 | €68,523 | -€12,357 | -15.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €73,064 | €63,767 | -€9,297 | -12.7% |
| Remuneration, social security and pensions | 62 | - | €982 | +€982 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,761 | €5,725 | -€9,036 | -61.2% |
| Other operating charges | 640/8 | €1,434 | €532 | -€902 | -62.9% |
| Gross operating margin | 9900 | €7,816 | €4,756 | -€3,060 | -39.2% |
| Operating profit (loss) | 9901 | -€8,379 | -€2,483 | +€5,896 | +70.4% |
| Financial charges | 65/66B | €1,507 | €1,310 | -€197 | -13.1% |
| Recurring financial charges | 65 | €1,507 | €1,310 | -€197 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,886 | -€3,793 | +€6,093 | +61.6% |
| Profit (loss) for the period | 9904 | -€9,886 | -€3,793 | +€6,093 | +61.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,886 | -€3,793 | +€6,093 | +61.6% |
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 18 October 2026 via checked.be.