Peter MÜLLER: 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
Peter MÜLLER
NACE 16.230, Manufacture of other builders' carpentry and joinery
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€272,318
2024 · -€394,278+€121,961
Equity
€1.2m
2024 · €1.4m-€272,318
Cash
€82,409
2024 · €106,145-€23,736
Balance sheet total
€6.4m
2024 · €5.8m+€626,628
Largest movements
Assets
- Tangible fixed assets +€703,578
up €703,578 (+18.1%), from €3.9m to €4.6m
of which Land and buildings: +€669,986
- Receivables within one year -€97,613
down €97,613 (-19.6%), from €498,884 to €401,271
of which Trade receivables: -€83,352
Equity and liabilities
- Debts after one year +€1.1m
up €1.1m (+32.5%), from €3.5m to €4.7m
of which Financial debts: +€1.1m
- Profit (loss) carried forward -€272,318
down €272,318 (-52.1%), from €522,958 to €250,640
- Trade debts -€225,915
down €225,915 (-56.2%), from €402,137 to €176,222
Income statement
- Gross operating margin +€323,004
up €323,004 (+29.0%), from €1.1m to €1.4m
- Depreciation +€180,761
up €180,761 (+53.4%), from €338,398 to €519,159
- Financial charges +€72,131
up €72,131 (+50.4%), from €143,204 to €215,335
- Financial income -€23,185
down €23,185 (-33.3%), from €69,633 to €46,448
- Provisions +€21,540
new in 2025: €21,540
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
-€394,278
Gross operating margin
+€323,004
Staff costs
-€3,242
Depreciation
-€180,761
Provisions
-€21,540
Other operating charges
+€9,489
Other operating items
+€90,332
Financial income
-€23,185
Financial charges
-€72,131
Taxes
-€5
Result 2025
-€272,318
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
+€102,626
Investment
-€1.2m
Financing
+€1.1m
Cash 2024
€106,145
From operations (derived)
+€102,626
Net result for the year
-€272,318
Depreciation
+€519,159
Stocks and contracts
-€55,466
Receivables within one year
+€97,613
Deferred charges and accrued income
+€1,507
Trade debts
-€225,915
Tax, wage and social debts
+€16,063
Accrued charges and deferred income
+€21,984
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€1.1m
Debts after one year
+€1.1m
Current portion of long-term debt
-€25,218
Short-term financial debts
-€35,000
Cash 2025
€82,409
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,772,071 | €6,398,699 | +€626,628 | +10.9% |
| Formation expenses | 20 | €325,158 | €321,287 | -€3,872 | -1.2% |
| Fixed assets | 21/28 | €3,895,576 | €4,593,466 | +€697,889 | +17.9% |
| Intangible fixed assets | 21 | €6,428 | €740 | -€5,689 | -88.5% |
| Tangible fixed assets | 22/27 | €3,887,763 | €4,591,341 | +€703,578 | +18.1% |
| Land and buildings | 22 | €3,387,829 | €4,057,815 | +€669,986 | +19.8% |
| Plant, machinery and equipment | 23 | €362,093 | €423,234 | +€61,141 | +16.9% |
| Furniture and vehicles | 24 | €96,502 | €83,602 | -€12,900 | -13.4% |
| Leasing and similar rights | 25 | €41,339 | €26,690 | -€14,649 | -35.4% |
| Financial fixed assets | 28 | €1,385 | €1,385 | = | 0.0% |
| Current assets | 29/58 | €1,551,336 | €1,483,947 | -€67,389 | -4.3% |
| Stocks and contracts in progress | 3 | €931,100 | €986,566 | +€55,466 | +6.0% |
| Stocks | 30/36 | €889,324 | €944,051 | +€54,727 | +6.2% |
| Contracts in progress | 37 | €41,776 | €42,515 | +€739 | +1.8% |
| Amounts receivable within one year | 40/41 | €498,884 | €401,271 | -€97,613 | -19.6% |
| Trade receivables | 40 | €484,623 | €401,271 | -€83,352 | -17.2% |
| Other amounts receivable | 41 | €14,261 | - | -€14,261 | |
| Cash at bank and in hand | 54/58 | €106,145 | €82,409 | -€23,736 | -22.4% |
| Deferred charges and accrued income | 490/1 | €15,208 | €13,701 | -€1,507 | -9.9% |
| Total equity and liabilities | 10/49 | €5,772,071 | €6,398,699 | +€626,628 | +10.9% |
| Equity | 10/15 | €1,433,838 | €1,161,520 | -€272,318 | -19.0% |
| Contributions | 10/11 | €200,800 | €200,800 | = | 0.0% |
| Reserves | 13 | €710,080 | €710,080 | = | 0.0% |
| Distributable reserves | 133 | €710,080 | €710,080 | = | 0.0% |
| Profit (loss) carried forward | 14 | €522,958 | €250,640 | -€272,318 | -52.1% |
| Amounts payable | 17/49 | €4,338,234 | €5,237,179 | +€898,946 | +20.7% |
| Amounts payable after more than one year | 17 | €3,530,640 | €4,677,671 | +€1.1m | +32.5% |
| Financial debts | 170/4 | €2,930,640 | €4,077,671 | +€1.1m | +39.1% |
| Other amounts payable | 178/9 | €600,000 | €600,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €796,505 | €526,435 | -€270,070 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €280,370 | €255,153 | -€25,218 | -9.0% |
| Financial debts | 43 | €35,000 | - | -€35,000 | |
| Credit institutions | 430/8 | €35,000 | - | -€35,000 | |
| Trade debts | 44 | €402,137 | €176,222 | -€225,915 | -56.2% |
| Suppliers | 440/4 | €402,137 | €176,222 | -€225,915 | -56.2% |
| Taxes, remuneration and social security | 45 | €78,998 | €95,060 | +€16,063 | +20.3% |
| Taxes | 450/3 | - | €17,795 | +€17,795 | |
| Remuneration and social security | 454/9 | €78,998 | €77,266 | -€1,732 | -2.2% |
| Accrued charges and deferred income | 492/3 | €11,089 | €33,073 | +€21,984 | +198.3% |
| Non-recurring operating income | 76A | €103,037 | - | -€103,037 | |
| Remuneration, social security and pensions | 62 | €977,279 | €980,521 | +€3,242 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €338,398 | €519,159 | +€180,761 | +53.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €21,540 | +€21,540 | |
| Other operating charges | 640/8 | €28,362 | €18,874 | -€9,489 | -33.5% |
| Non-recurring operating charges | 66A | €91,020 | €688 | -€90,332 | -99.2% |
| Gross operating margin | 9900 | €1,114,862 | €1,437,865 | +€323,004 | +29.0% |
| Operating profit (loss) | 9901 | -€320,197 | -€102,916 | +€217,281 | +67.9% |
| Financial income | 75/76B | €69,633 | €46,448 | -€23,185 | -33.3% |
| Recurring financial income | 75 | €69,633 | €46,448 | -€23,185 | -33.3% |
| Financial charges | 65/66B | €143,204 | €215,335 | +€72,131 | +50.4% |
| Recurring financial charges | 65 | €143,204 | €215,335 | +€72,131 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | -€393,768 | -€271,802 | +€121,965 | +31.0% |
| Income taxes | 67/77 | €511 | €515 | +€5 | +0.9% |
| Profit (loss) for the period | 9904 | -€394,278 | -€272,318 | +€121,961 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€394,278 | -€272,318 | +€121,961 | +30.9% |
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.