PIETER MULIER: what changed
PIETER MULIER
Largest movements
- Cash +€725,095
up €725,095 (+28.4%), from €2.6m to €3.3m
mainly Net result for the year (+€1.2m) and Receivables within one year (+€239,267)
- Stocks and contracts +€551,785
up €551,785 (+23.8%), from €2.3m to €2.9m
- Receivables within one year -€239,267
down €239,267 (-52.5%), from €455,815 to €216,548
of which Trade receivables: -€177,114
- Tangible fixed assets -€182,208
down €182,208 (-10.4%), from €1.7m to €1.6m
of which Land and buildings: -€176,927
- Reserves +€1.2m
up €1.2m (+33.2%), from €3.6m to €4.8m
of which Distributable reserves: +€1.2m
- Debts after one year -€319,526
down €319,526 (-12.4%), from €2.6m to €2.3m
of which Other amounts payable: -€177,330
- Trade debts -€114,520
down €114,520 (-35.2%), from €325,469 to €210,949
- Accrued charges and deferred income +€92,806
up €92,806 (+206%), from €45,049 to €137,854
- Gross operating margin -€2.6m
down €2.6m (-56.9%), from €4.6m to €2.0m
- Taxes -€940,106
down €940,106 (-68.0%), from €1.4m to €442,120
- Financial charges +€107,577
up €107,577 (+177%), from €60,821 to €168,398
- Depreciation -€60,779
down €60,779 (-25.0%), from €242,987 to €182,208
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,082,086 | €7,937,541 | +€855,455 | +12.1% |
| Fixed assets | 21/28 | €1,756,017 | €1,573,809 | -€182,208 | -10.4% |
| Tangible fixed assets | 22/27 | €1,745,817 | €1,563,609 | -€182,208 | -10.4% |
| Land and buildings | 22 | €1,732,076 | €1,555,149 | -€176,927 | -10.2% |
| Plant, machinery and equipment | 23 | €469 | €389 | -€80 | -17.1% |
| Furniture and vehicles | 24 | €13,272 | €8,071 | -€5,201 | -39.2% |
| Financial fixed assets | 28 | €10,200 | €10,200 | = | 0.0% |
| Current assets | 29/58 | €5,326,069 | €6,363,732 | +€1.0m | +19.5% |
| Stocks and contracts in progress | 3 | €2,316,106 | €2,867,890 | +€551,785 | +23.8% |
| Stocks | 30/36 | €2,316,106 | €2,867,890 | +€551,785 | +23.8% |
| Amounts receivable within one year | 40/41 | €455,815 | €216,548 | -€239,267 | -52.5% |
| Trade receivables | 40 | €329,518 | €152,404 | -€177,114 | -53.7% |
| Other amounts receivable | 41 | €126,297 | €64,144 | -€62,153 | -49.2% |
| Cash at bank and in hand | 54/58 | €2,552,754 | €3,277,849 | +€725,095 | +28.4% |
| Deferred charges and accrued income | 490/1 | €1,395 | €1,445 | +€50 | +3.6% |
| Total equity and liabilities | 10/49 | €7,082,086 | €7,937,541 | +€855,455 | +12.1% |
| Equity | 10/15 | €3,773,315 | €4,958,984 | +€1.2m | +31.4% |
| Contributions | 10/11 | €197,500 | €197,500 | = | 0.0% |
| Reserves | 13 | €3,575,815 | €4,761,484 | +€1.2m | +33.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €3,575,815 | €4,761,484 | +€1.2m | +33.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €3,308,771 | €2,978,558 | -€330,214 | -10.0% |
| Amounts payable after more than one year | 17 | €2,574,030 | €2,254,504 | -€319,526 | -12.4% |
| Financial debts | 170/4 | €653,948 | €511,752 | -€142,195 | -21.7% |
| Other amounts payable | 178/9 | €1,920,082 | €1,742,751 | -€177,330 | -9.2% |
| Amounts payable within one year | 42/48 | €689,693 | €586,200 | -€103,493 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €148,472 | €146,819 | -€1,653 | -1.1% |
| Trade debts | 44 | €325,469 | €210,949 | -€114,520 | -35.2% |
| Suppliers | 440/4 | €325,469 | €210,949 | -€114,520 | -35.2% |
| Taxes, remuneration and social security | 45 | €215,752 | €228,431 | +€12,679 | +5.9% |
| Taxes | 450/3 | €215,752 | €228,431 | +€12,679 | +5.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €45,049 | €137,854 | +€92,806 | +206% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €242,987 | €182,208 | -€60,779 | -25.0% |
| Other operating charges | 640/8 | €12,465 | €16,082 | +€3,617 | +29.0% |
| Gross operating margin | 9900 | €4,629,622 | €1,994,468 | -€2.6m | -56.9% |
| Operating profit (loss) | 9901 | €4,374,171 | €1,796,178 | -€2.6m | -58.9% |
| Financial income | 75/76B | €498 | €8 | -€490 | -98.4% |
| Recurring financial income | 75 | €498 | €8 | -€490 | -98.4% |
| Financial charges | 65/66B | €60,821 | €168,398 | +€107,577 | +177% |
| Recurring financial charges | 65 | €60,821 | €168,398 | +€107,577 | +177% |
| Profit (loss) for the period before taxes | 9903 | €4,313,848 | €1,627,789 | -€2.7m | -62.3% |
| Income taxes | 67/77 | €1,382,226 | €442,120 | -€940,106 | -68.0% |
| Profit (loss) for the period | 9904 | €2,931,622 | €1,185,669 | -€1.7m | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,931,622 | €1,185,669 | -€1.7m | -59.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.