The Multiplier: 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.
The Multiplier
Largest movements
- Cash +€131,622
up €131,622 (+110.4%), from €119,214 to €250,836
mainly Net result for the year (+€196,384) and Other debts (+€85,855)
- Receivables within one year -€56,431
down €56,431 (-48.1%), from €117,391 to €60,960
of which Trade receivables: -€56,265
- Deferred charges and accrued income +€17,388
up €17,388 (+950.2%), from €1,830 to €19,217
- Tangible fixed assets -€12,754
down €12,754 (-19.7%), from €64,765 to €52,011
of which Furniture and vehicles: -€8,157
- Other debts +€85,855
up €85,855 (+48.7%), from €176,211 to €262,065
- Reserves -€30,000
down €30,000 (-100.0%), from €30,000 to €0
- Tax, wage and social debts +€18,999
up €18,999 (+47.6%), from €39,920 to €58,919
- Accrued charges and deferred income +€7,102
new in 2025: €7,102
- Debts after one year -€6,549
down €6,549 (-23.7%), from €27,685 to €21,136
- Gross operating margin +€17,081
up €17,081 (+6.1%), from €278,109 to €295,190
- Depreciation +€6,835
up €6,835 (+97.8%), from €6,989 to €13,824
- Taxes +€4,953
up €4,953 (+7.4%), from €66,951 to €71,904
- Financial charges +€4,194
up €4,194 (+242.9%), from €1,726 to €5,921
- Other operating charges +€3,433
up €3,433 (+239.5%), from €1,434 to €4,867
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 | €303,200 | €383,024 | +€79,824 | +26.3% |
| Fixed assets | 21/28 | €64,765 | €52,011 | -€12,754 | -19.7% |
| Tangible fixed assets | 22/27 | €64,765 | €52,011 | -€12,754 | -19.7% |
| Plant, machinery and equipment | 23 | €759 | €619 | -€141 | -18.5% |
| Furniture and vehicles | 24 | €42,535 | €34,378 | -€8,157 | -19.2% |
| Other tangible fixed assets | 26 | €21,471 | €17,014 | -€4,457 | -20.8% |
| Current assets | 29/58 | €238,435 | €331,014 | +€92,578 | +38.8% |
| Amounts receivable within one year | 40/41 | €117,391 | €60,960 | -€56,431 | -48.1% |
| Trade receivables | 40 | €117,225 | €60,960 | -€56,265 | -48.0% |
| Other amounts receivable | 41 | €167 | €0 | -€167 | -100.0% |
| Cash at bank and in hand | 54/58 | €119,214 | €250,836 | +€131,622 | +110.4% |
| Deferred charges and accrued income | 490/1 | €1,830 | €19,217 | +€17,388 | +950.2% |
| Total equity and liabilities | 10/49 | €303,200 | €383,024 | +€79,824 | +26.3% |
| Equity | 10/15 | €48,600 | €18,600 | -€30,000 | -61.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,000 | €0 | -€30,000 | -100.0% |
| Distributable reserves | 133 | €30,000 | €0 | -€30,000 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €254,600 | €364,424 | +€109,824 | +43.1% |
| Amounts payable after more than one year | 17 | €27,685 | €21,136 | -€6,549 | -23.7% |
| Financial debts | 170/4 | €27,685 | €21,136 | -€6,549 | -23.7% |
| Amounts payable within one year | 42/48 | €226,915 | €336,186 | +€109,271 | +48.2% |
| Current portion of amounts payable after more than one year | 42 | €6,315 | €6,549 | +€234 | +3.7% |
| Trade debts | 44 | €4,470 | €8,653 | +€4,183 | +93.6% |
| Suppliers | 440/4 | €4,470 | €8,653 | +€4,183 | +93.6% |
| Taxes, remuneration and social security | 45 | €39,920 | €58,919 | +€18,999 | +47.6% |
| Taxes | 450/3 | €39,920 | €58,919 | +€18,999 | +47.6% |
| Other amounts payable | 47/48 | €176,211 | €262,065 | +€85,855 | +48.7% |
| Accrued charges and deferred income | 492/3 | - | €7,102 | +€7,102 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,989 | €13,824 | +€6,835 | +97.8% |
| Other operating charges | 640/8 | €1,434 | €4,867 | +€3,433 | +239.5% |
| Non-recurring operating charges | 66A | - | €2,291 | +€2,291 | |
| Gross operating margin | 9900 | €278,109 | €295,190 | +€17,081 | +6.1% |
| Operating profit (loss) | 9901 | €269,687 | €274,209 | +€4,522 | +1.7% |
| Financial income | 75/76B | €8 | €0 | -€8 | -100.0% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -100.0% |
| Financial charges | 65/66B | €1,726 | €5,921 | +€4,194 | +242.9% |
| Recurring financial charges | 65 | €1,726 | €5,921 | +€4,194 | +242.9% |
| Profit (loss) for the period before taxes | 9903 | €267,968 | €268,288 | +€320 | +0.1% |
| Income taxes | 67/77 | €66,951 | €71,904 | +€4,953 | +7.4% |
| Profit (loss) for the period | 9904 | €201,017 | €196,384 | -€4,633 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €201,017 | €196,384 | -€4,633 | -2.3% |
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 12 October 2026 via checked.be.