Van Mullem Davy: what changed
Van Mullem Davy
Largest movements
- Receivables within one year -€100,436
down €100,436 (-59.8%), from €167,906 to €67,470
of which Other amounts receivable: -€126,465
- Tangible fixed assets -€69,405
down €69,405 (-15.6%), from €446,069 to €376,664
- Cash -€34,427
down €34,427 (-41.7%), from €82,641 to €48,213
mainly Contributions, distributions and other (-€159,122) and Debts after one year (-€41,953)
- Reserves -€138,595
down €138,595 (-40.9%), from €338,578 to €199,983
- Debts after one year -€41,953
down €41,953 (-15.6%), from €268,664 to €226,711
- Trade debts -€14,795
down €14,795 (-44.6%), from €33,162 to €18,367
- Current portion of long-term debt -€9,385
down €9,385 (-17.6%), from €53,204 to €43,820
- Gross operating margin -€39,391
down €39,391 (-13.0%), from €301,967 to €262,576
- Financial income +€7,656
up €7,656 (+693%), from €1,105 to €8,760
- Taxes -€7,433
down €7,433 (-41.5%), from €17,902 to €10,469
- Staff costs -€7,202
down €7,202 (-4.8%), from €149,703 to €142,502
- Financial charges +€5,177
up €5,177 (+35.6%), from €14,547 to €19,724
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 | €749,847 | €544,811 | -€205,036 | -27.3% |
| Fixed assets | 21/28 | €446,069 | €376,664 | -€69,405 | -15.6% |
| Tangible fixed assets | 22/27 | €446,069 | €376,664 | -€69,405 | -15.6% |
| Land and buildings | 22 | €327,031 | €298,803 | -€28,227 | -8.6% |
| Plant, machinery and equipment | 23 | €47,077 | €34,098 | -€12,979 | -27.6% |
| Furniture and vehicles | 24 | €71,962 | €43,762 | -€28,199 | -39.2% |
| Current assets | 29/58 | €303,778 | €168,147 | -€135,631 | -44.6% |
| Stocks and contracts in progress | 3 | €53,231 | €52,464 | -€767 | -1.4% |
| Stocks | 30/36 | €3,995 | €4,638 | +€643 | +16.1% |
| Contracts in progress | 37 | €49,236 | €47,826 | -€1,410 | -2.9% |
| Amounts receivable within one year | 40/41 | €167,906 | €67,470 | -€100,436 | -59.8% |
| Trade receivables | 40 | €27,243 | €53,272 | +€26,029 | +95.5% |
| Other amounts receivable | 41 | €140,663 | €14,198 | -€126,465 | -89.9% |
| Cash at bank and in hand | 54/58 | €82,641 | €48,213 | -€34,427 | -41.7% |
| Total equity and liabilities | 10/49 | €749,847 | €544,811 | -€205,036 | -27.3% |
| Equity | 10/15 | €350,978 | €212,383 | -€138,595 | -39.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €338,578 | €199,983 | -€138,595 | -40.9% |
| Distributable reserves | 133 | €338,578 | €199,983 | -€138,595 | -40.9% |
| Amounts payable | 17/49 | €398,869 | €332,428 | -€66,441 | -16.7% |
| Amounts payable after more than one year | 17 | €268,664 | €226,711 | -€41,953 | -15.6% |
| Financial debts | 170/4 | €268,664 | €226,711 | -€41,953 | -15.6% |
| Amounts payable within one year | 42/48 | €127,591 | €103,319 | -€24,271 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €53,204 | €43,820 | -€9,385 | -17.6% |
| Trade debts | 44 | €33,162 | €18,367 | -€14,795 | -44.6% |
| Suppliers | 440/4 | €33,162 | €18,367 | -€14,795 | -44.6% |
| Taxes, remuneration and social security | 45 | €6,841 | €6,124 | -€716 | -10.5% |
| Remuneration and social security | 454/9 | €6,841 | €6,124 | -€716 | -10.5% |
| Other amounts payable | 47/48 | €34,384 | €35,009 | +€625 | +1.8% |
| Accrued charges and deferred income | 492/3 | €2,614 | €2,398 | -€217 | -8.3% |
| Remuneration, social security and pensions | 62 | €149,703 | €142,502 | -€7,202 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,540 | €69,405 | -€135 | -0.2% |
| Other operating charges | 640/8 | €9,784 | €8,710 | -€1,074 | -11.0% |
| Gross operating margin | 9900 | €301,967 | €262,576 | -€39,391 | -13.0% |
| Operating profit (loss) | 9901 | €72,940 | €41,959 | -€30,981 | -42.5% |
| Financial income | 75/76B | €1,105 | €8,760 | +€7,656 | +693% |
| Recurring financial income | 75 | €1,105 | €8,760 | +€7,656 | +693% |
| Financial charges | 65/66B | €14,547 | €19,724 | +€5,177 | +35.6% |
| Recurring financial charges | 65 | €14,547 | €19,724 | +€5,177 | +35.6% |
| Profit (loss) for the period before taxes | 9903 | €59,497 | €30,996 | -€28,502 | -47.9% |
| Income taxes | 67/77 | €17,902 | €10,469 | -€7,433 | -41.5% |
| Profit (loss) for the period | 9904 | €41,596 | €20,527 | -€21,069 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,596 | €20,527 | -€21,069 | -50.7% |
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 6 November 2026 via checked.be.