VANMULLEM KOEN: 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.
VANMULLEM KOEN
Largest movements
- Tangible fixed assets -€827,940
down €827,940 (-87.4%), from €946,963 to €119,023
of which Land and buildings: -€527,259
- Intangible fixed assets -€143,680
down €143,680 (-100.0%), from €143,680 to €0
- Cash +€128,252
up €128,252 (+1816.5%), from €7,060 to €135,312
mainly Investment in fixed assets (net) (+€949,774) and Net result for the year (+€267,501)
- Receivables within one year +€69,586
up €69,586 (+31.9%), from €218,480 to €288,067
of which Other amounts receivable: +€166,169
- Debts after one year -€754,229
down €754,229 (-87.8%), from €858,586 to €104,357
- Profit (loss) carried forward +€207,501
up €207,501, from -€94,175 to €113,326
- Trade debts -€196,590
down €196,590 (-67.5%), from €291,159 to €94,569
- Other debts +€103,000
new in 2025: €103,000
- Current portion of long-term debt -€75,717
down €75,717 (-64.3%), from €117,688 to €41,971
- Gross operating margin +€409,633
up €409,633 (+250.8%), from €163,320 to €572,953
- Depreciation -€135,233
down €135,233 (-89.4%), from €151,248 to €16,015
- Write-downs +€48,760
new in 2025: €48,760
- Taxes +€33,620
up €33,620 (+6883.1%), from €488 to €34,109
- Financial charges +€9,984
up €9,984 (+11.7%), from €85,175 to €95,160
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 | €1,337,698 | €567,713 | -€769,985 | -57.6% |
| Fixed assets | 21/28 | €1,091,172 | €125,383 | -€965,790 | -88.5% |
| Intangible fixed assets | 21 | €143,680 | €0 | -€143,680 | -100.0% |
| Tangible fixed assets | 22/27 | €946,963 | €119,023 | -€827,940 | -87.4% |
| Land and buildings | 22 | €527,259 | €0 | -€527,259 | -100.0% |
| Plant, machinery and equipment | 23 | €29,813 | €35,275 | +€5,462 | +18.3% |
| Furniture and vehicles | 24 | €60,816 | €15,864 | -€44,952 | -73.9% |
| Leasing and similar rights | 25 | €329,074 | €45,839 | -€283,235 | -86.1% |
| Other tangible fixed assets | 26 | - | €22,044 | +€22,044 | |
| Financial fixed assets | 28 | €530 | €6,360 | +€5,830 | +1100.0% |
| Current assets | 29/58 | €246,525 | €442,330 | +€195,805 | +79.4% |
| Stocks and contracts in progress | 3 | €6,856 | €4,134 | -€2,722 | -39.7% |
| Stocks | 30/36 | €6,856 | €4,134 | -€2,722 | -39.7% |
| Amounts receivable within one year | 40/41 | €218,480 | €288,067 | +€69,586 | +31.9% |
| Trade receivables | 40 | €100,781 | €4,198 | -€96,583 | -95.8% |
| Other amounts receivable | 41 | €117,700 | €283,869 | +€166,169 | +141.2% |
| Cash at bank and in hand | 54/58 | €7,060 | €135,312 | +€128,252 | +1816.5% |
| Deferred charges and accrued income | 490/1 | €14,129 | €14,818 | +€689 | +4.9% |
| Total equity and liabilities | 10/49 | €1,337,698 | €567,713 | -€769,985 | -57.6% |
| Equity | 10/15 | €16,938 | €181,439 | +€164,501 | +971.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,513 | €49,513 | -€43,000 | -46.5% |
| Distributable reserves | 133 | €92,513 | €49,513 | -€43,000 | -46.5% |
| Profit (loss) carried forward | 14 | -€94,175 | €113,326 | +€207,501 | |
| Amounts payable | 17/49 | €1,320,759 | €386,273 | -€934,486 | -70.8% |
| Amounts payable after more than one year | 17 | €858,586 | €104,357 | -€754,229 | -87.8% |
| Financial debts | 170/4 | €858,586 | €104,357 | -€754,229 | -87.8% |
| Amounts payable within one year | 42/48 | €459,694 | €281,916 | -€177,778 | -38.7% |
| Current portion of amounts payable after more than one year | 42 | €117,688 | €41,971 | -€75,717 | -64.3% |
| Financial debts | 43 | €50,259 | €5,347 | -€44,911 | -89.4% |
| Credit institutions | 430/8 | €50,259 | €5,347 | -€44,911 | -89.4% |
| Trade debts | 44 | €291,159 | €94,569 | -€196,590 | -67.5% |
| Suppliers | 440/4 | €291,159 | €94,569 | -€196,590 | -67.5% |
| Taxes, remuneration and social security | 45 | €588 | €37,029 | +€36,441 | +6194.3% |
| Taxes | 450/3 | €588 | €35,187 | +€34,599 | +5881.2% |
| Remuneration and social security | 454/9 | - | €1,842 | +€1,842 | |
| Other amounts payable | 47/48 | - | €103,000 | +€103,000 | |
| Accrued charges and deferred income | 492/3 | €2,479 | €0 | -€2,479 | -100.0% |
| Non-recurring operating income | 76A | €0 | €814,821 | +€814,821 | |
| Remuneration, social security and pensions | 62 | - | €5,111 | +€5,111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,248 | €16,015 | -€135,233 | -89.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €48,760 | +€48,760 | |
| Other operating charges | 640/8 | €24,704 | €29,657 | +€4,953 | +20.0% |
| Non-recurring operating charges | 66A | €4,658 | €84,797 | +€80,139 | +1720.6% |
| Gross operating margin | 9900 | €163,320 | €572,953 | +€409,633 | +250.8% |
| Operating profit (loss) | 9901 | -€17,289 | €388,613 | +€405,902 | |
| Financial income | 75/76B | €8,778 | €8,156 | -€622 | -7.1% |
| Recurring financial income | 75 | €8,778 | €8,156 | -€622 | -7.1% |
| Financial charges | 65/66B | €85,175 | €95,160 | +€9,984 | +11.7% |
| Recurring financial charges | 65 | €85,175 | €95,160 | +€9,984 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | -€93,686 | €301,610 | +€395,296 | |
| Income taxes | 67/77 | €488 | €34,109 | +€33,620 | +6883.1% |
| Profit (loss) for the period | 9904 | -€94,175 | €267,501 | +€361,676 | |
| Profit (loss) for the period to be appropriated | 9905 | -€94,175 | €267,501 | +€361,676 |
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 10 October 2026 via checked.be.