WERNER MULLER: 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.
WERNER MULLER
Largest movements
- Current investments -€194,387
no longer reported in 2025 (was €194,387)
- Receivables within one year -€50,925
down €50,925 (-13.0%), from €393,038 to €342,114
of which Other amounts receivable: -€44,805
- Tangible fixed assets -€46,956
down €46,956 (-23.9%), from €196,630 to €149,673
- Cash +€21,201
up €21,201 (+15861.6%), from €134 to €21,334
mainly Current investments (+€194,387) and Receivables within one year (+€50,925)
- Reserves -€339,573
down €339,573 (-64.9%), from €523,313 to €183,740
of which Non-distributable reserves: -€194,387
- Profit (loss) carried forward +€132,565
up €132,565 (+2932.9%), from €4,520 to €137,085
- Trade debts -€30,862
down €30,862 (-70.4%), from €43,853 to €12,991
- Debts after one year -€22,250
down €22,250 (-19.7%), from €113,146 to €90,896
- Gross operating margin -€100,779
down €100,779 (-22.8%), from €442,730 to €341,951
- Staff costs -€45,004
down €45,004 (-15.6%), from €288,894 to €243,889
- Taxes -€17,581
down €17,581 (-53.1%), from €33,081 to €15,500
- Provisions -€8,142
no longer reported in 2025 (was €8,142)
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 | €819,410 | €546,354 | -€273,056 | -33.3% |
| Fixed assets | 21/28 | €196,630 | €149,673 | -€46,956 | -23.9% |
| Tangible fixed assets | 22/27 | €196,630 | €149,673 | -€46,956 | -23.9% |
| Land and buildings | 22 | €76,491 | €62,164 | -€14,327 | -18.7% |
| Plant, machinery and equipment | 23 | €82,815 | €59,699 | -€23,115 | -27.9% |
| Furniture and vehicles | 24 | €37,324 | €27,810 | -€9,514 | -25.5% |
| Current assets | 29/58 | €622,780 | €396,681 | -€226,099 | -36.3% |
| Stocks and contracts in progress | 3 | €21,481 | €19,509 | -€1,973 | -9.2% |
| Stocks | 30/36 | €21,481 | €19,509 | -€1,973 | -9.2% |
| Amounts receivable within one year | 40/41 | €393,038 | €342,114 | -€50,925 | -13.0% |
| Trade receivables | 40 | €55,684 | €49,565 | -€6,119 | -11.0% |
| Other amounts receivable | 41 | €337,354 | €292,549 | -€44,805 | -13.3% |
| Current investments | 50/53 | €194,387 | - | -€194,387 | |
| Cash at bank and in hand | 54/58 | €134 | €21,334 | +€21,201 | +15861.6% |
| Deferred charges and accrued income | 490/1 | €13,739 | €13,724 | -€15 | -0.1% |
| Total equity and liabilities | 10/49 | €819,410 | €546,354 | -€273,056 | -33.3% |
| Equity | 10/15 | €617,075 | €410,066 | -€207,009 | -33.5% |
| Contributions | 10/11 | €89,242 | €89,242 | = | 0.0% |
| Capital | 10 | €89,242 | €89,242 | = | 0.0% |
| Issued capital | 100 | €89,242 | €89,242 | = | 0.0% |
| Reserves | 13 | €523,313 | €183,740 | -€339,573 | -64.9% |
| Non-distributable reserves | 130/1 | €203,312 | €8,924 | -€194,387 | -95.6% |
| Legal reserve | 130 | €8,924 | €8,924 | = | 0.0% |
| Own shares acquired | 1312 | €194,387 | - | -€194,387 | |
| Distributable reserves | 133 | €320,002 | €174,816 | -€145,186 | -45.4% |
| Profit (loss) carried forward | 14 | €4,520 | €137,085 | +€132,565 | +2932.9% |
| Amounts payable | 17/49 | €202,335 | €136,288 | -€66,047 | -32.6% |
| Amounts payable after more than one year | 17 | €113,146 | €90,896 | -€22,250 | -19.7% |
| Financial debts | 170/4 | €113,146 | €90,896 | -€22,250 | -19.7% |
| Amounts payable within one year | 42/48 | €89,189 | €45,392 | -€43,797 | -49.1% |
| Current portion of amounts payable after more than one year | 42 | €23,740 | €22,250 | -€1,490 | -6.3% |
| Financial debts | 43 | €3,478 | - | -€3,478 | |
| Credit institutions | 430/8 | €3,478 | - | -€3,478 | |
| Trade debts | 44 | €43,853 | €12,991 | -€30,862 | -70.4% |
| Suppliers | 440/4 | €43,853 | €12,991 | -€30,862 | -70.4% |
| Taxes, remuneration and social security | 45 | €18,118 | €10,151 | -€7,967 | -44.0% |
| Taxes | 450/3 | €5,039 | €4,474 | -€565 | -11.2% |
| Remuneration and social security | 454/9 | €13,080 | €5,677 | -€7,402 | -56.6% |
| Remuneration, social security and pensions | 62 | €288,894 | €243,889 | -€45,004 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,913 | €46,956 | +€2,043 | +4.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €8,142 | - | -€8,142 | |
| Other operating charges | 640/8 | €9,129 | €10,343 | +€1,214 | +13.3% |
| Non-recurring operating charges | 66A | - | €94,387 | +€94,387 | |
| Gross operating margin | 9900 | €442,730 | €341,951 | -€100,779 | -22.8% |
| Operating profit (loss) | 9901 | €91,652 | -€53,625 | -€145,276 | |
| Financial income | 75/76B | €13,121 | €14,158 | +€1,037 | +7.9% |
| Recurring financial income | 75 | €13,121 | €14,158 | +€1,037 | +7.9% |
| Financial charges | 65/66B | €5,644 | €6,856 | +€1,213 | +21.5% |
| Recurring financial charges | 65 | €5,644 | €6,856 | +€1,213 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €99,129 | -€46,323 | -€145,452 | |
| Income taxes | 67/77 | €33,081 | €15,500 | -€17,581 | -53.1% |
| Profit (loss) for the period | 9904 | €66,048 | -€61,823 | -€127,871 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,048 | -€61,823 | -€127,871 |
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.