MULTISEPA: what changed
MULTISEPA
Largest movements
- Receivables within one year -€67,564
down €67,564 (-47.1%), from €143,343 to €75,779
of which Trade receivables: -€97,930
- Stocks and contracts +€15,368
up €15,368 (+36.4%), from €42,237 to €57,604
- Cash +€3,754
up €3,754 (+10.1%), from €37,003 to €40,757
mainly Receivables within one year (+€67,564) and Depreciation (+€28,164)
- Tangible fixed assets +€3,115
up €3,115 (+6.7%), from €46,357 to €49,472
of which Furniture and vehicles: +€12,073
- Tax, wage and social debts -€13,927
down €13,927 (-46.0%), from €30,291 to €16,364
of which Remuneration and social security: -€14,233
- Current portion of long-term debt -€13,011
down €13,011 (-50.1%), from €25,992 to €12,981
- Trade debts -€10,434
down €10,434 (-10.1%), from €103,302 to €92,868
- Accrued charges and deferred income -€5,099
down €5,099 (-8.7%), from €58,845 to €53,746
- Profit (loss) carried forward -€3,724
down €3,724 (-10.5%), from €35,413 to €31,689
- Gross operating margin -€14,053
down €14,053 (-5.4%), from €258,843 to €244,790
- Financial income -€5,516
down €5,516 (-99.6%), from €5,539 to €23
- Staff costs +€3,151
up €3,151 (+1.5%), from €209,847 to €212,999
- Taxes -€3,148
down €3,148 (-87.8%), from €3,584 to €436
Change in the result, 2023 to 2024
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 2023 and 2024 balance sheets and the 2024 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 | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €277,421 | €231,739 | -€45,682 | -16.5% |
| Fixed assets | 21/28 | €51,352 | €53,373 | +€2,020 | +3.9% |
| Intangible fixed assets | 21 | €4,820 | €3,726 | -€1,094 | -22.7% |
| Tangible fixed assets | 22/27 | €46,357 | €49,472 | +€3,115 | +6.7% |
| Land and buildings | 22 | €9,976 | €8,875 | -€1,101 | -11.0% |
| Plant, machinery and equipment | 23 | €33,583 | €25,726 | -€7,858 | -23.4% |
| Furniture and vehicles | 24 | €2,798 | €14,872 | +€12,073 | +431% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €226,068 | €178,366 | -€47,702 | -21.1% |
| Stocks and contracts in progress | 3 | €42,237 | €57,604 | +€15,368 | +36.4% |
| Stocks | 30/36 | €42,237 | €57,604 | +€15,368 | +36.4% |
| Amounts receivable within one year | 40/41 | €143,343 | €75,779 | -€67,564 | -47.1% |
| Trade receivables | 40 | €129,927 | €31,997 | -€97,930 | -75.4% |
| Other amounts receivable | 41 | €13,416 | €43,782 | +€30,367 | +226% |
| Cash at bank and in hand | 54/58 | €37,003 | €40,757 | +€3,754 | +10.1% |
| Deferred charges and accrued income | 490/1 | €3,486 | €4,226 | +€740 | +21.2% |
| Total equity and liabilities | 10/49 | €277,421 | €231,739 | -€45,682 | -16.5% |
| Equity | 10/15 | €40,413 | €36,689 | -€3,724 | -9.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,413 | €31,689 | -€3,724 | -10.5% |
| Amounts payable | 17/49 | €237,008 | €195,050 | -€41,958 | -17.7% |
| Amounts payable after more than one year | 17 | €13,886 | €14,603 | +€717 | +5.2% |
| Financial debts | 170/4 | €13,886 | €14,603 | +€717 | +5.2% |
| Amounts payable within one year | 42/48 | €164,277 | €126,701 | -€37,576 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €25,992 | €12,981 | -€13,011 | -50.1% |
| Financial debts | 43 | €4,520 | €4,316 | -€204 | -4.5% |
| Other loans | 439 | €4,520 | €4,316 | -€204 | -4.5% |
| Trade debts | 44 | €103,302 | €92,868 | -€10,434 | -10.1% |
| Suppliers | 440/4 | €103,302 | €92,868 | -€10,434 | -10.1% |
| Taxes, remuneration and social security | 45 | €30,291 | €16,364 | -€13,927 | -46.0% |
| Taxes | 450/3 | €4,148 | €4,454 | +€306 | +7.4% |
| Remuneration and social security | 454/9 | €26,143 | €11,910 | -€14,233 | -54.4% |
| Other amounts payable | 47/48 | €172 | €172 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €58,845 | €53,746 | -€5,099 | -8.7% |
| Remuneration, social security and pensions | 62 | €209,847 | €212,999 | +€3,151 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,792 | €28,164 | -€628 | -2.2% |
| Other operating charges | 640/8 | €3,694 | €3,935 | +€241 | +6.5% |
| Non-recurring operating charges | 66A | €1,510 | €469 | -€1,041 | -68.9% |
| Gross operating margin | 9900 | €258,843 | €244,790 | -€14,053 | -5.4% |
| Operating profit (loss) | 9901 | €14,999 | -€777 | -€15,776 | |
| Financial income | 75/76B | €5,539 | €23 | -€5,516 | -99.6% |
| Recurring financial income | 75 | €5,539 | €23 | -€5,516 | -99.6% |
| Financial charges | 65/66B | €2,653 | €2,534 | -€119 | -4.5% |
| Recurring financial charges | 65 | €2,653 | €2,534 | -€119 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €17,885 | -€3,288 | -€21,173 | |
| Income taxes | 67/77 | €3,584 | €436 | -€3,148 | -87.8% |
| Profit (loss) for the period | 9904 | €14,301 | -€3,724 | -€18,025 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,301 | -€3,724 | -€18,025 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.