MULTATULI: 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.
MULTATULI
Largest movements
- Receivables within one year +€151,344
up €151,344 (+1,150%), from €13,160 to €164,504
of which Other amounts receivable: +€125,350
- Cash -€56,177
down €56,177 (-69.2%), from €81,214 to €25,036
mainly Receivables within one year (-€151,344) and Debts after one year (-€38,146)
- Tangible fixed assets -€47,221
down €47,221 (-14.6%), from €322,699 to €275,478
of which Plant, machinery and equipment: -€42,168
- Intangible fixed assets -€13,889
down €13,889 (-16.0%), from €86,720 to €72,831
- Profit (loss) carried forward +€70,180
up €70,180 (+30.1%), from €233,415 to €303,595
- Debts after one year -€38,146
down €38,146 (-28.8%), from €132,516 to €94,370
- Trade debts +€33,275
up €33,275 (+95.6%), from €34,814 to €68,089
- Other debts -€21,030
down €21,030 (-91.8%), from €22,897 to €1,867
- Tax, wage and social debts -€13,134
down €13,134 (-42.5%), from €30,917 to €17,783
of which Taxes: -€17,744
- Staff costs +€47,703
up €47,703 (+19.6%), from €243,396 to €291,099
- Gross operating margin -€37,036
down €37,036 (-7.4%), from €499,393 to €462,356
- Taxes -€12,205
down €12,205 (-30.6%), from €39,942 to €27,737
- Financial charges -€7,593
down €7,593 (-49.8%), from €15,254 to €7,661
of which Financial charges: -€7,593
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.
Derived cash bridge
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 | €512,187 | €545,553 | +€33,366 | +6.5% |
| Fixed assets | 21/28 | €409,569 | €348,459 | -€61,110 | -14.9% |
| Intangible fixed assets | 21 | €86,720 | €72,831 | -€13,889 | -16.0% |
| Tangible fixed assets | 22/27 | €322,699 | €275,478 | -€47,221 | -14.6% |
| Plant, machinery and equipment | 23 | €312,968 | €270,800 | -€42,168 | -13.5% |
| Furniture and vehicles | 24 | €9,731 | €4,678 | -€5,053 | -51.9% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €102,618 | €197,094 | +€94,476 | +92.1% |
| Stocks and contracts in progress | 3 | €4,062 | €4,761 | +€699 | +17.2% |
| Stocks | 30/36 | €4,062 | €4,761 | +€699 | +17.2% |
| Amounts receivable within one year | 40/41 | €13,160 | €164,504 | +€151,344 | +1,150% |
| Trade receivables | 40 | €7,467 | €33,462 | +€25,995 | +348% |
| Other amounts receivable | 41 | €5,693 | €131,042 | +€125,350 | +2,202% |
| Cash at bank and in hand | 54/58 | €81,214 | €25,036 | -€56,177 | -69.2% |
| Deferred charges and accrued income | 490/1 | €4,182 | €2,793 | -€1,390 | -33.2% |
| Total equity and liabilities | 10/49 | €512,187 | €545,553 | +€33,366 | +6.5% |
| Equity | 10/15 | €253,415 | €323,595 | +€70,180 | +27.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €233,415 | €303,595 | +€70,180 | +30.1% |
| Amounts payable | 17/49 | €258,772 | €221,958 | -€36,814 | -14.2% |
| Amounts payable after more than one year | 17 | €132,516 | €94,370 | -€38,146 | -28.8% |
| Financial debts | 170/4 | €132,516 | €94,370 | -€38,146 | -28.8% |
| Amounts payable within one year | 42/48 | €126,256 | €125,886 | -€370 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €37,628 | €38,146 | +€518 | +1.4% |
| Trade debts | 44 | €34,814 | €68,089 | +€33,275 | +95.6% |
| Suppliers | 440/4 | €34,814 | €68,089 | +€33,275 | +95.6% |
| Taxes, remuneration and social security | 45 | €30,917 | €17,783 | -€13,134 | -42.5% |
| Taxes | 450/3 | €30,757 | €13,013 | -€17,744 | -57.7% |
| Remuneration and social security | 454/9 | €160 | €4,770 | +€4,610 | +2,881% |
| Other amounts payable | 47/48 | €22,897 | €1,867 | -€21,030 | -91.8% |
| Accrued charges and deferred income | 492/3 | €0 | €1,703 | +€1,703 | |
| Non-recurring operating income | 76A | €260 | €85 | -€174 | -67.1% |
| Remuneration, social security and pensions | 62 | €243,396 | €291,099 | +€47,703 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,185 | €68,064 | +€3,879 | +6.0% |
| Other operating charges | 640/8 | €3,329 | €1,368 | -€1,961 | -58.9% |
| Non-recurring operating charges | 66A | €277 | €689 | +€413 | +149% |
| Gross operating margin | 9900 | €499,393 | €462,356 | -€37,036 | -7.4% |
| Operating profit (loss) | 9901 | €188,206 | €101,136 | -€87,071 | -46.3% |
| Financial income | 75/76B | €6,135 | €4,442 | -€1,693 | -27.6% |
| Recurring financial income | 75 | €6,135 | €4,442 | -€1,693 | -27.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €15,254 | €7,661 | -€7,593 | -49.8% |
| Recurring financial charges | 65 | €15,254 | €7,661 | -€7,593 | -49.8% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €179,087 | €97,917 | -€81,170 | -45.3% |
| Income taxes | 67/77 | €39,942 | €27,737 | -€12,205 | -30.6% |
| Profit (loss) for the period | 9904 | €139,145 | €70,180 | -€68,965 | -49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €139,145 | €70,180 | -€68,965 | -49.6% |
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 28 October 2026 via checked.be.