Carl Mussche: 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.
Carl Mussche
Largest movements
- Cash -€202,407
down €202,407 (-63.0%), from €321,447 to €119,040
mainly Contributions, distributions and other (-€346,878) and Investment in fixed assets (net) (-€311,600)
- Tangible fixed assets +€109,149
up €109,149 (+9.7%), from €1.1m to €1.2m
of which Land and buildings: +€227,395
- Receivables within one year -€44,455
down €44,455 (-24.1%), from €184,774 to €140,319
of which Trade receivables: -€53,314
- Deferred charges and accrued income +€19,607
up €19,607 (+298%), from €6,581 to €26,188
- Reserves -€303,545
down €303,545 (-87.5%), from €346,878 to €43,333
- Other debts +€291,386
up €291,386 (+143%), from €203,299 to €494,685
- Trade debts -€116,734
down €116,734 (-68.9%), from €169,534 to €52,800
- Tax, wage and social debts +€48,924
up €48,924 (+441%), from €11,086 to €60,010
of which Taxes: +€46,946
- Current portion of long-term debt -€33,721
down €33,721 (-20.5%), from €164,635 to €130,914
- Gross operating margin -€119,180
down €119,180 (-29.4%), from €405,800 to €286,621
- Depreciation -€43,243
down €43,243 (-17.6%), from €245,694 to €202,451
- Financial charges -€6,605
down €6,605 (-18.5%), from €35,748 to €29,143
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 | €1,638,526 | €1,520,419 | -€118,106 | -7.2% |
| Fixed assets | 21/28 | €1,125,723 | €1,234,872 | +€109,149 | +9.7% |
| Tangible fixed assets | 22/27 | €1,124,403 | €1,233,552 | +€109,149 | +9.7% |
| Land and buildings | 22 | €703,614 | €931,009 | +€227,395 | +32.3% |
| Plant, machinery and equipment | 23 | €64,931 | €79,455 | +€14,524 | +22.4% |
| Furniture and vehicles | 24 | €71,973 | €56,667 | -€15,307 | -21.3% |
| Leasing and similar rights | 25 | €283,886 | €166,422 | -€117,465 | -41.4% |
| Financial fixed assets | 28 | €1,320 | €1,320 | = | 0.0% |
| Current assets | 29/58 | €512,802 | €285,547 | -€227,255 | -44.3% |
| Amounts receivable within one year | 40/41 | €184,774 | €140,319 | -€44,455 | -24.1% |
| Trade receivables | 40 | €176,160 | €122,846 | -€53,314 | -30.3% |
| Other amounts receivable | 41 | €8,614 | €17,473 | +€8,859 | +103% |
| Cash at bank and in hand | 54/58 | €321,447 | €119,040 | -€202,407 | -63.0% |
| Deferred charges and accrued income | 490/1 | €6,581 | €26,188 | +€19,607 | +298% |
| Total equity and liabilities | 10/49 | €1,638,526 | €1,520,419 | -€118,106 | -7.2% |
| Equity | 10/15 | €366,878 | €63,333 | -€303,545 | -82.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €346,878 | €43,333 | -€303,545 | -87.5% |
| Distributable reserves | 133 | €346,878 | €43,333 | -€303,545 | -87.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,271,648 | €1,457,087 | +€185,439 | +14.6% |
| Amounts payable after more than one year | 17 | €723,094 | €718,677 | -€4,416 | -0.6% |
| Financial debts | 170/4 | €723,094 | €718,677 | -€4,416 | -0.6% |
| Amounts payable within one year | 42/48 | €548,554 | €738,409 | +€189,855 | +34.6% |
| Current portion of amounts payable after more than one year | 42 | €164,635 | €130,914 | -€33,721 | -20.5% |
| Trade debts | 44 | €169,534 | €52,800 | -€116,734 | -68.9% |
| Suppliers | 440/4 | €169,534 | €52,800 | -€116,734 | -68.9% |
| Taxes, remuneration and social security | 45 | €11,086 | €60,010 | +€48,924 | +441% |
| Taxes | 450/3 | €11,086 | €58,032 | +€46,946 | +423% |
| Remuneration and social security | 454/9 | €0 | €1,978 | +€1,978 | |
| Other amounts payable | 47/48 | €203,299 | €494,685 | +€291,386 | +143% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,694 | €202,451 | -€43,243 | -17.6% |
| Other operating charges | 640/8 | €3,826 | €4,612 | +€786 | +20.6% |
| Gross operating margin | 9900 | €405,800 | €286,621 | -€119,180 | -29.4% |
| Operating profit (loss) | 9901 | €156,281 | €79,557 | -€76,724 | -49.1% |
| Financial income | 75/76B | €372 | €178 | -€194 | -52.2% |
| Recurring financial income | 75 | €372 | €178 | -€194 | -52.2% |
| Financial charges | 65/66B | €35,748 | €29,143 | -€6,605 | -18.5% |
| Recurring financial charges | 65 | €35,748 | €29,143 | -€6,605 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €120,904 | €50,592 | -€70,312 | -58.2% |
| Income taxes | 67/77 | €4,209 | €7,259 | +€3,050 | +72.5% |
| Profit (loss) for the period | 9904 | €116,695 | €43,333 | -€73,362 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €116,695 | €43,333 | -€73,362 | -62.9% |
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 30 October 2026 via checked.be.