CYCLES MUSELLE: what changed
What changed
CYCLES MUSELLE
NACE 47.632, Retail sale of bicycles
filed annual accounts (NBB)
Net result for the year
-€4,049
2024 · €56,128-€60,177
Equity
€568,936
2024 · €572,985-€4,049
Cash
€212,833
2024 · €205,257+€7,576
Balance sheet total
€936,975
2024 · €963,471-€26,496
Largest movements
Assets
- Stocks and contracts -€54,440
down €54,440 (-7.8%), from €698,389 to €643,949
- Tangible fixed assets +€16,699
up €16,699 (+32.4%), from €51,480 to €68,179
of which Furniture and vehicles: +€18,947
Equity and liabilities
- Other debts -€19,656
down €19,656 (-6.7%), from €295,081 to €275,425
- Advances received +€16,174
new in 2025: €16,174
- Trade debts -€11,085
down €11,085 (-20.2%), from €54,778 to €43,692
Income statement
- Gross operating margin -€78,397
down €78,397 (-46.9%), from €167,046 to €88,649
- Taxes -€20,130
down €20,130 (-98.0%), from €20,537 to €407
- Depreciation +€3,639
up €3,639 (+28.6%), from €12,718 to €16,356
- Staff costs +€2,169
up €2,169 (+3.0%), from €72,436 to €74,605
- Financial income +€1,853
up €1,853 (+51.9%), from €3,569 to €5,422
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€56,128
Gross operating margin
-€78,397
Staff costs
-€2,169
Depreciation
-€3,639
Other operating charges
+€367
Other operating items
+€102
Financial income
+€1,853
Financial charges
+€1,576
Taxes
+€20,130
Result 2025
-€4,049
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€45,713
Investment
-€33,055
Financing
-€5,082
Cash 2024
€205,257
From operations (derived)
+€45,713
Net result for the year
-€4,049
Depreciation
+€16,356
Stocks and contracts
+€54,440
Receivables within one year
-€3,669
Trade debts
-€11,085
Tax, wage and social debts
-€2,798
Advances received
+€16,174
Other debts
-€19,656
Investment (derived)
-€33,055
Investment in fixed assets (net)
-€33,055
Financing
-€5,082
Current portion of long-term debt
-€5,082
Cash 2025
€212,833
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €963,471 | €936,975 | -€26,496 | -2.8% |
| Fixed assets | 21/28 | €51,480 | €68,179 | +€16,699 | +32.4% |
| Tangible fixed assets | 22/27 | €51,480 | €68,179 | +€16,699 | +32.4% |
| Plant, machinery and equipment | 23 | €153 | €0 | -€153 | -100% |
| Furniture and vehicles | 24 | €12,420 | €31,367 | +€18,947 | +153% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €38,908 | €36,812 | -€2,096 | -5.4% |
| Current assets | 29/58 | €911,991 | €868,796 | -€43,195 | -4.7% |
| Stocks and contracts in progress | 3 | €698,389 | €643,949 | -€54,440 | -7.8% |
| Stocks | 30/36 | €698,389 | €643,949 | -€54,440 | -7.8% |
| Amounts receivable within one year | 40/41 | €5,845 | €9,514 | +€3,669 | +62.8% |
| Trade receivables | 40 | €3,672 | €5,609 | +€1,937 | +52.7% |
| Other amounts receivable | 41 | €2,172 | €3,904 | +€1,732 | +79.7% |
| Cash at bank and in hand | 54/58 | €205,257 | €212,833 | +€7,576 | +3.7% |
| Deferred charges and accrued income | 490/1 | €2,500 | €2,500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €963,471 | €936,975 | -€26,496 | -2.8% |
| Equity | 10/15 | €572,985 | €568,936 | -€4,049 | -0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €292,518 | €292,518 | = | 0.0% |
| Distributable reserves | 133 | €292,518 | €292,518 | = | 0.0% |
| Profit (loss) carried forward | 14 | €261,867 | €257,818 | -€4,049 | -1.5% |
| Amounts payable | 17/49 | €390,486 | €368,039 | -€22,447 | -5.7% |
| Amounts payable within one year | 42/48 | €390,486 | €368,039 | -€22,447 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €5,082 | €0 | -€5,082 | -100% |
| Trade debts | 44 | €54,778 | €43,692 | -€11,085 | -20.2% |
| Suppliers | 440/4 | €54,778 | €43,692 | -€11,085 | -20.2% |
| Advances received on contracts in progress | 46 | - | €16,174 | +€16,174 | |
| Taxes, remuneration and social security | 45 | €35,546 | €32,748 | -€2,798 | -7.9% |
| Taxes | 450/3 | €25,443 | €19,269 | -€6,174 | -24.3% |
| Remuneration and social security | 454/9 | €10,102 | €13,479 | +€3,376 | +33.4% |
| Other amounts payable | 47/48 | €295,081 | €275,425 | -€19,656 | -6.7% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €72,436 | €74,605 | +€2,169 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,718 | €16,356 | +€3,639 | +28.6% |
| Other operating charges | 640/8 | €4,076 | €3,709 | -€367 | -9.0% |
| Non-recurring operating charges | 66A | €277 | €175 | -€102 | -36.9% |
| Gross operating margin | 9900 | €167,046 | €88,649 | -€78,397 | -46.9% |
| Operating profit (loss) | 9901 | €77,539 | -€6,196 | -€83,736 | |
| Financial income | 75/76B | €3,569 | €5,422 | +€1,853 | +51.9% |
| Recurring financial income | 75 | €3,569 | €5,422 | +€1,853 | +51.9% |
| Financial charges | 65/66B | €4,443 | €2,868 | -€1,576 | -35.5% |
| Recurring financial charges | 65 | €4,443 | €2,868 | -€1,576 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | €76,665 | -€3,643 | -€80,307 | |
| Income taxes | 67/77 | €20,537 | €407 | -€20,130 | -98.0% |
| Profit (loss) for the period | 9904 | €56,128 | -€4,049 | -€60,177 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,128 | -€4,049 | -€60,177 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.