de MUDE: 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.
de MUDE
Largest movements
- Cash +€90,463
up €90,463 (+71.5%), from €126,478 to €216,941
mainly Receivables within one year (+€71,727) and Net result for the year (+€39,088)
- Receivables within one year -€71,727
down €71,727 (-86.6%), from €82,848 to €11,121
- Reserves +€39,088
up €39,088 (+9.5%), from €410,107 to €449,195
of which Distributable reserves: +€39,088
- Debts after one year -€12,760
down €12,760 (-5.9%), from €214,500 to €201,740
- Depreciation -€15,042
down €15,042 (-32.3%), from €46,612 to €31,570
- Taxes +€4,565
up €4,565 (+29.7%), from €15,371 to €19,936
- Financial income -€3,984
down €3,984 (-16.9%), from €23,576 to €19,591
- Gross operating margin +€3,300
up €3,300 (+3.4%), from €97,731 to €101,032
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 | €967,265 | €990,630 | +€23,364 | +2.4% |
| Fixed assets | 21/28 | €748,041 | €753,529 | +€5,489 | +0.7% |
| Tangible fixed assets | 22/27 | €478,041 | €483,529 | +€5,489 | +1.1% |
| Land and buildings | 22 | €476,779 | €482,782 | +€6,003 | +1.3% |
| Furniture and vehicles | 24 | €1,262 | €747 | -€515 | -40.8% |
| Financial fixed assets | 28 | €270,000 | €270,000 | = | 0.0% |
| Current assets | 29/58 | €219,224 | €237,100 | +€17,876 | +8.2% |
| Amounts receivable after more than one year | 29 | €8,204 | €5,724 | -€2,479 | -30.2% |
| Other amounts receivable | 291 | €8,204 | €5,724 | -€2,479 | -30.2% |
| Amounts receivable within one year | 40/41 | €82,848 | €11,121 | -€71,727 | -86.6% |
| Other amounts receivable | 41 | €82,848 | €11,121 | -€71,727 | -86.6% |
| Cash at bank and in hand | 54/58 | €126,478 | €216,941 | +€90,463 | +71.5% |
| Deferred charges and accrued income | 490/1 | €1,694 | €3,314 | +€1,620 | +95.6% |
| Total equity and liabilities | 10/49 | €967,265 | €990,630 | +€23,364 | +2.4% |
| Equity | 10/15 | €476,869 | €515,957 | +€39,088 | +8.2% |
| Contributions | 10/11 | €66,762 | €66,762 | = | 0.0% |
| Capital | 10 | €66,762 | €66,762 | = | 0.0% |
| Issued capital | 100 | €66,762 | €66,762 | = | 0.0% |
| Reserves | 13 | €410,107 | €449,195 | +€39,088 | +9.5% |
| Non-distributable reserves | 130/1 | €6,676 | €6,676 | = | 0.0% |
| Legal reserve | 130 | €6,676 | €6,676 | = | 0.0% |
| Tax-exempt reserves | 132 | €255,688 | €255,688 | = | 0.0% |
| Distributable reserves | 133 | €147,742 | €186,830 | +€39,088 | +26.5% |
| Provisions and deferred taxes | 16 | €271,406 | €263,357 | -€8,049 | -3.0% |
| Provisions for liabilities and charges | 160/5 | €271,406 | €263,357 | -€8,049 | -3.0% |
| Other liabilities and charges | 164/5 | €271,406 | €263,357 | -€8,049 | -3.0% |
| Amounts payable | 17/49 | €218,990 | €211,316 | -€7,675 | -3.5% |
| Amounts payable after more than one year | 17 | €214,500 | €201,740 | -€12,760 | -5.9% |
| Financial debts | 170/4 | €214,500 | €201,740 | -€12,760 | -5.9% |
| Amounts payable within one year | 42/48 | €0 | €5,368 | +€5,368 | |
| Taxes, remuneration and social security | 45 | €0 | €4,936 | +€4,936 | |
| Taxes | 450/3 | €0 | €4,936 | +€4,936 | |
| Other amounts payable | 47/48 | - | €432 | +€432 | |
| Accrued charges and deferred income | 492/3 | €4,490 | €4,207 | -€283 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,612 | €31,570 | -€15,042 | -32.3% |
| Other operating charges | 640/8 | €7,711 | €7,954 | +€243 | +3.1% |
| Non-recurring operating charges | 66A | €3,600 | €3,600 | = | 0.0% |
| Gross operating margin | 9900 | €97,731 | €101,032 | +€3,300 | +3.4% |
| Operating profit (loss) | 9901 | €39,808 | €57,908 | +€18,100 | +45.5% |
| Financial income | 75/76B | €23,576 | €19,591 | -€3,984 | -16.9% |
| Recurring financial income | 75 | €23,576 | €19,591 | -€3,984 | -16.9% |
| Financial charges | 65/66B | €18,391 | €18,475 | +€84 | +0.5% |
| Recurring financial charges | 65 | €18,391 | €18,475 | +€84 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €44,992 | €59,024 | +€14,032 | +31.2% |
| Income taxes | 67/77 | €15,371 | €19,936 | +€4,565 | +29.7% |
| Profit (loss) for the period | 9904 | €29,621 | €39,088 | +€9,467 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,621 | €39,088 | +€9,467 | +32.0% |
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 12 October 2026 via checked.be.