DE MUZEMENTEN: 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 MUZEMENTEN
Largest movements
- Tangible fixed assets +€303,774
up €303,774 (+14.2%), from €2.1m to €2.4m
of which Land and buildings: +€158,457
- Receivables within one year -€130,621
down €130,621 (-43.5%), from €300,094 to €169,474
of which Other amounts receivable: -€88,872
- Cash -€93,775
down €93,775 (-29.2%), from €321,348 to €227,573
mainly Investment in fixed assets (net) (-€565,689) and Stocks and contracts (-€44,635)
- Intangible fixed assets +€53,630
up €53,630 (+152%), from €35,278 to €88,908
- Stocks and contracts +€44,635
up €44,635 (+95.4%), from €46,799 to €91,434
- Reserves +€193,106
up €193,106 (+59.6%), from €323,862 to €516,968
- Trade debts -€37,831
down €37,831 (-15.8%), from €238,753 to €200,922
- Gross operating margin +€74,232
up €74,232 (+11.2%), from €664,257 to €738,489
- Depreciation +€29,559
up €29,559 (+16.7%), from €177,016 to €206,575
- Staff costs +€23,941
up €23,941 (+12.9%), from €185,510 to €209,451
- Taxes +€16,647
up €16,647 (+32.0%), from €51,953 to €68,600
- Financial income -€12,340
down €12,340 (-39.9%), from €30,912 to €18,572
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 | €2,867,458 | €3,056,370 | +€188,911 | +6.6% |
| Fixed assets | 21/28 | €2,184,171 | €2,543,285 | +€359,114 | +16.4% |
| Intangible fixed assets | 21 | €35,278 | €88,908 | +€53,630 | +152% |
| Tangible fixed assets | 22/27 | €2,146,153 | €2,449,927 | +€303,774 | +14.2% |
| Land and buildings | 22 | €971,162 | €1,129,619 | +€158,457 | +16.3% |
| Plant, machinery and equipment | 23 | €1,174,992 | €1,273,142 | +€98,151 | +8.4% |
| Furniture and vehicles | 24 | - | €47,166 | +€47,166 | |
| Financial fixed assets | 28 | €2,740 | €4,450 | +€1,710 | +62.4% |
| Current assets | 29/58 | €683,287 | €513,085 | -€170,203 | -24.9% |
| Amounts receivable after more than one year | 29 | €3,959 | €11,877 | +€7,918 | +200% |
| Other amounts receivable | 291 | €3,959 | €11,877 | +€7,918 | +200% |
| Stocks and contracts in progress | 3 | €46,799 | €91,434 | +€44,635 | +95.4% |
| Stocks | 30/36 | €46,799 | €91,434 | +€44,635 | +95.4% |
| Amounts receivable within one year | 40/41 | €300,094 | €169,474 | -€130,621 | -43.5% |
| Trade receivables | 40 | €206,343 | €164,594 | -€41,749 | -20.2% |
| Other amounts receivable | 41 | €93,751 | €4,879 | -€88,872 | -94.8% |
| Cash at bank and in hand | 54/58 | €321,348 | €227,573 | -€93,775 | -29.2% |
| Deferred charges and accrued income | 490/1 | €11,087 | €12,727 | +€1,640 | +14.8% |
| Total equity and liabilities | 10/49 | €2,867,458 | €3,056,370 | +€188,911 | +6.6% |
| Equity | 10/15 | €677,131 | €880,673 | +€203,542 | +30.1% |
| Contributions | 10/11 | €205,000 | €205,000 | = | 0.0% |
| Reserves | 13 | €323,862 | €516,968 | +€193,106 | +59.6% |
| Distributable reserves | 133 | €323,862 | €516,968 | +€193,106 | +59.6% |
| Investment grants | 15 | €148,269 | €158,705 | +€10,436 | +7.0% |
| Provisions and deferred taxes | 16 | €7,804 | €8,353 | +€549 | +7.0% |
| Deferred taxes | 168 | €7,804 | €8,353 | +€549 | +7.0% |
| Amounts payable | 17/49 | €2,182,524 | €2,167,344 | -€15,180 | -0.7% |
| Amounts payable after more than one year | 17 | €1,658,734 | €1,645,694 | -€13,040 | -0.8% |
| Financial debts | 170/4 | €1,658,734 | €1,645,694 | -€13,040 | -0.8% |
| Amounts payable within one year | 42/48 | €523,790 | €521,649 | -€2,140 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €161,373 | €181,373 | +€20,000 | +12.4% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €238,753 | €200,922 | -€37,831 | -15.8% |
| Suppliers | 440/4 | €238,753 | €200,922 | -€37,831 | -15.8% |
| Taxes, remuneration and social security | 45 | €77,463 | €76,674 | -€789 | -1.0% |
| Taxes | 450/3 | €75,450 | €74,704 | -€745 | -1.0% |
| Remuneration and social security | 454/9 | €2,013 | €1,969 | -€44 | -2.2% |
| Other amounts payable | 47/48 | €46,201 | €62,680 | +€16,479 | +35.7% |
| Remuneration, social security and pensions | 62 | €185,510 | €209,451 | +€23,941 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,016 | €206,575 | +€29,559 | +16.7% |
| Other operating charges | 640/8 | €1,227 | €4,764 | +€3,537 | +288% |
| Gross operating margin | 9900 | €664,257 | €738,489 | +€74,232 | +11.2% |
| Operating profit (loss) | 9901 | €300,504 | €317,699 | +€17,195 | +5.7% |
| Financial income | 75/76B | €30,912 | €18,572 | -€12,340 | -39.9% |
| Recurring financial income | 75 | €30,912 | €18,572 | -€12,340 | -39.9% |
| Financial charges | 65/66B | €67,551 | €75,543 | +€7,992 | +11.8% |
| Recurring financial charges | 65 | €67,551 | €75,543 | +€7,992 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €263,865 | €260,728 | -€3,137 | -1.2% |
| Transfer from deferred taxes | 780 | €1,522 | €978 | -€545 | -35.8% |
| Income taxes | 67/77 | €51,953 | €68,600 | +€16,647 | +32.0% |
| Profit (loss) for the period | 9904 | €213,435 | €193,106 | -€20,328 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €213,435 | €193,106 | -€20,328 | -9.5% |
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 25 October 2026 via checked.be.