Dr. Shevan Mufty: what changed
Two fiscal 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.
Dr. Shevan Mufty
Largest movements
- Cash -€90,388
down €90,388 (-67.5%), from €133,933 to €43,545
mainly Contributions, distributions and other (-€275,000) and Short-term financial debts (-€90,000)
- Receivables within one year +€31,572
up €31,572 (+44.8%), from €70,428 to €102,000
of which Other amounts receivable: +€31,572
- Deferred charges and accrued income -€25,790
down €25,790 (-18.3%), from €140,613 to €114,823
- Tangible fixed assets -€8,942
down €8,942 (-20.0%), from €44,793 to €35,851
of which Furniture and vehicles: -€6,347
- Short-term financial debts -€90,000
down €90,000 (-100.0%), from €90,000 to €0
- Other debts +€15,297
new in 2025: €15,297
- Tax, wage and social debts -€9,900
down €9,900 (-100.0%), from €9,900 to €0
of which Taxes: -€6,900
- Gross operating margin -€6,788
down €6,788 (-1.8%), from €378,674 to €371,886
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 | €389,766 | €296,219 | -€93,547 | -24.0% |
| Fixed assets | 21/28 | €44,793 | €35,851 | -€8,942 | -20.0% |
| Tangible fixed assets | 22/27 | €44,793 | €35,851 | -€8,942 | -20.0% |
| Furniture and vehicles | 24 | €26,239 | €19,892 | -€6,347 | -24.2% |
| Other tangible fixed assets | 26 | €18,554 | €15,959 | -€2,595 | -14.0% |
| Current assets | 29/58 | €344,973 | €260,368 | -€84,605 | -24.5% |
| Amounts receivable within one year | 40/41 | €70,428 | €102,000 | +€31,572 | +44.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €70,428 | €102,000 | +€31,572 | +44.8% |
| Cash at bank and in hand | 54/58 | €133,933 | €43,545 | -€90,388 | -67.5% |
| Deferred charges and accrued income | 490/1 | €140,613 | €114,823 | -€25,790 | -18.3% |
| Total equity and liabilities | 10/49 | €389,766 | €296,219 | -€93,547 | -24.0% |
| Equity | 10/15 | €280,234 | €276,929 | -€3,305 | -1.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €275,200 | €271,900 | -€3,300 | -1.2% |
| Distributable reserves | 133 | €275,200 | €271,900 | -€3,300 | -1.2% |
| Profit (loss) carried forward | 14 | €34 | €29 | -€5 | -13.8% |
| Amounts payable | 17/49 | €109,532 | €19,290 | -€90,242 | -82.4% |
| Amounts payable after more than one year | 17 | €2,642 | €0 | -€2,642 | -100.0% |
| Financial debts | 170/4 | €2,642 | €0 | -€2,642 | -100.0% |
| Amounts payable within one year | 42/48 | €106,166 | €18,565 | -€87,600 | -82.5% |
| Current portion of amounts payable after more than one year | 42 | €6,266 | €2,642 | -€3,624 | -57.8% |
| Financial debts | 43 | €90,000 | €0 | -€90,000 | -100.0% |
| Credit institutions | 430/8 | €90,000 | €0 | -€90,000 | -100.0% |
| Trade debts | 44 | - | €626 | +€626 | |
| Suppliers | 440/4 | - | €626 | +€626 | |
| Taxes, remuneration and social security | 45 | €9,900 | €0 | -€9,900 | -100.0% |
| Taxes | 450/3 | €6,900 | €0 | -€6,900 | -100.0% |
| Remuneration and social security | 454/9 | €3,000 | €0 | -€3,000 | -100.0% |
| Other amounts payable | 47/48 | - | €15,297 | +€15,297 | |
| Accrued charges and deferred income | 492/3 | €725 | €725 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,487 | €12,541 | +€54 | +0.4% |
| Other operating charges | 640/8 | €1,227 | €1,346 | +€119 | +9.7% |
| Gross operating margin | 9900 | €378,674 | €371,886 | -€6,788 | -1.8% |
| Operating profit (loss) | 9901 | €364,960 | €357,999 | -€6,961 | -1.9% |
| Financial income | 75/76B | €3,014 | €3,868 | +€853 | +28.3% |
| Recurring financial income | 75 | €3,014 | €3,868 | +€853 | +28.3% |
| Financial charges | 65/66B | €1,864 | €1,966 | +€102 | +5.5% |
| Recurring financial charges | 65 | €1,864 | €1,966 | +€102 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €366,111 | €359,901 | -€6,209 | -1.7% |
| Income taxes | 67/77 | €90,901 | €88,206 | -€2,695 | -3.0% |
| Profit (loss) for the period | 9904 | €275,210 | €271,695 | -€3,515 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €275,210 | €271,695 | -€3,515 | -1.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.