LE MUR: 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.
LE MUR
Largest movements
- Deferred charges and accrued income +€30,000
up €30,000 (+18.2%), from €165,000 to €195,000
- Tangible fixed assets -€14,743
down €14,743 (-10.7%), from €137,950 to €123,206
- Short-term financial debts +€6,740
up €6,740 (+14.8%), from €45,427 to €52,168
- Gross operating margin -€5,214
down €5,214 (-17.4%), from €30,000 to €24,786
- Financial charges -€1,809
down €1,809 (-21.2%), from €8,549 to €6,740
- Other operating charges -€323
no longer reported in 2025 (was €323)
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €464,388 | €479,775 | +€15,387 | +3.3% |
| Fixed assets | 21/28 | €140,570 | €125,826 | -€14,743 | -10.5% |
| Tangible fixed assets | 22/27 | €137,950 | €123,206 | -€14,743 | -10.7% |
| Land and buildings | 22 | €137,950 | €123,206 | -€14,743 | -10.7% |
| Financial fixed assets | 28 | €2,620 | €2,620 | = | 0.0% |
| Current assets | 29/58 | €323,819 | €353,949 | +€30,130 | +9.3% |
| Amounts receivable within one year | 40/41 | €158,819 | €158,949 | +€130 | +0.1% |
| Trade receivables | 40 | €1,892 | €1,892 | = | 0.0% |
| Other amounts receivable | 41 | €156,927 | €157,057 | +€130 | +0.1% |
| Deferred charges and accrued income | 490/1 | €165,000 | €195,000 | +€30,000 | +18.2% |
| Total equity and liabilities | 10/49 | €464,388 | €479,775 | +€15,387 | +3.3% |
| Equity | 10/15 | €355,155 | €358,458 | +€3,302 | +0.9% |
| Contributions | 10/11 | €80,697 | €80,697 | = | 0.0% |
| Capital | 10 | €80,697 | €80,697 | = | 0.0% |
| Issued capital | 100 | €93,092 | €93,092 | = | 0.0% |
| Uncalled capital | 101 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €294,067 | €294,067 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,309 | €9,309 | = | 0.0% |
| Legal reserve | 130 | €9,309 | €9,309 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,277 | €87,277 | = | 0.0% |
| Distributable reserves | 133 | €197,481 | €197,481 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,609 | -€16,307 | +€3,302 | +16.8% |
| Provisions and deferred taxes | 16 | €40,000 | €40,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €40,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €69,233 | €81,318 | +€12,085 | +17.5% |
| Amounts payable within one year | 42/48 | €69,233 | €79,522 | +€10,289 | +14.9% |
| Financial debts | 43 | €45,427 | €52,168 | +€6,740 | +14.8% |
| Credit institutions | 430/8 | €45,427 | €52,168 | +€6,740 | +14.8% |
| Trade debts | 44 | €20,493 | €24,042 | +€3,549 | +17.3% |
| Suppliers | 440/4 | €20,493 | €24,042 | +€3,549 | +17.3% |
| Taxes, remuneration and social security | 45 | €3,313 | €3,313 | = | 0.0% |
| Taxes | 450/3 | €3,313 | €3,313 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,796 | +€1,796 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,743 | €14,743 | = | 0.0% |
| Other operating charges | 640/8 | €323 | - | -€323 | |
| Gross operating margin | 9900 | €30,000 | €24,786 | -€5,214 | -17.4% |
| Operating profit (loss) | 9901 | €14,934 | €10,043 | -€4,892 | -32.8% |
| Financial charges | 65/66B | €8,549 | €6,740 | -€1,809 | -21.2% |
| Recurring financial charges | 65 | €8,549 | €6,740 | -€1,809 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €6,385 | €3,302 | -€3,083 | -48.3% |
| Profit (loss) for the period | 9904 | €6,385 | €3,302 | -€3,083 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,385 | €3,302 | -€3,083 | -48.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.