LES MUZES: 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.
LES MUZES
Largest movements
- Receivables within one year +€68,325
up €68,325 (+243%), from €28,133 to €96,458
of which Other amounts receivable: +€72,085
- Stocks and contracts +€9,687
up €9,687 (+52.8%), from €18,352 to €28,038
- Tangible fixed assets -€4,866
down €4,866 (-11.1%), from €43,882 to €39,017
- Cash -€4,809
down €4,809 (-77.6%), from €6,200 to €1,391
mainly Receivables within one year (-€68,325) and Stocks and contracts (-€9,687)
- Trade debts +€46,032
up €46,032 (+286%), from €16,079 to €62,111
- Current portion of long-term debt +€18,553
up €18,553 (+109%), from €17,002 to €35,555
- Tax, wage and social debts +€11,158
up €11,158 (+64.0%), from €17,426 to €28,584
- Debts after one year -€8,328
down €8,328 (-25.0%), from €33,301 to €24,973
- Short-term financial debts +€7,672
new in 2025: €7,672
- Gross operating margin -€14,786
down €14,786 (-62.5%), from €23,668 to €8,882
- Financial charges +€8,664
up €8,664 (+1,900%), from €456 to €9,120
- Taxes -€5,104
down €5,104 (-93.0%), from €5,490 to €386
- Other operating charges +€4,371
up €4,371 (+1,470%), from €297 to €4,668
- Financial income +€2,940
up €2,940 (+627%), from €469 to €3,409
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 | €99,927 | €168,263 | +€68,337 | +68.4% |
| Fixed assets | 21/28 | €47,242 | €42,377 | -€4,866 | -10.3% |
| Tangible fixed assets | 22/27 | €43,882 | €39,017 | -€4,866 | -11.1% |
| Plant, machinery and equipment | 23 | €43,882 | €39,017 | -€4,866 | -11.1% |
| Financial fixed assets | 28 | €3,360 | €3,360 | = | 0.0% |
| Current assets | 29/58 | €52,684 | €125,887 | +€73,203 | +139% |
| Stocks and contracts in progress | 3 | €18,352 | €28,038 | +€9,687 | +52.8% |
| Stocks | 30/36 | €18,352 | €28,038 | +€9,687 | +52.8% |
| Amounts receivable within one year | 40/41 | €28,133 | €96,458 | +€68,325 | +243% |
| Trade receivables | 40 | €5,872 | €2,112 | -€3,759 | -64.0% |
| Other amounts receivable | 41 | €22,261 | €94,345 | +€72,085 | +324% |
| Cash at bank and in hand | 54/58 | €6,200 | €1,391 | -€4,809 | -77.6% |
| Total equity and liabilities | 10/49 | €99,927 | €168,263 | +€68,337 | +68.4% |
| Equity | 10/15 | €16,118 | €9,369 | -€6,749 | -41.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,118 | €6,369 | -€6,749 | -51.4% |
| Distributable reserves | 133 | €13,118 | €6,369 | -€6,749 | -51.4% |
| Amounts payable | 17/49 | €83,808 | €158,894 | +€75,086 | +89.6% |
| Amounts payable after more than one year | 17 | €33,301 | €24,973 | -€8,328 | -25.0% |
| Financial debts | 170/4 | €33,301 | €24,973 | -€8,328 | -25.0% |
| Amounts payable within one year | 42/48 | €50,508 | €133,921 | +€83,414 | +165% |
| Current portion of amounts payable after more than one year | 42 | €17,002 | €35,555 | +€18,553 | +109% |
| Financial debts | 43 | - | €7,672 | +€7,672 | |
| Credit institutions | 430/8 | - | €7,672 | +€7,672 | |
| Trade debts | 44 | €16,079 | €62,111 | +€46,032 | +286% |
| Suppliers | 440/4 | €16,079 | €62,111 | +€46,032 | +286% |
| Taxes, remuneration and social security | 45 | €17,426 | €28,584 | +€11,158 | +64.0% |
| Taxes | 450/3 | €17,426 | €28,584 | +€11,158 | +64.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,776 | €4,866 | +€90 | +1.9% |
| Other operating charges | 640/8 | €297 | €4,668 | +€4,371 | +1,470% |
| Gross operating margin | 9900 | €23,668 | €8,882 | -€14,786 | -62.5% |
| Operating profit (loss) | 9901 | €18,595 | -€652 | -€19,247 | |
| Financial income | 75/76B | €469 | €3,409 | +€2,940 | +627% |
| Recurring financial income | 75 | €469 | €3,409 | +€2,940 | +627% |
| Financial charges | 65/66B | €456 | €9,120 | +€8,664 | +1,900% |
| Recurring financial charges | 65 | €456 | €9,120 | +€8,664 | +1,900% |
| Profit (loss) for the period before taxes | 9903 | €18,608 | -€6,363 | -€24,971 | |
| Income taxes | 67/77 | €5,490 | €386 | -€5,104 | -93.0% |
| Profit (loss) for the period | 9904 | €13,118 | -€6,749 | -€19,868 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,118 | -€6,749 | -€19,868 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.