M.U.G.: 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.
M.U.G.
Largest movements
- Cash +€105,456
up €105,456 (+185.3%), from €56,920 to €162,377
mainly Net result for the year (+€99,071) and Advances received (+€50,000)
- Receivables within one year +€37,897
up €37,897 (+16.8%), from €225,099 to €262,996
of which Trade receivables: +€39,946
- Stocks and contracts -€30,575
down €30,575 (-53.3%), from €57,384 to €26,810
of which Contracts in progress: -€31,100
- Tangible fixed assets -€25,149
down €25,149 (-7.5%), from €335,443 to €310,293
of which Plant, machinery and equipment: -€35,414
- Other debts -€75,131
no longer reported in 2025 (was €75,131)
- Profit (loss) carried forward +€74,071
up €74,071 (+17.3%), from €429,353 to €503,424
- Advances received +€50,000
new in 2025: €50,000
- Tax, wage and social debts +€47,249
up €47,249 (+1211.2%), from €3,901 to €51,150
of which Taxes: +€43,658
- Trade debts +€32,372
up €32,372 (+184.5%), from €17,543 to €49,916
- Gross operating margin +€137,833
up €137,833 (+84.6%), from €162,875 to €300,708
- Taxes +€30,946
up €30,946 (+221.1%), from €13,993 to €44,940
- Staff costs +€29,610
up €29,610 (+48.5%), from €61,098 to €90,708
- Other operating charges +€8,589
up €8,589 (+604.9%), from €1,420 to €10,009
- Depreciation +€8,282
up €8,282 (+20.9%), from €39,668 to €47,950
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 | €696,014 | €783,981 | +€87,967 | +12.6% |
| Fixed assets | 21/28 | €352,893 | €327,743 | -€25,149 | -7.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €335,443 | €310,293 | -€25,149 | -7.5% |
| Plant, machinery and equipment | 23 | €281,775 | €246,361 | -€35,414 | -12.6% |
| Furniture and vehicles | 24 | €5,435 | €16,922 | +€11,487 | +211.4% |
| Other tangible fixed assets | 26 | €48,233 | €47,010 | -€1,223 | -2.5% |
| Financial fixed assets | 28 | €17,450 | €17,450 | = | 0.0% |
| Current assets | 29/58 | €343,121 | €456,237 | +€113,116 | +33.0% |
| Stocks and contracts in progress | 3 | €57,384 | €26,810 | -€30,575 | -53.3% |
| Stocks | 30/36 | €864 | €1,390 | +€526 | +60.8% |
| Contracts in progress | 37 | €56,520 | €25,420 | -€31,100 | -55.0% |
| Amounts receivable within one year | 40/41 | €225,099 | €262,996 | +€37,897 | +16.8% |
| Trade receivables | 40 | €184,243 | €224,189 | +€39,946 | +21.7% |
| Other amounts receivable | 41 | €40,855 | €38,807 | -€2,049 | -5.0% |
| Cash at bank and in hand | 54/58 | €56,920 | €162,377 | +€105,456 | +185.3% |
| Deferred charges and accrued income | 490/1 | €3,718 | €4,056 | +€337 | +9.1% |
| Total equity and liabilities | 10/49 | €696,014 | €783,981 | +€87,967 | +12.6% |
| Equity | 10/15 | €494,399 | €568,470 | +€74,071 | +15.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €52,646 | €52,646 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,786 | €50,786 | = | 0.0% |
| Profit (loss) carried forward | 14 | €429,353 | €503,424 | +€74,071 | +17.3% |
| Amounts payable | 17/49 | €201,614 | €215,511 | +€13,897 | +6.9% |
| Amounts payable after more than one year | 17 | €68,945 | €44,365 | -€24,580 | -35.7% |
| Financial debts | 170/4 | €64,445 | €44,365 | -€20,080 | -31.2% |
| Other amounts payable | 178/9 | €4,500 | - | -€4,500 | |
| Amounts payable within one year | 42/48 | €132,669 | €171,146 | +€38,477 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €36,094 | €20,080 | -€16,014 | -44.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €17,543 | €49,916 | +€32,372 | +184.5% |
| Suppliers | 440/4 | €17,543 | €49,916 | +€32,372 | +184.5% |
| Advances received on contracts in progress | 46 | - | €50,000 | +€50,000 | |
| Taxes, remuneration and social security | 45 | €3,901 | €51,150 | +€47,249 | +1211.2% |
| Taxes | 450/3 | €37 | €43,695 | +€43,658 | +117612.6% |
| Remuneration and social security | 454/9 | €3,864 | €7,455 | +€3,592 | +93.0% |
| Other amounts payable | 47/48 | €75,131 | - | -€75,131 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €61,098 | €90,708 | +€29,610 | +48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,668 | €47,950 | +€8,282 | +20.9% |
| Other operating charges | 640/8 | €1,420 | €10,009 | +€8,589 | +604.9% |
| Gross operating margin | 9900 | €162,875 | €300,708 | +€137,833 | +84.6% |
| Operating profit (loss) | 9901 | €60,689 | €152,041 | +€91,352 | +150.5% |
| Financial income | 75/76B | €677 | €130 | -€546 | -80.7% |
| Recurring financial income | 75 | €677 | €130 | -€546 | -80.7% |
| Financial charges | 65/66B | €7,906 | €8,161 | +€255 | +3.2% |
| Recurring financial charges | 65 | €7,906 | €8,161 | +€255 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €53,460 | €144,010 | +€90,551 | +169.4% |
| Income taxes | 67/77 | €13,993 | €44,940 | +€30,946 | +221.1% |
| Profit (loss) for the period | 9904 | €39,466 | €99,071 | +€59,604 | +151.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,466 | €99,071 | +€59,604 | +151.0% |
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 9 October 2026 via checked.be.