MLU SMU: what changed
MLU SMU
Largest movements
- Cash +€47,214
up €47,214 (+54.9%), from €85,949 to €133,163
mainly Net result for the year (+€70,725) and Tax, wage and social debts (+€17,370)
- Receivables within one year +€26,060
up €26,060 (+167%), from €15,632 to €41,692
of which Other amounts receivable: +€25,556
- Tangible fixed assets -€3,947
down €3,947 (-29.1%), from €13,580 to €9,633
of which Other tangible fixed assets: -€2,419
- Reserves +€48,725
up €48,725 (+37.3%), from €130,667 to €179,392
- Tax, wage and social debts +€17,370
up €17,370 (+93.9%), from €18,501 to €35,871
- Gross operating margin +€24,551
up €24,551 (+34.0%), from €72,259 to €96,810
- Taxes +€7,419
up €7,419 (+59.4%), from €12,501 to €19,920
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €151,663 | €219,161 | +€67,498 | +44.5% |
| Fixed assets | 21/28 | €13,580 | €9,633 | -€3,947 | -29.1% |
| Tangible fixed assets | 22/27 | €13,580 | €9,633 | -€3,947 | -29.1% |
| Plant, machinery and equipment | 23 | €576 | €203 | -€374 | -64.8% |
| Furniture and vehicles | 24 | €3,328 | €2,174 | -€1,155 | -34.7% |
| Other tangible fixed assets | 26 | €9,675 | €7,256 | -€2,419 | -25.0% |
| Current assets | 29/58 | €138,084 | €209,529 | +€71,445 | +51.7% |
| Amounts receivable within one year | 40/41 | €15,632 | €41,692 | +€26,060 | +167% |
| Trade receivables | 40 | €15,632 | €16,136 | +€503 | +3.2% |
| Other amounts receivable | 41 | - | €25,556 | +€25,556 | |
| Current investments | 50/53 | €29,000 | €29,000 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €85,949 | €133,163 | +€47,214 | +54.9% |
| Deferred charges and accrued income | 490/1 | €7,502 | €5,674 | -€1,828 | -24.4% |
| Total equity and liabilities | 10/49 | €151,663 | €219,161 | +€67,498 | +44.5% |
| Equity | 10/15 | €132,667 | €181,392 | +€48,725 | +36.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €130,667 | €179,392 | +€48,725 | +37.3% |
| Distributable reserves | 133 | €130,667 | €179,392 | +€48,725 | +37.3% |
| Amounts payable | 17/49 | €18,996 | €37,769 | +€18,773 | +98.8% |
| Amounts payable within one year | 42/48 | €18,996 | €37,769 | +€18,773 | +98.8% |
| Trade debts | 44 | €396 | €1,898 | +€1,502 | +380% |
| Suppliers | 440/4 | €396 | €1,898 | +€1,502 | +380% |
| Taxes, remuneration and social security | 45 | €18,501 | €35,871 | +€17,370 | +93.9% |
| Taxes | 450/3 | €18,501 | €35,871 | +€17,370 | +93.9% |
| Other amounts payable | 47/48 | €99 | - | -€99 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,947 | €3,947 | = | 0.0% |
| Other operating charges | 640/8 | €969 | €1,381 | +€412 | +42.5% |
| Gross operating margin | 9900 | €72,259 | €96,810 | +€24,551 | +34.0% |
| Operating profit (loss) | 9901 | €67,343 | €91,481 | +€24,139 | +35.8% |
| Financial income | 75/76B | - | €867 | +€867 | |
| Recurring financial income | 75 | - | €867 | +€867 | |
| Financial charges | 65/66B | €1,838 | €1,703 | -€135 | -7.3% |
| Recurring financial charges | 65 | €1,838 | €1,703 | -€135 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €65,505 | €90,645 | +€25,140 | +38.4% |
| Income taxes | 67/77 | €12,501 | €19,920 | +€7,419 | +59.4% |
| Profit (loss) for the period | 9904 | €53,004 | €70,725 | +€17,721 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €53,004 | €70,725 | +€17,721 | +33.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.