MMLU: 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.
MMLU
Largest movements
- Receivables within one year +€78,950
up €78,950 (+345.1%), from €22,875 to €101,825
of which Trade receivables: +€57,000
- Current investments +€67,007
up €67,007 (+134.0%), from €50,000 to €117,007
- Tangible fixed assets +€29,138
new in 2025: €29,138
- Cash +€21,742
up €21,742 (+24.8%), from €87,771 to €109,513
mainly Net result for the year (+€214,245) and Depreciation (+€3,862)
- Reserves +€214,245
up €214,245 (+186.8%), from €114,707 to €328,952
- Tax, wage and social debts -€19,094
down €19,094 (-40.4%), from €47,238 to €28,143
- Gross operating margin +€118,728
up €118,728 (+73.0%), from €162,606 to €281,334
- Taxes +€19,535
up €19,535 (+41.4%), from €47,238 to €66,773
- Financial income +€4,408
up €4,408 (+44084400.0%), from €0 to €4,408
- Depreciation +€3,862
new in 2025: €3,862
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 | €162,387 | €362,661 | +€200,275 | +123.3% |
| Fixed assets | 21/28 | - | €29,138 | +€29,138 | |
| Tangible fixed assets | 22/27 | - | €29,138 | +€29,138 | |
| Furniture and vehicles | 24 | - | €29,138 | +€29,138 | |
| Current assets | 29/58 | €162,387 | €333,524 | +€171,137 | +105.4% |
| Amounts receivable within one year | 40/41 | €22,875 | €101,825 | +€78,950 | +345.1% |
| Trade receivables | 40 | - | €57,000 | +€57,000 | |
| Other amounts receivable | 41 | €22,875 | €44,825 | +€21,950 | +96.0% |
| Current investments | 50/53 | €50,000 | €117,007 | +€67,007 | +134.0% |
| Cash at bank and in hand | 54/58 | €87,771 | €109,513 | +€21,742 | +24.8% |
| Deferred charges and accrued income | 490/1 | €1,741 | €5,179 | +€3,438 | +197.5% |
| Total equity and liabilities | 10/49 | €162,387 | €362,661 | +€200,275 | +123.3% |
| Equity | 10/15 | €114,707 | €332,152 | +€217,445 | +189.6% |
| Contributions | 10/11 | - | €3,200 | +€3,200 | |
| Reserves | 13 | €114,707 | €328,952 | +€214,245 | +186.8% |
| Distributable reserves | 133 | €114,707 | €328,952 | +€214,245 | +186.8% |
| Amounts payable | 17/49 | €47,680 | €30,509 | -€17,170 | -36.0% |
| Amounts payable within one year | 42/48 | €47,680 | €30,509 | -€17,170 | -36.0% |
| Trade debts | 44 | €442 | €2,366 | +€1,924 | +435.4% |
| Suppliers | 440/4 | €442 | €2,366 | +€1,924 | +435.4% |
| Taxes, remuneration and social security | 45 | €47,238 | €28,143 | -€19,094 | -40.4% |
| Taxes | 450/3 | €47,238 | €28,143 | -€19,094 | -40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,862 | +€3,862 | |
| Other operating charges | 640/8 | €614 | €778 | +€164 | +26.6% |
| Gross operating margin | 9900 | €162,606 | €281,334 | +€118,728 | +73.0% |
| Operating profit (loss) | 9901 | €161,992 | €276,694 | +€114,702 | +70.8% |
| Financial income | 75/76B | €0 | €4,408 | +€4,408 | +44084400.0% |
| Recurring financial income | 75 | €0 | €4,408 | +€4,408 | +44084400.0% |
| Financial charges | 65/66B | €47 | €85 | +€38 | +79.8% |
| Recurring financial charges | 65 | €47 | €85 | +€38 | +79.8% |
| Profit (loss) for the period before taxes | 9903 | €161,945 | €281,018 | +€119,073 | +73.5% |
| Income taxes | 67/77 | €47,238 | €66,773 | +€19,535 | +41.4% |
| Profit (loss) for the period | 9904 | €114,707 | €214,245 | +€99,537 | +86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €114,707 | €214,245 | +€99,537 | +86.8% |
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 3 October 2026 via checked.be.