mmu: 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.
mmu
Largest movements
- Receivables within one year +€55,392
up €55,392 (+483.7%), from €11,451 to €66,843
of which Trade receivables: +€61,775
- Cash -€23,970
down €23,970 (-24.5%), from €97,935 to €73,965
mainly Receivables within one year (-€55,392) and Other debts (-€3,703)
- Tangible fixed assets -€6,937
down €6,937 (-34.8%), from €19,951 to €13,013
- Reserves +€16,906
up €16,906 (+11.9%), from €142,661 to €159,567
- Tax, wage and social debts +€11,873
up €11,873 (+267.7%), from €4,435 to €16,308
of which Taxes: +€6,873
- Other debts -€3,703
down €3,703 (-9.4%), from €39,321 to €35,618
- Gross operating margin +€26,257
up €26,257 (+324.2%), from €8,099 to €34,356
- Taxes +€7,960
up €7,960 (+6219.0%), from €128 to €8,088
- Financial charges -€1,781
down €1,781 (-44.3%), from €4,018 to €2,237
- Financial income +€781
up €781 (+35.7%), from €2,184 to €2,965
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 | €197,328 | €223,223 | +€25,896 | +13.1% |
| Fixed assets | 21/28 | €19,951 | €13,013 | -€6,937 | -34.8% |
| Tangible fixed assets | 22/27 | €19,951 | €13,013 | -€6,937 | -34.8% |
| Furniture and vehicles | 24 | €19,951 | €13,013 | -€6,937 | -34.8% |
| Current assets | 29/58 | €177,377 | €210,210 | +€32,833 | +18.5% |
| Amounts receivable after more than one year | 29 | €66,562 | €67,892 | +€1,330 | +2.0% |
| Other amounts receivable | 291 | €66,562 | €67,892 | +€1,330 | +2.0% |
| Amounts receivable within one year | 40/41 | €11,451 | €66,843 | +€55,392 | +483.7% |
| Trade receivables | 40 | - | €61,775 | +€61,775 | |
| Other amounts receivable | 41 | €11,451 | €5,068 | -€6,383 | -55.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €97,935 | €73,965 | -€23,970 | -24.5% |
| Deferred charges and accrued income | 490/1 | €1,429 | €1,509 | +€81 | +5.6% |
| Total equity and liabilities | 10/49 | €197,328 | €223,223 | +€25,896 | +13.1% |
| Equity | 10/15 | €149,422 | €168,367 | +€18,945 | +12.7% |
| Contributions | 10/11 | €8,800 | €8,800 | = | 0.0% |
| Reserves | 13 | €142,661 | €159,567 | +€16,906 | +11.9% |
| Distributable reserves | 133 | €142,661 | €159,567 | +€16,906 | +11.9% |
| Profit (loss) carried forward | 14 | -€2,039 | €0 | +€2,039 | |
| Amounts payable | 17/49 | €47,906 | €54,856 | +€6,950 | +14.5% |
| Amounts payable within one year | 42/48 | €44,055 | €52,717 | +€8,662 | +19.7% |
| Trade debts | 44 | €299 | €791 | +€493 | +165.0% |
| Suppliers | 440/4 | €299 | €791 | +€493 | +165.0% |
| Taxes, remuneration and social security | 45 | €4,435 | €16,308 | +€11,873 | +267.7% |
| Taxes | 450/3 | €4,435 | €11,308 | +€6,873 | +155.0% |
| Remuneration and social security | 454/9 | - | €5,000 | +€5,000 | |
| Other amounts payable | 47/48 | €39,321 | €35,618 | -€3,703 | -9.4% |
| Accrued charges and deferred income | 492/3 | €3,851 | €2,139 | -€1,712 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,507 | €7,363 | -€144 | -1.9% |
| Other operating charges | 640/8 | €670 | €688 | +€18 | +2.6% |
| Gross operating margin | 9900 | €8,099 | €34,356 | +€26,257 | +324.2% |
| Operating profit (loss) | 9901 | -€78 | €26,306 | +€26,383 | |
| Financial income | 75/76B | €2,184 | €2,965 | +€781 | +35.7% |
| Recurring financial income | 75 | €2,184 | €2,965 | +€781 | +35.7% |
| Financial charges | 65/66B | €4,018 | €2,237 | -€1,781 | -44.3% |
| Recurring financial charges | 65 | €4,018 | €2,237 | -€1,781 | -44.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,911 | €27,034 | +€28,945 | |
| Income taxes | 67/77 | €128 | €8,088 | +€7,960 | +6219.0% |
| Profit (loss) for the period | 9904 | -€2,039 | €18,945 | +€20,985 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,039 | €18,945 | +€20,985 |
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.