MU: 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.
MU
Largest movements
- Receivables within one year +€229,846
up €229,846 (+305.6%), from €75,199 to €305,045
of which Trade receivables: +€208,743
- Stocks and contracts -€121,380
down €121,380 (-76.6%), from €158,500 to €37,120
- Cash +€23,310
up €23,310 (+152.1%), from €15,327 to €38,637
mainly Net result for the year (+€140,734) and Stocks and contracts (+€121,380)
- Tangible fixed assets -€8,318
down €8,318 (-19.3%), from €43,186 to €34,867
of which Furniture and vehicles: -€11,268
- Reserves +€140,734
up €140,734 (+92.2%), from €152,608 to €293,342
of which Distributable reserves: +€140,734
- Other debts -€66,199
no longer reported in 2025 (was €66,199)
- Tax, wage and social debts +€41,140
new in 2025: €41,140
- Accrued charges and deferred income +€8,233
new in 2025: €8,233
- Gross operating margin +€213,701
up €213,701 (+1610.0%), from €13,273 to €226,975
- Taxes +€71,140
new in 2025: €71,140
- Other operating charges -€3,798
down €3,798 (-69.5%), from €5,464 to €1,666
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 | €295,896 | €419,486 | +€123,590 | +41.8% |
| Fixed assets | 21/28 | €44,185 | €35,866 | -€8,318 | -18.8% |
| Tangible fixed assets | 22/27 | €43,186 | €34,867 | -€8,318 | -19.3% |
| Plant, machinery and equipment | 23 | €10,769 | €13,718 | +€2,949 | +27.4% |
| Furniture and vehicles | 24 | €32,416 | €21,149 | -€11,268 | -34.8% |
| Financial fixed assets | 28 | €999 | €999 | = | 0.0% |
| Current assets | 29/58 | €251,712 | €383,620 | +€131,908 | +52.4% |
| Stocks and contracts in progress | 3 | €158,500 | €37,120 | -€121,380 | -76.6% |
| Stocks | 30/36 | €158,500 | €37,120 | -€121,380 | -76.6% |
| Amounts receivable within one year | 40/41 | €75,199 | €305,045 | +€229,846 | +305.6% |
| Trade receivables | 40 | €55,985 | €264,728 | +€208,743 | +372.9% |
| Other amounts receivable | 41 | €19,214 | €40,317 | +€21,103 | +109.8% |
| Cash at bank and in hand | 54/58 | €15,327 | €38,637 | +€23,310 | +152.1% |
| Deferred charges and accrued income | 490/1 | €2,685 | €2,817 | +€133 | +4.9% |
| Total equity and liabilities | 10/49 | €295,896 | €419,486 | +€123,590 | +41.8% |
| Equity | 10/15 | €227,608 | €368,342 | +€140,734 | +61.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €152,608 | €293,342 | +€140,734 | +92.2% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €145,108 | €285,842 | +€140,734 | +97.0% |
| Amounts payable | 17/49 | €68,288 | €51,144 | -€17,145 | -25.1% |
| Amounts payable within one year | 42/48 | €68,288 | €42,911 | -€25,378 | -37.2% |
| Trade debts | 44 | €2,089 | €1,770 | -€319 | -15.3% |
| Suppliers | 440/4 | €2,089 | €1,770 | -€319 | -15.3% |
| Taxes, remuneration and social security | 45 | - | €41,140 | +€41,140 | |
| Taxes | 450/3 | - | €41,140 | +€41,140 | |
| Other amounts payable | 47/48 | €66,199 | - | -€66,199 | |
| Accrued charges and deferred income | 492/3 | - | €8,233 | +€8,233 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,673 | €13,492 | -€1,181 | -8.1% |
| Other operating charges | 640/8 | €5,464 | €1,666 | -€3,798 | -69.5% |
| Gross operating margin | 9900 | €13,273 | €226,975 | +€213,701 | +1610.0% |
| Operating profit (loss) | 9901 | -€6,864 | €211,817 | +€218,681 | |
| Financial income | 75/76B | €428 | €439 | +€11 | +2.7% |
| Recurring financial income | 75 | €428 | €439 | +€11 | +2.7% |
| Financial charges | 65/66B | €462 | €382 | -€81 | -17.4% |
| Recurring financial charges | 65 | €462 | €382 | -€81 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,898 | €211,875 | +€218,773 | |
| Income taxes | 67/77 | - | €71,140 | +€71,140 | |
| Profit (loss) for the period | 9904 | -€6,898 | €140,734 | +€147,633 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,898 | €140,734 | +€147,633 |
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 7 October 2026 via checked.be.