MU: 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.
MU
Largest movements
- Receivables within one year +€4,707
up €4,707 (+5.4%), from €87,776 to €92,483
of which Trade receivables: +€4,960
- Tangible fixed assets -€4,538
down €4,538 (-3.8%), from €118,851 to €114,313
of which Land and buildings: -€3,981
- Profit (loss) carried forward +€16,590
up €16,590 (+46.5%), from -€35,642 to -€19,052
- Other debts -€16,432
down €16,432 (-86.8%), from €18,922 to €2,491
- Gross operating margin +€16,071
up €16,071 (+269%), from €5,969 to €22,040
- Other operating charges -€3,608
down €3,608 (-92.1%), from €3,916 to €308
- Taxes +€538
new in 2025: €538
- Financial charges -€264
down €264 (-79.9%), from €330 to €66
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.
Derived cash bridge
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 | €207,461 | €207,292 | -€169 | -0.1% |
| Fixed assets | 21/28 | €118,851 | €114,313 | -€4,538 | -3.8% |
| Tangible fixed assets | 22/27 | €118,851 | €114,313 | -€4,538 | -3.8% |
| Land and buildings | 22 | €103,059 | €99,078 | -€3,981 | -3.9% |
| Plant, machinery and equipment | 23 | €15,793 | €15,236 | -€557 | -3.5% |
| Current assets | 29/58 | €88,610 | €92,979 | +€4,369 | +4.9% |
| Amounts receivable within one year | 40/41 | €87,776 | €92,483 | +€4,707 | +5.4% |
| Trade receivables | 40 | €77,224 | €82,185 | +€4,960 | +6.4% |
| Other amounts receivable | 41 | €10,552 | €10,298 | -€253 | -2.4% |
| Cash at bank and in hand | 54/58 | €24 | €496 | +€473 | +1,984% |
| Deferred charges and accrued income | 490/1 | €810 | - | -€810 | |
| Total equity and liabilities | 10/49 | €207,461 | €207,292 | -€169 | -0.1% |
| Equity | 10/15 | €74,358 | €90,948 | +€16,590 | +22.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€35,642 | -€19,052 | +€16,590 | +46.5% |
| Amounts payable | 17/49 | €133,103 | €116,344 | -€16,759 | -12.6% |
| Amounts payable within one year | 42/48 | €133,103 | €116,344 | -€16,759 | -12.6% |
| Trade debts | 44 | €114,181 | €113,853 | -€328 | -0.3% |
| Suppliers | 440/4 | €114,181 | €113,853 | -€328 | -0.3% |
| Other amounts payable | 47/48 | €18,922 | €2,491 | -€16,432 | -86.8% |
| Non-recurring operating income | 76A | €10,985 | - | -€10,985 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,475 | €4,538 | +€63 | +1.4% |
| Other operating charges | 640/8 | €3,916 | €308 | -€3,608 | -92.1% |
| Gross operating margin | 9900 | €5,969 | €22,040 | +€16,071 | +269% |
| Operating profit (loss) | 9901 | -€2,422 | €17,194 | +€19,616 | |
| Financial charges | 65/66B | €330 | €66 | -€264 | -79.9% |
| Recurring financial charges | 65 | €330 | €66 | -€264 | -79.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,752 | €17,128 | +€19,880 | |
| Income taxes | 67/77 | - | €538 | +€538 | |
| Profit (loss) for the period | 9904 | -€2,752 | €16,590 | +€19,342 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,752 | €16,590 | +€19,342 |
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 15 October 2026 via checked.be.