MU Concepts: 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 Concepts
Largest movements
- Cash +€17,416
up €17,416 (+21.2%), from €82,044 to €99,460
mainly Other debts (+€25,307) and Net result for the year (+€11,971)
- Stocks and contracts +€7,147
new in 2025: €7,147
- Tangible fixed assets +€2,670
up €2,670 (+18.0%), from €14,830 to €17,500
of which Other tangible fixed assets: +€4,133
- Receivables within one year -€1,426
down €1,426 (-10.6%), from €13,517 to €12,090
of which Other amounts receivable: -€2,137
- Other debts +€25,307
up €25,307 (+78.1%), from €32,403 to €57,710
- Reserves -€11,559
down €11,559 (-18.4%), from €62,889 to €51,330
of which Distributable reserves: -€11,559
- Tax, wage and social debts +€9,887
up €9,887 (+104%), from €9,532 to €19,419
of which Taxes: +€9,727
- Trade debts +€6,978
up €6,978 (+343%), from €2,035 to €9,013
- Short-term financial debts -€4,146
no longer reported in 2025 (was €4,146)
- Gross operating margin -€20,016
down €20,016 (-44.5%), from €44,986 to €24,969
- Taxes -€4,587
down €4,587 (-54.5%), from €8,421 to €3,833
- Depreciation +€1,342
up €1,342 (+29.5%), from €4,540 to €5,881
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 | €114,004 | €140,472 | +€26,468 | +23.2% |
| Fixed assets | 21/28 | €14,830 | €17,729 | +€2,899 | +19.5% |
| Intangible fixed assets | 21 | - | €230 | +€230 | |
| Tangible fixed assets | 22/27 | €14,830 | €17,500 | +€2,670 | +18.0% |
| Plant, machinery and equipment | 23 | - | €1,968 | +€1,968 | |
| Furniture and vehicles | 24 | €13,399 | €9,967 | -€3,432 | -25.6% |
| Other tangible fixed assets | 26 | €1,431 | €5,565 | +€4,133 | +289% |
| Current assets | 29/58 | €99,174 | €122,742 | +€23,569 | +23.8% |
| Stocks and contracts in progress | 3 | - | €7,147 | +€7,147 | |
| Stocks | 30/36 | - | €7,147 | +€7,147 | |
| Amounts receivable within one year | 40/41 | €13,517 | €12,090 | -€1,426 | -10.6% |
| Trade receivables | 40 | €11,379 | €12,090 | +€711 | +6.2% |
| Other amounts receivable | 41 | €2,137 | - | -€2,137 | |
| Current investments | 50/53 | €1,525 | €1,825 | +€300 | +19.7% |
| Cash at bank and in hand | 54/58 | €82,044 | €99,460 | +€17,416 | +21.2% |
| Deferred charges and accrued income | 490/1 | €2,088 | €2,220 | +€132 | +6.3% |
| Total equity and liabilities | 10/49 | €114,004 | €140,472 | +€26,468 | +23.2% |
| Equity | 10/15 | €65,889 | €54,330 | -€11,559 | -17.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €62,889 | €51,330 | -€11,559 | -18.4% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Distributable reserves | 133 | €62,589 | €51,030 | -€11,559 | -18.5% |
| Amounts payable | 17/49 | €48,115 | €86,141 | +€38,026 | +79.0% |
| Amounts payable within one year | 42/48 | €48,115 | €86,141 | +€38,026 | +79.0% |
| Financial debts | 43 | €4,146 | - | -€4,146 | |
| Credit institutions | 430/8 | €4,146 | - | -€4,146 | |
| Trade debts | 44 | €2,035 | €9,013 | +€6,978 | +343% |
| Suppliers | 440/4 | €2,035 | €9,013 | +€6,978 | +343% |
| Taxes, remuneration and social security | 45 | €9,532 | €19,419 | +€9,887 | +104% |
| Taxes | 450/3 | €9,532 | €19,259 | +€9,727 | +102% |
| Remuneration and social security | 454/9 | - | €160 | +€160 | |
| Other amounts payable | 47/48 | €32,403 | €57,710 | +€25,307 | +78.1% |
| Non-recurring operating income | 76A | - | €44 | +€44 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,540 | €5,881 | +€1,342 | +29.5% |
| Other operating charges | 640/8 | €80 | €150 | +€71 | +88.7% |
| Gross operating margin | 9900 | €44,986 | €24,969 | -€20,016 | -44.5% |
| Operating profit (loss) | 9901 | €40,366 | €18,938 | -€21,428 | -53.1% |
| Financial income | 75/76B | - | €147 | +€147 | |
| Recurring financial income | 75 | - | €147 | +€147 | |
| Financial charges | 65/66B | €3,316 | €3,281 | -€35 | -1.1% |
| Recurring financial charges | 65 | €3,316 | €3,278 | -€38 | -1.1% |
| Non-recurring financial charges | 66B | - | €3 | +€3 | |
| Profit (loss) for the period before taxes | 9903 | €37,050 | €15,804 | -€21,246 | -57.3% |
| Income taxes | 67/77 | €8,421 | €3,833 | -€4,587 | -54.5% |
| Profit (loss) for the period | 9904 | €28,629 | €11,971 | -€16,659 | -58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,629 | €11,971 | -€16,659 | -58.2% |
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.