MU DAENG: 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 DAENG
Largest movements
- Deferred charges and accrued income +€14,295
up €14,295 (+252%), from €5,680 to €19,975
- Cash +€13,700
up €13,700 (+32.0%), from €42,759 to €56,459
mainly Trade debts (+€69,464) and Depreciation (+€19,651)
- Tangible fixed assets -€13,524
down €13,524 (-18.5%), from €73,034 to €59,510
of which Plant, machinery and equipment: -€11,965
- Receivables within one year -€6,411
down €6,411 (-5.8%), from €109,749 to €103,338
of which Trade receivables: -€9,308
- Stocks and contracts +€4,112
up €4,112 (+31.9%), from €12,876 to €16,988
- Trade debts +€69,464
up €69,464 (+54.4%), from €127,662 to €197,126
- Debts after one year -€44,602
down €44,602 (-58.2%), from €76,699 to €32,098
- Accrued charges and deferred income -€5,909
down €5,909 (-53.0%), from €11,154 to €5,245
- Gross operating margin -€17,035
down €17,035 (-10.3%), from €165,607 to €148,572
- Staff costs -€12,933
down €12,933 (-9.7%), from €133,244 to €120,311
- Depreciation +€3,967
up €3,967 (+25.3%), from €15,684 to €19,651
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 | €310,268 | €320,440 | +€10,172 | +3.3% |
| Fixed assets | 21/28 | €139,204 | €123,680 | -€15,524 | -11.2% |
| Tangible fixed assets | 22/27 | €73,034 | €59,510 | -€13,524 | -18.5% |
| Plant, machinery and equipment | 23 | €65,941 | €53,977 | -€11,965 | -18.1% |
| Furniture and vehicles | 24 | €7,093 | €5,533 | -€1,560 | -22.0% |
| Financial fixed assets | 28 | €66,170 | €64,170 | -€2,000 | -3.0% |
| Current assets | 29/58 | €171,064 | €196,760 | +€25,696 | +15.0% |
| Stocks and contracts in progress | 3 | €12,876 | €16,988 | +€4,112 | +31.9% |
| Stocks | 30/36 | €12,876 | €16,988 | +€4,112 | +31.9% |
| Amounts receivable within one year | 40/41 | €109,749 | €103,338 | -€6,411 | -5.8% |
| Trade receivables | 40 | €97,940 | €88,632 | -€9,308 | -9.5% |
| Other amounts receivable | 41 | €11,808 | €14,706 | +€2,897 | +24.5% |
| Cash at bank and in hand | 54/58 | €42,759 | €56,459 | +€13,700 | +32.0% |
| Deferred charges and accrued income | 490/1 | €5,680 | €19,975 | +€14,295 | +252% |
| Total equity and liabilities | 10/49 | €310,268 | €320,440 | +€10,172 | +3.3% |
| Equity | 10/15 | €53,718 | €51,846 | -€1,872 | -3.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €501 | €501 | = | 0.0% |
| Distributable reserves | 133 | €501 | €501 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,217 | €31,345 | -€1,872 | -5.6% |
| Amounts payable | 17/49 | €256,550 | €268,594 | +€12,044 | +4.7% |
| Amounts payable after more than one year | 17 | €76,699 | €32,098 | -€44,602 | -58.2% |
| Financial debts | 170/4 | €76,699 | €32,098 | -€44,602 | -58.2% |
| Amounts payable within one year | 42/48 | €168,697 | €231,252 | +€62,555 | +37.1% |
| Current portion of amounts payable after more than one year | 42 | €21,423 | €19,128 | -€2,295 | -10.7% |
| Trade debts | 44 | €127,662 | €197,126 | +€69,464 | +54.4% |
| Suppliers | 440/4 | €127,662 | €197,126 | +€69,464 | +54.4% |
| Advances received on contracts in progress | 46 | €1,100 | - | -€1,100 | |
| Taxes, remuneration and social security | 45 | €14,938 | €14,403 | -€535 | -3.6% |
| Taxes | 450/3 | €3,383 | €1,365 | -€2,018 | -59.6% |
| Remuneration and social security | 454/9 | €11,555 | €13,038 | +€1,483 | +12.8% |
| Other amounts payable | 47/48 | €3,574 | €595 | -€2,979 | -83.4% |
| Accrued charges and deferred income | 492/3 | €11,154 | €5,245 | -€5,909 | -53.0% |
| Remuneration, social security and pensions | 62 | €133,244 | €120,311 | -€12,933 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,684 | €19,651 | +€3,967 | +25.3% |
| Other operating charges | 640/8 | €3,150 | €1,575 | -€1,575 | -50.0% |
| Gross operating margin | 9900 | €165,607 | €148,572 | -€17,035 | -10.3% |
| Operating profit (loss) | 9901 | €13,529 | €7,036 | -€6,494 | -48.0% |
| Financial income | 75/76B | €523 | €1,047 | +€524 | +100% |
| Recurring financial income | 75 | €523 | €1,047 | +€524 | +100% |
| Financial charges | 65/66B | €6,469 | €5,808 | -€661 | -10.2% |
| Recurring financial charges | 65 | €6,469 | €5,808 | -€661 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €7,584 | €2,274 | -€5,309 | -70.0% |
| Income taxes | 67/77 | €3,514 | €2,006 | -€1,508 | -42.9% |
| Profit (loss) for the period | 9904 | €4,070 | €268 | -€3,801 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,070 | €268 | -€3,801 | -93.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.