Muarchi: 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.
Muarchi
Largest movements
- Receivables within one year +€119,125
up €119,125 (+96.1%), from €123,976 to €243,101
of which Trade receivables: +€64,613
- Stocks and contracts +€69,869
new in 2025: €69,869
- Cash +€10,383
up €10,383 (+48.3%), from €21,499 to €31,883
mainly Advances received (+€86,552) and Trade debts (+€70,050)
- Advances received +€86,552
up €86,552 (+285.3%), from €30,340 to €116,892
- Trade debts +€70,050
up €70,050 (+303.8%), from €23,059 to €93,108
- Profit (loss) carried forward -€54,706
down €54,706 (-58.8%), from €93,016 to €38,310
- Other debts +€54,706
up €54,706, from €0 to €54,706
- Reserves +€44,006
new in 2025: €44,006
- Gross operating margin -€27,121
down €27,121 (-21.1%), from €128,690 to €101,569
- Taxes -€4,756
down €4,756 (-18.9%), from €25,112 to €20,356
- Other operating charges +€3,321
up €3,321 (+77.7%), from €4,275 to €7,596
- Financial charges +€2,886
up €2,886 (+56.4%), from €5,120 to €8,006
- Depreciation +€2,489
up €2,489 (+29.3%), from €8,503 to €10,993
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 | €183,378 | €378,786 | +€195,407 | +106.6% |
| Fixed assets | 21/28 | €31,784 | €30,122 | -€1,662 | -5.2% |
| Tangible fixed assets | 22/27 | €31,784 | €30,122 | -€1,662 | -5.2% |
| Plant, machinery and equipment | 23 | €8,203 | €7,382 | -€820 | -10.0% |
| Furniture and vehicles | 24 | €23,581 | €22,739 | -€842 | -3.6% |
| Current assets | 29/58 | €151,595 | €348,664 | +€197,069 | +130.0% |
| Stocks and contracts in progress | 3 | - | €69,869 | +€69,869 | |
| Stocks | 30/36 | - | €69,869 | +€69,869 | |
| Amounts receivable within one year | 40/41 | €123,976 | €243,101 | +€119,125 | +96.1% |
| Trade receivables | 40 | €97,115 | €161,728 | +€64,613 | +66.5% |
| Other amounts receivable | 41 | €26,861 | €81,373 | +€54,512 | +202.9% |
| Cash at bank and in hand | 54/58 | €21,499 | €31,883 | +€10,383 | +48.3% |
| Deferred charges and accrued income | 490/1 | €6,120 | €3,812 | -€2,308 | -37.7% |
| Total equity and liabilities | 10/49 | €183,378 | €378,786 | +€195,407 | +106.6% |
| Equity | 10/15 | €95,516 | €84,816 | -€10,699 | -11.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €44,006 | +€44,006 | |
| Distributable reserves | 133 | - | €44,006 | +€44,006 | |
| Profit (loss) carried forward | 14 | €93,016 | €38,310 | -€54,706 | -58.8% |
| Amounts payable | 17/49 | €87,863 | €293,969 | +€206,107 | +234.6% |
| Amounts payable after more than one year | 17 | €9,982 | €4,406 | -€5,576 | -55.9% |
| Financial debts | 170/4 | €9,982 | €4,406 | -€5,576 | -55.9% |
| Amounts payable within one year | 42/48 | €77,881 | €289,563 | +€211,683 | +271.8% |
| Current portion of amounts payable after more than one year | 42 | €6,067 | €5,576 | -€491 | -8.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €23,059 | €93,108 | +€70,050 | +303.8% |
| Suppliers | 440/4 | €23,059 | €93,108 | +€70,050 | +303.8% |
| Advances received on contracts in progress | 46 | €30,340 | €116,892 | +€86,552 | +285.3% |
| Taxes, remuneration and social security | 45 | €18,415 | €19,281 | +€866 | +4.7% |
| Taxes | 450/3 | €18,415 | €15,933 | -€2,482 | -13.5% |
| Remuneration and social security | 454/9 | - | €3,348 | +€3,348 | |
| Other amounts payable | 47/48 | €0 | €54,706 | +€54,706 | |
| Remuneration, social security and pensions | 62 | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,503 | €10,993 | +€2,489 | +29.3% |
| Other operating charges | 640/8 | €4,275 | €7,596 | +€3,321 | +77.7% |
| Non-recurring operating charges | 66A | - | €12,045 | +€12,045 | |
| Gross operating margin | 9900 | €128,690 | €101,569 | -€27,121 | -21.1% |
| Operating profit (loss) | 9901 | €115,912 | €70,685 | -€45,227 | -39.0% |
| Financial income | 75/76B | €61 | €1,682 | +€1,622 | +2678.5% |
| Recurring financial income | 75 | €61 | €1,682 | +€1,622 | +2678.5% |
| Financial charges | 65/66B | €5,120 | €8,006 | +€2,886 | +56.4% |
| Recurring financial charges | 65 | €5,120 | €8,006 | +€2,886 | +56.4% |
| Profit (loss) for the period before taxes | 9903 | €110,853 | €64,362 | -€46,491 | -41.9% |
| Income taxes | 67/77 | €25,112 | €20,356 | -€4,756 | -18.9% |
| Profit (loss) for the period | 9904 | €85,741 | €44,006 | -€41,735 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €85,741 | €44,006 | -€41,735 | -48.7% |
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 2 October 2026 via checked.be.