MUARJU: 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.
MUARJU
Largest movements
- Tangible fixed assets -€42,250
down €42,250 (-18.6%), from €227,480 to €185,231
of which Land and buildings: -€31,588
- Cash +€3,003
up €3,003 (+148%), from €2,036 to €5,039
mainly Depreciation (+€42,250) and Current portion of long-term debt (+€2,321)
- Profit (loss) carried forward -€28,490
down €28,490 (-19.5%), from -€146,186 to -€174,676
- Debts after one year -€9,490
no longer reported in 2025 (was €9,490)
- Tax, wage and social debts -€3,243
down €3,243 (-46.1%), from €7,035 to €3,791
of which Taxes: -€1,743
- Current portion of long-term debt +€2,321
up €2,321 (+32.4%), from €7,169 to €9,490
- Gross operating margin +€19,061
up €19,061 (+9,872%), from €193 to €19,254
- Financial charges -€740
down €740 (-24.5%), from €3,021 to €2,280
- Depreciation -€480
down €480 (-1.1%), from €42,730 to €42,250
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 | €230,163 | €190,937 | -€39,227 | -17.0% |
| Fixed assets | 21/28 | €227,480 | €185,231 | -€42,250 | -18.6% |
| Tangible fixed assets | 22/27 | €227,480 | €185,231 | -€42,250 | -18.6% |
| Land and buildings | 22 | €202,184 | €170,596 | -€31,588 | -15.6% |
| Furniture and vehicles | 24 | €25,296 | €14,634 | -€10,662 | -42.1% |
| Current assets | 29/58 | €2,683 | €5,706 | +€3,023 | +113% |
| Cash at bank and in hand | 54/58 | €2,036 | €5,039 | +€3,003 | +148% |
| Deferred charges and accrued income | 490/1 | €647 | €667 | +€20 | +3.1% |
| Total equity and liabilities | 10/49 | €230,163 | €190,937 | -€39,227 | -17.0% |
| Equity | 10/15 | €182,406 | €153,916 | -€28,490 | -15.6% |
| Contributions | 10/11 | €1,005 | €1,005 | = | 0.0% |
| Revaluation surpluses | 12 | €327,579 | €327,579 | = | 0.0% |
| Reserves | 13 | €7 | €7 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7 | €7 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7 | €7 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€146,186 | -€174,676 | -€28,490 | -19.5% |
| Amounts payable | 17/49 | €47,758 | €37,021 | -€10,736 | -22.5% |
| Amounts payable after more than one year | 17 | €9,490 | - | -€9,490 | |
| Financial debts | 170/4 | €9,490 | - | -€9,490 | |
| Amounts payable within one year | 42/48 | €37,162 | €35,894 | -€1,268 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €7,169 | €9,490 | +€2,321 | +32.4% |
| Trade debts | 44 | €300 | €312 | +€11 | +3.8% |
| Suppliers | 440/4 | €300 | €312 | +€11 | +3.8% |
| Taxes, remuneration and social security | 45 | €7,035 | €3,791 | -€3,243 | -46.1% |
| Taxes | 450/3 | €4,035 | €2,291 | -€1,743 | -43.2% |
| Remuneration and social security | 454/9 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Other amounts payable | 47/48 | €22,658 | €22,301 | -€357 | -1.6% |
| Accrued charges and deferred income | 492/3 | €1,105 | €1,128 | +€22 | +2.0% |
| Non-recurring operating income | 76A | €6,943 | - | -€6,943 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,730 | €42,250 | -€480 | -1.1% |
| Other operating charges | 640/8 | €3,053 | €3,067 | +€14 | +0.5% |
| Gross operating margin | 9900 | €193 | €19,254 | +€19,061 | +9,872% |
| Operating profit (loss) | 9901 | -€45,590 | -€26,063 | +€19,527 | +42.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,021 | €2,280 | -€740 | -24.5% |
| Recurring financial charges | 65 | €3,021 | €2,280 | -€740 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | -€48,611 | -€28,343 | +€20,268 | +41.7% |
| Income taxes | 67/77 | €150 | €147 | -€3 | -2.1% |
| Profit (loss) for the period | 9904 | -€48,761 | -€28,490 | +€20,271 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,761 | -€28,490 | +€20,271 | +41.6% |
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 21 October 2026 via checked.be.