MUBA: 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.
MUBA
Largest movements
- Cash -€125,215
down €125,215 (-21.5%), from €583,048 to €457,833
mainly Contributions, distributions and other (-€63,396) and Debts after one year (-€62,447)
- Tangible fixed assets -€68,019
down €68,019 (-47.6%), from €142,901 to €74,882
of which Other tangible fixed assets: -€63,341
- Current investments +€50,000
new in 2025: €50,000
- Deferred charges and accrued income +€49,898
up €49,898 (+1,779%), from €2,805 to €52,702
- Stocks and contracts +€25,195
up €25,195 (+5.3%), from €476,156 to €501,351
- Debts after one year -€62,447
down €62,447 (-73.5%), from €84,937 to €22,490
- Reserves -€24,660
down €24,660 (-2.9%), from €842,587 to €817,927
of which Distributable reserves: -€66,760
- Tax, wage and social debts +€22,960
up €22,960 (+19.2%), from €119,372 to €142,333
of which Taxes: +€28,323
- Gross operating margin -€136,191
down €136,191 (-21.3%), from €638,061 to €501,870
- Taxes -€40,645
down €40,645 (-73.5%), from €55,318 to €14,673
- Depreciation -€11,895
down €11,895 (-13.5%), from €88,344 to €76,449
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 | €1,217,067 | €1,160,344 | -€56,723 | -4.7% |
| Fixed assets | 21/28 | €142,901 | €74,882 | -€68,019 | -47.6% |
| Tangible fixed assets | 22/27 | €142,901 | €74,882 | -€68,019 | -47.6% |
| Land and buildings | 22 | €31,944 | €0 | -€31,944 | -100% |
| Plant, machinery and equipment | 23 | €1,636 | €42,739 | +€41,103 | +2,512% |
| Furniture and vehicles | 24 | €37,483 | €23,646 | -€13,837 | -36.9% |
| Other tangible fixed assets | 26 | €71,837 | €8,497 | -€63,341 | -88.2% |
| Current assets | 29/58 | €1,074,167 | €1,085,462 | +€11,296 | +1.1% |
| Stocks and contracts in progress | 3 | €476,156 | €501,351 | +€25,195 | +5.3% |
| Stocks | 30/36 | €476,156 | €501,351 | +€25,195 | +5.3% |
| Amounts receivable within one year | 40/41 | €12,158 | €23,575 | +€11,417 | +93.9% |
| Trade receivables | 40 | €10,249 | €3,366 | -€6,883 | -67.2% |
| Other amounts receivable | 41 | €1,909 | €20,209 | +€18,300 | +959% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €583,048 | €457,833 | -€125,215 | -21.5% |
| Deferred charges and accrued income | 490/1 | €2,805 | €52,702 | +€49,898 | +1,779% |
| Total equity and liabilities | 10/49 | €1,217,067 | €1,160,344 | -€56,723 | -4.7% |
| Equity | 10/15 | €881,033 | €856,372 | -€24,660 | -2.8% |
| Contributions | 10/11 | €38,445 | €38,445 | = | 0.0% |
| Reserves | 13 | €842,587 | €817,927 | -€24,660 | -2.9% |
| Tax-exempt reserves | 132 | €105,250 | €147,350 | +€42,100 | +40.0% |
| Distributable reserves | 133 | €737,337 | €670,577 | -€66,760 | -9.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €336,035 | €303,972 | -€32,063 | -9.5% |
| Amounts payable after more than one year | 17 | €84,937 | €22,490 | -€62,447 | -73.5% |
| Financial debts | 170/4 | €84,937 | €22,490 | -€62,447 | -73.5% |
| Amounts payable within one year | 42/48 | €251,098 | €281,483 | +€30,385 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €74,581 | €62,447 | -€12,133 | -16.3% |
| Trade debts | 44 | €54,874 | €63,598 | +€8,724 | +15.9% |
| Suppliers | 440/4 | €54,874 | €63,598 | +€8,724 | +15.9% |
| Taxes, remuneration and social security | 45 | €119,372 | €142,333 | +€22,960 | +19.2% |
| Taxes | 450/3 | €75,604 | €103,928 | +€28,323 | +37.5% |
| Remuneration and social security | 454/9 | €43,768 | €38,405 | -€5,363 | -12.3% |
| Other amounts payable | 47/48 | €2,271 | €13,105 | +€10,834 | +477% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100% |
| Remuneration, social security and pensions | 62 | €363,159 | €358,477 | -€4,682 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,344 | €76,449 | -€11,895 | -13.5% |
| Other operating charges | 640/8 | €9,137 | €8,683 | -€454 | -5.0% |
| Gross operating margin | 9900 | €638,061 | €501,870 | -€136,191 | -21.3% |
| Operating profit (loss) | 9901 | €177,421 | €58,260 | -€119,161 | -67.2% |
| Financial income | 75/76B | €10,165 | €5,568 | -€4,598 | -45.2% |
| Recurring financial income | 75 | €10,165 | €5,568 | -€4,598 | -45.2% |
| Financial charges | 65/66B | €10,234 | €10,419 | +€185 | +1.8% |
| Recurring financial charges | 65 | €10,234 | €10,419 | +€185 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €177,352 | €53,409 | -€123,943 | -69.9% |
| Income taxes | 67/77 | €55,318 | €14,673 | -€40,645 | -73.5% |
| Profit (loss) for the period | 9904 | €122,034 | €38,736 | -€83,298 | -68.3% |
| Transfer to tax-exempt reserves | 689 | €0 | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €122,034 | -€3,364 | -€125,398 |
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 14 October 2026 via checked.be.