MUBA: 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.
MUBA
Largest movements
- Cash +€477,153
up €477,153 (+90.8%), from €525,449 to €1.0m
mainly Current investments (+€394,286) and Receivables within one year (+€162,220)
- Current investments -€394,286
down €394,286 (-34.6%), from €1.1m to €745,740
- Receivables within one year -€162,220
down €162,220 (-33.9%), from €478,458 to €316,239
of which Trade receivables: -€142,621
- Trade debts -€119,946
down €119,946 (-71.8%), from €166,982 to €47,036
- Taxes +€21,379
up €21,379, from -€13,217 to €8,162
- Gross operating margin -€9,817
down €9,817 (-72.2%), from €13,602 to €3,785
- Financial income -€3,863
down €3,863 (-7.0%), from €55,107 to €51,244
- Financial charges +€2,202
up €2,202 (+52.9%), from €4,161 to €6,363
- Other operating charges +€201
up €201 (+5.9%), from €3,401 to €3,602
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 | €3,066,879 | €2,964,192 | -€102,686 | -3.3% |
| Fixed assets | 21/28 | €898,815 | €879,819 | -€18,996 | -2.1% |
| Tangible fixed assets | 22/27 | €660,674 | €641,678 | -€18,996 | -2.9% |
| Land and buildings | 22 | €657,891 | €638,638 | -€19,254 | -2.9% |
| Plant, machinery and equipment | 23 | €2,783 | €2,439 | -€344 | -12.4% |
| Furniture and vehicles | 24 | - | €602 | +€602 | |
| Financial fixed assets | 28 | €238,141 | €238,141 | = | 0.0% |
| Current assets | 29/58 | €2,168,064 | €2,084,373 | -€83,691 | -3.9% |
| Stocks and contracts in progress | 3 | €24,131 | €19,793 | -€4,338 | -18.0% |
| Stocks | 30/36 | €24,131 | €19,793 | -€4,338 | -18.0% |
| Amounts receivable within one year | 40/41 | €478,458 | €316,239 | -€162,220 | -33.9% |
| Trade receivables | 40 | €273,780 | €131,159 | -€142,621 | -52.1% |
| Other amounts receivable | 41 | €204,679 | €185,080 | -€19,599 | -9.6% |
| Current investments | 50/53 | €1,140,026 | €745,740 | -€394,286 | -34.6% |
| Cash at bank and in hand | 54/58 | €525,449 | €1,002,601 | +€477,153 | +90.8% |
| Total equity and liabilities | 10/49 | €3,066,879 | €2,964,192 | -€102,686 | -3.3% |
| Equity | 10/15 | €2,344,553 | €2,361,787 | +€17,234 | +0.7% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Capital | 10 | €86,763 | €86,763 | = | 0.0% |
| Issued capital | 100 | €86,763 | €86,763 | = | 0.0% |
| Reserves | 13 | €2,257,790 | €2,275,024 | +€17,234 | +0.8% |
| Non-distributable reserves | 130/1 | €18,906 | €18,906 | = | 0.0% |
| Legal reserve | 130 | €18,906 | €18,906 | = | 0.0% |
| Distributable reserves | 133 | €2,238,884 | €2,256,118 | +€17,234 | +0.8% |
| Amounts payable | 17/49 | €722,326 | €602,405 | -€119,920 | -16.6% |
| Amounts payable within one year | 42/48 | €722,326 | €600,883 | -€121,442 | -16.8% |
| Trade debts | 44 | €166,982 | €47,036 | -€119,946 | -71.8% |
| Suppliers | 440/4 | €166,982 | €47,036 | -€119,946 | -71.8% |
| Taxes, remuneration and social security | 45 | - | €40 | +€40 | |
| Taxes | 450/3 | - | €40 | +€40 | |
| Other amounts payable | 47/48 | €555,343 | €553,807 | -€1,536 | -0.3% |
| Accrued charges and deferred income | 492/3 | - | €1,522 | +€1,522 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,588 | €19,668 | +€80 | +0.4% |
| Other operating charges | 640/8 | €3,401 | €3,602 | +€201 | +5.9% |
| Gross operating margin | 9900 | €13,602 | €3,785 | -€9,817 | -72.2% |
| Operating profit (loss) | 9901 | -€9,386 | -€19,485 | -€10,098 | -107.6% |
| Financial income | 75/76B | €55,107 | €51,244 | -€3,863 | -7.0% |
| Recurring financial income | 75 | €55,107 | €51,244 | -€3,863 | -7.0% |
| Financial charges | 65/66B | €4,161 | €6,363 | +€2,202 | +52.9% |
| Recurring financial charges | 65 | €4,161 | €6,363 | +€2,202 | +52.9% |
| Profit (loss) for the period before taxes | 9903 | €41,559 | €25,396 | -€16,164 | -38.9% |
| Income taxes | 67/77 | -€13,217 | €8,162 | +€21,379 | |
| Profit (loss) for the period | 9904 | €54,777 | €17,234 | -€37,543 | -68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,777 | €17,234 | -€37,543 | -68.5% |
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 3 October 2026 via checked.be.