MucH: 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.
MucH
Largest movements
- Current investments -€399,649
down €399,649 (-55.9%), from €714,333 to €314,684
- Cash -€13,766
down €13,766 (-19.7%), from €69,774 to €56,008
mainly Contributions, distributions and other (-€542,000) and Accrued charges and deferred income (-€5,255)
- Tangible fixed assets -€13,363
down €13,363 (-5.1%), from €259,477 to €246,114
of which Land and buildings: -€10,674
- Receivables within one year -€11,804
down €11,804 (-58.4%), from €20,198 to €8,394
of which Trade receivables: -€18,534
- Reserves -€437,450
down €437,450 (-46.4%), from €943,753 to €506,303
of which Distributable reserves: -€437,450
- Gross operating margin +€77,502
up €77,502 (+125.6%), from €61,698 to €139,200
- Taxes +€29,217
up €29,217 (+235.5%), from €12,408 to €41,625
- Financial income +€21,115
up €21,115 (+188.2%), from €11,222 to €32,337
- Depreciation -€2,273
down €2,273 (-11.6%), from €19,640 to €17,367
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 | €1,064,983 | €626,418 | -€438,565 | -41.2% |
| Fixed assets | 21/28 | €259,477 | €246,114 | -€13,363 | -5.1% |
| Tangible fixed assets | 22/27 | €259,477 | €246,114 | -€13,363 | -5.1% |
| Land and buildings | 22 | €224,828 | €214,154 | -€10,674 | -4.7% |
| Furniture and vehicles | 24 | €698 | €1,746 | +€1,048 | +150.1% |
| Other tangible fixed assets | 26 | €33,951 | €30,214 | -€3,737 | -11.0% |
| Current assets | 29/58 | €805,506 | €380,304 | -€425,202 | -52.8% |
| Amounts receivable within one year | 40/41 | €20,198 | €8,394 | -€11,804 | -58.4% |
| Trade receivables | 40 | €19,519 | €985 | -€18,534 | -95.0% |
| Other amounts receivable | 41 | €679 | €7,409 | +€6,730 | +991.2% |
| Current investments | 50/53 | €714,333 | €314,684 | -€399,649 | -55.9% |
| Cash at bank and in hand | 54/58 | €69,774 | €56,008 | -€13,766 | -19.7% |
| Deferred charges and accrued income | 490/1 | €1,201 | €1,218 | +€17 | +1.4% |
| Total equity and liabilities | 10/49 | €1,064,983 | €626,418 | -€438,565 | -41.2% |
| Equity | 10/15 | €1,048,502 | €611,092 | -€437,410 | -41.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €943,753 | €506,303 | -€437,450 | -46.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €79,203 | €79,203 | = | 0.0% |
| Distributable reserves | 133 | €854,550 | €417,100 | -€437,450 | -51.2% |
| Profit (loss) carried forward | 14 | €4,749 | €4,789 | +€40 | +0.8% |
| Amounts payable | 17/49 | €16,481 | €15,326 | -€1,155 | -7.0% |
| Amounts payable within one year | 42/48 | €10,560 | €14,660 | +€4,100 | +38.8% |
| Trade debts | 44 | €3,510 | €1,684 | -€1,826 | -52.0% |
| Suppliers | 440/4 | €3,510 | €1,684 | -€1,826 | -52.0% |
| Taxes, remuneration and social security | 45 | €6,672 | €12,976 | +€6,304 | +94.5% |
| Taxes | 450/3 | €6,672 | €12,976 | +€6,304 | +94.5% |
| Other amounts payable | 47/48 | €378 | - | -€378 | |
| Accrued charges and deferred income | 492/3 | €5,921 | €666 | -€5,255 | -88.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,640 | €17,367 | -€2,273 | -11.6% |
| Other operating charges | 640/8 | €2,605 | €2,908 | +€303 | +11.6% |
| Gross operating margin | 9900 | €61,698 | €139,200 | +€77,502 | +125.6% |
| Operating profit (loss) | 9901 | €39,453 | €118,925 | +€79,472 | +201.4% |
| Financial income | 75/76B | €11,222 | €32,337 | +€21,115 | +188.2% |
| Recurring financial income | 75 | €11,222 | €32,337 | +€21,115 | +188.2% |
| Financial charges | 65/66B | €5,965 | €5,047 | -€918 | -15.4% |
| Recurring financial charges | 65 | €5,965 | €5,047 | -€918 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €44,710 | €146,215 | +€101,505 | +227.0% |
| Income taxes | 67/77 | €12,408 | €41,625 | +€29,217 | +235.5% |
| Profit (loss) for the period | 9904 | €32,302 | €104,590 | +€72,288 | +223.8% |
| Profit (loss) for the period to be appropriated | 9905 | €32,302 | €104,590 | +€72,288 | +223.8% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.