MUCHEZ: 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.
MUCHEZ
Largest movements
- Tangible fixed assets -€30,683
down €30,683 (-19.1%), from €160,642 to €129,960
of which Leasing and similar rights: -€20,298
- Cash -€16,492
down €16,492 (-17.8%), from €92,821 to €76,329
mainly Contributions, distributions and other (-€43,000) and Debts after one year (-€19,677)
- Receivables within one year +€10,141
up €10,141 (+15.9%), from €63,652 to €73,794
of which Other amounts receivable: +€15,295
- Debts after one year -€19,677
down €19,677 (-34.8%), from €56,464 to €36,787
- Reserves -€11,200
down €11,200 (-7.4%), from €152,000 to €140,800
of which Distributable reserves: -€11,200
- Trade debts -€7,014
down €7,014 (-39.4%), from €17,779 to €10,766
- Current portion of long-term debt +€3,395
up €3,395 (+17.9%), from €18,975 to €22,370
- Gross operating margin -€28,731
down €28,731 (-16.7%), from €172,331 to €143,600
- Taxes -€9,327
down €9,327 (-35.3%), from €26,430 to €17,103
- Staff costs +€2,685
up €2,685 (+4.9%), from €54,701 to €57,386
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 | €321,513 | €285,031 | -€36,482 | -11.3% |
| Fixed assets | 21/28 | €160,642 | €129,960 | -€30,683 | -19.1% |
| Tangible fixed assets | 22/27 | €160,642 | €129,960 | -€30,683 | -19.1% |
| Land and buildings | 22 | €84,612 | €75,523 | -€9,089 | -10.7% |
| Plant, machinery and equipment | 23 | €1,580 | €817 | -€763 | -48.3% |
| Furniture and vehicles | 24 | €686 | €153 | -€533 | -77.7% |
| Leasing and similar rights | 25 | €73,765 | €53,467 | -€20,298 | -27.5% |
| Current assets | 29/58 | €160,871 | €155,072 | -€5,799 | -3.6% |
| Amounts receivable within one year | 40/41 | €63,652 | €73,794 | +€10,141 | +15.9% |
| Trade receivables | 40 | €15,819 | €10,666 | -€5,154 | -32.6% |
| Other amounts receivable | 41 | €47,833 | €63,128 | +€15,295 | +32.0% |
| Cash at bank and in hand | 54/58 | €92,821 | €76,329 | -€16,492 | -17.8% |
| Deferred charges and accrued income | 490/1 | €4,397 | €4,949 | +€552 | +12.6% |
| Total equity and liabilities | 10/49 | €321,513 | €285,031 | -€36,482 | -11.3% |
| Equity | 10/15 | €214,488 | €203,327 | -€11,160 | -5.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €152,000 | €140,800 | -€11,200 | -7.4% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €147,000 | €135,800 | -€11,200 | -7.6% |
| Profit (loss) carried forward | 14 | €42,488 | €42,527 | +€40 | +0.1% |
| Amounts payable | 17/49 | €107,026 | €81,704 | -€25,322 | -23.7% |
| Amounts payable after more than one year | 17 | €56,464 | €36,787 | -€19,677 | -34.8% |
| Financial debts | 170/4 | €56,464 | €36,787 | -€19,677 | -34.8% |
| Amounts payable within one year | 42/48 | €48,955 | €44,917 | -€4,038 | -8.2% |
| Current portion of amounts payable after more than one year | 42 | €18,975 | €22,370 | +€3,395 | +17.9% |
| Trade debts | 44 | €17,779 | €10,766 | -€7,014 | -39.4% |
| Suppliers | 440/4 | €17,779 | €10,766 | -€7,014 | -39.4% |
| Taxes, remuneration and social security | 45 | €10,867 | €10,447 | -€419 | -3.9% |
| Taxes | 450/3 | €9,854 | €10,447 | +€594 | +6.0% |
| Remuneration and social security | 454/9 | €1,013 | - | -€1,013 | |
| Other amounts payable | 47/48 | €1,334 | €1,334 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,606 | - | -€1,606 | |
| Remuneration, social security and pensions | 62 | €54,701 | €57,386 | +€2,685 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,649 | €31,183 | +€1,534 | +5.2% |
| Other operating charges | 640/8 | €3,537 | €3,682 | +€145 | +4.1% |
| Gross operating margin | 9900 | €172,331 | €143,600 | -€28,731 | -16.7% |
| Operating profit (loss) | 9901 | €84,444 | €51,350 | -€33,095 | -39.2% |
| Financial income | 75/76B | €406 | €266 | -€140 | -34.5% |
| Recurring financial income | 75 | €406 | €266 | -€140 | -34.5% |
| Financial charges | 65/66B | €3,180 | €2,673 | -€507 | -15.9% |
| Recurring financial charges | 65 | €3,180 | €2,673 | -€507 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €81,670 | €48,943 | -€32,728 | -40.1% |
| Income taxes | 67/77 | €26,430 | €17,103 | -€9,327 | -35.3% |
| Profit (loss) for the period | 9904 | €55,240 | €31,840 | -€23,401 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,240 | €31,840 | -€23,401 | -42.4% |
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 19 October 2026 via checked.be.