MUCHMORE: 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.
MUCHMORE
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-27.0%), from €4.1m to €3.0m
of which Other amounts receivable: -€1.1m
- Other debts -€1.1m
down €1.1m (-28.0%), from €3.9m to €2.8m
- Financial income -€676,601
down €676,601 (-19.0%), from €3.6m to €2.9m
- Taxes -€30,067
down €30,067 (-48.4%), from €62,122 to €32,055
- Gross operating margin +€15,662
up €15,662 (+91.5%), from -€17,116 to -€1,454
- Financial charges -€3,430
down €3,430 (-23.3%), from €14,725 to €11,295
- Other operating charges +€294
up €294 (+1,051%), from €28 to €322
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,808,487 | €7,727,357 | -€1.1m | -12.3% |
| Fixed assets | 21/28 | €4,717,924 | €4,717,924 | = | 0.0% |
| Financial fixed assets | 28 | €4,717,924 | €4,717,924 | = | 0.0% |
| Current assets | 29/58 | €4,090,563 | €3,009,433 | -€1.1m | -26.4% |
| Amounts receivable within one year | 40/41 | €4,077,485 | €2,975,995 | -€1.1m | -27.0% |
| Trade receivables | 40 | €77,460 | €110,546 | +€33,086 | +42.7% |
| Other amounts receivable | 41 | €4,000,025 | €2,865,448 | -€1.1m | -28.4% |
| Cash at bank and in hand | 54/58 | €13,078 | €33,439 | +€20,361 | +156% |
| Total equity and liabilities | 10/49 | €8,808,487 | €7,727,357 | -€1.1m | -12.3% |
| Equity | 10/15 | €4,749,011 | €4,757,666 | +€8,655 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,730,411 | €4,739,066 | +€8,655 | +0.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €4,728,551 | €4,737,206 | +€8,655 | +0.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €4,059,476 | €2,969,691 | -€1.1m | -26.8% |
| Amounts payable within one year | 42/48 | €4,059,476 | €2,969,691 | -€1.1m | -26.8% |
| Trade debts | 44 | €88,531 | €106,541 | +€18,010 | +20.3% |
| Suppliers | 440/4 | €88,531 | €106,541 | +€18,010 | +20.3% |
| Taxes, remuneration and social security | 45 | €26,531 | €23,151 | -€3,381 | -12.7% |
| Taxes | 450/3 | €26,531 | €23,151 | -€3,381 | -12.7% |
| Other amounts payable | 47/48 | €3,944,414 | €2,840,000 | -€1.1m | -28.0% |
| Other operating charges | 640/8 | €28 | €322 | +€294 | +1,051% |
| Gross operating margin | 9900 | -€17,116 | -€1,454 | +€15,662 | +91.5% |
| Operating profit (loss) | 9901 | -€17,144 | -€1,776 | +€15,368 | +89.6% |
| Financial income | 75/76B | €3,570,383 | €2,893,782 | -€676,601 | -19.0% |
| Recurring financial income | 75 | €3,570,383 | €2,893,782 | -€676,601 | -19.0% |
| Financial charges | 65/66B | €14,725 | €11,295 | -€3,430 | -23.3% |
| Recurring financial charges | 65 | €14,725 | €11,295 | -€3,430 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €3,538,514 | €2,880,710 | -€657,803 | -18.6% |
| Income taxes | 67/77 | €62,122 | €32,055 | -€30,067 | -48.4% |
| Profit (loss) for the period | 9904 | €3,476,391 | €2,848,655 | -€627,736 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,476,391 | €2,848,655 | -€627,736 | -18.1% |
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.