MUCHO: 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.
MUCHO
Largest movements
- Receivables within one year +€830,705
up €830,705 (+348.9%), from €238,126 to €1.1m
of which Trade receivables: +€835,694
- Formation expenses +€271,250
new in 2025: €271,250
- Cash +€39,545
up €39,545 (+299.1%), from €13,220 to €52,765
- Reserves +€1.6m
new in 2025: €1.6m
- Profit (loss) carried forward -€1.5m
down €1.5m, from €7,715 to -€1.5m
- Tax, wage and social debts +€321,109
up €321,109 (+734.7%), from €43,704 to €364,813
of which Taxes: +€168,942
- Debts after one year +€221,564
new in 2025: €221,564
- Trade debts +€204,821
up €204,821 (+101.4%), from €202,054 to €406,875
- Turnover +€3.2m
new in 2025: €3.2m
- Purchases and services +€2.2m
new in 2025: €2.2m
- Staff costs +€891,563
up €891,563 (+470.8%), from €189,361 to €1.1m
- Gross operating margin +€796,090
up €796,090 (+360.7%), from €220,727 to €1.0m
- Depreciation +€61,755
up €61,755 (+1619.5%), from €3,813 to €65,568
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €272,074 | €1,440,057 | +€1.2m | +429.3% |
| Formation expenses | 20 | - | €271,250 | +€271,250 | |
| Fixed assets | 21/28 | €11,517 | €24,884 | +€13,367 | +116.1% |
| Intangible fixed assets | 21 | €4,237 | €9,212 | +€4,975 | +117.4% |
| Tangible fixed assets | 22/27 | €7,129 | €10,762 | +€3,633 | +51.0% |
| Plant, machinery and equipment | 23 | €207 | €5,082 | +€4,875 | +2355.9% |
| Furniture and vehicles | 24 | €6,922 | €5,680 | -€1,242 | -17.9% |
| Financial fixed assets | 28 | €150 | €4,910 | +€4,760 | +3173.3% |
| Current assets | 29/58 | €260,557 | €1,143,923 | +€883,366 | +339.0% |
| Stocks and contracts in progress | 3 | - | €10,739 | +€10,739 | |
| Stocks | 30/36 | - | €10,739 | +€10,739 | |
| Amounts receivable within one year | 40/41 | €238,126 | €1,068,831 | +€830,705 | +348.9% |
| Trade receivables | 40 | €208,213 | €1,043,907 | +€835,694 | +401.4% |
| Other amounts receivable | 41 | €29,914 | €24,924 | -€4,990 | -16.7% |
| Cash at bank and in hand | 54/58 | €13,220 | €52,765 | +€39,545 | +299.1% |
| Deferred charges and accrued income | 490/1 | €9,211 | €11,588 | +€2,377 | +25.8% |
| Total equity and liabilities | 10/49 | €272,074 | €1,440,057 | +€1.2m | +429.3% |
| Equity | 10/15 | €26,315 | - | -€26,315 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €1,604,000 | +€1.6m | |
| Distributable reserves | 133 | - | €1,604,000 | +€1.6m | |
| Profit (loss) carried forward | 14 | €7,715 | -€1,483,056 | -€1.5m | |
| Amounts payable | 17/49 | €245,758 | €1,300,513 | +€1.1m | +429.2% |
| Amounts payable after more than one year | 17 | - | €221,564 | +€221,564 | |
| Financial debts | 170/4 | - | €221,564 | +€221,564 | |
| Amounts payable within one year | 42/48 | €245,758 | €949,254 | +€703,496 | +286.3% |
| Current portion of amounts payable after more than one year | 42 | - | €52,566 | +€52,566 | |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €202,054 | €406,875 | +€204,821 | +101.4% |
| Suppliers | 440/4 | €202,054 | €406,875 | +€204,821 | +101.4% |
| Taxes, remuneration and social security | 45 | €43,704 | €364,813 | +€321,109 | +734.7% |
| Taxes | 450/3 | €9,616 | €178,558 | +€168,942 | +1757.0% |
| Remuneration and social security | 454/9 | €34,088 | €186,255 | +€152,167 | +446.4% |
| Accrued charges and deferred income | 492/3 | - | €129,695 | +€129,695 | |
| Turnover | 70 | - | €3,204,306 | +€3.2m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €2,194,040 | +€2.2m | |
| Remuneration, social security and pensions | 62 | €189,361 | €1,080,924 | +€891,563 | +470.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,813 | €65,568 | +€61,755 | +1619.5% |
| Other operating charges | 640/8 | €182 | €5,213 | +€5,031 | +2765.9% |
| Gross operating margin | 9900 | €220,727 | €1,016,817 | +€796,090 | +360.7% |
| Operating profit (loss) | 9901 | €27,371 | -€134,888 | -€162,259 | |
| Financial income | 75/76B | €3,052 | €11,785 | +€8,733 | +286.1% |
| Recurring financial income | 75 | €3,052 | €11,785 | +€8,733 | +286.1% |
| Financial charges | 65/66B | €14,815 | €45,083 | +€30,268 | +204.3% |
| Recurring financial charges | 65 | €14,815 | €45,083 | +€30,268 | +204.3% |
| Profit (loss) for the period before taxes | 9903 | €15,608 | -€168,186 | -€183,794 | |
| Income taxes | 67/77 | €9,783 | €236 | -€9,547 | -97.6% |
| Profit (loss) for the period | 9904 | €5,825 | -€168,422 | -€174,247 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,825 | -€168,422 | -€174,247 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.