MUCO: 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.
MUCO
Largest movements
- Receivables within one year +€77,809
up €77,809 (+33.6%), from €231,468 to €309,277
of which Trade receivables: +€64,744
- Stocks and contracts +€54,856
up €54,856 (+26.3%), from €208,399 to €263,254
of which Contracts in progress: +€28,500
- Cash -€44,033
down €44,033 (-70.0%), from €62,889 to €18,855
mainly Receivables within one year (-€77,809) and Net result for the year (-€66,397)
- Trade debts +€150,579
up €150,579 (+77.4%), from €194,648 to €345,226
- Profit (loss) carried forward -€66,397
down €66,397, from €9,215 to -€57,182
- Other debts +€10,000
up €10,000 (+7.6%), from €131,552 to €141,552
- Tax, wage and social debts +€9,852
up €9,852 (+35.1%), from €28,107 to €37,960
of which Remuneration and social security: +€8,370
- Debts after one year -€9,837
down €9,837 (-14.4%), from €68,247 to €58,410
- Staff costs +€83,046
up €83,046 (+30.7%), from €270,261 to €353,307
- Gross operating margin +€38,129
up €38,129 (+13.7%), from €278,316 to €316,446
- Financial charges -€8,957
down €8,957 (-54.8%), from €16,336 to €7,379
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 | €611,331 | €706,417 | +€95,086 | +15.6% |
| Fixed assets | 21/28 | €103,018 | €107,396 | +€4,377 | +4.2% |
| Tangible fixed assets | 22/27 | €102,893 | €107,271 | +€4,377 | +4.3% |
| Land and buildings | 22 | €23,106 | €19,526 | -€3,581 | -15.5% |
| Plant, machinery and equipment | 23 | €5,669 | €2,395 | -€3,274 | -57.7% |
| Furniture and vehicles | 24 | €1,650 | €22,425 | +€20,775 | +1,259% |
| Leasing and similar rights | 25 | €72,467 | €62,924 | -€9,543 | -13.2% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €508,313 | €599,022 | +€90,709 | +17.8% |
| Stocks and contracts in progress | 3 | €208,399 | €263,254 | +€54,856 | +26.3% |
| Stocks | 30/36 | €163,399 | €189,754 | +€26,356 | +16.1% |
| Contracts in progress | 37 | €45,000 | €73,500 | +€28,500 | +63.3% |
| Amounts receivable within one year | 40/41 | €231,468 | €309,277 | +€77,809 | +33.6% |
| Trade receivables | 40 | €209,745 | €274,489 | +€64,744 | +30.9% |
| Other amounts receivable | 41 | €21,723 | €34,788 | +€13,065 | +60.1% |
| Cash at bank and in hand | 54/58 | €62,889 | €18,855 | -€44,033 | -70.0% |
| Deferred charges and accrued income | 490/1 | €5,558 | €7,635 | +€2,077 | +37.4% |
| Total equity and liabilities | 10/49 | €611,331 | €706,417 | +€95,086 | +15.6% |
| Equity | 10/15 | €75,215 | €8,818 | -€66,397 | -88.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Capital | 10 | €60,000 | - | -€60,000 | |
| Issued capital | 100 | €60,000 | - | -€60,000 | |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,215 | -€57,182 | -€66,397 | |
| Amounts payable | 17/49 | €536,116 | €697,599 | +€161,483 | +30.1% |
| Amounts payable after more than one year | 17 | €68,247 | €58,410 | -€9,837 | -14.4% |
| Financial debts | 170/4 | €68,247 | €58,410 | -€9,837 | -14.4% |
| Amounts payable within one year | 42/48 | €466,644 | €637,964 | +€171,320 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €12,337 | €13,225 | +€889 | +7.2% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €194,648 | €345,226 | +€150,579 | +77.4% |
| Suppliers | 440/4 | €194,648 | €345,226 | +€150,579 | +77.4% |
| Taxes, remuneration and social security | 45 | €28,107 | €37,960 | +€9,852 | +35.1% |
| Taxes | 450/3 | €1,808 | €3,290 | +€1,482 | +81.9% |
| Remuneration and social security | 454/9 | €26,299 | €34,669 | +€8,370 | +31.8% |
| Other amounts payable | 47/48 | €131,552 | €141,552 | +€10,000 | +7.6% |
| Accrued charges and deferred income | 492/3 | €1,225 | €1,225 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €270,261 | €353,307 | +€83,046 | +30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,344 | €21,799 | +€1,455 | +7.2% |
| Other operating charges | 640/8 | €7,611 | €6,902 | -€709 | -9.3% |
| Gross operating margin | 9900 | €278,316 | €316,446 | +€38,129 | +13.7% |
| Operating profit (loss) | 9901 | -€19,900 | -€65,562 | -€45,662 | -229% |
| Financial income | 75/76B | €7,475 | €6,544 | -€931 | -12.5% |
| Recurring financial income | 75 | €7,475 | €6,544 | -€931 | -12.5% |
| Financial charges | 65/66B | €16,336 | €7,379 | -€8,957 | -54.8% |
| Recurring financial charges | 65 | €16,336 | €7,379 | -€8,957 | -54.8% |
| Profit (loss) for the period before taxes | 9903 | -€28,761 | -€66,397 | -€37,636 | -131% |
| Profit (loss) for the period | 9904 | -€28,761 | -€66,397 | -€37,636 | -131% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,761 | -€66,397 | -€37,636 | -131% |
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 13 October 2026 via checked.be.