MUDARO: what changed
Two fiscal 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.
MUDARO
Largest movements
- Tangible fixed assets -€44,829
down €44,829 (-88.6%), from €50,571 to €5,742
of which Plant, machinery and equipment: -€41,310
- Cash +€17,593
up €17,593 (+947.6%), from €1,857 to €19,450
mainly Investment in fixed assets (net) (+€41,818) and Other debts (+€24,331)
- Receivables within one year +€13,260
up €13,260 (+204.5%), from €6,483 to €19,743
of which Trade receivables: +€12,860
- Deferred charges and accrued income +€977
up €977 (+170.7%), from €572 to €1,549
- Other debts +€24,331
up €24,331 (+1915.5%), from €1,270 to €25,602
- Reserves -€22,785
down €22,785 (-37.5%), from €60,782 to €37,998
- Trade debts -€8,429
down €8,429 (-82.0%), from €10,277 to €1,848
- Profit (loss) carried forward -€7,861
down €7,861 (-35.6%), from -€22,087 to -€29,948
- Tax, wage and social debts +€4,707
up €4,707 (+6052.5%), from €78 to €4,785
- Depreciation -€12,196
down €12,196 (-80.2%), from €15,207 to €3,011
- Gross operating margin +€1,373
up €1,373 (+12.1%), from €11,338 to €12,711
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 | €59,483 | €46,484 | -€12,999 | -21.9% |
| Fixed assets | 21/28 | €50,571 | €5,742 | -€44,829 | -88.6% |
| Tangible fixed assets | 22/27 | €50,571 | €5,742 | -€44,829 | -88.6% |
| Plant, machinery and equipment | 23 | €42,363 | €1,053 | -€41,310 | -97.5% |
| Furniture and vehicles | 24 | €8,208 | €4,689 | -€3,519 | -42.9% |
| Current assets | 29/58 | €8,912 | €40,742 | +€31,830 | +357.2% |
| Amounts receivable within one year | 40/41 | €6,483 | €19,743 | +€13,260 | +204.5% |
| Trade receivables | 40 | €6,483 | €19,342 | +€12,860 | +198.4% |
| Other amounts receivable | 41 | - | €401 | +€401 | |
| Cash at bank and in hand | 54/58 | €1,857 | €19,450 | +€17,593 | +947.6% |
| Deferred charges and accrued income | 490/1 | €572 | €1,549 | +€977 | +170.7% |
| Total equity and liabilities | 10/49 | €59,483 | €46,484 | -€12,999 | -21.9% |
| Equity | 10/15 | €44,896 | €14,250 | -€30,646 | -68.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €60,782 | €37,998 | -€22,785 | -37.5% |
| Distributable reserves | 133 | €60,782 | €37,998 | -€22,785 | -37.5% |
| Profit (loss) carried forward | 14 | -€22,087 | -€29,948 | -€7,861 | -35.6% |
| Amounts payable | 17/49 | €14,587 | €32,234 | +€17,647 | +121.0% |
| Amounts payable within one year | 42/48 | €14,172 | €32,234 | +€18,062 | +127.5% |
| Financial debts | 43 | €2,547 | - | -€2,547 | |
| Credit institutions | 430/8 | €2,547 | - | -€2,547 | |
| Trade debts | 44 | €10,277 | €1,848 | -€8,429 | -82.0% |
| Suppliers | 440/4 | €10,277 | €1,848 | -€8,429 | -82.0% |
| Taxes, remuneration and social security | 45 | €78 | €4,785 | +€4,707 | +6052.5% |
| Taxes | 450/3 | €78 | €4,785 | +€4,707 | +6052.5% |
| Other amounts payable | 47/48 | €1,270 | €25,602 | +€24,331 | +1915.5% |
| Accrued charges and deferred income | 492/3 | €416 | - | -€416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,207 | €3,011 | -€12,196 | -80.2% |
| Other operating charges | 640/8 | €345 | €367 | +€22 | +6.3% |
| Non-recurring operating charges | 66A | - | €16,899 | +€16,899 | |
| Gross operating margin | 9900 | €11,338 | €12,711 | +€1,373 | +12.1% |
| Operating profit (loss) | 9901 | -€4,215 | -€7,566 | -€3,352 | -79.5% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €316 | €295 | -€22 | -6.8% |
| Recurring financial charges | 65 | €316 | €295 | -€22 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,527 | -€7,861 | -€3,334 | -73.6% |
| Profit (loss) for the period | 9904 | -€4,527 | -€7,861 | -€3,334 | -73.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,527 | -€7,861 | -€3,334 | -73.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.