MUDERI: 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.
MUDERI
Largest movements
- Tangible fixed assets -€51,996
down €51,996 (-14.0%), from €370,950 to €318,955
of which Furniture and vehicles: -€29,863
- Receivables within one year +€12,995
up €12,995 (+21.2%), from €61,191 to €74,186
of which Trade receivables: +€23,554
- Cash -€5,680
down €5,680 (-31.0%), from €18,305 to €12,624
mainly Other debts (-€28,779) and Debts after one year (-€20,500)
- Other debts -€28,779
down €28,779 (-14.1%), from €204,516 to €175,737
- Debts after one year -€20,500
down €20,500 (-26.5%), from €77,304 to €56,804
- Tax, wage and social debts -€4,916
down €4,916 (-42.1%), from €11,671 to €6,755
of which Remuneration and social security: -€3,618
- Profit (loss) carried forward +€4,587
up €4,587 (+4.4%), from -€103,989 to -€99,403
- Gross operating margin +€47,045
up €47,045 (+83.6%), from €56,240 to €103,285
- Staff costs -€19,880
down €19,880 (-33.7%), from €59,009 to €39,129
- Depreciation +€13,585
up €13,585 (+35.4%), from €38,411 to €51,996
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 | €450,446 | €405,765 | -€44,681 | -9.9% |
| Fixed assets | 21/28 | €370,950 | €318,955 | -€51,996 | -14.0% |
| Tangible fixed assets | 22/27 | €370,950 | €318,955 | -€51,996 | -14.0% |
| Land and buildings | 22 | €239,969 | €218,924 | -€21,045 | -8.8% |
| Plant, machinery and equipment | 23 | €5,029 | €3,941 | -€1,088 | -21.6% |
| Furniture and vehicles | 24 | €125,952 | €96,089 | -€29,863 | -23.7% |
| Current assets | 29/58 | €79,496 | €86,810 | +€7,314 | +9.2% |
| Amounts receivable within one year | 40/41 | €61,191 | €74,186 | +€12,995 | +21.2% |
| Trade receivables | 40 | €49,459 | €73,013 | +€23,554 | +47.6% |
| Other amounts receivable | 41 | €11,732 | €1,173 | -€10,559 | -90.0% |
| Cash at bank and in hand | 54/58 | €18,305 | €12,624 | -€5,680 | -31.0% |
| Total equity and liabilities | 10/49 | €450,446 | €405,765 | -€44,681 | -9.9% |
| Equity | 10/15 | €86,526 | €91,113 | +€4,587 | +5.3% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Capital | 10 | €170,000 | €170,000 | = | 0.0% |
| Issued capital | 100 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €20,515 | €20,515 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €14,315 | €14,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,989 | -€99,403 | +€4,587 | +4.4% |
| Amounts payable | 17/49 | €363,920 | €314,652 | -€49,268 | -13.5% |
| Amounts payable after more than one year | 17 | €77,304 | €56,804 | -€20,500 | -26.5% |
| Financial debts | 170/4 | €77,304 | €56,804 | -€20,500 | -26.5% |
| Amounts payable within one year | 42/48 | €238,012 | €209,244 | -€28,768 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €19,716 | €20,500 | +€784 | +4.0% |
| Trade debts | 44 | €2,110 | €6,253 | +€4,143 | +196% |
| Suppliers | 440/4 | €2,110 | €6,253 | +€4,143 | +196% |
| Taxes, remuneration and social security | 45 | €11,671 | €6,755 | -€4,916 | -42.1% |
| Taxes | 450/3 | €3,046 | €1,748 | -€1,298 | -42.6% |
| Remuneration and social security | 454/9 | €8,624 | €5,007 | -€3,618 | -41.9% |
| Other amounts payable | 47/48 | €204,516 | €175,737 | -€28,779 | -14.1% |
| Accrued charges and deferred income | 492/3 | €48,605 | €48,605 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €59,009 | €39,129 | -€19,880 | -33.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,411 | €51,996 | +€13,585 | +35.4% |
| Other operating charges | 640/8 | €2,479 | €2,551 | +€72 | +2.9% |
| Gross operating margin | 9900 | €56,240 | €103,285 | +€47,045 | +83.6% |
| Operating profit (loss) | 9901 | -€43,659 | €9,609 | +€53,268 | |
| Financial charges | 65/66B | €4,637 | €4,134 | -€504 | -10.9% |
| Recurring financial charges | 65 | €4,637 | €4,134 | -€504 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | -€48,296 | €5,476 | +€53,772 | |
| Income taxes | 67/77 | €859 | €889 | +€30 | +3.5% |
| Profit (loss) for the period | 9904 | -€49,155 | €4,587 | +€53,741 | |
| Profit (loss) for the period to be appropriated | 9905 | -€49,155 | €4,587 | +€53,741 |
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 24 October 2026 via checked.be.