MUDIM: 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.
MUDIM
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+250.6%), from €533,946 to €1.9m
of which Land and buildings: +€1.3m
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Cash -€155,645
down €155,645 (-75.5%), from €206,147 to €50,502
mainly Investment in fixed assets (net) (-€1.4m) and Other debts (-€181,209)
- Debts after one year +€914,685
up €914,685, from €0 to €914,685
- Other debts -€181,209
down €181,209 (-98.9%), from €183,237 to €2,028
- Reserves +€169,201
up €169,201 (+101.2%), from €167,199 to €336,400
of which Distributable reserves: +€169,201
- Current portion of long-term debt +€65,716
up €65,716 (+335.3%), from €19,599 to €85,315
- Depreciation +€18,960
up €18,960 (+39.9%), from €47,508 to €66,468
- Financial income -€9,213
down €9,213 (-61.3%), from €15,038 to €5,825
- Taxes +€8,161
up €8,161 (+11.4%), from €71,289 to €79,450
- Gross operating margin +€4,377
up €4,377 (+1.3%), from €324,989 to €329,366
- Financial charges +€3,536
up €3,536 (+123.4%), from €2,865 to €6,401
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 | €1,160,554 | €2,130,190 | +€969,637 | +83.5% |
| Fixed assets | 21/28 | €533,946 | €1,872,077 | +€1.3m | +250.6% |
| Tangible fixed assets | 22/27 | €533,946 | €1,872,077 | +€1.3m | +250.6% |
| Land and buildings | 22 | €532,136 | €1,870,688 | +€1.3m | +251.5% |
| Furniture and vehicles | 24 | €1,810 | €1,389 | -€421 | -23.3% |
| Current assets | 29/58 | €626,607 | €258,114 | -€368,494 | -58.8% |
| Amounts receivable within one year | 40/41 | €218,990 | €205,948 | -€13,043 | -6.0% |
| Other amounts receivable | 41 | €218,990 | €205,948 | -€13,043 | -6.0% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €206,147 | €50,502 | -€155,645 | -75.5% |
| Deferred charges and accrued income | 490/1 | €1,470 | €1,664 | +€194 | +13.2% |
| Total equity and liabilities | 10/49 | €1,160,554 | €2,130,190 | +€969,637 | +83.5% |
| Equity | 10/15 | €910,879 | €1,080,081 | +€169,201 | +18.6% |
| Contributions | 10/11 | €743,681 | €743,681 | = | 0.0% |
| Capital | 10 | €743,681 | €743,681 | = | 0.0% |
| Issued capital | 100 | €743,681 | €743,681 | = | 0.0% |
| Reserves | 13 | €167,199 | €336,400 | +€169,201 | +101.2% |
| Non-distributable reserves | 130/1 | €74,368 | €74,368 | = | 0.0% |
| Legal reserve | 130 | €74,368 | €74,368 | = | 0.0% |
| Distributable reserves | 133 | €92,831 | €262,032 | +€169,201 | +182.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €249,674 | €1,050,110 | +€800,435 | +320.6% |
| Amounts payable after more than one year | 17 | €0 | €914,685 | +€914,685 | |
| Financial debts | 170/4 | €0 | €914,685 | +€914,685 | |
| Amounts payable within one year | 42/48 | €249,674 | €135,425 | -€114,250 | -45.8% |
| Current portion of amounts payable after more than one year | 42 | €19,599 | €85,315 | +€65,716 | +335.3% |
| Trade debts | 44 | €2,839 | €992 | -€1,847 | -65.1% |
| Suppliers | 440/4 | €2,839 | €992 | -€1,847 | -65.1% |
| Taxes, remuneration and social security | 45 | €44,000 | €47,090 | +€3,090 | +7.0% |
| Taxes | 450/3 | €44,000 | €47,090 | +€3,090 | +7.0% |
| Other amounts payable | 47/48 | €183,237 | €2,028 | -€181,209 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,508 | €66,468 | +€18,960 | +39.9% |
| Other operating charges | 640/8 | €10,477 | €13,671 | +€3,194 | +30.5% |
| Gross operating margin | 9900 | €324,989 | €329,366 | +€4,377 | +1.3% |
| Operating profit (loss) | 9901 | €267,005 | €249,227 | -€17,778 | -6.7% |
| Financial income | 75/76B | €15,038 | €5,825 | -€9,213 | -61.3% |
| Recurring financial income | 75 | €15,038 | €5,825 | -€9,213 | -61.3% |
| Financial charges | 65/66B | €2,865 | €6,401 | +€3,536 | +123.4% |
| Recurring financial charges | 65 | €2,865 | €6,401 | +€3,536 | +123.4% |
| Profit (loss) for the period before taxes | 9903 | €279,178 | €248,651 | -€30,526 | -10.9% |
| Income taxes | 67/77 | €71,289 | €79,450 | +€8,161 | +11.4% |
| Profit (loss) for the period | 9904 | €207,888 | €169,201 | -€38,687 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €207,888 | €169,201 | -€38,687 | -18.6% |
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.