MUEL MANAGEMENT: 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.
MUEL MANAGEMENT
Largest movements
- Cash +€36,443
up €36,443 (+143%), from €25,505 to €61,949
mainly Other debts (+€101,882) and Net result for the year (+€38,832)
- Receivables within one year -€20,844
down €20,844 (-14.6%), from €142,628 to €121,784
of which Trade receivables: -€22,029
- Tangible fixed assets -€3,924
down €3,924 (-27.7%), from €14,154 to €10,230
of which Furniture and vehicles: -€3,267
- Other debts +€101,882
up €101,882 (+774%), from €13,163 to €115,046
- Reserves -€57,382
down €57,382 (-64.0%), from €89,668 to €32,286
of which Distributable reserves: -€57,382
- Profit (loss) carried forward -€29,706
down €29,706 (-43.3%), from €68,538 to €38,832
- Tax, wage and social debts -€3,274
down €3,274 (-36.8%), from €8,900 to €5,625
- Depreciation +€1,568
up €1,568 (+66.6%), from €2,356 to €3,924
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 | €183,703 | €196,466 | +€12,763 | +6.9% |
| Fixed assets | 21/28 | €14,154 | €10,230 | -€3,924 | -27.7% |
| Tangible fixed assets | 22/27 | €14,154 | €10,230 | -€3,924 | -27.7% |
| Furniture and vehicles | 24 | €7,718 | €4,451 | -€3,267 | -42.3% |
| Other tangible fixed assets | 26 | €6,437 | €5,780 | -€657 | -10.2% |
| Current assets | 29/58 | €169,548 | €186,235 | +€16,687 | +9.8% |
| Amounts receivable within one year | 40/41 | €142,628 | €121,784 | -€20,844 | -14.6% |
| Trade receivables | 40 | €40,586 | €18,557 | -€22,029 | -54.3% |
| Other amounts receivable | 41 | €102,042 | €103,227 | +€1,185 | +1.2% |
| Cash at bank and in hand | 54/58 | €25,505 | €61,949 | +€36,443 | +143% |
| Deferred charges and accrued income | 490/1 | €1,415 | €2,503 | +€1,088 | +76.9% |
| Total equity and liabilities | 10/49 | €183,703 | €196,466 | +€12,763 | +6.9% |
| Equity | 10/15 | €159,206 | €72,118 | -€87,088 | -54.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €89,668 | €32,286 | -€57,382 | -64.0% |
| Tax-exempt reserves | 132 | €1,779 | €1,779 | = | 0.0% |
| Distributable reserves | 133 | €87,890 | €30,507 | -€57,382 | -65.3% |
| Profit (loss) carried forward | 14 | €68,538 | €38,832 | -€29,706 | -43.3% |
| Amounts payable | 17/49 | €24,496 | €124,347 | +€99,851 | +408% |
| Amounts payable within one year | 42/48 | €24,496 | €124,099 | +€99,602 | +407% |
| Trade debts | 44 | €2,433 | €3,428 | +€995 | +40.9% |
| Suppliers | 440/4 | €2,433 | €3,428 | +€995 | +40.9% |
| Taxes, remuneration and social security | 45 | €8,900 | €5,625 | -€3,274 | -36.8% |
| Taxes | 450/3 | €8,900 | €5,625 | -€3,274 | -36.8% |
| Other amounts payable | 47/48 | €13,163 | €115,046 | +€101,882 | +774% |
| Accrued charges and deferred income | 492/3 | - | €248 | +€248 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,356 | €3,924 | +€1,568 | +66.6% |
| Other operating charges | 640/8 | €2,240 | €1,662 | -€578 | -25.8% |
| Gross operating margin | 9900 | €57,918 | €58,067 | +€149 | +0.3% |
| Operating profit (loss) | 9901 | €53,322 | €52,481 | -€841 | -1.6% |
| Financial income | 75/76B | €1,523 | €2,000 | +€477 | +31.3% |
| Recurring financial income | 75 | €1,523 | €2,000 | +€477 | +31.3% |
| Financial charges | 65/66B | €1,478 | €1,334 | -€144 | -9.7% |
| Recurring financial charges | 65 | €1,478 | €1,334 | -€144 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €53,368 | €53,147 | -€221 | -0.4% |
| Income taxes | 67/77 | €14,547 | €14,315 | -€232 | -1.6% |
| Profit (loss) for the period | 9904 | €38,821 | €38,832 | +€11 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €38,821 | €38,832 | +€11 | 0.0% |
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 16 October 2026 via checked.be.