Muermans 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.
Muermans Management
Largest movements
- Receivables within one year +€17,719
up €17,719 (+391%), from €4,532 to €22,251
of which Trade receivables: +€18,502
- Cash -€3,776
down €3,776 (-7.4%), from €51,121 to €47,345
mainly Other debts (-€25,333) and Receivables within one year (-€17,719)
- Reserves +€50,429
up €50,429 (+83.2%), from €60,603 to €111,031
- Other debts -€25,333
down €25,333 (-59.6%), from €42,481 to €17,148
- Tax, wage and social debts -€10,228
down €10,228 (-42.0%), from €24,341 to €14,113
- Gross operating margin +€37,425
up €37,425 (+254%), from €14,759 to €52,184
- Financial income +€25,000
new in 2025: €25,000
- Taxes +€20,177
up €20,177 (+696%), from €2,901 to €23,077
- Financial charges -€1,166
down €1,166 (-33.0%), from €3,530 to €2,364
- Other operating charges +€793
up €793 (+1,279%), from €62 to €855
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 | €135,318 | €148,774 | +€13,456 | +9.9% |
| Fixed assets | 21/28 | €78,812 | €79,179 | +€367 | +0.5% |
| Tangible fixed assets | 22/27 | €712 | €1,079 | +€367 | +51.5% |
| Furniture and vehicles | 24 | €712 | €1,079 | +€367 | +51.5% |
| Financial fixed assets | 28 | €78,100 | €78,100 | = | 0.0% |
| Current assets | 29/58 | €56,506 | €69,596 | +€13,089 | +23.2% |
| Amounts receivable within one year | 40/41 | €4,532 | €22,251 | +€17,719 | +391% |
| Trade receivables | 40 | - | €18,502 | +€18,502 | |
| Other amounts receivable | 41 | €4,532 | €3,748 | -€783 | -17.3% |
| Cash at bank and in hand | 54/58 | €51,121 | €47,345 | -€3,776 | -7.4% |
| Deferred charges and accrued income | 490/1 | €853 | - | -€853 | |
| Total equity and liabilities | 10/49 | €135,318 | €148,774 | +€13,456 | +9.9% |
| Equity | 10/15 | €65,603 | €116,031 | +€50,429 | +76.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €60,603 | €111,031 | +€50,429 | +83.2% |
| Distributable reserves | 133 | €60,603 | €111,031 | +€50,429 | +83.2% |
| Amounts payable | 17/49 | €69,716 | €32,743 | -€36,972 | -53.0% |
| Amounts payable within one year | 42/48 | €69,696 | €32,743 | -€36,953 | -53.0% |
| Trade debts | 44 | €2,874 | €1,483 | -€1,392 | -48.4% |
| Suppliers | 440/4 | €2,874 | €1,483 | -€1,392 | -48.4% |
| Taxes, remuneration and social security | 45 | €24,341 | €14,113 | -€10,228 | -42.0% |
| Taxes | 450/3 | €24,341 | €14,113 | -€10,228 | -42.0% |
| Other amounts payable | 47/48 | €42,481 | €17,148 | -€25,333 | -59.6% |
| Accrued charges and deferred income | 492/3 | €20 | - | -€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131 | €459 | +€328 | +251% |
| Other operating charges | 640/8 | €62 | €855 | +€793 | +1,279% |
| Gross operating margin | 9900 | €14,759 | €52,184 | +€37,425 | +254% |
| Operating profit (loss) | 9901 | €14,566 | €50,870 | +€36,304 | +249% |
| Financial income | 75/76B | - | €25,000 | +€25,000 | |
| Recurring financial income | 75 | - | €25,000 | +€25,000 | |
| Financial charges | 65/66B | €3,530 | €2,364 | -€1,166 | -33.0% |
| Recurring financial charges | 65 | €3,530 | €2,364 | -€1,166 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €11,036 | €73,506 | +€62,470 | +566% |
| Income taxes | 67/77 | €2,901 | €23,077 | +€20,177 | +696% |
| Profit (loss) for the period | 9904 | €8,135 | €50,429 | +€42,293 | +520% |
| Profit (loss) for the period to be appropriated | 9905 | €8,135 | €50,429 | +€42,293 | +520% |
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 20 October 2026 via checked.be.