MUES: 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.
MUES
Largest movements
- Cash -€40,550
down €40,550 (-11.8%), from €343,787 to €303,237
mainly Net result for the year (-€30,204) and Tax, wage and social debts (-€17,192)
- Stocks and contracts -€17,846
no longer reported in 2025 (was €17,846)
- Profit (loss) carried forward -€30,204
new in 2025: -€30,204
- Tax, wage and social debts -€17,192
down €17,192 (-89.8%), from €19,150 to €1,958
- Trade debts -€7,651
down €7,651 (-90.9%), from €8,413 to €762
- Reserves -€6,000
down €6,000 (-2.7%), from €223,165 to €217,165
of which Distributable reserves: -€6,000
- Gross operating margin -€99,287
down €99,287, from €72,155 to -€27,132
- Staff costs -€22,072
down €22,072, from €21,936 to -€136
- Taxes -€14,284
no longer reported in 2025 (was €14,284)
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 | €582,230 | €519,737 | -€62,493 | -10.7% |
| Fixed assets | 21/28 | €215,141 | €215,031 | -€110 | -0.1% |
| Intangible fixed assets | 21 | €164,747 | €164,747 | = | 0.0% |
| Tangible fixed assets | 22/27 | €50,393 | €50,283 | -€110 | -0.2% |
| Land and buildings | 22 | €49,579 | €49,579 | = | 0.0% |
| Furniture and vehicles | 24 | €815 | €705 | -€110 | -13.5% |
| Current assets | 29/58 | €367,089 | €304,706 | -€62,383 | -17.0% |
| Stocks and contracts in progress | 3 | €17,846 | - | -€17,846 | |
| Stocks | 30/36 | €17,846 | - | -€17,846 | |
| Amounts receivable within one year | 40/41 | €1,896 | €649 | -€1,247 | -65.8% |
| Trade receivables | 40 | €1,896 | - | -€1,896 | |
| Other amounts receivable | 41 | - | €649 | +€649 | |
| Cash at bank and in hand | 54/58 | €343,787 | €303,237 | -€40,550 | -11.8% |
| Deferred charges and accrued income | 490/1 | €3,562 | €821 | -€2,740 | -76.9% |
| Total equity and liabilities | 10/49 | €582,230 | €519,737 | -€62,493 | -10.7% |
| Equity | 10/15 | €553,165 | €516,961 | -€36,204 | -6.5% |
| Contributions | 10/11 | €330,000 | €330,000 | = | 0.0% |
| Capital | 10 | €330,000 | €330,000 | = | 0.0% |
| Issued capital | 100 | €330,000 | €330,000 | = | 0.0% |
| Reserves | 13 | €223,165 | €217,165 | -€6,000 | -2.7% |
| Non-distributable reserves | 130/1 | €33,000 | €33,000 | = | 0.0% |
| Legal reserve | 130 | €33,000 | €33,000 | = | 0.0% |
| Distributable reserves | 133 | €190,165 | €184,165 | -€6,000 | -3.2% |
| Profit (loss) carried forward | 14 | - | -€30,204 | -€30,204 | |
| Amounts payable | 17/49 | €29,065 | €2,776 | -€26,289 | -90.4% |
| Amounts payable within one year | 42/48 | €29,065 | €2,776 | -€26,289 | -90.4% |
| Trade debts | 44 | €8,413 | €762 | -€7,651 | -90.9% |
| Suppliers | 440/4 | €8,413 | €762 | -€7,651 | -90.9% |
| Taxes, remuneration and social security | 45 | €19,150 | €1,958 | -€17,192 | -89.8% |
| Taxes | 450/3 | €19,150 | €1,958 | -€17,192 | -89.8% |
| Other amounts payable | 47/48 | €1,503 | €57 | -€1,446 | -96.2% |
| Remuneration, social security and pensions | 62 | €21,936 | -€136 | -€22,072 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110 | €110 | = | 0.0% |
| Other operating charges | 640/8 | €2,613 | €2,957 | +€343 | +13.1% |
| Gross operating margin | 9900 | €72,155 | -€27,132 | -€99,287 | |
| Operating profit (loss) | 9901 | €47,496 | -€30,063 | -€77,559 | |
| Financial income | 75/76B | €37 | - | -€37 | |
| Recurring financial income | 75 | €37 | - | -€37 | |
| Financial charges | 65/66B | €295 | €141 | -€154 | -52.3% |
| Recurring financial charges | 65 | €295 | €141 | -€154 | -52.3% |
| Profit (loss) for the period before taxes | 9903 | €47,238 | -€30,204 | -€77,442 | |
| Income taxes | 67/77 | €14,284 | - | -€14,284 | |
| Profit (loss) for the period | 9904 | €32,954 | -€30,204 | -€63,158 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,954 | -€30,204 | -€63,158 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.