MUFFELS: 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.
MUFFELS
Largest movements
- Tangible fixed assets -€67,116
down €67,116 (-11.8%), from €567,995 to €500,879
of which Leasing and similar rights: -€44,160
- Deferred charges and accrued income -€15,955
down €15,955 (-57.2%), from €27,906 to €11,951
- Receivables within one year -€8,850
down €8,850 (-7.5%), from €117,582 to €108,732
of which Other amounts receivable: -€12,590
- Debts after one year -€66,538
down €66,538 (-20.1%), from €331,644 to €265,106
- Other debts -€19,630
down €19,630 (-14.3%), from €137,270 to €117,640
- Current portion of long-term debt -€17,681
down €17,681 (-21.0%), from €84,219 to €66,538
- Gross operating margin -€22,018
down €22,018 (-19.9%), from €110,748 to €88,730
- Depreciation -€3,764
down €3,764 (-5.2%), from €72,400 to €68,636
- Financial charges -€2,429
down €2,429 (-18.0%), from €13,468 to €11,039
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 | €767,815 | €670,871 | -€96,944 | -12.6% |
| Fixed assets | 21/28 | €567,995 | €500,879 | -€67,116 | -11.8% |
| Tangible fixed assets | 22/27 | €567,995 | €500,879 | -€67,116 | -11.8% |
| Land and buildings | 22 | €432,119 | €425,349 | -€6,769 | -1.6% |
| Furniture and vehicles | 24 | €65,462 | €49,276 | -€16,187 | -24.7% |
| Leasing and similar rights | 25 | €70,414 | €26,254 | -€44,160 | -62.7% |
| Current assets | 29/58 | €199,820 | €169,992 | -€29,828 | -14.9% |
| Stocks and contracts in progress | 3 | €44,000 | €44,000 | = | 0.0% |
| Stocks | 30/36 | €44,000 | €44,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €117,582 | €108,732 | -€8,850 | -7.5% |
| Trade receivables | 40 | €1,660 | €5,400 | +€3,740 | +225% |
| Other amounts receivable | 41 | €115,922 | €103,332 | -€12,590 | -10.9% |
| Cash at bank and in hand | 54/58 | €10,332 | €5,309 | -€5,022 | -48.6% |
| Deferred charges and accrued income | 490/1 | €27,906 | €11,951 | -€15,955 | -57.2% |
| Total equity and liabilities | 10/49 | €767,815 | €670,871 | -€96,944 | -12.6% |
| Equity | 10/15 | €191,017 | €194,068 | +€3,051 | +1.6% |
| Contributions | 10/11 | €74,000 | €74,000 | = | 0.0% |
| Capital | 10 | €74,000 | €74,000 | = | 0.0% |
| Issued capital | 100 | €74,000 | €74,000 | = | 0.0% |
| Reserves | 13 | €117,017 | €120,068 | +€3,051 | +2.6% |
| Non-distributable reserves | 130/1 | €7,400 | €7,400 | = | 0.0% |
| Legal reserve | 130 | €7,400 | €7,400 | = | 0.0% |
| Distributable reserves | 133 | €109,617 | €112,668 | +€3,051 | +2.8% |
| Amounts payable | 17/49 | €576,798 | €476,803 | -€99,995 | -17.3% |
| Amounts payable after more than one year | 17 | €331,644 | €265,106 | -€66,538 | -20.1% |
| Financial debts | 170/4 | €331,644 | €265,106 | -€66,538 | -20.1% |
| Amounts payable within one year | 42/48 | €241,105 | €211,697 | -€29,408 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €84,219 | €66,538 | -€17,681 | -21.0% |
| Trade debts | 44 | €12,532 | €19,628 | +€7,096 | +56.6% |
| Suppliers | 440/4 | €12,532 | €19,628 | +€7,096 | +56.6% |
| Taxes, remuneration and social security | 45 | €7,084 | €7,891 | +€808 | +11.4% |
| Taxes | 450/3 | €7,084 | €7,891 | +€808 | +11.4% |
| Other amounts payable | 47/48 | €137,270 | €117,640 | -€19,630 | -14.3% |
| Accrued charges and deferred income | 492/3 | €4,049 | - | -€4,049 | |
| Remuneration, social security and pensions | 62 | €40 | - | -€40 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,400 | €68,636 | -€3,764 | -5.2% |
| Other operating charges | 640/8 | €1,883 | €2,250 | +€367 | +19.5% |
| Gross operating margin | 9900 | €110,748 | €88,730 | -€22,018 | -19.9% |
| Operating profit (loss) | 9901 | €36,425 | €17,844 | -€18,582 | -51.0% |
| Financial charges | 65/66B | €13,468 | €11,039 | -€2,429 | -18.0% |
| Recurring financial charges | 65 | €13,468 | €11,039 | -€2,429 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €22,957 | €6,805 | -€16,153 | -70.4% |
| Income taxes | 67/77 | €2,946 | €3,754 | +€808 | +27.4% |
| Profit (loss) for the period | 9904 | €20,011 | €3,051 | -€16,960 | -84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,011 | €3,051 | -€16,960 | -84.8% |
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 14 October 2026 via checked.be.