MUGHAL: 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.
MUGHAL
Largest movements
- Cash +€457,033
up €457,033 (+33.8%), from €1.4m to €1.8m
mainly Current investments (+€300,000) and Net result for the year (+€294,985)
- Current investments -€300,000
down €300,000 (-75.0%), from €400,000 to €100,000
- Tangible fixed assets -€90,768
down €90,768 (-4.6%), from €2.0m to €1.9m
of which Land and buildings: -€81,700
- Stocks and contracts -€62,971
no longer reported in 2025 (was €62,971)
- Receivables within one year +€47,127
up €47,127 (+639.1%), from €7,374 to €54,500
of which Trade receivables: +€48,020
- Profit (loss) carried forward +€294,985
up €294,985 (+24.4%), from €1.2m to €1.5m
- Trade debts -€91,888
down €91,888 (-73.5%), from €125,063 to €33,175
- Current portion of long-term debt -€60,171
down €60,171 (-29.4%), from €204,791 to €144,620
- Debts after one year -€59,827
down €59,827 (-3.0%), from €2.0m to €2.0m
of which Financial debts: -€81,250
- Tax, wage and social debts -€39,754
down €39,754 (-18.9%), from €210,052 to €170,298
of which Taxes: -€51,349
- Gross operating margin -€221,224
down €221,224 (-23.0%), from €963,124 to €741,900
- Taxes -€52,665
down €52,665 (-34.3%), from €153,707 to €101,043
- Depreciation -€20,666
down €20,666 (-16.1%), from €128,457 to €107,791
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 | €3,815,789 | €3,859,134 | +€43,345 | +1.1% |
| Fixed assets | 21/28 | €1,969,899 | €1,879,132 | -€90,768 | -4.6% |
| Tangible fixed assets | 22/27 | €1,969,541 | €1,878,774 | -€90,768 | -4.6% |
| Land and buildings | 22 | €1,894,917 | €1,813,217 | -€81,700 | -4.3% |
| Furniture and vehicles | 24 | €2,473 | - | -€2,473 | |
| Other tangible fixed assets | 26 | €72,151 | €65,556 | -€6,595 | -9.1% |
| Financial fixed assets | 28 | €358 | €358 | = | 0.0% |
| Current assets | 29/58 | €1,845,889 | €1,980,002 | +€134,113 | +7.3% |
| Stocks and contracts in progress | 3 | €62,971 | - | -€62,971 | |
| Stocks | 30/36 | €62,971 | - | -€62,971 | |
| Amounts receivable within one year | 40/41 | €7,374 | €54,500 | +€47,127 | +639.1% |
| Trade receivables | 40 | - | €48,020 | +€48,020 | |
| Other amounts receivable | 41 | €7,374 | €6,480 | -€893 | -12.1% |
| Current investments | 50/53 | €400,000 | €100,000 | -€300,000 | -75.0% |
| Cash at bank and in hand | 54/58 | €1,350,654 | €1,807,687 | +€457,033 | +33.8% |
| Deferred charges and accrued income | 490/1 | €24,891 | €17,815 | -€7,076 | -28.4% |
| Total equity and liabilities | 10/49 | €3,815,789 | €3,859,134 | +€43,345 | +1.1% |
| Equity | 10/15 | €1,253,012 | €1,547,996 | +€294,985 | +23.5% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €24,789 | €24,789 | = | 0.0% |
| Distributable reserves | 133 | €24,789 | €24,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,207,771 | €1,502,756 | +€294,985 | +24.4% |
| Amounts payable | 17/49 | €2,562,777 | €2,311,137 | -€251,640 | -9.8% |
| Amounts payable after more than one year | 17 | €2,022,871 | €1,963,044 | -€59,827 | -3.0% |
| Financial debts | 170/4 | €864,689 | €783,439 | -€81,250 | -9.4% |
| Other amounts payable | 178/9 | €1,158,182 | €1,179,605 | +€21,423 | +1.8% |
| Amounts payable within one year | 42/48 | €539,906 | €348,094 | -€191,813 | -35.5% |
| Current portion of amounts payable after more than one year | 42 | €204,791 | €144,620 | -€60,171 | -29.4% |
| Trade debts | 44 | €125,063 | €33,175 | -€91,888 | -73.5% |
| Suppliers | 440/4 | €125,063 | €33,175 | -€91,888 | -73.5% |
| Taxes, remuneration and social security | 45 | €210,052 | €170,298 | -€39,754 | -18.9% |
| Taxes | 450/3 | €158,310 | €106,962 | -€51,349 | -32.4% |
| Remuneration and social security | 454/9 | €51,742 | €63,337 | +€11,595 | +22.4% |
| Remuneration, social security and pensions | 62 | €171,333 | €162,486 | -€8,847 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,457 | €107,791 | -€20,666 | -16.1% |
| Other operating charges | 640/8 | €24,413 | €24,535 | +€122 | +0.5% |
| Gross operating margin | 9900 | €963,124 | €741,900 | -€221,224 | -23.0% |
| Operating profit (loss) | 9901 | €638,922 | €447,088 | -€191,833 | -30.0% |
| Financial income | 75/76B | €15,508 | €16,729 | +€1,221 | +7.9% |
| Recurring financial income | 75 | €15,508 | €16,729 | +€1,221 | +7.9% |
| Financial charges | 65/66B | €73,184 | €67,790 | -€5,393 | -7.4% |
| Recurring financial charges | 65 | €73,184 | €67,790 | -€5,393 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €581,247 | €396,028 | -€185,219 | -31.9% |
| Income taxes | 67/77 | €153,707 | €101,043 | -€52,665 | -34.3% |
| Profit (loss) for the period | 9904 | €427,539 | €294,985 | -€132,555 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €427,539 | €294,985 | -€132,555 | -31.0% |
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 4 October 2026 via checked.be.