MUGHNI: 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.
MUGHNI
Largest movements
- Receivables within one year +€125,842
up €125,842 (+502%), from €25,060 to €150,902
of which Other amounts receivable: +€118,792
- Cash -€109,165
down €109,165 (-33.0%), from €330,919 to €221,753
mainly Receivables within one year (-€125,842) and Contributions, distributions and other (-€115,746)
- Tangible fixed assets -€27,974
down €27,974 (-23.7%), from €118,284 to €90,310
of which Plant, machinery and equipment: -€27,837
- Stocks and contracts +€8,830
up €8,830 (+15.9%), from €55,700 to €64,530
- Trade debts -€113,704
down €113,704 (-39.1%), from €291,048 to €177,344
- Other debts +€74,276
up €74,276 (+181%), from €41,079 to €115,355
- Profit (loss) carried forward +€61,912
up €61,912 (+137%), from €45,146 to €107,057
- Tax, wage and social debts +€24,138
up €24,138 (+197%), from €12,224 to €36,361
of which Taxes: +€18,647
- Debts after one year -€17,064
down €17,064 (-45.2%), from €37,757 to €20,693
- Gross operating margin +€164,791
up €164,791 (+77.6%), from €212,329 to €377,120
- Staff costs +€29,790
up €29,790 (+27.2%), from €109,592 to €139,382
- Financial charges +€6,523
up €6,523 (+52.6%), from €12,412 to €18,935
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 | €549,747 | €547,129 | -€2,618 | -0.5% |
| Fixed assets | 21/28 | €118,284 | €90,310 | -€27,974 | -23.7% |
| Tangible fixed assets | 22/27 | €118,284 | €90,310 | -€27,974 | -23.7% |
| Plant, machinery and equipment | 23 | €113,172 | €85,335 | -€27,837 | -24.6% |
| Furniture and vehicles | 24 | €5,112 | €4,975 | -€137 | -2.7% |
| Current assets | 29/58 | €431,463 | €456,819 | +€25,356 | +5.9% |
| Stocks and contracts in progress | 3 | €55,700 | €64,530 | +€8,830 | +15.9% |
| Stocks | 30/36 | €55,700 | €64,530 | +€8,830 | +15.9% |
| Amounts receivable within one year | 40/41 | €25,060 | €150,902 | +€125,842 | +502% |
| Trade receivables | 40 | €2,897 | €9,948 | +€7,050 | +243% |
| Other amounts receivable | 41 | €22,162 | €140,954 | +€118,792 | +536% |
| Cash at bank and in hand | 54/58 | €330,919 | €221,753 | -€109,165 | -33.0% |
| Deferred charges and accrued income | 490/1 | €19,785 | €19,634 | -€151 | -0.8% |
| Total equity and liabilities | 10/49 | €549,747 | €547,129 | -€2,618 | -0.5% |
| Equity | 10/15 | €118,129 | €174,294 | +€56,166 | +47.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,146 | €107,057 | +€61,912 | +137% |
| Investment grants | 15 | €22,983 | €17,237 | -€5,746 | -25.0% |
| Amounts payable | 17/49 | €431,618 | €372,835 | -€58,784 | -13.6% |
| Amounts payable after more than one year | 17 | €37,757 | €20,693 | -€17,064 | -45.2% |
| Financial debts | 170/4 | €37,757 | €20,693 | -€17,064 | -45.2% |
| Amounts payable within one year | 42/48 | €379,461 | €347,655 | -€31,806 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €35,111 | €18,595 | -€16,516 | -47.0% |
| Trade debts | 44 | €291,048 | €177,344 | -€113,704 | -39.1% |
| Suppliers | 440/4 | €291,048 | €177,344 | -€113,704 | -39.1% |
| Taxes, remuneration and social security | 45 | €12,224 | €36,361 | +€24,138 | +197% |
| Taxes | 450/3 | - | €18,647 | +€18,647 | |
| Remuneration and social security | 454/9 | €12,224 | €17,714 | +€5,491 | +44.9% |
| Other amounts payable | 47/48 | €41,079 | €115,355 | +€74,276 | +181% |
| Accrued charges and deferred income | 492/3 | €14,401 | €4,487 | -€9,914 | -68.8% |
| Remuneration, social security and pensions | 62 | €109,592 | €139,382 | +€29,790 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,930 | €34,448 | +€1,518 | +4.6% |
| Other operating charges | 640/8 | €489 | €635 | +€146 | +29.8% |
| Gross operating margin | 9900 | €212,329 | €377,120 | +€164,791 | +77.6% |
| Operating profit (loss) | 9901 | €69,317 | €202,655 | +€133,338 | +192% |
| Financial income | 75/76B | €7,983 | €7,145 | -€838 | -10.5% |
| Recurring financial income | 75 | €7,983 | €7,145 | -€838 | -10.5% |
| Financial charges | 65/66B | €12,412 | €18,935 | +€6,523 | +52.6% |
| Recurring financial charges | 65 | €12,412 | €18,935 | +€6,523 | +52.6% |
| Profit (loss) for the period before taxes | 9903 | €64,888 | €190,865 | +€125,976 | +194% |
| Income taxes | 67/77 | €17,194 | €18,953 | +€1,760 | +10.2% |
| Profit (loss) for the period | 9904 | €47,695 | €171,912 | +€124,217 | +260% |
| Profit (loss) for the period to be appropriated | 9905 | €47,695 | €171,912 | +€124,217 | +260% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.