MUGIWARA: what changed
MUGIWARA
Largest movements
- Receivables after one year +€402,775
up €402,775 (+672%), from €59,933 to €462,708
- Current investments -€379,925
down €379,925 (-88.4%), from €430,000 to €50,075
- Cash +€73,296
up €73,296 (+63.6%), from €115,174 to €188,469
mainly Current investments (+€379,925) and Net result for the year (+€258,891)
- Tangible fixed assets +€57,432
up €57,432 (+21.7%), from €264,061 to €321,493
of which Furniture and vehicles: +€49,736
- Deferred charges and accrued income +€28,530
up €28,530 (+88.8%), from €32,120 to €60,650
- Profit (loss) carried forward +€258,891
up €258,891 (+37.9%), from €683,257 to €942,148
- Tax, wage and social debts -€76,558
down €76,558 (-43.3%), from €176,980 to €100,422
- Current portion of long-term debt +€29,074
new in 2025: €29,074
- Trade debts -€28,811
down €28,811 (-75.7%), from €38,052 to €9,241
- Gross operating margin -€59,515
down €59,515 (-13.5%), from €440,492 to €380,977
- Depreciation -€17,919
down €17,919 (-46.1%), from €38,831 to €20,912
- Taxes -€10,909
down €10,909 (-10.9%), from €100,422 to €89,512
- Financial income -€5,447
down €5,447 (-96.2%), from €5,661 to €214
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €901,288 | €1,083,884 | +€182,595 | +20.3% |
| Fixed assets | 21/28 | €264,061 | €321,493 | +€57,432 | +21.7% |
| Tangible fixed assets | 22/27 | €264,061 | €321,493 | +€57,432 | +21.7% |
| Land and buildings | 22 | €264,061 | €263,862 | -€199 | -0.1% |
| Plant, machinery and equipment | 23 | - | €7,895 | +€7,895 | |
| Furniture and vehicles | 24 | - | €49,736 | +€49,736 | |
| Current assets | 29/58 | €637,227 | €762,390 | +€125,163 | +19.6% |
| Amounts receivable after more than one year | 29 | €59,933 | €462,708 | +€402,775 | +672% |
| Other amounts receivable | 291 | €59,933 | €462,708 | +€402,775 | +672% |
| Amounts receivable within one year | 40/41 | - | €488 | +€488 | |
| Other amounts receivable | 41 | - | €488 | +€488 | |
| Current investments | 50/53 | €430,000 | €50,075 | -€379,925 | -88.4% |
| Cash at bank and in hand | 54/58 | €115,174 | €188,469 | +€73,296 | +63.6% |
| Deferred charges and accrued income | 490/1 | €32,120 | €60,650 | +€28,530 | +88.8% |
| Total equity and liabilities | 10/49 | €901,288 | €1,083,884 | +€182,595 | +20.3% |
| Equity | 10/15 | €686,257 | €945,148 | +€258,891 | +37.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | - | -€3,000 | |
| Issued capital | 100 | €3,000 | - | -€3,000 | |
| Profit (loss) carried forward | 14 | €683,257 | €942,148 | +€258,891 | +37.9% |
| Amounts payable | 17/49 | €215,032 | €138,736 | -€76,296 | -35.5% |
| Amounts payable within one year | 42/48 | €215,032 | €138,736 | -€76,296 | -35.5% |
| Current portion of amounts payable after more than one year | 42 | - | €29,074 | +€29,074 | |
| Trade debts | 44 | €38,052 | €9,241 | -€28,811 | -75.7% |
| Suppliers | 440/4 | €38,052 | €9,241 | -€28,811 | -75.7% |
| Taxes, remuneration and social security | 45 | €176,980 | €100,422 | -€76,558 | -43.3% |
| Taxes | 450/3 | €176,980 | €100,422 | -€76,558 | -43.3% |
| Remuneration, social security and pensions | 62 | €2,165 | €2,554 | +€389 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,831 | €20,912 | -€17,919 | -46.1% |
| Other operating charges | 640/8 | €1,405 | €3,099 | +€1,694 | +121% |
| Gross operating margin | 9900 | €440,492 | €380,977 | -€59,515 | -13.5% |
| Operating profit (loss) | 9901 | €398,092 | €354,412 | -€43,680 | -11.0% |
| Financial income | 75/76B | €5,661 | €214 | -€5,447 | -96.2% |
| Recurring financial income | 75 | €5,661 | €214 | -€5,447 | -96.2% |
| Financial charges | 65/66B | €1,927 | €6,223 | +€4,295 | +223% |
| Recurring financial charges | 65 | €70 | €6,223 | +€6,153 | +8,789% |
| Non-recurring financial charges | 66B | €1,857 | - | -€1,857 | |
| Profit (loss) for the period before taxes | 9903 | €401,825 | €348,403 | -€53,422 | -13.3% |
| Income taxes | 67/77 | €100,422 | €89,512 | -€10,909 | -10.9% |
| Profit (loss) for the period | 9904 | €301,404 | €258,891 | -€42,513 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €301,404 | €258,891 | -€42,513 | -14.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.