MUGUET: 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.
MUGUET
Largest movements
- Tangible fixed assets +€219,386
up €219,386 (+567%), from €38,674 to €258,061
of which Land and buildings: +€227,619
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Cash -€32,823
down €32,823 (-26.9%), from €121,972 to €89,149
mainly Investment in fixed assets (net) (-€267,453) and Debts after one year (-€21,032)
- Receivables within one year -€14,486
down €14,486 (-99.8%), from €14,521 to €36
of which Trade receivables: -€14,520
- Other debts +€58,948
up €58,948 (+263,159%), from €22 to €58,970
- Debts after one year -€21,032
down €21,032 (-100%), from €21,032 to €0
- Current portion of long-term debt +€20,749
up €20,749 (+370%), from €5,615 to €26,364
- Reserves +€19,636
up €19,636 (+11.2%), from €174,875 to €194,510
- Tax, wage and social debts -€12,016
down €12,016 (-41.1%), from €29,238 to €17,222
of which Taxes: -€11,737
- Depreciation +€36,090
up €36,090 (+301%), from €11,977 to €48,067
- Gross operating margin -€19,340
down €19,340 (-19.2%), from €100,868 to €81,528
- Taxes -€17,672
down €17,672 (-68.6%), from €25,752 to €8,080
- Financial income -€3,847
down €3,847 (-85.7%), from €4,489 to €642
- Financial charges +€2,149
up €2,149 (+214%), from €1,006 to €3,155
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 | €275,670 | €347,344 | +€71,673 | +26.0% |
| Fixed assets | 21/28 | €38,674 | €258,061 | +€219,386 | +567% |
| Tangible fixed assets | 22/27 | €38,674 | €258,061 | +€219,386 | +567% |
| Land and buildings | 22 | - | €227,619 | +€227,619 | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €29,259 | €22,311 | -€6,948 | -23.7% |
| Other tangible fixed assets | 26 | €9,415 | €8,131 | -€1,284 | -13.6% |
| Current assets | 29/58 | €236,996 | €89,283 | -€147,713 | -62.3% |
| Amounts receivable within one year | 40/41 | €14,521 | €36 | -€14,486 | -99.8% |
| Trade receivables | 40 | €14,520 | €0 | -€14,520 | -100% |
| Other amounts receivable | 41 | €1 | €36 | +€34 | +2,836% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €121,972 | €89,149 | -€32,823 | -26.9% |
| Deferred charges and accrued income | 490/1 | €502 | €98 | -€404 | -80.4% |
| Total equity and liabilities | 10/49 | €275,670 | €347,344 | +€71,673 | +26.0% |
| Equity | 10/15 | €219,100 | €238,736 | +€19,636 | +9.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €174,875 | €194,510 | +€19,636 | +11.2% |
| Distributable reserves | 133 | €174,875 | €194,510 | +€19,636 | +11.2% |
| Profit (loss) carried forward | 14 | €31,826 | €31,826 | = | 0.0% |
| Amounts payable | 17/49 | €56,570 | €108,607 | +€52,037 | +92.0% |
| Amounts payable after more than one year | 17 | €21,032 | €0 | -€21,032 | -100% |
| Financial debts | 170/4 | €21,032 | €0 | -€21,032 | -100% |
| Amounts payable within one year | 42/48 | €35,498 | €103,742 | +€68,244 | +192% |
| Current portion of amounts payable after more than one year | 42 | €5,615 | €26,364 | +€20,749 | +370% |
| Financial debts | 43 | €38 | €39 | +€1 | +2.7% |
| Credit institutions | 430/8 | €38 | €39 | +€1 | +2.7% |
| Trade debts | 44 | €585 | €1,148 | +€563 | +96.2% |
| Suppliers | 440/4 | €585 | €1,148 | +€563 | +96.2% |
| Taxes, remuneration and social security | 45 | €29,238 | €17,222 | -€12,016 | -41.1% |
| Taxes | 450/3 | €26,127 | €14,390 | -€11,737 | -44.9% |
| Remuneration and social security | 454/9 | €3,111 | €2,833 | -€279 | -9.0% |
| Other amounts payable | 47/48 | €22 | €58,970 | +€58,948 | +263,159% |
| Accrued charges and deferred income | 492/3 | €40 | €4,865 | +€4,825 | +12,133% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,977 | €48,067 | +€36,090 | +301% |
| Other operating charges | 640/8 | €1,192 | €3,232 | +€2,041 | +171% |
| Gross operating margin | 9900 | €100,868 | €81,528 | -€19,340 | -19.2% |
| Operating profit (loss) | 9901 | €87,699 | €30,229 | -€57,470 | -65.5% |
| Financial income | 75/76B | €4,489 | €642 | -€3,847 | -85.7% |
| Recurring financial income | 75 | €4,489 | €642 | -€3,847 | -85.7% |
| Financial charges | 65/66B | €1,006 | €3,155 | +€2,149 | +214% |
| Recurring financial charges | 65 | €1,006 | €3,155 | +€2,149 | +214% |
| Profit (loss) for the period before taxes | 9903 | €91,182 | €27,716 | -€63,466 | -69.6% |
| Income taxes | 67/77 | €25,752 | €8,080 | -€17,672 | -68.6% |
| Profit (loss) for the period | 9904 | €65,430 | €19,636 | -€45,794 | -70.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,430 | €19,636 | -€45,794 | -70.0% |
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 27 October 2026 via checked.be.