MUMAX: 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.
MUMAX
Largest movements
- Receivables within one year +€228,532
up €228,532 (+279.1%), from €81,879 to €310,411
of which Other amounts receivable: +€205,563
- Tangible fixed assets -€134,488
down €134,488 (-2.9%), from €4.6m to €4.5m
of which Land and buildings: -€134,488
- Other debts +€1.5m
up €1.5m (+309.3%), from €498,479 to €2.0m
- Debts after one year -€1.3m
down €1.3m (-46.9%), from €2.9m to €1.5m
of which Other amounts payable: -€1.1m
- Short-term financial debts -€82,136
down €82,136 (-15.3%), from €537,374 to €455,238
- Gross operating margin +€250,263
up €250,263 (+95.6%), from €261,855 to €512,118
- Taxes +€18,585
up €18,585 (+177.5%), from €10,468 to €29,054
- Depreciation +€13,618
up €13,618 (+9.0%), from €151,498 to €165,115
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 | €5,330,139 | €5,391,084 | +€60,945 | +1.1% |
| Fixed assets | 21/28 | €5,181,576 | €5,047,087 | -€134,488 | -2.6% |
| Tangible fixed assets | 22/27 | €4,619,581 | €4,485,093 | -€134,488 | -2.9% |
| Land and buildings | 22 | €4,619,581 | €4,485,093 | -€134,488 | -2.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Financial fixed assets | 28 | €561,994 | €561,994 | = | 0.0% |
| Current assets | 29/58 | €148,564 | €343,996 | +€195,433 | +131.5% |
| Amounts receivable within one year | 40/41 | €81,879 | €310,411 | +€228,532 | +279.1% |
| Trade receivables | 40 | €67,348 | €90,316 | +€22,969 | +34.1% |
| Other amounts receivable | 41 | €14,532 | €220,095 | +€205,563 | +1414.6% |
| Cash at bank and in hand | 54/58 | €55,982 | €23,445 | -€32,537 | -58.1% |
| Deferred charges and accrued income | 490/1 | €10,702 | €10,140 | -€562 | -5.3% |
| Total equity and liabilities | 10/49 | €5,330,139 | €5,391,084 | +€60,945 | +1.1% |
| Equity | 10/15 | €1,073,983 | €1,124,699 | +€50,716 | +4.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €958,250 | €958,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €956,395 | €956,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,183 | €147,899 | +€50,716 | +52.2% |
| Amounts payable | 17/49 | €4,256,157 | €4,266,385 | +€10,228 | +0.2% |
| Amounts payable after more than one year | 17 | €2,851,803 | €1,513,489 | -€1.3m | -46.9% |
| Financial debts | 170/4 | €1,723,531 | €1,513,489 | -€210,042 | -12.2% |
| Other amounts payable | 178/9 | €1,128,272 | - | -€1.1m | |
| Amounts payable within one year | 42/48 | €1,404,354 | €2,752,896 | +€1.3m | +96.0% |
| Current portion of amounts payable after more than one year | 42 | €304,244 | €254,246 | -€49,998 | -16.4% |
| Financial debts | 43 | €537,374 | €455,238 | -€82,136 | -15.3% |
| Credit institutions | 430/8 | €537,374 | €455,238 | -€82,136 | -15.3% |
| Trade debts | 44 | €27,587 | €1,603 | -€25,984 | -94.2% |
| Suppliers | 440/4 | €27,587 | €1,603 | -€25,984 | -94.2% |
| Taxes, remuneration and social security | 45 | €36,670 | €1,557 | -€35,113 | -95.8% |
| Taxes | 450/3 | €36,670 | €1,557 | -€35,113 | -95.8% |
| Other amounts payable | 47/48 | €498,479 | €2,040,252 | +€1.5m | +309.3% |
| Non-recurring operating income | 76A | - | €144,590 | +€144,590 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,498 | €165,115 | +€13,618 | +9.0% |
| Other operating charges | 640/8 | €9,063 | €9,322 | +€259 | +2.9% |
| Non-recurring operating charges | 66A | - | €198,243 | +€198,243 | |
| Gross operating margin | 9900 | €261,855 | €512,118 | +€250,263 | +95.6% |
| Operating profit (loss) | 9901 | €101,294 | €139,438 | +€38,144 | +37.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €59,421 | €59,669 | +€248 | +0.4% |
| Recurring financial charges | 65 | €59,421 | €59,669 | +€248 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €41,873 | €79,770 | +€37,896 | +90.5% |
| Income taxes | 67/77 | €10,468 | €29,054 | +€18,585 | +177.5% |
| Profit (loss) for the period | 9904 | €31,405 | €50,716 | +€19,311 | +61.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,405 | €50,716 | +€19,311 | +61.5% |
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.