MUMTAZ: 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.
MUMTAZ
Largest movements
- Tangible fixed assets -€17,103
down €17,103 (-36.9%), from €46,295 to €29,192
of which Furniture and vehicles: -€17,103
- Receivables within one year -€5,334
down €5,334 (-65.9%), from €8,099 to €2,765
- Other debts -€48,321
down €48,321 (-76.0%), from €63,593 to €15,272
- Profit (loss) carried forward +€37,166
up €37,166 (+64.6%), from -€57,489 to -€20,322
- Trade debts -€20,072
down €20,072 (-100.0%), from €20,072 to €0
- Tax, wage and social debts +€9,100
up €9,100 (+61.9%), from €14,696 to €23,796
of which Taxes: +€6,092
- Reserves -€898
down €898 (-32.6%), from €2,758 to €1,860
of which Distributable reserves: -€898
- Gross operating margin +€65,170
up €65,170 (+77.3%), from €84,334 to €149,504
- Other operating charges +€51,148
up €51,148 (+2373.0%), from €2,155 to €53,304
- Financial charges +€10,068
up €10,068 (+2508.7%), from €401 to €10,469
- Depreciation +€6,250
up €6,250 (+162.4%), from €3,848 to €10,098
- Staff costs -€6,079
down €6,079 (-13.4%), from €45,229 to €39,150
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 | €54,394 | €31,957 | -€22,437 | -41.2% |
| Fixed assets | 21/28 | €46,295 | €29,192 | -€17,103 | -36.9% |
| Tangible fixed assets | 22/27 | €46,295 | €29,192 | -€17,103 | -36.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €46,295 | €29,192 | -€17,103 | -36.9% |
| Current assets | 29/58 | €8,099 | €2,765 | -€5,334 | -65.9% |
| Amounts receivable within one year | 40/41 | €8,099 | €2,765 | -€5,334 | -65.9% |
| Other amounts receivable | 41 | €8,099 | €2,765 | -€5,334 | -65.9% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €54,394 | €31,957 | -€22,437 | -41.2% |
| Equity | 10/15 | -€48,530 | -€12,262 | +€36,268 | +74.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,758 | €1,860 | -€898 | -32.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €898 | €0 | -€898 | -100.0% |
| Profit (loss) carried forward | 14 | -€57,489 | -€20,322 | +€37,166 | +64.6% |
| Amounts payable | 17/49 | €102,925 | €44,220 | -€58,705 | -57.0% |
| Amounts payable within one year | 42/48 | €102,925 | €44,220 | -€58,705 | -57.0% |
| Financial debts | 43 | €4,563 | €5,152 | +€588 | +12.9% |
| Credit institutions | 430/8 | €4,563 | €5,152 | +€588 | +12.9% |
| Trade debts | 44 | €20,072 | €0 | -€20,072 | -100.0% |
| Suppliers | 440/4 | €20,072 | €0 | -€20,072 | -100.0% |
| Taxes, remuneration and social security | 45 | €14,696 | €23,796 | +€9,100 | +61.9% |
| Taxes | 450/3 | €14,696 | €20,788 | +€6,092 | +41.5% |
| Remuneration and social security | 454/9 | - | €3,008 | +€3,008 | |
| Other amounts payable | 47/48 | €63,593 | €15,272 | -€48,321 | -76.0% |
| Remuneration, social security and pensions | 62 | €45,229 | €39,150 | -€6,079 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,848 | €10,098 | +€6,250 | +162.4% |
| Other operating charges | 640/8 | €2,155 | €53,304 | +€51,148 | +2373.0% |
| Gross operating margin | 9900 | €84,334 | €149,504 | +€65,170 | +77.3% |
| Operating profit (loss) | 9901 | €33,102 | €46,953 | +€13,851 | +41.8% |
| Financial charges | 65/66B | €401 | €10,469 | +€10,068 | +2508.7% |
| Recurring financial charges | 65 | €401 | €10,469 | +€10,068 | +2508.7% |
| Profit (loss) for the period before taxes | 9903 | €32,701 | €36,484 | +€3,783 | +11.6% |
| Income taxes | 67/77 | €349 | €216 | -€133 | -38.1% |
| Profit (loss) for the period | 9904 | €32,352 | €36,268 | +€3,916 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,352 | €36,268 | +€3,916 | +12.1% |
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 8 October 2026 via checked.be.