MUPHI: 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.
MUPHI
Largest movements
- Receivables within one year +€265,809
up €265,809 (+2023.4%), from €13,137 to €278,946
of which Trade receivables: +€265,707
- Tangible fixed assets -€259,437
down €259,437 (-10.5%), from €2.5m to €2.2m
of which Furniture and vehicles: -€152,531
- Debts after one year -€40,520
down €40,520 (-2.9%), from €1.4m to €1.4m
- Tax, wage and social debts +€31,983
up €31,983 (+284.5%), from €11,242 to €43,225
of which Taxes: +€37,553
- Gross operating margin +€169,493
up €169,493 (+177.0%), from €95,784 to €265,277
- Staff costs -€41,189
down €41,189 (-93.5%), from €44,066 to €2,877
- Financial income -€31,538
down €31,538 (-100.0%), from €31,547 to €9
of which Non-recurring financial income: -€24,500
- Financial charges +€13,176
up €13,176 (+33.9%), from €38,834 to €52,010
- Taxes +€7,007
up €7,007, from -€7,007 to €0
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 | €2,636,147 | €2,652,230 | +€16,083 | +0.6% |
| Fixed assets | 21/28 | €2,590,028 | €2,330,591 | -€259,437 | -10.0% |
| Tangible fixed assets | 22/27 | €2,478,684 | €2,219,246 | -€259,437 | -10.5% |
| Land and buildings | 22 | €2,301,256 | €2,200,425 | -€100,832 | -4.4% |
| Plant, machinery and equipment | 23 | €22,740 | €16,666 | -€6,075 | -26.7% |
| Furniture and vehicles | 24 | €154,687 | €2,156 | -€152,531 | -98.6% |
| Financial fixed assets | 28 | €111,345 | €111,345 | = | 0.0% |
| Current assets | 29/58 | €46,119 | €321,639 | +€275,520 | +597.4% |
| Amounts receivable within one year | 40/41 | €13,137 | €278,946 | +€265,809 | +2023.4% |
| Trade receivables | 40 | €12,881 | €278,588 | +€265,707 | +2062.8% |
| Other amounts receivable | 41 | €256 | €357 | +€102 | +39.7% |
| Cash at bank and in hand | 54/58 | €28,269 | €34,063 | +€5,794 | +20.5% |
| Deferred charges and accrued income | 490/1 | €4,714 | €8,630 | +€3,917 | +83.1% |
| Total equity and liabilities | 10/49 | €2,636,147 | €2,652,230 | +€16,083 | +0.6% |
| Equity | 10/15 | €1,115,759 | €1,111,622 | -€4,137 | -0.4% |
| Contributions | 10/11 | €3,186,905 | €3,186,905 | = | 0.0% |
| Revaluation surpluses | 12 | €383,987 | €365,103 | -€18,885 | -4.9% |
| Reserves | 13 | €59,325 | €78,209 | +€18,885 | +31.8% |
| Non-distributable reserves | 130/1 | €12,981 | €12,981 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,981 | €12,981 | = | 0.0% |
| Distributable reserves | 133 | €46,344 | €65,229 | +€18,885 | +40.7% |
| Profit (loss) carried forward | 14 | -€2,514,458 | -€2,518,595 | -€4,137 | -0.2% |
| Amounts payable | 17/49 | €1,520,388 | €1,540,608 | +€20,219 | +1.3% |
| Amounts payable after more than one year | 17 | €1,404,415 | €1,363,894 | -€40,520 | -2.9% |
| Financial debts | 170/4 | €1,404,415 | €1,363,894 | -€40,520 | -2.9% |
| Amounts payable within one year | 42/48 | €108,150 | €144,495 | +€36,346 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €39,708 | €40,520 | +€812 | +2.0% |
| Trade debts | 44 | €8,509 | €12,050 | +€3,541 | +41.6% |
| Suppliers | 440/4 | €8,509 | €12,050 | +€3,541 | +41.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €11,242 | €43,225 | +€31,983 | +284.5% |
| Taxes | 450/3 | €5,659 | €43,213 | +€37,553 | +663.5% |
| Remuneration and social security | 454/9 | €5,583 | €12 | -€5,571 | -99.8% |
| Other amounts payable | 47/48 | €48,690 | €48,701 | +€10 | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,824 | €32,218 | +€24,394 | +311.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €44,066 | €2,877 | -€41,189 | -93.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,937 | €205,823 | +€2,886 | +1.4% |
| Other operating charges | 640/8 | €6,580 | €8,713 | +€2,133 | +32.4% |
| Gross operating margin | 9900 | €95,784 | €265,277 | +€169,493 | +177.0% |
| Operating profit (loss) | 9901 | -€157,798 | €47,865 | +€205,663 | |
| Financial income | 75/76B | €31,547 | €9 | -€31,538 | -100.0% |
| Recurring financial income | 75 | €7,047 | €9 | -€7,038 | -99.9% |
| Non-recurring financial income | 76B | €24,500 | €0 | -€24,500 | -100.0% |
| Financial charges | 65/66B | €38,834 | €52,010 | +€13,176 | +33.9% |
| Recurring financial charges | 65 | €38,834 | €52,010 | +€13,176 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | -€165,085 | -€4,137 | +€160,949 | +97.5% |
| Income taxes | 67/77 | -€7,007 | €0 | +€7,007 | |
| Profit (loss) for the period | 9904 | -€158,078 | -€4,137 | +€153,941 | +97.4% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€158,078 | -€4,137 | +€153,941 | +97.4% |
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 5 October 2026 via checked.be.