MUR & TOI: 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.
MUR & TOI
Largest movements
- Cash +€190,150
up €190,150 (+1,141%), from €16,666 to €206,816
mainly Net result for the year (+€173,805) and Depreciation (+€30,657)
- Receivables within one year -€23,080
down €23,080 (-69.6%), from €33,139 to €10,059
- Reserves +€173,800
up €173,800 (+1,159%), from €15,000 to €188,800
- Debts after one year -€26,556
down €26,556 (-23.3%), from €113,958 to €87,402
- Accrued charges and deferred income +€12,000
new in 2025: €12,000
- Gross operating margin +€251,821
up €251,821 (+964%), from €26,129 to €277,950
- Taxes +€65,907
new in 2025: €65,907
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 | €457,272 | €617,284 | +€160,012 | +35.0% |
| Fixed assets | 21/28 | €402,449 | €399,890 | -€2,559 | -0.6% |
| Tangible fixed assets | 22/27 | €402,449 | €399,890 | -€2,559 | -0.6% |
| Land and buildings | 22 | €336,886 | €316,381 | -€20,505 | -6.1% |
| Plant, machinery and equipment | 23 | €65,563 | €59,563 | -€6,000 | -9.2% |
| Assets under construction and advance payments | 27 | - | €23,946 | +€23,946 | |
| Current assets | 29/58 | €54,823 | €217,394 | +€162,571 | +297% |
| Amounts receivable within one year | 40/41 | €33,139 | €10,059 | -€23,080 | -69.6% |
| Other amounts receivable | 41 | €33,139 | €10,059 | -€23,080 | -69.6% |
| Current investments | 50/53 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,666 | €206,816 | +€190,150 | +1,141% |
| Deferred charges and accrued income | 490/1 | €5,017 | €518 | -€4,499 | -89.7% |
| Total equity and liabilities | 10/49 | €457,272 | €617,284 | +€160,012 | +35.0% |
| Equity | 10/15 | €306,673 | €480,477 | +€173,805 | +56.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €188,800 | +€173,800 | +1,159% |
| Distributable reserves | 133 | €15,000 | €188,800 | +€173,800 | +1,159% |
| Profit (loss) carried forward | 14 | €141,673 | €141,677 | +€5 | 0.0% |
| Amounts payable | 17/49 | €150,599 | €136,807 | -€13,793 | -9.2% |
| Amounts payable after more than one year | 17 | €113,958 | €87,402 | -€26,556 | -23.3% |
| Financial debts | 170/4 | €113,958 | €87,402 | -€26,556 | -23.3% |
| Amounts payable within one year | 42/48 | €36,641 | €37,405 | +€764 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €27,355 | €28,370 | +€1,015 | +3.7% |
| Trade debts | 44 | €8,144 | €4,128 | -€4,016 | -49.3% |
| Suppliers | 440/4 | €8,144 | €4,128 | -€4,016 | -49.3% |
| Taxes, remuneration and social security | 45 | €1,142 | €4,906 | +€3,764 | +330% |
| Taxes | 450/3 | €1,142 | €4,906 | +€3,764 | +330% |
| Accrued charges and deferred income | 492/3 | - | €12,000 | +€12,000 | |
| Non-recurring operating income | 76A | €4,868 | - | -€4,868 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,583 | €30,657 | +€74 | +0.2% |
| Other operating charges | 640/8 | €1,470 | €1,516 | +€46 | +3.1% |
| Gross operating margin | 9900 | €26,129 | €277,950 | +€251,821 | +964% |
| Operating profit (loss) | 9901 | -€5,924 | €245,777 | +€251,701 | |
| Financial charges | 65/66B | €6,881 | €6,066 | -€815 | -11.8% |
| Recurring financial charges | 65 | €6,881 | €6,066 | -€815 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,805 | €239,711 | +€252,516 | |
| Income taxes | 67/77 | - | €65,907 | +€65,907 | |
| Profit (loss) for the period | 9904 | -€12,805 | €173,805 | +€186,610 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,805 | €173,805 | +€186,610 |
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 16 October 2026 via checked.be.