MURCA: 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.
MURCA
Largest movements
- Receivables within one year -€36,389
down €36,389 (-34.2%), from €106,510 to €70,121
- Tangible fixed assets -€23,749
down €23,749 (-40.6%), from €58,490 to €34,741
of which Furniture and vehicles: -€15,066
- Stocks and contracts -€8,748
down €8,748 (-57.4%), from €15,247 to €6,498
- Profit (loss) carried forward -€83,320
down €83,320, from €80,275 to -€3,045
- Trade debts +€64,154
up €64,154 (+137.4%), from €46,698 to €110,852
- Other debts -€40,000
no longer reported in 2025 (was €40,000)
- Tax, wage and social debts -€11,521
down €11,521 (-58.8%), from €19,579 to €8,058
of which Taxes: -€12,212
- Gross operating margin -€101,088
down €101,088 (-92.9%), from €108,811 to €7,723
- Taxes -€4,780
no longer reported in 2025 (was €4,780)
- Staff costs -€2,689
down €2,689 (-4.4%), from €60,803 to €58,114
- Depreciation -€1,872
down €1,872 (-6.8%), from €27,436 to €25,564
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 | €208,812 | €138,125 | -€70,687 | -33.9% |
| Fixed assets | 21/28 | €79,241 | €55,491 | -€23,749 | -30.0% |
| Tangible fixed assets | 22/27 | €58,490 | €34,741 | -€23,749 | -40.6% |
| Land and buildings | 22 | €373 | €46 | -€327 | -87.7% |
| Plant, machinery and equipment | 23 | €884 | €476 | -€408 | -46.2% |
| Furniture and vehicles | 24 | €27,883 | €12,817 | -€15,066 | -54.0% |
| Other tangible fixed assets | 26 | €29,350 | €21,402 | -€7,948 | -27.1% |
| Financial fixed assets | 28 | €20,751 | €20,751 | = | 0.0% |
| Current assets | 29/58 | €129,571 | €82,634 | -€46,937 | -36.2% |
| Stocks and contracts in progress | 3 | €15,247 | €6,498 | -€8,748 | -57.4% |
| Stocks | 30/36 | €15,247 | €6,498 | -€8,748 | -57.4% |
| Amounts receivable within one year | 40/41 | €106,510 | €70,121 | -€36,389 | -34.2% |
| Other amounts receivable | 41 | €106,510 | €70,121 | -€36,389 | -34.2% |
| Cash at bank and in hand | 54/58 | €7,814 | €6,014 | -€1,800 | -23.0% |
| Total equity and liabilities | 10/49 | €208,812 | €138,125 | -€70,687 | -33.9% |
| Equity | 10/15 | €102,535 | €19,215 | -€83,320 | -81.3% |
| Contributions | 10/11 | €20,400 | €20,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,275 | -€3,045 | -€83,320 | |
| Amounts payable | 17/49 | €106,277 | €118,910 | +€12,633 | +11.9% |
| Amounts payable within one year | 42/48 | €106,277 | €118,910 | +€12,633 | +11.9% |
| Trade debts | 44 | €46,698 | €110,852 | +€64,154 | +137.4% |
| Suppliers | 440/4 | €46,698 | €110,852 | +€64,154 | +137.4% |
| Taxes, remuneration and social security | 45 | €19,579 | €8,058 | -€11,521 | -58.8% |
| Taxes | 450/3 | €15,447 | €3,235 | -€12,212 | -79.1% |
| Remuneration and social security | 454/9 | €4,131 | €4,823 | +€691 | +16.7% |
| Other amounts payable | 47/48 | €40,000 | - | -€40,000 | |
| Remuneration, social security and pensions | 62 | €60,803 | €58,114 | -€2,689 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,436 | €25,564 | -€1,872 | -6.8% |
| Other operating charges | 640/8 | €3,947 | €3,686 | -€261 | -6.6% |
| Gross operating margin | 9900 | €108,811 | €7,723 | -€101,088 | -92.9% |
| Operating profit (loss) | 9901 | €16,626 | -€79,641 | -€96,266 | |
| Financial charges | 65/66B | €4,265 | €3,679 | -€586 | -13.7% |
| Recurring financial charges | 65 | €4,265 | €3,679 | -€586 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €12,360 | -€83,320 | -€95,680 | |
| Income taxes | 67/77 | €4,780 | - | -€4,780 | |
| Profit (loss) for the period | 9904 | €7,580 | -€83,320 | -€90,899 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,580 | -€83,320 | -€90,899 |
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.