MURCO NV: what changed
What changed
MURCO NV
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€7.5m
2024 · €9.0m-€1.5m
Equity
€11.8m
2024 · €11.4m+€348,881
Cash
€930,060
2024 · €991,942-€61,882
Balance sheet total
€20.5m
2024 · €20.3m+€176,867
Largest movements
Assets
- Financial fixed assets +€2.1m
up €2.1m (+12.5%), from €16.8m to €18.9m
- Receivables within one year -€2.0m
down €2.0m (-81.1%), from €2.4m to €456,428
of which Other amounts receivable: -€2.0m
Equity and liabilities
- Profit (loss) carried forward +€348,881
up €348,881 (+18.6%), from €1.9m to €2.2m
Income statement
- Financial income -€1.5m
down €1.5m (-16.4%), from €9.0m to €7.6m
- Turnover +€192,851
up €192,851 (+9.8%), from €2.0m to €2.2m
- Services and other goods +€146,953
up €146,953 (+35.3%), from €416,532 to €563,485
- Staff costs +€82,803
up €82,803 (+5.5%), from €1.5m to €1.6m
- Financial charges -€37,171
down €37,171 (-53.4%), from €69,570 to €32,400
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€9.0m
Turnover
+€192,851
Other operating income
-€3,253
Services and other goods
-€146,953
Staff costs
-€82,803
Depreciation
+€5,301
Other operating charges
-€2,704
Other operating items
-€17,294
Financial income
-€1.5m
Financial charges
+€37,171
Taxes
-€642
Result 2025
€7.5m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€9.3m
Investment
-€2.2m
Financing
-€7.2m
Cash 2024
€991,942
From operations (derived)
+€9.3m
Net result for the year
+€7.5m
Depreciation
+€20,719
Receivables within one year
+€2.0m
Smaller working-capital items
+€3,496
Provisions
-€68,958
Trade debts
-€108,931
Investment (derived)
-€2.2m
Investment in fixed assets (net)
-€2.2m
Financing
-€7.2m
Contributions, distributions and other
-€7.2m
Cash 2025
€930,060
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,292,262 | €20,469,128 | +€176,867 | +0.9% |
| Fixed assets | 21/28 | €16,865,629 | €19,057,358 | +€2.2m | +13.0% |
| Intangible fixed assets | 21 | €7,664 | €1,658 | -€6,007 | -78.4% |
| Tangible fixed assets | 22/27 | €17,425 | €106,912 | +€89,487 | +514% |
| Furniture and vehicles | 24 | €17,425 | €106,912 | +€89,487 | +514% |
| Financial fixed assets | 28 | €16,840,540 | €18,948,788 | +€2.1m | +12.5% |
| Affiliated companies | 280/1 | €16,840,540 | €18,948,788 | +€2.1m | +12.5% |
| Participating interests | 280 | €16,840,540 | €16,840,540 | = | 0.0% |
| Amounts receivable | 281 | - | €2,108,248 | +€2.1m | |
| Current assets | 29/58 | €3,426,632 | €1,411,771 | -€2.0m | -58.8% |
| Amounts receivable within one year | 40/41 | €2,411,785 | €456,428 | -€2.0m | -81.1% |
| Trade receivables | 40 | €316,969 | €403,113 | +€86,144 | +27.2% |
| Other amounts receivable | 41 | €2,094,817 | €53,315 | -€2.0m | -97.5% |
| Cash at bank and in hand | 54/58 | €991,942 | €930,060 | -€61,882 | -6.2% |
| Deferred charges and accrued income | 490/1 | €22,905 | €25,283 | +€2,378 | +10.4% |
| Total equity and liabilities | 10/49 | €20,292,262 | €20,469,128 | +€176,867 | +0.9% |
| Equity | 10/15 | €11,433,068 | €11,781,949 | +€348,881 | +3.1% |
| Contributions | 10/11 | €2,277,944 | €2,277,944 | = | 0.0% |
| Capital | 10 | €2,277,944 | €2,277,944 | = | 0.0% |
| Issued capital | 100 | €2,277,944 | €2,277,944 | = | 0.0% |
| Revaluation surpluses | 12 | €6,692,300 | €6,692,300 | = | 0.0% |
| Reserves | 13 | €582,654 | €582,654 | = | 0.0% |
| Non-distributable reserves | 130/1 | €582,654 | €582,654 | = | 0.0% |
| Legal reserve | 130 | €582,654 | €582,654 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,880,170 | €2,229,051 | +€348,881 | +18.6% |
| Provisions and deferred taxes | 16 | €1,308,020 | €1,239,062 | -€68,958 | -5.3% |
| Provisions for liabilities and charges | 160/5 | €1,308,020 | €1,239,062 | -€68,958 | -5.3% |
| Other liabilities and charges | 164/5 | €1,308,020 | €1,239,062 | -€68,958 | -5.3% |
| Amounts payable | 17/49 | €7,551,173 | €7,448,117 | -€103,056 | -1.4% |
| Amounts payable within one year | 42/48 | €7,495,173 | €7,390,301 | -€104,873 | -1.4% |
| Trade debts | 44 | €155,420 | €46,489 | -€108,931 | -70.1% |
| Suppliers | 440/4 | €155,420 | €46,489 | -€108,931 | -70.1% |
| Taxes, remuneration and social security | 45 | €169,493 | €172,942 | +€3,449 | +2.0% |
| Taxes | 450/3 | €144 | - | -€144 | |
| Remuneration and social security | 454/9 | €169,349 | €172,942 | +€3,593 | +2.1% |
| Other amounts payable | 47/48 | €7,170,260 | €7,170,870 | +€609 | 0.0% |
| Accrued charges and deferred income | 492/3 | €56,000 | €57,816 | +€1,816 | +3.2% |
| Operating income | 70/76A | €2,000,330 | €2,172,785 | +€172,454 | +8.6% |
| Turnover | 70 | €1,962,731 | €2,155,582 | +€192,851 | +9.8% |
| Other operating income | 74 | €20,456 | €17,203 | -€3,253 | -15.9% |
| Non-recurring operating income | 76A | €17,143 | - | -€17,143 | |
| Operating charges | 60/66A | €1,950,734 | €2,178,043 | +€227,309 | +11.7% |
| Services and other goods | 61 | €416,532 | €563,485 | +€146,953 | +35.3% |
| Remuneration, social security and pensions | 62 | €1,504,486 | €1,587,288 | +€82,803 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,020 | €20,719 | -€5,301 | -20.4% |
| Other operating charges | 640/8 | €3,696 | €6,400 | +€2,704 | +73.2% |
| Non-recurring operating charges | 66A | - | €151 | +€151 | |
| Operating profit (loss) | 9901 | €49,597 | -€5,258 | -€54,855 | |
| Financial income | 75/76B | €9,043,809 | €7,564,895 | -€1.5m | -16.4% |
| Recurring financial income | 75 | €9,043,809 | €7,564,895 | -€1.5m | -16.4% |
| Income from financial fixed assets | 750 | €9,000,000 | €7,564,440 | -€1.4m | -16.0% |
| Income from current assets | 751 | €43,808 | - | -€43,808 | |
| Other financial income | 752/9 | €0 | €455 | +€455 | +189,629% |
| Financial charges | 65/66B | €69,570 | €32,400 | -€37,171 | -53.4% |
| Recurring financial charges | 65 | €69,570 | €32,400 | -€37,171 | -53.4% |
| Debt charges | 650 | €66,763 | €28,336 | -€38,428 | -57.6% |
| Other financial charges | 652/9 | €2,807 | €4,064 | +€1,257 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €9,023,835 | €7,527,237 | -€1.5m | -16.6% |
| Income taxes | 67/77 | €6,845 | €7,487 | +€642 | +9.4% |
| Taxes | 670/3 | €6,845 | €7,487 | +€642 | +9.4% |
| Profit (loss) for the period | 9904 | €9,016,990 | €7,519,750 | -€1.5m | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,016,990 | €7,519,750 | -€1.5m | -16.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.