MuRes: what changed
MuRes
Largest movements
- Receivables within one year -€29,044
down €29,044 (-69.2%), from €41,973 to €12,930
of which Trade receivables: -€21,431
- Tangible fixed assets -€7,046
down €7,046 (-29.8%), from €23,669 to €16,623
of which Plant, machinery and equipment: -€4,848
- Stocks and contracts +€4,552
up €4,552 (+63.1%), from €7,214 to €11,766
- Trade debts -€28,420
down €28,420 (-59.9%), from €47,457 to €19,037
- Current portion of long-term debt -€6,241
no longer reported in 2025 (was €6,241)
- Reserves +€4,034
up €4,034 (+17.6%), from €22,929 to €26,963
- Gross operating margin -€18,910
down €18,910 (-58.4%), from €32,399 to €13,489
- Financial income +€4,701
new in 2025: €4,701
of which Financial income: +€4,701
- Depreciation -€4,252
down €4,252 (-37.6%), from €11,298 to €7,046
- Taxes -€4,042
down €4,042 (-62.2%), from €6,499 to €2,457
- Other operating charges +€1,356
up €1,356 (+65.4%), from €2,072 to €3,427
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,915 | €58,851 | -€31,064 | -34.5% |
| Fixed assets | 21/28 | €23,669 | €16,623 | -€7,046 | -29.8% |
| Tangible fixed assets | 22/27 | €23,669 | €16,623 | -€7,046 | -29.8% |
| Plant, machinery and equipment | 23 | €13,324 | €8,476 | -€4,848 | -36.4% |
| Furniture and vehicles | 24 | €36 | - | -€36 | |
| Other tangible fixed assets | 26 | €10,309 | €8,147 | -€2,162 | -21.0% |
| Current assets | 29/58 | €66,246 | €42,227 | -€24,018 | -36.3% |
| Stocks and contracts in progress | 3 | €7,214 | €11,766 | +€4,552 | +63.1% |
| Stocks | 30/36 | €7,214 | €11,766 | +€4,552 | +63.1% |
| Amounts receivable within one year | 40/41 | €41,973 | €12,930 | -€29,044 | -69.2% |
| Trade receivables | 40 | €31,774 | €10,342 | -€21,431 | -67.5% |
| Other amounts receivable | 41 | €10,200 | €2,588 | -€7,612 | -74.6% |
| Cash at bank and in hand | 54/58 | €17,058 | €17,531 | +€474 | +2.8% |
| Total equity and liabilities | 10/49 | €89,915 | €58,851 | -€31,064 | -34.5% |
| Equity | 10/15 | €26,929 | €30,963 | +€4,034 | +15.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €22,929 | €26,963 | +€4,034 | +17.6% |
| Distributable reserves | 133 | €22,929 | €26,963 | +€4,034 | +17.6% |
| Amounts payable | 17/49 | €62,986 | €27,888 | -€35,097 | -55.7% |
| Amounts payable within one year | 42/48 | €62,986 | €27,888 | -€35,097 | -55.7% |
| Current portion of amounts payable after more than one year | 42 | €6,241 | - | -€6,241 | |
| Trade debts | 44 | €47,457 | €19,037 | -€28,420 | -59.9% |
| Suppliers | 440/4 | €47,457 | €19,037 | -€28,420 | -59.9% |
| Taxes, remuneration and social security | 45 | €8,565 | €8,099 | -€466 | -5.4% |
| Taxes | 450/3 | €8,565 | €8,099 | -€466 | -5.4% |
| Other amounts payable | 47/48 | €723 | €753 | +€30 | +4.1% |
| Remuneration, social security and pensions | 62 | - | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,298 | €7,046 | -€4,252 | -37.6% |
| Other operating charges | 640/8 | €2,072 | €3,427 | +€1,356 | +65.4% |
| Gross operating margin | 9900 | €32,399 | €13,489 | -€18,910 | -58.4% |
| Operating profit (loss) | 9901 | €19,029 | €3,004 | -€16,025 | -84.2% |
| Financial income | 75/76B | - | €4,701 | +€4,701 | |
| Recurring financial income | 75 | - | €4,701 | +€4,701 | |
| Non-recurring financial income | 76B | - | €4,701 | +€4,701 | |
| Financial charges | 65/66B | €714 | €1,215 | +€501 | +70.2% |
| Recurring financial charges | 65 | €714 | €1,215 | +€501 | +70.2% |
| Profit (loss) for the period before taxes | 9903 | €18,315 | €6,490 | -€11,825 | -64.6% |
| Income taxes | 67/77 | €6,499 | €2,457 | -€4,042 | -62.2% |
| Profit (loss) for the period | 9904 | €11,817 | €4,034 | -€7,783 | -65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,817 | €4,034 | -€7,783 | -65.9% |
Next steps
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 2 November 2026 via checked.be.