MURFIN: 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.
MURFIN
Largest movements
- Tangible fixed assets -€5,303
down €5,303 (-34.8%), from €15,234 to €9,931
of which Plant, machinery and equipment: -€3,137
- Cash -€2,236
down €2,236 (-60.7%), from €3,685 to €1,449
mainly Tax, wage and social debts (-€4,183) and Current portion of long-term debt (-€3,054)
- Receivables within one year -€1,033
down €1,033 (-13.8%), from €7,497 to €6,463
of which Trade receivables: -€5,512
- Deferred charges and accrued income -€527
no longer reported in 2024 (was €527)
- Tax, wage and social debts -€4,183
down €4,183 (-92.0%), from €4,550 to €366
of which Taxes: -€2,564
- Current portion of long-term debt -€3,054
down €3,054 (-28.4%), from €10,739 to €7,686
- Advances received -€1,870
down €1,870 (-77.9%), from €2,400 to €530
- Debts after one year -€1,687
down €1,687 (-35.6%), from €4,736 to €3,050
- Reserves +€909
up €909 (+38.1%), from €2,386 to €3,295
- Gross operating margin +€9,096
up €9,096 (+913.6%), from €996 to €10,092
- Depreciation +€1,235
up €1,235 (+30.3%), from €4,069 to €5,303
- Other operating charges +€647
up €647 (+56.1%), from €1,153 to €1,800
- Financial charges -€381
down €381 (-18.1%), from €2,104 to €1,723
- Staff costs +€360
new in 2024: €360
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,943 | €17,844 | -€9,100 | -33.8% |
| Fixed assets | 21/28 | €15,234 | €9,931 | -€5,303 | -34.8% |
| Tangible fixed assets | 22/27 | €15,234 | €9,931 | -€5,303 | -34.8% |
| Plant, machinery and equipment | 23 | €9,666 | €6,529 | -€3,137 | -32.5% |
| Furniture and vehicles | 24 | €5,568 | €3,401 | -€2,167 | -38.9% |
| Current assets | 29/58 | €11,709 | €7,913 | -€3,796 | -32.4% |
| Amounts receivable within one year | 40/41 | €7,497 | €6,463 | -€1,033 | -13.8% |
| Trade receivables | 40 | €6,012 | €500 | -€5,512 | -91.7% |
| Other amounts receivable | 41 | €1,484 | €5,963 | +€4,479 | +301.7% |
| Cash at bank and in hand | 54/58 | €3,685 | €1,449 | -€2,236 | -60.7% |
| Deferred charges and accrued income | 490/1 | €527 | - | -€527 | |
| Total equity and liabilities | 10/49 | €26,943 | €17,844 | -€9,100 | -33.8% |
| Equity | 10/15 | €3,386 | €4,295 | +€909 | +26.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €2,386 | €3,295 | +€909 | +38.1% |
| Distributable reserves | 133 | €2,386 | €3,295 | +€909 | +38.1% |
| Amounts payable | 17/49 | €23,557 | €13,549 | -€10,008 | -42.5% |
| Amounts payable after more than one year | 17 | €4,736 | €3,050 | -€1,687 | -35.6% |
| Financial debts | 170/4 | €4,736 | €3,050 | -€1,687 | -35.6% |
| Amounts payable within one year | 42/48 | €18,821 | €10,499 | -€8,322 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €10,739 | €7,686 | -€3,054 | -28.4% |
| Trade debts | 44 | €1,132 | €1,917 | +€785 | +69.4% |
| Suppliers | 440/4 | €1,132 | €1,917 | +€785 | +69.4% |
| Advances received on contracts in progress | 46 | €2,400 | €530 | -€1,870 | -77.9% |
| Taxes, remuneration and social security | 45 | €4,550 | €366 | -€4,183 | -92.0% |
| Taxes | 450/3 | €2,677 | €113 | -€2,564 | -95.8% |
| Remuneration and social security | 454/9 | €1,873 | €253 | -€1,619 | -86.5% |
| Remuneration, social security and pensions | 62 | - | €360 | +€360 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,069 | €5,303 | +€1,235 | +30.3% |
| Other operating charges | 640/8 | €1,153 | €1,800 | +€647 | +56.1% |
| Gross operating margin | 9900 | €996 | €10,092 | +€9,096 | +913.6% |
| Operating profit (loss) | 9901 | -€4,226 | €2,628 | +€6,854 | |
| Financial income | 75/76B | €2 | €3 | +€1 | +49.3% |
| Recurring financial income | 75 | €2 | €3 | +€1 | +49.3% |
| Non-recurring financial income | 76B | €2 | €3 | +€1 | +49.3% |
| Financial charges | 65/66B | €2,104 | €1,723 | -€381 | -18.1% |
| Recurring financial charges | 65 | €2,104 | €1,723 | -€381 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,328 | €909 | +€7,237 | |
| Profit (loss) for the period | 9904 | -€6,328 | €909 | +€7,237 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,328 | €909 | +€7,237 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.