Murmad: 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.
Murmad
Largest movements
- Current investments -€14,803
down €14,803 (-12.7%), from €116,879 to €102,076
- Cash -€7,737
down €7,737 (-3.8%), from €203,908 to €196,172
mainly Net result for the year (-€22,742) and Receivables within one year (-€5,884)
- Receivables within one year +€5,884
up €5,884 (+5749.6%), from €102 to €5,986
of which Other amounts receivable: +€5,884
- Reserves -€22,742
down €22,742 (-7.6%), from €300,692 to €277,950
of which Distributable reserves: -€22,742
- Other debts +€6,770
up €6,770 (+86.1%), from €7,867 to €14,637
- Gross operating margin -€43,586
down €43,586, from €18,872 to -€24,714
- Purchases and services +€35,914
new in 2025: €35,914
- Turnover +€11,200
new in 2025: €11,200
- Taxes -€7,160
down €7,160 (-92.3%), from €7,756 to €596
- Financial income -€5,355
down €5,355 (-66.3%), from €8,081 to €2,726
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 | €323,098 | €307,412 | -€15,686 | -4.9% |
| Fixed assets | 21/28 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Current assets | 29/58 | €323,098 | €307,412 | -€15,686 | -4.9% |
| Amounts receivable within one year | 40/41 | €102 | €5,986 | +€5,884 | +5749.6% |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | €102 | €5,986 | +€5,884 | +5749.6% |
| Current investments | 50/53 | €116,879 | €102,076 | -€14,803 | -12.7% |
| Cash at bank and in hand | 54/58 | €203,908 | €196,172 | -€7,737 | -3.8% |
| Deferred charges and accrued income | 490/1 | €2,208 | €3,178 | +€970 | +43.9% |
| Total equity and liabilities | 10/49 | €323,098 | €307,412 | -€15,686 | -4.9% |
| Equity | 10/15 | €306,897 | €284,156 | -€22,742 | -7.4% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Capital | 10 | - | €6,205 | +€6,205 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Uncalled capital | 101 | - | €12,395 | +€12,395 | |
| Reserves | 13 | €300,692 | €277,950 | -€22,742 | -7.6% |
| Tax-exempt reserves | 132 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €296,692 | €273,950 | -€22,742 | -7.7% |
| Amounts payable | 17/49 | €16,200 | €23,256 | +€7,056 | +43.6% |
| Amounts payable within one year | 42/48 | €14,938 | €22,126 | +€7,188 | +48.1% |
| Trade debts | 44 | €1,843 | €2,403 | +€560 | +30.4% |
| Suppliers | 440/4 | €1,843 | €2,403 | +€560 | +30.4% |
| Taxes, remuneration and social security | 45 | €5,229 | €5,086 | -€142 | -2.7% |
| Taxes | 450/3 | €2,429 | €5,086 | +€2,658 | +109.4% |
| Remuneration and social security | 454/9 | €2,800 | €0 | -€2,800 | -100.0% |
| Other amounts payable | 47/48 | €7,867 | €14,637 | +€6,770 | +86.1% |
| Accrued charges and deferred income | 492/3 | €1,262 | €1,130 | -€132 | -10.5% |
| Turnover | 70 | - | €11,200 | +€11,200 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €35,914 | +€35,914 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192 | €0 | -€192 | -100.0% |
| Gross operating margin | 9900 | €18,872 | -€24,714 | -€43,586 | |
| Operating profit (loss) | 9901 | €18,680 | -€24,714 | -€43,394 | |
| Financial income | 75/76B | €8,081 | €2,726 | -€5,355 | -66.3% |
| Recurring financial income | 75 | €8,081 | €2,726 | -€5,355 | -66.3% |
| Financial charges | 65/66B | €567 | €158 | -€409 | -72.1% |
| Recurring financial charges | 65 | €567 | €158 | -€409 | -72.1% |
| Profit (loss) for the period before taxes | 9903 | €26,194 | -€22,146 | -€48,340 | |
| Income taxes | 67/77 | €7,756 | €596 | -€7,160 | -92.3% |
| Profit (loss) for the period | 9904 | €18,438 | -€22,742 | -€41,180 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,438 | -€22,742 | -€41,180 |
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 1 October 2026 via checked.be.