MUS: what changed
Two financial 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.
MUS
Largest movements
- Cash +€75,489
up €75,489 (+35.0%), from €215,989 to €291,478
mainly Other debts (+€54,717) and Trade debts (+€45,230)
- Stocks and contracts +€12,108
up €12,108 (+22.6%), from €53,531 to €65,639
- Receivables within one year +€9,009
up €9,009 (+12.9%), from €70,026 to €79,035
of which Trade receivables: +€9,012
- Tangible fixed assets -€7,208
down €7,208 (-9.9%), from €73,011 to €65,803
- Other debts +€54,717
up €54,717 (+255%), from €21,495 to €76,212
- Trade debts +€45,230
up €45,230 (+319%), from €14,189 to €59,420
- Reserves -€14,004
down €14,004 (-4.0%), from €353,265 to €339,260
- Gross operating margin -€6,147
down €6,147 (-8.1%), from €76,158 to €70,011
- Taxes -€2,505
down €2,505 (-11.8%), from €21,159 to €18,655
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.
Derived cash bridge
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 | €414,403 | €504,357 | +€89,954 | +21.7% |
| Fixed assets | 21/28 | €73,166 | €65,958 | -€7,208 | -9.9% |
| Tangible fixed assets | 22/27 | €73,011 | €65,803 | -€7,208 | -9.9% |
| Land and buildings | 22 | €59,948 | €57,778 | -€2,169 | -3.6% |
| Plant, machinery and equipment | 23 | €9,055 | €7,144 | -€1,911 | -21.1% |
| Furniture and vehicles | 24 | €4,009 | €881 | -€3,128 | -78.0% |
| Financial fixed assets | 28 | €155 | €155 | = | 0.0% |
| Current assets | 29/58 | €341,237 | €438,399 | +€97,162 | +28.5% |
| Stocks and contracts in progress | 3 | €53,531 | €65,639 | +€12,108 | +22.6% |
| Stocks | 30/36 | €53,531 | €65,639 | +€12,108 | +22.6% |
| Amounts receivable within one year | 40/41 | €70,026 | €79,035 | +€9,009 | +12.9% |
| Trade receivables | 40 | €69,985 | €78,997 | +€9,012 | +12.9% |
| Other amounts receivable | 41 | €41 | €38 | -€3 | -7.2% |
| Cash at bank and in hand | 54/58 | €215,989 | €291,478 | +€75,489 | +35.0% |
| Deferred charges and accrued income | 490/1 | €1,691 | €2,247 | +€556 | +32.9% |
| Total equity and liabilities | 10/49 | €414,403 | €504,357 | +€89,954 | +21.7% |
| Equity | 10/15 | €372,693 | €358,689 | -€14,004 | -3.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €353,265 | €339,260 | -€14,004 | -4.0% |
| Distributable reserves | 133 | €353,265 | €339,260 | -€14,004 | -4.0% |
| Profit (loss) carried forward | 14 | €836 | €836 | = | 0.0% |
| Amounts payable | 17/49 | €41,710 | €145,669 | +€103,959 | +249% |
| Amounts payable within one year | 42/48 | €41,541 | €145,600 | +€104,059 | +250% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €14,189 | €59,420 | +€45,230 | +319% |
| Suppliers | 440/4 | €14,189 | €59,420 | +€45,230 | +319% |
| Taxes, remuneration and social security | 45 | €5,857 | €9,968 | +€4,111 | +70.2% |
| Taxes | 450/3 | €4,007 | €6,268 | +€2,261 | +56.4% |
| Remuneration and social security | 454/9 | €1,850 | €3,700 | +€1,850 | +100% |
| Other amounts payable | 47/48 | €21,495 | €76,212 | +€54,717 | +255% |
| Accrued charges and deferred income | 492/3 | €169 | €69 | -€100 | -59.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,353 | €7,208 | -€145 | -2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,562 | €2,020 | -€542 | -21.2% |
| Gross operating margin | 9900 | €76,158 | €70,011 | -€6,147 | -8.1% |
| Operating profit (loss) | 9901 | €66,243 | €60,782 | -€5,461 | -8.2% |
| Financial income | 75/76B | €32 | €2 | -€30 | -93.8% |
| Recurring financial income | 75 | €32 | €2 | -€30 | -93.8% |
| Financial charges | 65/66B | €1,329 | €1,162 | -€167 | -12.6% |
| Recurring financial charges | 65 | €1,329 | €1,162 | -€167 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €64,946 | €59,622 | -€5,324 | -8.2% |
| Income taxes | 67/77 | €21,159 | €18,655 | -€2,505 | -11.8% |
| Profit (loss) for the period | 9904 | €43,787 | €40,967 | -€2,819 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,787 | €40,967 | -€2,819 | -6.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.