MUSA: 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.
MUSA
Largest movements
- Cash -€42,405
down €42,405 (-32.0%), from €132,658 to €90,253
mainly Investment in fixed assets (net) (-€27,441) and Net result for the year (-€22,429)
- Receivables within one year -€17,660
down €17,660 (-12.9%), from €137,325 to €119,665
of which Trade receivables: -€21,326
- Tangible fixed assets +€16,707
up €16,707 (+63.4%), from €26,357 to €43,064
- Stocks and contracts +€3,377
up €3,377 (+22.0%), from €15,378 to €18,755
- Profit (loss) carried forward -€22,429
down €22,429 (-22.9%), from €97,862 to €75,433
- Trade debts -€22,089
down €22,089 (-59.7%), from €37,028 to €14,938
- Debts after one year +€15,075
up €15,075 (+513.9%), from €2,934 to €18,008
- Current portion of long-term debt +€10,928
up €10,928 (+100.5%), from €10,874 to €21,802
- Other debts -€9,622
no longer reported in 2025 (was €9,622)
- Staff costs +€71,218
up €71,218 (+14.7%), from €483,001 to €554,218
- Turnover +€53,400
up €53,400 (+4.5%), from €1.2m to €1.2m
- Gross operating margin +€32,226
up €32,226 (+6.1%), from €529,112 to €561,337
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 | €323,432 | €280,258 | -€43,174 | -13.3% |
| Fixed assets | 21/28 | €27,322 | €44,029 | +€16,707 | +61.1% |
| Tangible fixed assets | 22/27 | €26,357 | €43,064 | +€16,707 | +63.4% |
| Furniture and vehicles | 24 | €26,357 | €43,064 | +€16,707 | +63.4% |
| Financial fixed assets | 28 | €965 | €965 | = | 0.0% |
| Current assets | 29/58 | €296,110 | €236,229 | -€59,881 | -20.2% |
| Stocks and contracts in progress | 3 | €15,378 | €18,755 | +€3,377 | +22.0% |
| Stocks | 30/36 | €15,378 | €18,755 | +€3,377 | +22.0% |
| Amounts receivable within one year | 40/41 | €137,325 | €119,665 | -€17,660 | -12.9% |
| Trade receivables | 40 | €101,532 | €80,206 | -€21,326 | -21.0% |
| Other amounts receivable | 41 | €35,793 | €39,459 | +€3,666 | +10.2% |
| Cash at bank and in hand | 54/58 | €132,658 | €90,253 | -€42,405 | -32.0% |
| Deferred charges and accrued income | 490/1 | €10,748 | €7,556 | -€3,193 | -29.7% |
| Total equity and liabilities | 10/49 | €323,432 | €280,258 | -€43,174 | -13.3% |
| Equity | 10/15 | €111,496 | €89,067 | -€22,429 | -20.1% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €1,239 | €1,239 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,239 | €1,239 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,239 | €1,239 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,862 | €75,433 | -€22,429 | -22.9% |
| Amounts payable | 17/49 | €211,937 | €191,191 | -€20,745 | -9.8% |
| Amounts payable after more than one year | 17 | €2,934 | €18,008 | +€15,075 | +513.9% |
| Financial debts | 170/4 | €2,934 | €18,008 | +€15,075 | +513.9% |
| Amounts payable within one year | 42/48 | €181,225 | €152,905 | -€28,320 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €10,874 | €21,802 | +€10,928 | +100.5% |
| Trade debts | 44 | €37,028 | €14,938 | -€22,089 | -59.7% |
| Suppliers | 440/4 | €37,028 | €14,938 | -€22,089 | -59.7% |
| Taxes, remuneration and social security | 45 | €123,701 | €116,165 | -€7,536 | -6.1% |
| Taxes | 450/3 | €30,708 | €32,668 | +€1,961 | +6.4% |
| Remuneration and social security | 454/9 | €92,993 | €83,496 | -€9,497 | -10.2% |
| Other amounts payable | 47/48 | €9,622 | - | -€9,622 | |
| Accrued charges and deferred income | 492/3 | €27,778 | €20,278 | -€7,500 | -27.0% |
| Turnover | 70 | €1,192,210 | €1,245,610 | +€53,400 | +4.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €735,148 | €747,228 | +€12,080 | +1.6% |
| Remuneration, social security and pensions | 62 | €483,001 | €554,218 | +€71,218 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,071 | €10,733 | +€662 | +6.6% |
| Other operating charges | 640/8 | €12,676 | €9,514 | -€3,163 | -24.9% |
| Gross operating margin | 9900 | €529,112 | €561,337 | +€32,226 | +6.1% |
| Operating profit (loss) | 9901 | €23,363 | -€13,128 | -€36,491 | |
| Financial income | 75/76B | €68 | €188 | +€119 | +174.4% |
| Recurring financial income | 75 | €68 | €188 | +€119 | +174.4% |
| Financial charges | 65/66B | €11,787 | €7,333 | -€4,455 | -37.8% |
| Recurring financial charges | 65 | €11,787 | €7,333 | -€4,455 | -37.8% |
| Profit (loss) for the period before taxes | 9903 | €11,644 | -€20,273 | -€31,917 | |
| Income taxes | 67/77 | €7,295 | €2,156 | -€5,139 | -70.4% |
| Profit (loss) for the period | 9904 | €4,349 | -€22,429 | -€26,778 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,349 | -€22,429 | -€26,778 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.