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
- Current investments +€30,000
new in 2025: €30,000
- Cash -€10,195
down €10,195 (-13.9%), from €73,332 to €63,138
mainly Current investments (-€30,000) and Receivables within one year (-€1,729)
- Financial fixed assets -€3,050
no longer reported in 2025 (was €3,050)
- Receivables within one year +€1,729
up €1,729 (+334.1%), from €518 to €2,247
of which Trade receivables: +€1,545
- Tangible fixed assets -€1,596
down €1,596 (-47.0%), from €3,398 to €1,802
of which Furniture and vehicles: -€970
- Reserves +€17,845
up €17,845 (+31.8%), from €56,123 to €73,967
- Gross operating margin -€19,055
down €19,055 (-36.8%), from €51,721 to €32,666
- Taxes -€6,897
down €6,897 (-39.2%), from €17,612 to €10,716
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 | €80,542 | €97,459 | +€16,917 | +21.0% |
| Fixed assets | 21/28 | €6,448 | €1,802 | -€4,646 | -72.1% |
| Tangible fixed assets | 22/27 | €3,398 | €1,802 | -€1,596 | -47.0% |
| Plant, machinery and equipment | 23 | €982 | €355 | -€626 | -63.8% |
| Furniture and vehicles | 24 | €2,416 | €1,446 | -€970 | -40.1% |
| Financial fixed assets | 28 | €3,050 | - | -€3,050 | |
| Current assets | 29/58 | €74,094 | €95,657 | +€21,563 | +29.1% |
| Amounts receivable within one year | 40/41 | €518 | €2,247 | +€1,729 | +334.1% |
| Trade receivables | 40 | - | €1,545 | +€1,545 | |
| Other amounts receivable | 41 | €518 | €702 | +€185 | +35.7% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €73,332 | €63,138 | -€10,195 | -13.9% |
| Deferred charges and accrued income | 490/1 | €245 | €273 | +€28 | +11.5% |
| Total equity and liabilities | 10/49 | €80,542 | €97,459 | +€16,917 | +21.0% |
| Equity | 10/15 | €62,423 | €80,267 | +€17,845 | +28.6% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €56,123 | €73,967 | +€17,845 | +31.8% |
| Distributable reserves | 133 | €56,123 | €73,967 | +€17,845 | +31.8% |
| Amounts payable | 17/49 | €18,120 | €17,192 | -€928 | -5.1% |
| Amounts payable within one year | 42/48 | €18,040 | €17,032 | -€1,008 | -5.6% |
| Trade debts | 44 | €63 | - | -€63 | |
| Suppliers | 440/4 | €63 | - | -€63 | |
| Taxes, remuneration and social security | 45 | €16,310 | €15,366 | -€945 | -5.8% |
| Taxes | 450/3 | €16,310 | €15,366 | -€945 | -5.8% |
| Other amounts payable | 47/48 | €1,666 | €1,666 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €80 | €160 | +€80 | +100.0% |
| Remuneration, social security and pensions | 62 | €164 | €167 | +€3 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,418 | €1,596 | +€178 | +12.6% |
| Other operating charges | 640/8 | €702 | €720 | +€18 | +2.5% |
| Gross operating margin | 9900 | €51,721 | €32,666 | -€19,055 | -36.8% |
| Operating profit (loss) | 9901 | €49,438 | €30,184 | -€19,254 | -38.9% |
| Financial income | 75/76B | - | €116 | +€116 | |
| Recurring financial income | 75 | - | €116 | +€116 | |
| Financial charges | 65/66B | €105 | €73 | -€31 | -30.1% |
| Recurring financial charges | 65 | €105 | €73 | -€31 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €49,333 | €30,226 | -€19,107 | -38.7% |
| Income taxes | 67/77 | €17,612 | €10,716 | -€6,897 | -39.2% |
| Profit (loss) for the period | 9904 | €31,721 | €19,511 | -€12,210 | -38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,721 | €19,511 | -€12,210 | -38.5% |
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 4 October 2026 via checked.be.