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
- Receivables within one year +€3,514
up €3,514 (+609.6%), from €576 to €4,090
of which Trade receivables: +€3,386
- Cash -€886
down €886 (-70.8%), from €1,251 to €365
mainly Net result for the year (-€16,581) and Receivables within one year (-€3,514)
- Tangible fixed assets -€600
down €600 (-70.6%), from €850 to €250
- Stocks and contracts +€122
up €122 (+6.1%), from €1,981 to €2,102
- Profit (loss) carried forward -€16,581
down €16,581 (-43.8%), from -€37,858 to -€54,439
- Other debts +€10,059
up €10,059 (+61.3%), from €16,411 to €26,470
- Tax, wage and social debts +€4,356
up €4,356 (+48.9%), from €8,906 to €13,263
of which Remuneration and social security: +€2,405
- Trade debts +€4,315
up €4,315 (+27.5%), from €15,699 to €20,014
- Gross operating margin -€9,708
down €9,708, from €4,708 to -€5,000
- Staff costs +€5,531
up €5,531 (+1026.8%), from €539 to €6,069
- Other operating charges +€1,215
up €1,215 (+47.6%), from €2,555 to €3,770
- Financial charges +€334
up €334 (+41.5%), from €807 to €1,141
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 | €4,658 | €6,808 | +€2,150 | +46.2% |
| Fixed assets | 21/28 | €850 | €250 | -€600 | -70.6% |
| Tangible fixed assets | 22/27 | €850 | €250 | -€600 | -70.6% |
| Plant, machinery and equipment | 23 | €850 | €250 | -€600 | -70.6% |
| Current assets | 29/58 | €3,808 | €6,558 | +€2,750 | +72.2% |
| Stocks and contracts in progress | 3 | €1,981 | €2,102 | +€122 | +6.1% |
| Stocks | 30/36 | €1,981 | €2,102 | +€122 | +6.1% |
| Amounts receivable within one year | 40/41 | €576 | €4,090 | +€3,514 | +609.6% |
| Trade receivables | 40 | €324 | €3,710 | +€3,386 | +1045.9% |
| Other amounts receivable | 41 | €253 | €381 | +€128 | +50.6% |
| Cash at bank and in hand | 54/58 | €1,251 | €365 | -€886 | -70.8% |
| Total equity and liabilities | 10/49 | €4,658 | €6,808 | +€2,150 | +46.2% |
| Equity | 10/15 | -€36,358 | -€52,939 | -€16,581 | -45.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,858 | -€54,439 | -€16,581 | -43.8% |
| Amounts payable | 17/49 | €41,016 | €59,747 | +€18,731 | +45.7% |
| Amounts payable within one year | 42/48 | €41,016 | €59,747 | +€18,731 | +45.7% |
| Trade debts | 44 | €15,699 | €20,014 | +€4,315 | +27.5% |
| Suppliers | 440/4 | €15,699 | €20,014 | +€4,315 | +27.5% |
| Taxes, remuneration and social security | 45 | €8,906 | €13,263 | +€4,356 | +48.9% |
| Taxes | 450/3 | €8,829 | €10,780 | +€1,951 | +22.1% |
| Remuneration and social security | 454/9 | €77 | €2,483 | +€2,405 | +3117.8% |
| Other amounts payable | 47/48 | €16,411 | €26,470 | +€10,059 | +61.3% |
| Remuneration, social security and pensions | 62 | €539 | €6,069 | +€5,531 | +1026.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €600 | €600 | = | 0.0% |
| Other operating charges | 640/8 | €2,555 | €3,770 | +€1,215 | +47.6% |
| Gross operating margin | 9900 | €4,708 | -€5,000 | -€9,708 | |
| Operating profit (loss) | 9901 | €1,014 | -€15,440 | -€16,454 | |
| Financial charges | 65/66B | €807 | €1,141 | +€334 | +41.5% |
| Recurring financial charges | 65 | €807 | €1,141 | +€334 | +41.5% |
| Profit (loss) for the period before taxes | 9903 | €208 | -€16,581 | -€16,788 | |
| Profit (loss) for the period | 9904 | €208 | -€16,581 | -€16,788 | |
| Profit (loss) for the period to be appropriated | 9905 | €208 | -€16,581 | -€16,788 |
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 5 October 2026 via checked.be.