MUSA47: 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.
MUSA47
Largest movements
- Tangible fixed assets -€9,806
down €9,806 (-23.3%), from €42,170 to €32,364
of which Furniture and vehicles: -€8,324
- Cash +€2,050
up €2,050 (+110.2%), from €1,861 to €3,911
mainly Depreciation (+€9,913) and Trade debts (+€4,312)
- Receivables within one year -€1,223
down €1,223 (-32.8%), from €3,723 to €2,500
of which Trade receivables: -€1,476
- Intangible fixed assets -€821
no longer reported in 2025 (was €821)
- Other debts -€14,180
down €14,180 (-58.8%), from €24,102 to €9,922
- Trade debts +€4,312
new in 2025: €4,312
- Profit (loss) carried forward -€1,265
down €1,265 (-10.8%), from €11,684 to €10,419
- Tax, wage and social debts +€1,027
up €1,027 (+22.3%), from €4,598 to €5,626
of which Remuneration and social security: +€1,717
- Current portion of long-term debt +€579
up €579 (+28.3%), from €2,048 to €2,626
- Staff costs +€5,483
up €5,483 (+124.5%), from €4,404 to €9,887
- Depreciation +€3,116
up €3,116 (+45.8%), from €6,797 to €9,913
- Other operating charges -€2,712
down €2,712 (-56.1%), from €4,839 to €2,126
- Taxes -€1,835
down €1,835 (-67.5%), from €2,720 to €885
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 | €49,910 | €40,197 | -€9,713 | -19.5% |
| Fixed assets | 21/28 | €42,991 | €32,364 | -€10,627 | -24.7% |
| Intangible fixed assets | 21 | €821 | - | -€821 | |
| Tangible fixed assets | 22/27 | €42,170 | €32,364 | -€9,806 | -23.3% |
| Plant, machinery and equipment | 23 | €1,711 | €1,501 | -€210 | -12.3% |
| Furniture and vehicles | 24 | €31,763 | €23,439 | -€8,324 | -26.2% |
| Leasing and similar rights | 25 | €8,696 | €7,424 | -€1,272 | -14.6% |
| Current assets | 29/58 | €6,918 | €7,833 | +€914 | +13.2% |
| Stocks and contracts in progress | 3 | €1,200 | €1,136 | -€64 | -5.3% |
| Stocks | 30/36 | €1,200 | €1,136 | -€64 | -5.3% |
| Amounts receivable within one year | 40/41 | €3,723 | €2,500 | -€1,223 | -32.8% |
| Trade receivables | 40 | €3,145 | €1,669 | -€1,476 | -46.9% |
| Other amounts receivable | 41 | €578 | €831 | +€253 | +43.8% |
| Cash at bank and in hand | 54/58 | €1,861 | €3,911 | +€2,050 | +110.2% |
| Deferred charges and accrued income | 490/1 | €135 | €286 | +€151 | +111.6% |
| Total equity and liabilities | 10/49 | €49,910 | €40,197 | -€9,713 | -19.5% |
| Equity | 10/15 | €13,684 | €12,419 | -€1,265 | -9.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,684 | €10,419 | -€1,265 | -10.8% |
| Amounts payable | 17/49 | €36,225 | €27,778 | -€8,448 | -23.3% |
| Amounts payable after more than one year | 17 | €5,477 | €5,291 | -€186 | -3.4% |
| Financial debts | 170/4 | €5,477 | €5,291 | -€186 | -3.4% |
| Amounts payable within one year | 42/48 | €30,748 | €22,487 | -€8,261 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €2,048 | €2,626 | +€579 | +28.3% |
| Trade debts | 44 | - | €4,312 | +€4,312 | |
| Suppliers | 440/4 | - | €4,312 | +€4,312 | |
| Taxes, remuneration and social security | 45 | €4,598 | €5,626 | +€1,027 | +22.3% |
| Taxes | 450/3 | €4,345 | €3,655 | -€690 | -15.9% |
| Remuneration and social security | 454/9 | €254 | €1,971 | +€1,717 | +676.5% |
| Other amounts payable | 47/48 | €24,102 | €9,922 | -€14,180 | -58.8% |
| Remuneration, social security and pensions | 62 | €4,404 | €9,887 | +€5,483 | +124.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,797 | €9,913 | +€3,116 | +45.8% |
| Other operating charges | 640/8 | €4,839 | €2,126 | -€2,712 | -56.1% |
| Gross operating margin | 9900 | €23,685 | €23,894 | +€209 | +0.9% |
| Operating profit (loss) | 9901 | €7,646 | €1,969 | -€5,677 | -74.3% |
| Financial income | 75/76B | €1 | €82 | +€81 | +12155.2% |
| Recurring financial income | 75 | €1 | €82 | +€81 | +12155.2% |
| Financial charges | 65/66B | €2,478 | €2,431 | -€47 | -1.9% |
| Recurring financial charges | 65 | €2,478 | €2,431 | -€47 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €5,169 | -€380 | -€5,549 | |
| Income taxes | 67/77 | €2,720 | €885 | -€1,835 | -67.5% |
| Profit (loss) for the period | 9904 | €2,449 | -€1,265 | -€3,715 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,449 | -€1,265 | -€3,715 |
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.