MUSCADE: 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.
MUSCADE
Largest movements
- Cash -€21,158
down €21,158 (-100.0%), from €21,161 to €3
mainly Net result for the year (-€18,427) and Investment in fixed assets (net) (-€6,420)
- Receivables within one year +€5,065
up €5,065 (+23.9%), from €21,213 to €26,278
of which Other amounts receivable: +€5,065
- Intangible fixed assets -€2,940
down €2,940 (-20.0%), from €14,699 to €11,759
- Profit (loss) carried forward -€18,427
down €18,427 (-17.4%), from -€106,039 to -€124,466
- Debts after one year -€2,089
down €2,089 (-62.2%), from €3,357 to €1,268
- Other debts +€1,617
up €1,617 (+4.6%), from €35,310 to €36,928
- Tax, wage and social debts +€1,346
up €1,346 (+140.2%), from €960 to €2,307
of which Remuneration and social security: +€1,558
- Trade debts -€1,077
down €1,077 (-20.9%), from €5,154 to €4,077
- Gross operating margin +€44,270
up €44,270, from -€43,757 to €514
- Depreciation +€4,162
up €4,162 (+88.7%), from €4,695 to €8,857
- Other operating charges -€800
down €800 (-10.3%), from €7,732 to €6,932
- Financial charges -€633
down €633 (-17.4%), from €3,645 to €3,012
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 | €79,178 | €60,649 | -€18,530 | -23.4% |
| Fixed assets | 21/28 | €36,804 | €34,367 | -€2,437 | -6.6% |
| Intangible fixed assets | 21 | €14,699 | €11,759 | -€2,940 | -20.0% |
| Tangible fixed assets | 22/27 | €21,925 | €22,608 | +€683 | +3.1% |
| Furniture and vehicles | 24 | €8,418 | €11,044 | +€2,626 | +31.2% |
| Other tangible fixed assets | 26 | €13,507 | €11,564 | -€1,943 | -14.4% |
| Financial fixed assets | 28 | €180 | - | -€180 | |
| Current assets | 29/58 | €42,374 | €26,281 | -€16,093 | -38.0% |
| Amounts receivable within one year | 40/41 | €21,213 | €26,278 | +€5,065 | +23.9% |
| Trade receivables | 40 | €13,354 | €13,354 | = | 0.0% |
| Other amounts receivable | 41 | €7,859 | €12,924 | +€5,065 | +64.5% |
| Cash at bank and in hand | 54/58 | €21,161 | €3 | -€21,158 | -100.0% |
| Total equity and liabilities | 10/49 | €79,178 | €60,649 | -€18,530 | -23.4% |
| Equity | 10/15 | €32,408 | €13,980 | -€18,427 | -56.9% |
| Contributions | 10/11 | €68,592 | €68,592 | = | 0.0% |
| Reserves | 13 | €69,855 | €69,855 | = | 0.0% |
| Distributable reserves | 133 | €69,855 | €69,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,039 | -€124,466 | -€18,427 | -17.4% |
| Amounts payable | 17/49 | €46,771 | €46,668 | -€103 | -0.2% |
| Amounts payable after more than one year | 17 | €3,357 | €1,268 | -€2,089 | -62.2% |
| Financial debts | 170/4 | €3,357 | €1,268 | -€2,089 | -62.2% |
| Amounts payable within one year | 42/48 | €43,414 | €45,401 | +€1,987 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €1,989 | €2,089 | +€101 | +5.1% |
| Trade debts | 44 | €5,154 | €4,077 | -€1,077 | -20.9% |
| Suppliers | 440/4 | €5,154 | €4,077 | -€1,077 | -20.9% |
| Taxes, remuneration and social security | 45 | €960 | €2,307 | +€1,346 | +140.2% |
| Taxes | 450/3 | €960 | €749 | -€212 | -22.0% |
| Remuneration and social security | 454/9 | - | €1,558 | +€1,558 | |
| Other amounts payable | 47/48 | €35,310 | €36,928 | +€1,617 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,695 | €8,857 | +€4,162 | +88.7% |
| Other operating charges | 640/8 | €7,732 | €6,932 | -€800 | -10.3% |
| Gross operating margin | 9900 | -€43,757 | €514 | +€44,270 | |
| Operating profit (loss) | 9901 | -€56,184 | -€15,276 | +€40,908 | +72.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,645 | €3,012 | -€633 | -17.4% |
| Recurring financial charges | 65 | €3,645 | €3,012 | -€633 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | -€59,828 | -€18,288 | +€41,541 | +69.4% |
| Income taxes | 67/77 | €208 | €140 | -€69 | -33.0% |
| Profit (loss) for the period | 9904 | -€60,037 | -€18,427 | +€41,609 | +69.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,037 | -€18,427 | +€41,609 | +69.3% |
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 8 October 2026 via checked.be.