MUSCAM: what changed
Two financial 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.
MUSCAM
Largest movements
- Receivables within one year -€12,290
down €12,290 (-37.6%), from €32,714 to €20,424
of which Other amounts receivable: -€13,500
- Cash -€12,013
down €12,013 (-14.8%), from €81,084 to €69,071
mainly Contributions, distributions and other (-€80,000) and Tax, wage and social debts (-€16,615)
- Tangible fixed assets -€3,994
down €3,994 (-36.5%), from €10,943 to €6,949
- Tax, wage and social debts -€16,615
down €16,615 (-61.4%), from €27,074 to €10,459
- Other debts -€15,000
down €15,000 (-15.8%), from €95,000 to €80,000
- Profit (loss) carried forward +€6,192
up €6,192 (+16,959%), from €37 to €6,228
- Trade debts -€2,377
down €2,377 (-56.8%), from €4,183 to €1,806
- Depreciation -€8,342
down €8,342 (-67.6%), from €12,336 to €3,994
- Gross operating margin +€6,095
up €6,095 (+5.6%), from €109,162 to €115,258
- Taxes +€4,122
up €4,122 (+21.0%), from €19,645 to €23,767
- Financial income -€1,579
no longer reported in 2025 (was €1,579)
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.
Derived cash bridge
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 | €130,293 | €102,494 | -€27,799 | -21.3% |
| Fixed assets | 21/28 | €10,943 | €6,949 | -€3,994 | -36.5% |
| Tangible fixed assets | 22/27 | €10,943 | €6,949 | -€3,994 | -36.5% |
| Other tangible fixed assets | 26 | €10,943 | €6,949 | -€3,994 | -36.5% |
| Current assets | 29/58 | €119,350 | €95,544 | -€23,806 | -19.9% |
| Amounts receivable within one year | 40/41 | €32,714 | €20,424 | -€12,290 | -37.6% |
| Trade receivables | 40 | €16,214 | €17,424 | +€1,210 | +7.5% |
| Other amounts receivable | 41 | €16,500 | €3,000 | -€13,500 | -81.8% |
| Cash at bank and in hand | 54/58 | €81,084 | €69,071 | -€12,013 | -14.8% |
| Deferred charges and accrued income | 490/1 | €5,552 | €6,049 | +€497 | +9.0% |
| Total equity and liabilities | 10/49 | €130,293 | €102,494 | -€27,799 | -21.3% |
| Equity | 10/15 | €4,037 | €10,228 | +€6,192 | +153% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37 | €6,228 | +€6,192 | +16,959% |
| Amounts payable | 17/49 | €126,257 | €92,265 | -€33,991 | -26.9% |
| Amounts payable within one year | 42/48 | €126,257 | €92,265 | -€33,991 | -26.9% |
| Trade debts | 44 | €4,183 | €1,806 | -€2,377 | -56.8% |
| Suppliers | 440/4 | €4,183 | €1,806 | -€2,377 | -56.8% |
| Taxes, remuneration and social security | 45 | €27,074 | €10,459 | -€16,615 | -61.4% |
| Taxes | 450/3 | €27,074 | €10,459 | -€16,615 | -61.4% |
| Other amounts payable | 47/48 | €95,000 | €80,000 | -€15,000 | -15.8% |
| Non-recurring operating income | 76A | €9,707 | - | -€9,707 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,336 | €3,994 | -€8,342 | -67.6% |
| Other operating charges | 640/8 | €916 | €939 | +€23 | +2.5% |
| Gross operating margin | 9900 | €109,162 | €115,258 | +€6,095 | +5.6% |
| Operating profit (loss) | 9901 | €95,911 | €110,325 | +€14,414 | +15.0% |
| Financial income | 75/76B | €1,579 | - | -€1,579 | |
| Recurring financial income | 75 | €1,579 | - | -€1,579 | |
| Financial charges | 65/66B | €145 | €366 | +€221 | +152% |
| Recurring financial charges | 65 | €145 | €366 | +€221 | +152% |
| Profit (loss) for the period before taxes | 9903 | €97,345 | €109,959 | +€12,614 | +13.0% |
| Income taxes | 67/77 | €19,645 | €23,767 | +€4,122 | +21.0% |
| Profit (loss) for the period | 9904 | €77,700 | €86,192 | +€8,492 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €77,700 | €86,192 | +€8,492 | +10.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.