MUSCANIS: 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.
MUSCANIS
Largest movements
- Cash +€83,332
up €83,332 (+24.5%), from €339,974 to €423,306
mainly Net result for the year (+€155,710) and Other debts (+€127,139)
- Tangible fixed assets -€41,169
down €41,169 (-7.6%), from €539,756 to €498,588
of which Furniture and vehicles: -€25,472
- Receivables within one year -€23,062
down €23,062 (-40.0%), from €57,622 to €34,560
of which Other amounts receivable: -€19,108
- Other debts +€127,139
up €127,139 (+692%), from €18,380 to €145,519
- Reserves -€114,209
down €114,209 (-13.1%), from €874,261 to €760,051
- Gross operating margin -€28,834
down €28,834 (-10.6%), from €272,898 to €244,064
- Financial income -€24,596
down €24,596 (-51.7%), from €47,613 to €23,017
of which Non-recurring financial income: -€23,000
- Depreciation +€19,118
up €19,118 (+70.3%), from €27,205 to €46,323
- Taxes -€16,269
down €16,269 (-20.8%), from €78,371 to €62,103
- Financial charges -€4,407
down €4,407 (-97.4%), from €4,525 to €117
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 | €971,384 | €987,861 | +€16,477 | +1.7% |
| Fixed assets | 21/28 | €566,766 | €525,598 | -€41,169 | -7.3% |
| Tangible fixed assets | 22/27 | €539,756 | €498,588 | -€41,169 | -7.6% |
| Land and buildings | 22 | €428,516 | €408,426 | -€20,089 | -4.7% |
| Plant, machinery and equipment | 23 | - | €4,393 | +€4,393 | |
| Furniture and vehicles | 24 | €111,240 | €85,768 | -€25,472 | -22.9% |
| Financial fixed assets | 28 | €27,010 | €27,010 | = | 0.0% |
| Current assets | 29/58 | €404,618 | €462,263 | +€57,646 | +14.2% |
| Amounts receivable within one year | 40/41 | €57,622 | €34,560 | -€23,062 | -40.0% |
| Trade receivables | 40 | €38,514 | €34,560 | -€3,954 | -10.3% |
| Other amounts receivable | 41 | €19,108 | - | -€19,108 | |
| Current investments | 50/53 | €2,469 | - | -€2,469 | |
| Cash at bank and in hand | 54/58 | €339,974 | €423,306 | +€83,332 | +24.5% |
| Deferred charges and accrued income | 490/1 | €4,552 | €4,397 | -€156 | -3.4% |
| Total equity and liabilities | 10/49 | €971,384 | €987,861 | +€16,477 | +1.7% |
| Equity | 10/15 | €892,861 | €778,651 | -€114,209 | -12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €874,261 | €760,051 | -€114,209 | -13.1% |
| Distributable reserves | 133 | €874,261 | €760,051 | -€114,209 | -13.1% |
| Amounts payable | 17/49 | €78,523 | €209,210 | +€130,687 | +166% |
| Amounts payable within one year | 42/48 | €74,629 | €209,210 | +€134,580 | +180% |
| Trade debts | 44 | €1,338 | €3,230 | +€1,892 | +141% |
| Suppliers | 440/4 | €1,338 | €3,230 | +€1,892 | +141% |
| Taxes, remuneration and social security | 45 | €54,912 | €60,461 | +€5,549 | +10.1% |
| Taxes | 450/3 | €54,912 | €59,974 | +€5,062 | +9.2% |
| Remuneration and social security | 454/9 | - | €487 | +€487 | |
| Other amounts payable | 47/48 | €18,380 | €145,519 | +€127,139 | +692% |
| Accrued charges and deferred income | 492/3 | €3,894 | - | -€3,894 | |
| Non-recurring operating income | 76A | €13,839 | - | -€13,839 | |
| Remuneration, social security and pensions | 62 | - | €514 | +€514 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,205 | €46,323 | +€19,118 | +70.3% |
| Other operating charges | 640/8 | €4,890 | €2,314 | -€2,576 | -52.7% |
| Gross operating margin | 9900 | €272,898 | €244,064 | -€28,834 | -10.6% |
| Operating profit (loss) | 9901 | €240,803 | €194,913 | -€45,890 | -19.1% |
| Financial income | 75/76B | €47,613 | €23,017 | -€24,596 | -51.7% |
| Recurring financial income | 75 | €1,613 | €17 | -€1,596 | -99.0% |
| Non-recurring financial income | 76B | €46,000 | €23,000 | -€23,000 | -50.0% |
| Financial charges | 65/66B | €4,525 | €117 | -€4,407 | -97.4% |
| Recurring financial charges | 65 | €4,525 | €117 | -€4,407 | -97.4% |
| Profit (loss) for the period before taxes | 9903 | €283,891 | €217,812 | -€66,079 | -23.3% |
| Income taxes | 67/77 | €78,371 | €62,103 | -€16,269 | -20.8% |
| Profit (loss) for the period | 9904 | €205,520 | €155,710 | -€49,810 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €205,520 | €155,710 | -€49,810 | -24.2% |
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 14 October 2026 via checked.be.