MUSCH-EUM: 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.
MUSCH-EUM
Largest movements
- Tangible fixed assets -€7,646
down €7,646 (-38.4%), from €19,923 to €12,277
of which Other tangible fixed assets: -€6,993
- Receivables within one year -€5,907
down €5,907 (-16.8%), from €35,199 to €29,292
of which Trade receivables: -€5,913
- Deferred charges and accrued income +€3,197
up €3,197 (+675.6%), from €473 to €3,671
- Cash +€721
up €721 (+891.4%), from €81 to €802
mainly Depreciation (+€7,646) and Net result for the year (+€6,591)
- Other debts -€8,589
down €8,589 (-57.3%), from €15,002 to €6,413
- Short-term financial debts -€8,513
down €8,513 (-30.0%), from €28,376 to €19,863
- Profit (loss) carried forward +€6,591
up €6,591 (+14.4%), from -€45,769 to -€39,177
- Tax, wage and social debts +€2,846
up €2,846 (+21.2%), from €13,415 to €16,261
- Trade debts -€1,969
down €1,969 (-23.7%), from €8,319 to €6,349
- Gross operating margin +€16,482
up €16,482 (+276.8%), from €5,955 to €22,438
- Depreciation -€1,151
down €1,151 (-13.1%), from €8,797 to €7,646
- Financial charges +€769
up €769 (+15.0%), from €5,137 to €5,905
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 | €55,676 | €46,041 | -€9,635 | -17.3% |
| Fixed assets | 21/28 | €19,923 | €12,277 | -€7,646 | -38.4% |
| Tangible fixed assets | 22/27 | €19,923 | €12,277 | -€7,646 | -38.4% |
| Plant, machinery and equipment | 23 | €1,093 | €440 | -€653 | -59.7% |
| Other tangible fixed assets | 26 | €18,830 | €11,837 | -€6,993 | -37.1% |
| Current assets | 29/58 | €35,753 | €33,764 | -€1,989 | -5.6% |
| Amounts receivable within one year | 40/41 | €35,199 | €29,292 | -€5,907 | -16.8% |
| Trade receivables | 40 | €35,185 | €29,272 | -€5,913 | -16.8% |
| Other amounts receivable | 41 | €14 | €20 | +€6 | +38.6% |
| Cash at bank and in hand | 54/58 | €81 | €802 | +€721 | +891.4% |
| Deferred charges and accrued income | 490/1 | €473 | €3,671 | +€3,197 | +675.6% |
| Total equity and liabilities | 10/49 | €55,676 | €46,041 | -€9,635 | -17.3% |
| Equity | 10/15 | -€9,436 | -€2,845 | +€6,591 | +69.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €23,933 | €23,933 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €22,073 | €22,073 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,769 | -€39,177 | +€6,591 | +14.4% |
| Amounts payable | 17/49 | €65,112 | €48,886 | -€16,226 | -24.9% |
| Amounts payable within one year | 42/48 | €65,112 | €48,886 | -€16,226 | -24.9% |
| Financial debts | 43 | €28,376 | €19,863 | -€8,513 | -30.0% |
| Credit institutions | 430/8 | €28,376 | €19,863 | -€8,513 | -30.0% |
| Trade debts | 44 | €8,319 | €6,349 | -€1,969 | -23.7% |
| Suppliers | 440/4 | €8,319 | €6,349 | -€1,969 | -23.7% |
| Taxes, remuneration and social security | 45 | €13,415 | €16,261 | +€2,846 | +21.2% |
| Taxes | 450/3 | €13,415 | €16,261 | +€2,846 | +21.2% |
| Other amounts payable | 47/48 | €15,002 | €6,413 | -€8,589 | -57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,797 | €7,646 | -€1,151 | -13.1% |
| Other operating charges | 640/8 | €1,944 | €2,161 | +€217 | +11.2% |
| Gross operating margin | 9900 | €5,955 | €22,438 | +€16,482 | +276.8% |
| Operating profit (loss) | 9901 | -€4,785 | €12,631 | +€17,416 | |
| Financial income | 75/76B | €0 | €42 | +€42 | +69333.3% |
| Recurring financial income | 75 | €0 | €42 | +€42 | +69333.3% |
| Financial charges | 65/66B | €5,137 | €5,905 | +€769 | +15.0% |
| Recurring financial charges | 65 | €5,137 | €5,905 | +€769 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,922 | €6,768 | +€16,689 | |
| Income taxes | 67/77 | €140 | €176 | +€37 | +26.3% |
| Profit (loss) for the period | 9904 | -€10,061 | €6,591 | +€16,652 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,061 | €6,591 | +€16,652 |
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 6 October 2026 via checked.be.