MUSCHARTMED: 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.
MUSCHARTMED
Largest movements
- Tangible fixed assets +€274,703
up €274,703 (+635%), from €43,236 to €317,938
of which Land and buildings: +€286,788
- Cash -€35,710
down €35,710 (-10.5%), from €339,692 to €303,982
mainly Investment in fixed assets (net) (-€290,250) and Other debts (-€15,161)
- Reserves +€130,000
up €130,000 (+49.1%), from €265,000 to €395,000
- Debts after one year +€102,004
up €102,004 (+893%), from €11,425 to €113,429
- Current portion of long-term debt +€17,662
up €17,662 (+186%), from €9,500 to €27,163
- Other debts -€15,161
down €15,161 (-90.2%), from €16,800 to €1,638
- Gross operating margin +€17,459
up €17,459 (+9.2%), from €189,967 to €207,426
- Depreciation +€3,821
up €3,821 (+32.6%), from €11,726 to €15,547
- Taxes +€3,108
up €3,108 (+5.9%), from €52,405 to €55,513
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 | €383,814 | €623,569 | +€239,756 | +62.5% |
| Fixed assets | 21/28 | €43,261 | €317,963 | +€274,703 | +635% |
| Tangible fixed assets | 22/27 | €43,236 | €317,938 | +€274,703 | +635% |
| Land and buildings | 22 | - | €286,788 | +€286,788 | |
| Furniture and vehicles | 24 | €20,830 | €12,668 | -€8,162 | -39.2% |
| Other tangible fixed assets | 26 | €22,406 | €18,482 | -€3,924 | -17.5% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €340,553 | €305,606 | -€34,947 | -10.3% |
| Cash at bank and in hand | 54/58 | €339,692 | €303,982 | -€35,710 | -10.5% |
| Deferred charges and accrued income | 490/1 | €860 | €1,624 | +€763 | +88.7% |
| Total equity and liabilities | 10/49 | €383,814 | €623,569 | +€239,756 | +62.5% |
| Equity | 10/15 | €342,026 | €474,364 | +€132,338 | +38.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €265,000 | €395,000 | +€130,000 | +49.1% |
| Distributable reserves | 133 | €265,000 | €395,000 | +€130,000 | +49.1% |
| Profit (loss) carried forward | 14 | €56,566 | €58,904 | +€2,338 | +4.1% |
| Amounts payable | 17/49 | €41,788 | €149,206 | +€107,418 | +257% |
| Amounts payable after more than one year | 17 | €11,425 | €113,429 | +€102,004 | +893% |
| Financial debts | 170/4 | €11,425 | €113,429 | +€102,004 | +893% |
| Amounts payable within one year | 42/48 | €30,363 | €35,777 | +€5,414 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €9,500 | €27,163 | +€17,662 | +186% |
| Trade debts | 44 | €858 | €1,462 | +€605 | +70.5% |
| Suppliers | 440/4 | €858 | €1,462 | +€605 | +70.5% |
| Taxes, remuneration and social security | 45 | €3,205 | €5,513 | +€2,308 | +72.0% |
| Taxes | 450/3 | €3,205 | €5,513 | +€2,308 | +72.0% |
| Other amounts payable | 47/48 | €16,800 | €1,638 | -€15,161 | -90.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,726 | €15,547 | +€3,821 | +32.6% |
| Other operating charges | 640/8 | €488 | €1,408 | +€920 | +188% |
| Gross operating margin | 9900 | €189,967 | €207,426 | +€17,459 | +9.2% |
| Operating profit (loss) | 9901 | €177,753 | €190,471 | +€12,718 | +7.2% |
| Financial income | 75/76B | €2,102 | €1,412 | -€690 | -32.8% |
| Recurring financial income | 75 | €2,102 | €1,412 | -€690 | -32.8% |
| Financial charges | 65/66B | €2,597 | €4,032 | +€1,435 | +55.2% |
| Recurring financial charges | 65 | €2,597 | €4,032 | +€1,435 | +55.2% |
| Profit (loss) for the period before taxes | 9903 | €177,257 | €187,851 | +€10,594 | +6.0% |
| Income taxes | 67/77 | €52,405 | €55,513 | +€3,108 | +5.9% |
| Profit (loss) for the period | 9904 | €124,852 | €132,338 | +€7,486 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,852 | €132,338 | +€7,486 | +6.0% |
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 28 October 2026 via checked.be.