MUSCI: 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.
MUSCI
Largest movements
- Cash +€203,381
up €203,381 (+177%), from €114,662 to €318,043
mainly Net result for the year (+€204,383) and Tax, wage and social debts (+€45,883)
- Current investments +€32,701
new in 2025: €32,701
- Receivables within one year +€12,835
up €12,835 (+61.1%), from €21,018 to €33,853
- Profit (loss) carried forward +€204,383
up €204,383 (+213%), from €95,836 to €300,219
- Tax, wage and social debts +€45,883
up €45,883 (+134%), from €34,246 to €80,129
of which Taxes: +€43,883
- Taxes +€33,160
up €33,160 (+126%), from €26,319 to €59,480
- Gross operating margin +€26,087
up €26,087 (+10.9%), from €238,756 to €264,843
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 | €135,959 | €384,666 | +€248,707 | +183% |
| Fixed assets | 21/28 | €280 | €70 | -€210 | -75.0% |
| Tangible fixed assets | 22/27 | €280 | €70 | -€210 | -75.0% |
| Furniture and vehicles | 24 | €280 | €70 | -€210 | -75.0% |
| Current assets | 29/58 | €135,680 | €384,596 | +€248,916 | +183% |
| Amounts receivable within one year | 40/41 | €21,018 | €33,853 | +€12,835 | +61.1% |
| Trade receivables | 40 | €21,018 | €33,853 | +€12,835 | +61.1% |
| Current investments | 50/53 | - | €32,701 | +€32,701 | |
| Cash at bank and in hand | 54/58 | €114,662 | €318,043 | +€203,381 | +177% |
| Total equity and liabilities | 10/49 | €135,959 | €384,666 | +€248,707 | +183% |
| Equity | 10/15 | €96,836 | €301,219 | +€204,383 | +211% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,836 | €300,219 | +€204,383 | +213% |
| Amounts payable | 17/49 | €39,123 | €83,447 | +€44,324 | +113% |
| Amounts payable within one year | 42/48 | €39,123 | €83,447 | +€44,324 | +113% |
| Trade debts | 44 | €4,877 | €2,653 | -€2,224 | -45.6% |
| Suppliers | 440/4 | €4,877 | €2,653 | -€2,224 | -45.6% |
| Taxes, remuneration and social security | 45 | €34,246 | €80,129 | +€45,883 | +134% |
| Taxes | 450/3 | €34,246 | €78,129 | +€43,883 | +128% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | - | €665 | +€665 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210 | €210 | = | 0.0% |
| Other operating charges | 640/8 | €256 | €381 | +€125 | +48.9% |
| Gross operating margin | 9900 | €238,756 | €264,843 | +€26,087 | +10.9% |
| Operating profit (loss) | 9901 | €238,291 | €264,253 | +€25,962 | +10.9% |
| Financial income | 75/76B | €973 | - | -€973 | |
| Recurring financial income | 75 | €973 | - | -€973 | |
| Financial charges | 65/66B | €72 | €390 | +€319 | +445% |
| Recurring financial charges | 65 | €72 | €390 | +€319 | +445% |
| Profit (loss) for the period before taxes | 9903 | €239,192 | €263,862 | +€24,670 | +10.3% |
| Income taxes | 67/77 | €26,319 | €59,480 | +€33,160 | +126% |
| Profit (loss) for the period | 9904 | €212,872 | €204,383 | -€8,490 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €212,872 | €204,383 | -€8,490 | -4.0% |
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 16 October 2026 via checked.be.