MUSE HSC: 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.
MUSE HSC
Largest movements
- Receivables within one year +€15,626
up €15,626 (+44.7%), from €34,952 to €50,577
of which Other amounts receivable: +€8,864
- Cash +€8,001
up €8,001 (+7.6%), from €105,606 to €113,607
mainly Net result for the year (+€25,420) and Other debts (+€25,299)
- Deferred charges and accrued income -€2,470
down €2,470 (-100%), from €2,470 to €0
- Other debts +€25,299
up €25,299 (+1,140%), from €2,219 to €27,518
- Trade debts -€2,465
down €2,465 (-59.4%), from €4,151 to €1,687
- Tax, wage and social debts -€1,696
down €1,696 (-6.9%), from €24,497 to €22,801
of which Remuneration and social security: -€2,000
- Gross operating margin -€13,576
down €13,576 (-26.2%), from €51,763 to €38,187
- Taxes -€5,964
down €5,964 (-34.5%), from €17,301 to €11,337
- Other operating charges -€716
down €716 (-49.9%), from €1,434 to €718
- Financial charges +€617
up €617 (+486%), from €127 to €743
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 | €143,027 | €164,184 | +€21,157 | +14.8% |
| Current assets | 29/58 | €143,027 | €164,184 | +€21,157 | +14.8% |
| Amounts receivable within one year | 40/41 | €34,952 | €50,577 | +€15,626 | +44.7% |
| Trade receivables | 40 | €34,952 | €41,713 | +€6,762 | +19.3% |
| Other amounts receivable | 41 | - | €8,864 | +€8,864 | |
| Cash at bank and in hand | 54/58 | €105,606 | €113,607 | +€8,001 | +7.6% |
| Deferred charges and accrued income | 490/1 | €2,470 | €0 | -€2,470 | -100% |
| Total equity and liabilities | 10/49 | €143,027 | €164,184 | +€21,157 | +14.8% |
| Equity | 10/15 | €112,010 | €112,010 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €107,010 | €107,010 | = | 0.0% |
| Distributable reserves | 133 | €107,010 | €107,010 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €31,017 | €52,174 | +€21,157 | +68.2% |
| Amounts payable within one year | 42/48 | €30,867 | €52,006 | +€21,139 | +68.5% |
| Trade debts | 44 | €4,151 | €1,687 | -€2,465 | -59.4% |
| Suppliers | 440/4 | €4,151 | €1,687 | -€2,465 | -59.4% |
| Taxes, remuneration and social security | 45 | €24,497 | €22,801 | -€1,696 | -6.9% |
| Taxes | 450/3 | €22,497 | €22,801 | +€304 | +1.4% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €2,219 | €27,518 | +€25,299 | +1,140% |
| Accrued charges and deferred income | 492/3 | €150 | €168 | +€18 | +11.7% |
| Other operating charges | 640/8 | €1,434 | €718 | -€716 | -49.9% |
| Gross operating margin | 9900 | €51,763 | €38,187 | -€13,576 | -26.2% |
| Operating profit (loss) | 9901 | €50,329 | €37,469 | -€12,860 | -25.6% |
| Financial income | 75/76B | €0 | €31 | +€31 | +39,100% |
| Recurring financial income | 75 | €0 | €31 | +€31 | +39,100% |
| Financial charges | 65/66B | €127 | €743 | +€617 | +486% |
| Recurring financial charges | 65 | €127 | €743 | +€617 | +486% |
| Profit (loss) for the period before taxes | 9903 | €50,202 | €36,757 | -€13,445 | -26.8% |
| Income taxes | 67/77 | €17,301 | €11,337 | -€5,964 | -34.5% |
| Profit (loss) for the period | 9904 | €32,901 | €25,420 | -€7,481 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €32,901 | €25,420 | -€7,481 | -22.7% |
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 22 October 2026 via checked.be.