Muse Prime: 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 Prime
Largest movements
- Tangible fixed assets +€77,075
up €77,075 (+526%), from €14,640 to €91,716
- Current investments +€24,514
up €24,514 (+12.7%), from €192,721 to €217,235
- Cash -€19,784
down €19,784 (-31.7%), from €62,341 to €42,557
mainly Investment in fixed assets (net) (-€88,554) and Current investments (-€24,514)
- Receivables within one year +€9,012
up €9,012 (+31.0%), from €29,037 to €38,050
of which Trade receivables: +€9,814
- Reserves +€39,273
up €39,273 (+14.7%), from €267,958 to €307,230
- Debts after one year +€38,650
up €38,650 (+1,674%), from €2,309 to €40,959
- Current portion of long-term debt +€12,468
up €12,468 (+90.6%), from €13,767 to €26,235
- Gross operating margin +€12,714
up €12,714 (+24.1%), from €52,813 to €65,527
- Depreciation -€4,191
down €4,191 (-26.7%), from €15,670 to €11,479
- Taxes +€3,413
up €3,413 (+28.5%), from €11,995 to €15,408
- Financial charges +€1,229
up €1,229 (+241%), from €509 to €1,738
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 | €305,029 | €392,742 | +€87,714 | +28.8% |
| Fixed assets | 21/28 | €14,640 | €91,716 | +€77,075 | +526% |
| Tangible fixed assets | 22/27 | €14,640 | €91,716 | +€77,075 | +526% |
| Furniture and vehicles | 24 | €14,640 | €91,716 | +€77,075 | +526% |
| Current assets | 29/58 | €290,388 | €301,027 | +€10,638 | +3.7% |
| Amounts receivable within one year | 40/41 | €29,037 | €38,050 | +€9,012 | +31.0% |
| Trade receivables | 40 | €23,540 | €33,354 | +€9,814 | +41.7% |
| Other amounts receivable | 41 | €5,498 | €4,696 | -€802 | -14.6% |
| Current investments | 50/53 | €192,721 | €217,235 | +€24,514 | +12.7% |
| Cash at bank and in hand | 54/58 | €62,341 | €42,557 | -€19,784 | -31.7% |
| Deferred charges and accrued income | 490/1 | €6,289 | €3,185 | -€3,104 | -49.4% |
| Total equity and liabilities | 10/49 | €305,029 | €392,742 | +€87,714 | +28.8% |
| Equity | 10/15 | €274,158 | €313,430 | +€39,273 | +14.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €267,958 | €307,230 | +€39,273 | +14.7% |
| Distributable reserves | 133 | €267,958 | €307,230 | +€39,273 | +14.7% |
| Amounts payable | 17/49 | €30,871 | €79,312 | +€48,441 | +157% |
| Amounts payable after more than one year | 17 | €2,309 | €40,959 | +€38,650 | +1,674% |
| Financial debts | 170/4 | €2,309 | €40,959 | +€38,650 | +1,674% |
| Amounts payable within one year | 42/48 | €27,741 | €38,164 | +€10,423 | +37.6% |
| Current portion of amounts payable after more than one year | 42 | €13,767 | €26,235 | +€12,468 | +90.6% |
| Trade debts | 44 | €5,158 | €2,899 | -€2,259 | -43.8% |
| Suppliers | 440/4 | €5,158 | €2,899 | -€2,259 | -43.8% |
| Taxes, remuneration and social security | 45 | €8,423 | €8,456 | +€33 | +0.4% |
| Taxes | 450/3 | €8,423 | €8,456 | +€33 | +0.4% |
| Other amounts payable | 47/48 | €394 | €574 | +€181 | +45.9% |
| Accrued charges and deferred income | 492/3 | €821 | €189 | -€632 | -77.0% |
| Non-recurring operating income | 76A | - | €2,360 | +€2,360 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,670 | €11,479 | -€4,191 | -26.7% |
| Other operating charges | 640/8 | €172 | €474 | +€302 | +176% |
| Gross operating margin | 9900 | €52,813 | €65,527 | +€12,714 | +24.1% |
| Operating profit (loss) | 9901 | €36,971 | €53,574 | +€16,603 | +44.9% |
| Financial income | 75/76B | €2,771 | €2,845 | +€74 | +2.7% |
| Recurring financial income | 75 | €2,771 | €2,845 | +€74 | +2.7% |
| Financial charges | 65/66B | €509 | €1,738 | +€1,229 | +241% |
| Recurring financial charges | 65 | €509 | €1,738 | +€1,229 | +241% |
| Profit (loss) for the period before taxes | 9903 | €39,233 | €54,681 | +€15,448 | +39.4% |
| Income taxes | 67/77 | €11,995 | €15,408 | +€3,413 | +28.5% |
| Profit (loss) for the period | 9904 | €27,238 | €39,273 | +€12,034 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,238 | €39,273 | +€12,034 | +44.2% |
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 23 October 2026 via checked.be.