MUSEL: 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.
MUSEL
Largest movements
- Cash +€10,011
up €10,011 (+46.4%), from €21,583 to €31,594
mainly Tax, wage and social debts (+€8,540) and Net result for the year (+€619)
- Deferred charges and accrued income -€466
down €466 (-78.1%), from €597 to €131
- Tax, wage and social debts +€8,540
up €8,540 (+54.1%), from €15,783 to €24,323
of which Remuneration and social security: +€8,430
- Profit (loss) carried forward +€619
up €619 (+5.7%), from €10,932 to €11,551
- Staff costs +€7,627
up €7,627 (+9.5%), from €80,361 to €87,988
- Gross operating margin +€4,318
up €4,318 (+5.1%), from €85,042 to €89,360
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 | €28,412 | €37,852 | +€9,440 | +33.2% |
| Current assets | 29/58 | €28,412 | €37,852 | +€9,440 | +33.2% |
| Amounts receivable within one year | 40/41 | €6,233 | €6,127 | -€105 | -1.7% |
| Trade receivables | 40 | €4,237 | €1,038 | -€3,199 | -75.5% |
| Other amounts receivable | 41 | €1,996 | €5,089 | +€3,093 | +155.0% |
| Cash at bank and in hand | 54/58 | €21,583 | €31,594 | +€10,011 | +46.4% |
| Deferred charges and accrued income | 490/1 | €597 | €131 | -€466 | -78.1% |
| Total equity and liabilities | 10/49 | €28,412 | €37,852 | +€9,440 | +33.2% |
| Equity | 10/15 | €11,932 | €12,551 | +€619 | +5.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,932 | €11,551 | +€619 | +5.7% |
| Amounts payable | 17/49 | €16,480 | €25,301 | +€8,820 | +53.5% |
| Amounts payable within one year | 42/48 | €16,480 | €25,301 | +€8,820 | +53.5% |
| Trade debts | 44 | €546 | €741 | +€196 | +35.8% |
| Suppliers | 440/4 | €546 | €741 | +€196 | +35.8% |
| Taxes, remuneration and social security | 45 | €15,783 | €24,323 | +€8,540 | +54.1% |
| Taxes | 450/3 | €2,837 | €2,947 | +€110 | +3.9% |
| Remuneration and social security | 454/9 | €12,946 | €21,376 | +€8,430 | +65.1% |
| Other amounts payable | 47/48 | €152 | €237 | +€85 | +56.2% |
| Remuneration, social security and pensions | 62 | €80,361 | €87,988 | +€7,627 | +9.5% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €85,042 | €89,360 | +€4,318 | +5.1% |
| Operating profit (loss) | 9901 | €4,175 | €852 | -€3,324 | -79.6% |
| Financial charges | 65/66B | €74 | €70 | -€3 | -4.2% |
| Recurring financial charges | 65 | €74 | €70 | -€3 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €4,102 | €781 | -€3,321 | -81.0% |
| Income taxes | 67/77 | €825 | €162 | -€663 | -80.3% |
| Profit (loss) for the period | 9904 | €3,277 | €619 | -€2,657 | -81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,277 | €619 | -€2,657 | -81.1% |
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 11 October 2026 via checked.be.