MUSELAB: what changed
Two fiscal 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.
MUSELAB
Largest movements
- Receivables within one year -€213,514
down €213,514 (-79.3%), from €269,207 to €55,694
of which Trade receivables: -€122,724
- Deferred charges and accrued income -€4,252
down €4,252 (-75.2%), from €5,651 to €1,400
- Trade debts -€180,208
down €180,208 (-53.7%), from €335,777 to €155,569
- Short-term financial debts +€97,529
up €97,529 (+105.7%), from €92,228 to €189,757
- Profit (loss) carried forward -€89,120
down €89,120 (-5.2%), from -€1.7m to -€1.8m
- Other debts -€50,000
no longer reported in 2025 (was €50,000)
- Staff costs +€119,156
up €119,156 (+34.0%), from €350,827 to €469,984
- Gross operating margin +€78,054
up €78,054 (+23.6%), from €330,558 to €408,611
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €289,639 | €69,308 | -€220,331 | -76.1% |
| Fixed assets | 21/28 | €14,780 | €12,215 | -€2,566 | -17.4% |
| Tangible fixed assets | 22/27 | €2,920 | €1,255 | -€1,666 | -57.0% |
| Furniture and vehicles | 24 | €2,920 | €1,255 | -€1,666 | -57.0% |
| Financial fixed assets | 28 | €11,860 | €10,960 | -€900 | -7.6% |
| Current assets | 29/58 | €274,859 | €57,093 | -€217,765 | -79.2% |
| Amounts receivable within one year | 40/41 | €269,207 | €55,694 | -€213,514 | -79.3% |
| Trade receivables | 40 | €134,643 | €11,919 | -€122,724 | -91.1% |
| Other amounts receivable | 41 | €134,565 | €43,775 | -€90,790 | -67.5% |
| Deferred charges and accrued income | 490/1 | €5,651 | €1,400 | -€4,252 | -75.2% |
| Total equity and liabilities | 10/49 | €289,639 | €69,308 | -€220,331 | -76.1% |
| Equity | 10/15 | -€232,048 | -€321,168 | -€89,120 | -38.4% |
| Contributions | 10/11 | €1,480,517 | €1,480,517 | = | 0.0% |
| Capital | 10 | €1,480,517 | €1,480,517 | = | 0.0% |
| Issued capital | 100 | €1,480,517 | €1,480,517 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,712,565 | -€1,801,685 | -€89,120 | -5.2% |
| Amounts payable | 17/49 | €521,687 | €390,476 | -€131,211 | -25.2% |
| Amounts payable within one year | 42/48 | €521,687 | €390,476 | -€131,211 | -25.2% |
| Financial debts | 43 | €92,228 | €189,757 | +€97,529 | +105.7% |
| Credit institutions | 430/8 | €92,228 | €189,757 | +€97,529 | +105.7% |
| Trade debts | 44 | €335,777 | €155,569 | -€180,208 | -53.7% |
| Suppliers | 440/4 | €335,777 | €155,569 | -€180,208 | -53.7% |
| Taxes, remuneration and social security | 45 | €43,682 | €45,150 | +€1,468 | +3.4% |
| Taxes | 450/3 | €2,805 | €624 | -€2,181 | -77.8% |
| Remuneration and social security | 454/9 | €40,876 | €44,526 | +€3,650 | +8.9% |
| Other amounts payable | 47/48 | €50,000 | - | -€50,000 | |
| Remuneration, social security and pensions | 62 | €350,827 | €469,984 | +€119,156 | +34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,252 | €1,666 | -€587 | -26.0% |
| Other operating charges | 640/8 | €16,154 | €15,805 | -€349 | -2.2% |
| Gross operating margin | 9900 | €330,558 | €408,611 | +€78,054 | +23.6% |
| Operating profit (loss) | 9901 | -€38,676 | -€78,843 | -€40,168 | -103.9% |
| Financial income | 75/76B | €97 | €24 | -€73 | -75.2% |
| Recurring financial income | 75 | €97 | €24 | -€73 | -75.2% |
| Financial charges | 65/66B | €13,044 | €10,224 | -€2,820 | -21.6% |
| Recurring financial charges | 65 | €13,044 | €10,224 | -€2,820 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | -€51,623 | -€89,044 | -€37,421 | -72.5% |
| Income taxes | 67/77 | - | €76 | +€76 | |
| Profit (loss) for the period | 9904 | -€51,623 | -€89,120 | -€37,497 | -72.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,623 | -€89,120 | -€37,497 | -72.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.