MUSELLE: 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.
MUSELLE
Largest movements
- Receivables within one year +€70,352
up €70,352 (+14.3%), from €490,277 to €560,630
of which Other amounts receivable: +€69,765
- Cash -€42,475
down €42,475 (-65.2%), from €65,176 to €22,701
mainly Receivables within one year (-€70,352) and Investment in fixed assets (net) (-€27,750)
- Tangible fixed assets +€10,871
up €10,871 (+22.1%), from €49,167 to €60,038
of which Furniture and vehicles: +€9,733
- Other debts +€25,000
new in 2024: €25,000
- Profit (loss) carried forward +€9,959
up €9,959 (+2.1%), from €473,376 to €483,335
- Trade debts +€7,757
up €7,757 (+127%), from €6,092 to €13,849
- Financial charges +€23,595
up €23,595 (+1,506%), from €1,567 to €25,162
of which Non-recurring financial charges: +€20,773
- Staff costs +€14,328
up €14,328 (+8.9%), from €160,221 to €174,549
- Taxes -€9,582
down €9,582 (-46.8%), from €20,492 to €10,910
- Other operating charges +€8,790
up €8,790 (+385%), from €2,286 to €11,076
- Depreciation +€7,108
up €7,108 (+72.7%), from €9,771 to €16,879
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €605,140 | €643,938 | +€38,798 | +6.4% |
| Fixed assets | 21/28 | €49,327 | €60,198 | +€10,871 | +22.0% |
| Tangible fixed assets | 22/27 | €49,167 | €60,038 | +€10,871 | +22.1% |
| Plant, machinery and equipment | 23 | €5,842 | €6,981 | +€1,139 | +19.5% |
| Furniture and vehicles | 24 | €43,324 | €53,057 | +€9,733 | +22.5% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €555,813 | €583,740 | +€27,927 | +5.0% |
| Amounts receivable within one year | 40/41 | €490,277 | €560,630 | +€70,352 | +14.3% |
| Trade receivables | 40 | €75,593 | €76,181 | +€588 | +0.8% |
| Other amounts receivable | 41 | €414,684 | €484,449 | +€69,765 | +16.8% |
| Cash at bank and in hand | 54/58 | €65,176 | €22,701 | -€42,475 | -65.2% |
| Deferred charges and accrued income | 490/1 | €360 | €410 | +€50 | +13.9% |
| Total equity and liabilities | 10/49 | €605,140 | €643,938 | +€38,798 | +6.4% |
| Equity | 10/15 | €504,196 | €514,155 | +€9,959 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €473,376 | €483,335 | +€9,959 | +2.1% |
| Investment grants | 15 | €10,360 | €10,360 | = | 0.0% |
| Amounts payable | 17/49 | €100,944 | €129,783 | +€28,839 | +28.6% |
| Amounts payable within one year | 42/48 | €100,944 | €129,783 | +€28,839 | +28.6% |
| Trade debts | 44 | €6,092 | €13,849 | +€7,757 | +127% |
| Suppliers | 440/4 | €6,092 | €13,849 | +€7,757 | +127% |
| Taxes, remuneration and social security | 45 | €94,852 | €90,934 | -€3,918 | -4.1% |
| Taxes | 450/3 | €77,804 | €85,223 | +€7,419 | +9.5% |
| Remuneration and social security | 454/9 | €17,048 | €5,711 | -€11,337 | -66.5% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Remuneration, social security and pensions | 62 | €160,221 | €174,549 | +€14,328 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,771 | €16,879 | +€7,108 | +72.7% |
| Other operating charges | 640/8 | €2,286 | €11,076 | +€8,790 | +385% |
| Gross operating margin | 9900 | €248,599 | €247,695 | -€903 | -0.4% |
| Operating profit (loss) | 9901 | €76,321 | €45,192 | -€31,129 | -40.8% |
| Financial income | 75/76B | €20,219 | €25,838 | +€5,619 | +27.8% |
| Recurring financial income | 75 | €20,219 | €25,838 | +€5,619 | +27.8% |
| Financial charges | 65/66B | €1,567 | €25,162 | +€23,595 | +1,506% |
| Recurring financial charges | 65 | €1,254 | €4,076 | +€2,822 | +225% |
| Non-recurring financial charges | 66B | €313 | €21,086 | +€20,773 | +6,640% |
| Profit (loss) for the period before taxes | 9903 | €94,973 | €45,869 | -€49,105 | -51.7% |
| Income taxes | 67/77 | €20,492 | €10,910 | -€9,582 | -46.8% |
| Profit (loss) for the period | 9904 | €74,481 | €34,959 | -€39,523 | -53.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,481 | €34,959 | -€39,523 | -53.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.