MUSES9: 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.
MUSES9
Largest movements
- Tangible fixed assets -€291,648
down €291,648 (-3.2%), from €9.1m to €8.9m
of which Land and buildings: -€290,558
- Profit (loss) carried forward -€418,634
down €418,634 (-9.1%), from -€4.6m to -€5.0m
- Other debts +€163,893
up €163,893 (+4.5%), from €3.6m to €3.8m
- Financial charges -€138,792
down €138,792 (-62.4%), from €222,492 to €83,700
- Gross operating margin -€14,954
down €14,954 (-33.0%), from €45,264 to €30,310
- Depreciation +€9,160
up €9,160 (+2.7%), from €336,325 to €345,484
- Other operating charges +€790
up €790 (+4.2%), from €18,970 to €19,760
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 | €9,151,649 | €8,863,313 | -€288,335 | -3.2% |
| Fixed assets | 21/28 | €9,146,824 | €8,855,177 | -€291,648 | -3.2% |
| Tangible fixed assets | 22/27 | €9,146,824 | €8,855,177 | -€291,648 | -3.2% |
| Land and buildings | 22 | €9,141,519 | €8,850,962 | -€290,558 | -3.2% |
| Plant, machinery and equipment | 23 | €5,305 | €4,215 | -€1,090 | -20.5% |
| Current assets | 29/58 | €4,824 | €8,137 | +€3,312 | +68.7% |
| Cash at bank and in hand | 54/58 | €5 | €2,674 | +€2,668 | +51713.4% |
| Deferred charges and accrued income | 490/1 | €4,819 | €5,463 | +€644 | +13.4% |
| Total equity and liabilities | 10/49 | €9,151,649 | €8,863,313 | -€288,335 | -3.2% |
| Equity | 10/15 | -€4,575,104 | -€4,993,738 | -€418,634 | -9.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,595,104 | -€5,013,738 | -€418,634 | -9.1% |
| Amounts payable | 17/49 | €13,726,753 | €13,857,052 | +€130,299 | +0.9% |
| Amounts payable after more than one year | 17 | €10,040,264 | €10,040,264 | = | 0.0% |
| Financial debts | 170/4 | €10,040,264 | €10,040,264 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,686,489 | €3,816,788 | +€130,299 | +3.5% |
| Trade debts | 44 | €21,885 | €3,340 | -€18,545 | -84.7% |
| Suppliers | 440/4 | €21,885 | €3,340 | -€18,545 | -84.7% |
| Taxes, remuneration and social security | 45 | €15,050 | €0 | -€15,050 | -100.0% |
| Taxes | 450/3 | €15,050 | €0 | -€15,050 | -100.0% |
| Other amounts payable | 47/48 | €3,649,554 | €3,813,448 | +€163,893 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €336,325 | €345,484 | +€9,160 | +2.7% |
| Other operating charges | 640/8 | €18,970 | €19,760 | +€790 | +4.2% |
| Gross operating margin | 9900 | €45,264 | €30,310 | -€14,954 | -33.0% |
| Operating profit (loss) | 9901 | -€310,031 | -€334,934 | -€24,903 | -8.0% |
| Financial charges | 65/66B | €222,492 | €83,700 | -€138,792 | -62.4% |
| Recurring financial charges | 65 | €222,492 | €83,700 | -€138,792 | -62.4% |
| Profit (loss) for the period before taxes | 9903 | -€532,522 | -€418,634 | +€113,888 | +21.4% |
| Profit (loss) for the period | 9904 | -€532,522 | -€418,634 | +€113,888 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€532,522 | -€418,634 | +€113,888 | +21.4% |
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 1 October 2026 via checked.be.