MUSETTE: 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.
MUSETTE
Largest movements
- Cash +€45,314
up €45,314 (+433%), from €10,475 to €55,789
mainly Debts after one year (+€35,144) and Other debts (+€34,629)
- Deferred charges and accrued income -€8,399
down €8,399 (-17.2%), from €48,957 to €40,559
- Receivables within one year +€6,352
up €6,352 (+52.4%), from €12,115 to €18,467
of which Trade receivables: +€5,970
- Intangible fixed assets -€2,335
down €2,335 (-35.6%), from €6,559 to €4,224
- Reserves -€38,653
no longer reported in 2025 (was €38,653)
- Debts after one year +€35,144
up €35,144 (+64.0%), from €54,898 to €90,042
- Other debts +€34,629
up €34,629 (+566%), from €6,120 to €40,749
- Trade debts +€7,687
up €7,687 (+114%), from €6,722 to €14,409
- Current portion of long-term debt +€4,792
up €4,792 (+47.4%), from €10,103 to €14,895
- Gross operating margin -€19,980
down €19,980 (-65.0%), from €30,721 to €10,741
- Write-downs +€3,272
no longer reported in 2025 (was -€3,272)
- Other operating charges -€3,145
down €3,145 (-80.4%), from €3,909 to €765
- Depreciation -€2,522
down €2,522 (-20.3%), from €12,450 to €9,928
- Taxes -€2,206
down €2,206 (-93.1%), from €2,370 to €164
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 | €124,976 | €165,319 | +€40,344 | +32.3% |
| Formation expenses | 20 | €257 | €11 | -€246 | -95.5% |
| Fixed assets | 21/28 | €53,171 | €50,493 | -€2,678 | -5.0% |
| Intangible fixed assets | 21 | €6,559 | €4,224 | -€2,335 | -35.6% |
| Tangible fixed assets | 22/27 | €46,611 | €46,269 | -€343 | -0.7% |
| Land and buildings | 22 | €35,215 | €34,465 | -€750 | -2.1% |
| Plant, machinery and equipment | 23 | €8,776 | €10,726 | +€1,950 | +22.2% |
| Furniture and vehicles | 24 | €2,620 | €1,078 | -€1,542 | -58.9% |
| Current assets | 29/58 | €71,548 | €114,815 | +€43,267 | +60.5% |
| Amounts receivable within one year | 40/41 | €12,115 | €18,467 | +€6,352 | +52.4% |
| Trade receivables | 40 | €5,897 | €11,867 | +€5,970 | +101% |
| Other amounts receivable | 41 | €6,218 | €6,601 | +€382 | +6.1% |
| Cash at bank and in hand | 54/58 | €10,475 | €55,789 | +€45,314 | +433% |
| Deferred charges and accrued income | 490/1 | €48,957 | €40,559 | -€8,399 | -17.2% |
| Total equity and liabilities | 10/49 | €124,976 | €165,319 | +€40,344 | +32.3% |
| Equity | 10/15 | €40,653 | €406 | -€40,247 | -99.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €38,653 | - | -€38,653 | |
| Distributable reserves | 133 | €38,653 | - | -€38,653 | |
| Profit (loss) carried forward | 14 | - | -€1,594 | -€1,594 | |
| Amounts payable | 17/49 | €84,323 | €164,913 | +€80,590 | +95.6% |
| Amounts payable after more than one year | 17 | €54,898 | €90,042 | +€35,144 | +64.0% |
| Financial debts | 170/4 | €54,898 | €90,042 | +€35,144 | +64.0% |
| Amounts payable within one year | 42/48 | €29,057 | €74,592 | +€45,534 | +157% |
| Current portion of amounts payable after more than one year | 42 | €10,103 | €14,895 | +€4,792 | +47.4% |
| Financial debts | 43 | €1,547 | €1,667 | +€120 | +7.8% |
| Credit institutions | 430/8 | €1,547 | €1,667 | +€120 | +7.8% |
| Trade debts | 44 | €6,722 | €14,409 | +€7,687 | +114% |
| Suppliers | 440/4 | €6,722 | €14,409 | +€7,687 | +114% |
| Taxes, remuneration and social security | 45 | €4,565 | €2,872 | -€1,693 | -37.1% |
| Taxes | 450/3 | €4,565 | €2,872 | -€1,693 | -37.1% |
| Other amounts payable | 47/48 | €6,120 | €40,749 | +€34,629 | +566% |
| Accrued charges and deferred income | 492/3 | €367 | €279 | -€88 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,450 | €9,928 | -€2,522 | -20.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,272 | - | +€3,272 | |
| Other operating charges | 640/8 | €3,909 | €765 | -€3,145 | -80.4% |
| Non-recurring operating charges | 66A | €4,282 | - | -€4,282 | |
| Gross operating margin | 9900 | €30,721 | €10,741 | -€19,980 | -65.0% |
| Operating profit (loss) | 9901 | €13,351 | €48 | -€13,303 | -99.6% |
| Financial income | 75/76B | €0 | €11 | +€11 | +52,550% |
| Recurring financial income | 75 | €0 | €11 | +€11 | +52,550% |
| Financial charges | 65/66B | €1,541 | €1,488 | -€53 | -3.4% |
| Recurring financial charges | 65 | €1,541 | €1,488 | -€53 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €11,810 | -€1,430 | -€13,240 | |
| Income taxes | 67/77 | €2,370 | €164 | -€2,206 | -93.1% |
| Profit (loss) for the period | 9904 | €9,440 | -€1,594 | -€11,034 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,440 | -€1,594 | -€11,034 |
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 16 October 2026 via checked.be.