MUSEUM: 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.
What changed
MUSEUM
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1,204
2024 · €11.5m-€11.5m
Equity
€32.9m
2024 · €32.9m+€1,204
Cash
€22,409
2024 · €41,557-€19,148
Balance sheet total
€41.3m
2024 · €38.5m+€2.8m
Largest movements
Assets
- Financial fixed assets +€2.7m
up €2.7m (+14.3%), from €19.2m to €21.9m
- Receivables after one year -€879,263
down €879,263 (-13.4%), from €6.6m to €5.7m
- Stocks and contracts +€823,302
up €823,302 (+12.0%), from €6.9m to €7.7m
Equity and liabilities
- Debts after one year +€2.0m
up €2.0m (+44.3%), from €4.5m to €6.5m
- Short-term financial debts +€1.6m
new in 2025: €1.6m
- Other debts -€852,039
no longer reported in 2025 (was €852,039)
Income statement
- Financial income -€11.8m
down €11.8m (-96.1%), from €12.2m to €480,927
- Financial charges -€147,702
down €147,702 (-33.7%), from €438,774 to €291,072
- Gross operating margin +€63,991
up €63,991 (+94.4%), from -€67,767 to -€3,776
- Other operating charges -€29,715
down €29,715 (-95.7%), from €31,065 to €1,349
- Staff costs -€3,781
down €3,781 (-2.0%), from €184,677 to €180,897
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.
Result 2024
€11.5m
Gross operating margin
+€63,991
Staff costs
+€3,781
Depreciation
-€977
Other operating charges
+€29,715
Other operating items
+€27,557
Financial income
-€11.8m
Financial charges
+€147,702
Taxes
-€25
Result 2025
€1,204
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.
From operations
-€890,613
Investment
-€2.7m
Financing
+€3.6m
Cash 2024
€41,557
From operations (derived)
-€890,613
Net result for the year
+€1,204
Depreciation
+€1,918
Receivables after one year
+€879,263
Stocks and contracts
-€823,302
Receivables within one year
-€131,366
Smaller working-capital items
+€6,822
Trade debts
+€26,887
Other debts
-€852,039
Investment (derived)
-€2.7m
Investment in fixed assets (net)
-€2.7m
Financing
+€3.6m
Debts after one year
+€2.0m
Short-term financial debts
+€1.6m
Cash 2025
€22,409
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,474,363 | €41,266,099 | +€2.8m | +7.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €19,177,410 | €21,913,721 | +€2.7m | +14.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €26,408 | €25,458 | -€950 | -3.6% |
| Land and buildings | 22 | €14,222 | €13,859 | -€363 | -2.6% |
| Plant, machinery and equipment | 23 | €8,025 | €8,314 | +€289 | +3.6% |
| Furniture and vehicles | 24 | €4,161 | €3,285 | -€876 | -21.1% |
| Financial fixed assets | 28 | €19,151,002 | €21,888,262 | +€2.7m | +14.3% |
| Current assets | 29/58 | €19,296,953 | €19,352,378 | +€55,425 | +0.3% |
| Amounts receivable after more than one year | 29 | €6,577,197 | €5,697,934 | -€879,263 | -13.4% |
| Trade receivables | 290 | €6,577,197 | €5,697,934 | -€879,263 | -13.4% |
| Stocks and contracts in progress | 3 | €6,851,920 | €7,675,222 | +€823,302 | +12.0% |
| Stocks | 30/36 | €6,851,920 | €7,675,222 | +€823,302 | +12.0% |
| Amounts receivable within one year | 40/41 | €5,221,892 | €5,353,257 | +€131,366 | +2.5% |
| Trade receivables | 40 | €707 | €222,529 | +€221,823 | +31386.3% |
| Other amounts receivable | 41 | €5,221,185 | €5,130,728 | -€90,457 | -1.7% |
| Current investments | 50/53 | €600,000 | €600,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €41,557 | €22,409 | -€19,148 | -46.1% |
| Deferred charges and accrued income | 490/1 | €4,388 | €3,556 | -€832 | -19.0% |
| Total equity and liabilities | 10/49 | €38,474,363 | €41,266,099 | +€2.8m | +7.3% |
| Equity | 10/15 | €32,857,834 | €32,859,037 | +€1,204 | 0.0% |
| Contributions | 10/11 | €855,960 | €855,960 | = | 0.0% |
| Capital | 10 | €855,960 | €855,960 | = | 0.0% |
| Issued capital | 100 | €855,960 | €855,960 | = | 0.0% |
| Revaluation surpluses | 12 | €932,640 | €932,640 | = | 0.0% |
| Reserves | 13 | €31,069,234 | €31,070,437 | +€1,204 | 0.0% |
| Non-distributable reserves | 130/1 | €85,596 | €85,596 | = | 0.0% |
| Legal reserve | 130 | €85,596 | €85,596 | = | 0.0% |
| Distributable reserves | 133 | €30,983,638 | €30,984,841 | +€1,204 | 0.0% |
| Amounts payable | 17/49 | €5,616,530 | €8,407,062 | +€2.8m | +49.7% |
| Amounts payable after more than one year | 17 | €4,500,000 | €6,495,000 | +€2.0m | +44.3% |
| Financial debts | 170/4 | €4,500,000 | €6,495,000 | +€2.0m | +44.3% |
| Amounts payable within one year | 42/48 | €1,116,530 | €1,912,062 | +€795,532 | +71.3% |
| Financial debts | 43 | - | €1,614,694 | +€1.6m | |
| Other loans | 439 | - | €1,614,694 | +€1.6m | |
| Trade debts | 44 | €231,137 | €258,024 | +€26,887 | +11.6% |
| Suppliers | 440/4 | €231,137 | €258,024 | +€26,887 | +11.6% |
| Taxes, remuneration and social security | 45 | €33,354 | €39,344 | +€5,990 | +18.0% |
| Taxes | 450/3 | €10,517 | €15,423 | +€4,906 | +46.6% |
| Remuneration and social security | 454/9 | €22,837 | €23,921 | +€1,084 | +4.7% |
| Other amounts payable | 47/48 | €852,039 | - | -€852,039 | |
| Remuneration, social security and pensions | 62 | €184,677 | €180,897 | -€3,781 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €941 | €1,918 | +€977 | +103.8% |
| Other operating charges | 640/8 | €31,065 | €1,349 | -€29,715 | -95.7% |
| Non-recurring operating charges | 66A | €27,557 | - | -€27,557 | |
| Gross operating margin | 9900 | -€67,767 | -€3,776 | +€63,991 | +94.4% |
| Operating profit (loss) | 9901 | -€312,007 | -€187,941 | +€124,067 | +39.8% |
| Financial income | 75/76B | €12,235,009 | €480,927 | -€11.8m | -96.1% |
| Recurring financial income | 75 | €12,235,009 | €480,927 | -€11.8m | -96.1% |
| Financial charges | 65/66B | €438,774 | €291,072 | -€147,702 | -33.7% |
| Recurring financial charges | 65 | €438,774 | €291,072 | -€147,702 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €11,484,227 | €1,914 | -€11.5m | -100.0% |
| Income taxes | 67/77 | €685 | €711 | +€25 | +3.7% |
| Profit (loss) for the period | 9904 | €11,483,542 | €1,204 | -€11.5m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,483,542 | €1,204 | -€11.5m | -100.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.