MUSH: 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.
MUSH
Largest movements
- Current investments +€48,000
up €48,000 (+21.8%), from €220,046 to €268,046
- Cash -€43,050
down €43,050 (-44.3%), from €97,170 to €54,121
mainly Contributions, distributions and other (-€76,230) and Current investments (-€48,000)
- Receivables within one year +€15,837
up €15,837 (+69.0%), from €22,941 to €38,778
of which Other amounts receivable: +€17,684
- Other debts +€28,246
up €28,246 (+105.6%), from €26,742 to €54,988
- Reserves -€14,292
down €14,292 (-4.1%), from €349,995 to €335,702
of which Distributable reserves: -€14,292
- Tax, wage and social debts +€6,194
up €6,194 (+99.3%), from €6,237 to €12,431
of which Taxes: +€6,194
- Gross operating margin -€31,613
down €31,613 (-22.9%), from €138,052 to €106,440
- Taxes -€5,966
down €5,966 (-17.3%), from €34,476 to €28,510
- Depreciation +€4,569
up €4,569 (+42.9%), from €10,650 to €15,220
- Other operating charges -€1,674
down €1,674 (-64.0%), from €2,617 to €943
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 | €401,573 | €421,721 | +€20,148 | +5.0% |
| Fixed assets | 21/28 | €35,024 | €35,879 | +€855 | +2.4% |
| Tangible fixed assets | 22/27 | €35,024 | €35,879 | +€855 | +2.4% |
| Plant, machinery and equipment | 23 | €6,454 | €4,270 | -€2,183 | -33.8% |
| Furniture and vehicles | 24 | €24,188 | €30,227 | +€6,040 | +25.0% |
| Leasing and similar rights | 25 | €4,382 | €1,381 | -€3,001 | -68.5% |
| Current assets | 29/58 | €366,550 | €385,842 | +€19,293 | +5.3% |
| Amounts receivable within one year | 40/41 | €22,941 | €38,778 | +€15,837 | +69.0% |
| Trade receivables | 40 | €6,202 | €4,355 | -€1,847 | -29.8% |
| Other amounts receivable | 41 | €16,739 | €34,423 | +€17,684 | +105.6% |
| Current investments | 50/53 | €220,046 | €268,046 | +€48,000 | +21.8% |
| Cash at bank and in hand | 54/58 | €97,170 | €54,121 | -€43,050 | -44.3% |
| Deferred charges and accrued income | 490/1 | €26,392 | €24,897 | -€1,495 | -5.7% |
| Total equity and liabilities | 10/49 | €401,573 | €421,721 | +€20,148 | +5.0% |
| Equity | 10/15 | €368,595 | €354,302 | -€14,292 | -3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €349,995 | €335,702 | -€14,292 | -4.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €348,135 | €333,842 | -€14,292 | -4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €32,979 | €67,419 | +€34,440 | +104.4% |
| Amounts payable within one year | 42/48 | €32,979 | €67,419 | +€34,440 | +104.4% |
| Taxes, remuneration and social security | 45 | €6,237 | €12,431 | +€6,194 | +99.3% |
| Taxes | 450/3 | €6,215 | €12,409 | +€6,194 | +99.7% |
| Remuneration and social security | 454/9 | €22 | €22 | = | 0.0% |
| Other amounts payable | 47/48 | €26,742 | €54,988 | +€28,246 | +105.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,650 | €15,220 | +€4,569 | +42.9% |
| Other operating charges | 640/8 | €2,617 | €943 | -€1,674 | -64.0% |
| Non-recurring operating charges | 66A | €4,465 | €296 | -€4,170 | -93.4% |
| Gross operating margin | 9900 | €138,052 | €106,440 | -€31,613 | -22.9% |
| Operating profit (loss) | 9901 | €120,320 | €89,981 | -€30,338 | -25.2% |
| Financial income | 75/76B | €240 | €934 | +€695 | +290.1% |
| Recurring financial income | 75 | €240 | €934 | +€695 | +290.1% |
| Financial charges | 65/66B | €404 | €468 | +€64 | +16.0% |
| Recurring financial charges | 65 | €404 | €468 | +€64 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €120,156 | €90,448 | -€29,708 | -24.7% |
| Income taxes | 67/77 | €34,476 | €28,510 | -€5,966 | -17.3% |
| Profit (loss) for the period | 9904 | €85,680 | €61,938 | -€23,742 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €85,680 | €61,938 | -€23,742 | -27.7% |
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 12 October 2026 via checked.be.