MUSHER EXPRESS: 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.
MUSHER EXPRESS
Largest movements
- Cash +€12,472
up €12,472 (+37.2%), from €33,548 to €46,020
mainly Net result for the year (+€5,351) and Depreciation (+€3,719)
- Tangible fixed assets -€3,719
down €3,719 (-26.0%), from €14,326 to €10,607
- Receivables within one year -€3,359
down €3,359 (-24.0%), from €14,020 to €10,662
of which Other amounts receivable: -€2,295
- Reserves +€5,000
up €5,000 (+16.7%), from €29,855 to €34,855
- Gross operating margin +€3,200
up €3,200 (+35.6%), from €8,995 to €12,195
- Taxes +€1,327
up €1,327 (+119.7%), from €1,109 to €2,436
- Other operating charges +€157
up €157 (+31.4%), from €499 to €656
- Financial charges -€142
down €142 (-80.8%), from €176 to €34
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 | €62,469 | €67,864 | +€5,395 | +8.6% |
| Fixed assets | 21/28 | €14,807 | €11,088 | -€3,719 | -25.1% |
| Tangible fixed assets | 22/27 | €14,326 | €10,607 | -€3,719 | -26.0% |
| Furniture and vehicles | 24 | €14,326 | €10,607 | -€3,719 | -26.0% |
| Financial fixed assets | 28 | €481 | €481 | = | 0.0% |
| Current assets | 29/58 | €47,662 | €56,776 | +€9,114 | +19.1% |
| Amounts receivable within one year | 40/41 | €14,020 | €10,662 | -€3,359 | -24.0% |
| Trade receivables | 40 | €7,632 | €6,568 | -€1,064 | -13.9% |
| Other amounts receivable | 41 | €6,389 | €4,094 | -€2,295 | -35.9% |
| Cash at bank and in hand | 54/58 | €33,548 | €46,020 | +€12,472 | +37.2% |
| Deferred charges and accrued income | 490/1 | €94 | €94 | = | 0.0% |
| Total equity and liabilities | 10/49 | €62,469 | €67,864 | +€5,395 | +8.6% |
| Equity | 10/15 | €60,127 | €65,478 | +€5,351 | +8.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €29,855 | €34,855 | +€5,000 | +16.7% |
| Distributable reserves | 133 | €29,855 | €34,855 | +€5,000 | +16.7% |
| Profit (loss) carried forward | 14 | €11,722 | €12,073 | +€351 | +3.0% |
| Amounts payable | 17/49 | €2,342 | €2,386 | +€44 | +1.9% |
| Amounts payable within one year | 42/48 | €2,342 | €2,386 | +€44 | +1.9% |
| Trade debts | 44 | €141 | €127 | -€14 | -9.7% |
| Suppliers | 440/4 | €141 | €127 | -€14 | -9.7% |
| Taxes, remuneration and social security | 45 | €2,201 | €2,259 | +€58 | +2.6% |
| Taxes | 450/3 | €2,201 | €2,259 | +€58 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,719 | €3,719 | = | 0.0% |
| Other operating charges | 640/8 | €499 | €656 | +€157 | +31.4% |
| Gross operating margin | 9900 | €8,995 | €12,195 | +€3,200 | +35.6% |
| Operating profit (loss) | 9901 | €4,777 | €7,820 | +€3,043 | +63.7% |
| Financial charges | 65/66B | €176 | €34 | -€142 | -80.8% |
| Recurring financial charges | 65 | €176 | €34 | -€142 | -80.8% |
| Profit (loss) for the period before taxes | 9903 | €4,602 | €7,787 | +€3,185 | +69.2% |
| Income taxes | 67/77 | €1,109 | €2,436 | +€1,327 | +119.7% |
| Profit (loss) for the period | 9904 | €3,493 | €5,351 | +€1,858 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,493 | €5,351 | +€1,858 | +53.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.