MûSHIKA: 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.
MûSHIKA
Largest movements
- Receivables within one year +€45,096
up €45,096 (+2,180%), from €2,069 to €47,165
of which Other amounts receivable: +€44,926
- Tangible fixed assets -€6,046
down €6,046 (-14.9%), from €40,452 to €34,406
of which Land and buildings: -€5,392
- Cash -€2,269
down €2,269 (-90.4%), from €2,510 to €241
mainly Receivables within one year (-€45,096) and Debts after one year (-€2,623)
- Reserves +€15,500
up €15,500 (+923%), from €1,680 to €17,180
of which Distributable reserves: +€15,500
- Profit (loss) carried forward +€12,874
up €12,874, from -€12,466 to €408
- Tax, wage and social debts +€12,786
up €12,786 (+224%), from €5,699 to €18,485
- Debts after one year -€2,623
down €2,623 (-19.5%), from €13,443 to €10,819
of which Financial debts: -€7,940
- Other debts -€2,117
down €2,117 (-9.4%), from €22,462 to €20,345
- Gross operating margin +€12,635
up €12,635 (+38.7%), from €32,626 to €45,261
- Taxes +€8,042
up €8,042 (+445%), from €1,806 to €9,849
- Financial income +€1,054
up €1,054 (+526%), from €201 to €1,255
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 | €45,731 | €82,333 | +€36,601 | +80.0% |
| Fixed assets | 21/28 | €40,552 | €34,506 | -€6,046 | -14.9% |
| Tangible fixed assets | 22/27 | €40,452 | €34,406 | -€6,046 | -14.9% |
| Land and buildings | 22 | €37,748 | €32,355 | -€5,392 | -14.3% |
| Furniture and vehicles | 24 | €2,705 | €2,051 | -€654 | -24.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €5,179 | €47,826 | +€42,648 | +824% |
| Amounts receivable within one year | 40/41 | €2,069 | €47,165 | +€45,096 | +2,180% |
| Trade receivables | 40 | €1,954 | €2,124 | +€170 | +8.7% |
| Other amounts receivable | 41 | €115 | €45,041 | +€44,926 | +39,015% |
| Cash at bank and in hand | 54/58 | €2,510 | €241 | -€2,269 | -90.4% |
| Deferred charges and accrued income | 490/1 | €600 | €420 | -€180 | -30.0% |
| Total equity and liabilities | 10/49 | €45,731 | €82,333 | +€36,601 | +80.0% |
| Equity | 10/15 | -€4,586 | €23,788 | +€28,374 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,680 | €17,180 | +€15,500 | +923% |
| Non-distributable reserves | 130/1 | €1,680 | €1,680 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,680 | €1,680 | = | 0.0% |
| Distributable reserves | 133 | - | €15,500 | +€15,500 | |
| Profit (loss) carried forward | 14 | -€12,466 | €408 | +€12,874 | |
| Amounts payable | 17/49 | €50,317 | €58,544 | +€8,228 | +16.4% |
| Amounts payable after more than one year | 17 | €13,443 | €10,819 | -€2,623 | -19.5% |
| Financial debts | 170/4 | €13,443 | €5,502 | -€7,940 | -59.1% |
| Other amounts payable | 178/9 | - | €5,317 | +€5,317 | |
| Amounts payable within one year | 42/48 | €36,874 | €47,725 | +€10,851 | +29.4% |
| Current portion of amounts payable after more than one year | 42 | €7,577 | €7,940 | +€363 | +4.8% |
| Trade debts | 44 | €1,136 | €955 | -€181 | -15.9% |
| Suppliers | 440/4 | €1,136 | €955 | -€181 | -15.9% |
| Taxes, remuneration and social security | 45 | €5,699 | €18,485 | +€12,786 | +224% |
| Taxes | 450/3 | €5,699 | €18,485 | +€12,786 | +224% |
| Other amounts payable | 47/48 | €22,462 | €20,345 | -€2,117 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,519 | €6,780 | +€261 | +4.0% |
| Gross operating margin | 9900 | €32,626 | €45,261 | +€12,635 | +38.7% |
| Operating profit (loss) | 9901 | €26,107 | €38,481 | +€12,374 | +47.4% |
| Financial income | 75/76B | €201 | €1,255 | +€1,054 | +526% |
| Recurring financial income | 75 | €201 | €1,255 | +€1,054 | +526% |
| Financial charges | 65/66B | €1,778 | €1,513 | -€264 | -14.9% |
| Recurring financial charges | 65 | €1,778 | €1,513 | -€264 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €24,530 | €38,222 | +€13,692 | +55.8% |
| Income taxes | 67/77 | €1,806 | €9,849 | +€8,042 | +445% |
| Profit (loss) for the period | 9904 | €22,724 | €28,374 | +€5,650 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,724 | €28,374 | +€5,650 | +24.9% |
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 15 October 2026 via checked.be.