MUSHIMO: 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.
MUSHIMO
Largest movements
- Cash +€23,555
up €23,555 (+12.0%), from €196,401 to €219,957
mainly Net result for the year (+€63,394) and Tax, wage and social debts (+€6,409)
- Reserves +€18,279
up €18,279 (+8.8%), from €207,825 to €226,104
of which Distributable reserves: +€20,635
- Tax, wage and social debts +€6,409
up €6,409 (+36.9%), from €17,355 to €23,764
- Gross operating margin +€14,381
up €14,381 (+18.2%), from €79,038 to €93,419
- Taxes +€4,102
up €4,102 (+19.6%), from €20,936 to €25,038
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 | €236,076 | €256,432 | +€20,356 | +8.6% |
| Fixed assets | 21/28 | €2,958 | €2,430 | -€528 | -17.9% |
| Tangible fixed assets | 22/27 | €2,958 | €2,430 | -€528 | -17.9% |
| Furniture and vehicles | 24 | €2,958 | €2,430 | -€528 | -17.9% |
| Current assets | 29/58 | €233,118 | €254,002 | +€20,884 | +9.0% |
| Amounts receivable within one year | 40/41 | €35,713 | €33,878 | -€1,835 | -5.1% |
| Trade receivables | 40 | €31,935 | €28,798 | -€3,137 | -9.8% |
| Other amounts receivable | 41 | €3,779 | €5,080 | +€1,301 | +34.4% |
| Cash at bank and in hand | 54/58 | €196,401 | €219,957 | +€23,555 | +12.0% |
| Deferred charges and accrued income | 490/1 | €1,003 | €167 | -€836 | -83.3% |
| Total equity and liabilities | 10/49 | €236,076 | €256,432 | +€20,356 | +8.6% |
| Equity | 10/15 | €214,025 | €232,304 | +€18,279 | +8.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €207,825 | €226,104 | +€18,279 | +8.8% |
| Non-distributable reserves | 130/1 | €2,356 | €0 | -€2,356 | -100.0% |
| Reserves not available under the articles | 1311 | €2,356 | €0 | -€2,356 | -100.0% |
| Distributable reserves | 133 | €205,469 | €226,104 | +€20,635 | +10.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €22,051 | €24,128 | +€2,077 | +9.4% |
| Amounts payable within one year | 42/48 | €22,051 | €24,128 | +€2,077 | +9.4% |
| Trade debts | 44 | €2,406 | €2 | -€2,404 | -99.9% |
| Suppliers | 440/4 | €2,406 | €2 | -€2,404 | -99.9% |
| Taxes, remuneration and social security | 45 | €17,355 | €23,764 | +€6,409 | +36.9% |
| Taxes | 450/3 | €17,355 | €23,764 | +€6,409 | +36.9% |
| Other amounts payable | 47/48 | €2,289 | €362 | -€1,927 | -84.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,452 | €2,346 | -€107 | -4.3% |
| Other operating charges | 640/8 | €1,529 | €2,431 | +€901 | +58.9% |
| Gross operating margin | 9900 | €79,038 | €93,419 | +€14,381 | +18.2% |
| Operating profit (loss) | 9901 | €75,056 | €88,643 | +€13,587 | +18.1% |
| Financial charges | 65/66B | €250 | €211 | -€39 | -15.5% |
| Recurring financial charges | 65 | €250 | €211 | -€39 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €74,806 | €88,432 | +€13,625 | +18.2% |
| Income taxes | 67/77 | €20,936 | €25,038 | +€4,102 | +19.6% |
| Profit (loss) for the period | 9904 | €53,870 | €63,394 | +€9,524 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,870 | €63,394 | +€9,524 | +17.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.