MUSHIN: 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.
MUSHIN
Largest movements
- Cash +€27,984
up €27,984 (+423.8%), from €6,604 to €34,588
mainly Depreciation (+€24,933) and Net result for the year (+€21,378)
- Tangible fixed assets -€24,933
down €24,933 (-8.7%), from €287,598 to €262,665
of which Land and buildings: -€21,560
- Reserves +€15,378
up €15,378 (+131.8%), from €11,665 to €27,043
- Other debts -€13,077
down €13,077 (-6.7%), from €194,302 to €181,225
- Debts after one year -€6,003
down €6,003 (-7.1%), from €84,549 to €78,545
- Tax, wage and social debts +€4,011
up €4,011 (+87.0%), from €4,612 to €8,623
- Gross operating margin +€11,244
up €11,244 (+23.3%), from €48,286 to €59,531
- Taxes +€3,550
up €3,550 (+79.4%), from €4,474 to €8,024
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 | €304,859 | €303,452 | -€1,407 | -0.5% |
| Fixed assets | 21/28 | €287,623 | €262,690 | -€24,933 | -8.7% |
| Tangible fixed assets | 22/27 | €287,598 | €262,665 | -€24,933 | -8.7% |
| Land and buildings | 22 | €270,738 | €249,178 | -€21,560 | -8.0% |
| Furniture and vehicles | 24 | €4,436 | €3,111 | -€1,325 | -29.9% |
| Other tangible fixed assets | 26 | €12,424 | €10,375 | -€2,049 | -16.5% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €17,236 | €40,762 | +€23,526 | +136.5% |
| Amounts receivable within one year | 40/41 | €4,278 | €2,577 | -€1,702 | -39.8% |
| Trade receivables | 40 | €4,203 | €2,577 | -€1,627 | -38.7% |
| Other amounts receivable | 41 | €75 | - | -€75 | |
| Cash at bank and in hand | 54/58 | €6,604 | €34,588 | +€27,984 | +423.8% |
| Deferred charges and accrued income | 490/1 | €6,353 | €3,598 | -€2,756 | -43.4% |
| Total equity and liabilities | 10/49 | €304,859 | €303,452 | -€1,407 | -0.5% |
| Equity | 10/15 | €13,665 | €29,043 | +€15,378 | +112.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €11,665 | €27,043 | +€15,378 | +131.8% |
| Distributable reserves | 133 | €11,665 | €27,043 | +€15,378 | +131.8% |
| Amounts payable | 17/49 | €291,194 | €274,408 | -€16,785 | -5.8% |
| Amounts payable after more than one year | 17 | €84,549 | €78,545 | -€6,003 | -7.1% |
| Financial debts | 170/4 | €84,549 | €78,545 | -€6,003 | -7.1% |
| Amounts payable within one year | 42/48 | €206,645 | €195,863 | -€10,782 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €5,793 | €6,003 | +€210 | +3.6% |
| Trade debts | 44 | €1,938 | €12 | -€1,926 | -99.4% |
| Suppliers | 440/4 | €1,938 | €12 | -€1,926 | -99.4% |
| Taxes, remuneration and social security | 45 | €4,612 | €8,623 | +€4,011 | +87.0% |
| Taxes | 450/3 | €4,612 | €8,623 | +€4,011 | +87.0% |
| Other amounts payable | 47/48 | €194,302 | €181,225 | -€13,077 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,736 | €24,933 | +€198 | +0.8% |
| Other operating charges | 640/8 | €1,963 | €1,921 | -€42 | -2.1% |
| Gross operating margin | 9900 | €48,286 | €59,531 | +€11,244 | +23.3% |
| Operating profit (loss) | 9901 | €21,588 | €32,676 | +€11,089 | +51.4% |
| Financial charges | 65/66B | €3,479 | €3,275 | -€204 | -5.9% |
| Recurring financial charges | 65 | €3,479 | €3,275 | -€204 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €18,109 | €29,402 | +€11,293 | +62.4% |
| Income taxes | 67/77 | €4,474 | €8,024 | +€3,550 | +79.4% |
| Profit (loss) for the period | 9904 | €13,635 | €21,378 | +€7,743 | +56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,635 | €21,378 | +€7,743 | +56.8% |
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.