Mushu: 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.
Mushu
Largest movements
- Cash -€11,941
down €11,941 (-99.6%), from €11,988 to €47
mainly Net result for the year (-€35,125) and Debts after one year (-€32,919)
- Tangible fixed assets -€6,497
down €6,497 (-7.1%), from €91,066 to €84,569
of which Other tangible fixed assets: -€3,524
- Financial fixed assets +€5,234
up €5,234 (+87.2%), from €6,000 to €11,234
- Intangible fixed assets -€3,878
down €3,878 (-12.1%), from €31,970 to €28,092
- Receivables within one year +€1,782
new in 2025: €1,782
of which Trade receivables: +€1,510
- Other debts +€56,600
up €56,600 (+402.9%), from €14,049 to €70,649
- Profit (loss) carried forward -€35,125
down €35,125 (-110.9%), from -€31,683 to -€66,809
- Debts after one year -€32,919
down €32,919 (-42.5%), from €77,469 to €44,549
- Tax, wage and social debts -€18,906
down €18,906 (-83.9%), from €22,530 to €3,624
of which Remuneration and social security: -€12,038
- Current portion of long-term debt +€16,798
new in 2025: €16,798
- Gross operating margin -€70,038
down €70,038 (-65.3%), from €107,194 to €37,156
- Staff costs -€60,603
down €60,603 (-55.0%), from €110,105 to €49,502
- Depreciation +€1,948
up €1,948 (+14.1%), from €13,827 to €15,775
- Other operating charges +€1,610
up €1,610 (+111.9%), from €1,439 to €3,048
- Financial charges -€1,487
down €1,487 (-30.1%), from €4,948 to €3,460
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 | €141,024 | €125,724 | -€15,300 | -10.8% |
| Fixed assets | 21/28 | €129,036 | €123,895 | -€5,141 | -4.0% |
| Intangible fixed assets | 21 | €31,970 | €28,092 | -€3,878 | -12.1% |
| Tangible fixed assets | 22/27 | €91,066 | €84,569 | -€6,497 | -7.1% |
| Furniture and vehicles | 24 | €10,898 | €7,925 | -€2,973 | -27.3% |
| Other tangible fixed assets | 26 | €80,168 | €76,644 | -€3,524 | -4.4% |
| Financial fixed assets | 28 | €6,000 | €11,234 | +€5,234 | +87.2% |
| Current assets | 29/58 | €11,988 | €1,828 | -€10,160 | -84.8% |
| Amounts receivable within one year | 40/41 | - | €1,782 | +€1,782 | |
| Trade receivables | 40 | - | €1,510 | +€1,510 | |
| Other amounts receivable | 41 | - | €272 | +€272 | |
| Cash at bank and in hand | 54/58 | €11,988 | €47 | -€11,941 | -99.6% |
| Total equity and liabilities | 10/49 | €141,024 | €125,724 | -€15,300 | -10.8% |
| Equity | 10/15 | €23,317 | -€11,809 | -€35,125 | |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Outside capital | 11 | €55,000 | €55,000 | = | 0.0% |
| Other | 1109/19 | €55,000 | €55,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,683 | -€66,809 | -€35,125 | -110.9% |
| Amounts payable | 17/49 | €117,707 | €137,532 | +€19,825 | +16.8% |
| Amounts payable after more than one year | 17 | €77,469 | €44,549 | -€32,919 | -42.5% |
| Financial debts | 170/4 | €77,469 | €44,549 | -€32,919 | -42.5% |
| Amounts payable within one year | 42/48 | €39,999 | €92,983 | +€52,984 | +132.5% |
| Current portion of amounts payable after more than one year | 42 | - | €16,798 | +€16,798 | |
| Trade debts | 44 | €3,420 | €1,913 | -€1,507 | -44.1% |
| Suppliers | 440/4 | €3,420 | €1,913 | -€1,507 | -44.1% |
| Taxes, remuneration and social security | 45 | €22,530 | €3,624 | -€18,906 | -83.9% |
| Taxes | 450/3 | €6,868 | - | -€6,868 | |
| Remuneration and social security | 454/9 | €15,661 | €3,624 | -€12,038 | -76.9% |
| Other amounts payable | 47/48 | €14,049 | €70,649 | +€56,600 | +402.9% |
| Accrued charges and deferred income | 492/3 | €240 | - | -€240 | |
| Remuneration, social security and pensions | 62 | €110,105 | €49,502 | -€60,603 | -55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,827 | €15,775 | +€1,948 | +14.1% |
| Other operating charges | 640/8 | €1,439 | €3,048 | +€1,610 | +111.9% |
| Non-recurring operating charges | 66A | - | €496 | +€496 | |
| Gross operating margin | 9900 | €107,194 | €37,156 | -€70,038 | -65.3% |
| Operating profit (loss) | 9901 | -€18,177 | -€31,665 | -€13,489 | -74.2% |
| Financial income | 75/76B | €29 | €0 | -€29 | -100.0% |
| Recurring financial income | 75 | €29 | €0 | -€29 | -100.0% |
| Financial charges | 65/66B | €4,948 | €3,460 | -€1,487 | -30.1% |
| Recurring financial charges | 65 | €4,948 | €3,460 | -€1,487 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,095 | -€35,125 | -€12,030 | -52.1% |
| Profit (loss) for the period | 9904 | -€23,095 | -€35,125 | -€12,030 | -52.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,095 | -€35,125 | -€12,030 | -52.1% |
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 4 October 2026 via checked.be.