MUSHU MANAGEMENT: 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.
MUSHU MANAGEMENT
Largest movements
- Cash +€44,097
up €44,097 (+171%), from €25,737 to €69,834
mainly Net result for the year (+€52,025) and Receivables within one year (+€17,445)
- Receivables within one year -€17,445
down €17,445 (-27.1%), from €64,484 to €47,039
of which Other amounts receivable: -€22,064
- Current investments +€10,000
up €10,000 (+6.7%), from €150,000 to €160,000
- Reserves +€52,025
up €52,025 (+393%), from €13,236 to €65,261
- Debts after one year -€20,000
down €20,000 (-9.9%), from €201,552 to €181,552
- Tax, wage and social debts +€4,468
up €4,468 (+135%), from €3,309 to €7,778
of which Taxes: +€3,083
- Gross operating margin +€41,533
up €41,533 (+271%), from €15,347 to €56,880
- Taxes +€3,874
up €3,874 (+244%), from €1,591 to €5,465
- Depreciation -€1,464
down €1,464 (-68.4%), from €2,142 to €678
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 | €241,170 | €279,163 | +€37,993 | +15.8% |
| Fixed assets | 21/28 | €599 | €1,480 | +€881 | +147% |
| Tangible fixed assets | 22/27 | €599 | €1,480 | +€881 | +147% |
| Furniture and vehicles | 24 | €599 | €1,480 | +€881 | +147% |
| Current assets | 29/58 | €240,571 | €277,683 | +€37,112 | +15.4% |
| Amounts receivable within one year | 40/41 | €64,484 | €47,039 | -€17,445 | -27.1% |
| Trade receivables | 40 | €6,693 | €11,312 | +€4,619 | +69.0% |
| Other amounts receivable | 41 | €57,790 | €35,727 | -€22,064 | -38.2% |
| Current investments | 50/53 | €150,000 | €160,000 | +€10,000 | +6.7% |
| Cash at bank and in hand | 54/58 | €25,737 | €69,834 | +€44,097 | +171% |
| Deferred charges and accrued income | 490/1 | €351 | €810 | +€460 | +131% |
| Total equity and liabilities | 10/49 | €241,170 | €279,163 | +€37,993 | +15.8% |
| Equity | 10/15 | €16,236 | €68,261 | +€52,025 | +320% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,236 | €65,261 | +€52,025 | +393% |
| Distributable reserves | 133 | €13,236 | €65,261 | +€52,025 | +393% |
| Amounts payable | 17/49 | €224,934 | €210,902 | -€14,032 | -6.2% |
| Amounts payable after more than one year | 17 | €201,552 | €181,552 | -€20,000 | -9.9% |
| Other amounts payable | 178/9 | €201,552 | €181,552 | -€20,000 | -9.9% |
| Amounts payable within one year | 42/48 | €23,382 | €29,350 | +€5,968 | +25.5% |
| Trade debts | 44 | €73 | €1,573 | +€1,499 | +2,053% |
| Suppliers | 440/4 | €73 | €1,573 | +€1,499 | +2,053% |
| Taxes, remuneration and social security | 45 | €3,309 | €7,778 | +€4,468 | +135% |
| Taxes | 450/3 | €3,309 | €6,392 | +€3,083 | +93.2% |
| Remuneration and social security | 454/9 | - | €1,386 | +€1,386 | |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,142 | €678 | -€1,464 | -68.4% |
| Other operating charges | 640/8 | €648 | €995 | +€346 | +53.4% |
| Gross operating margin | 9900 | €15,347 | €56,880 | +€41,533 | +271% |
| Operating profit (loss) | 9901 | €12,556 | €55,208 | +€42,651 | +340% |
| Financial income | 75/76B | €2,398 | €2,374 | -€25 | -1.0% |
| Recurring financial income | 75 | €2,398 | €2,374 | -€25 | -1.0% |
| Financial charges | 65/66B | €128 | €92 | -€36 | -28.4% |
| Recurring financial charges | 65 | €128 | €92 | -€36 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €14,826 | €57,490 | +€42,663 | +288% |
| Income taxes | 67/77 | €1,591 | €5,465 | +€3,874 | +244% |
| Profit (loss) for the period | 9904 | €13,236 | €52,025 | +€38,789 | +293% |
| Profit (loss) for the period to be appropriated | 9905 | €13,236 | €52,025 | +€38,789 | +293% |
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.