MUSINT: 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.
MUSINT
Largest movements
- Receivables after one year +€780,505
new in 2025: €780,505
- Receivables within one year -€519,815
down €519,815 (-63.1%), from €823,293 to €303,478
of which Other amounts receivable: -€264,801
- Cash +€284,515
up €284,515 (+377.8%), from €75,313 to €359,828
mainly Receivables within one year (+€519,815) and Current portion of long-term debt (+€350,061)
- Current investments -€279,088
down €279,088 (-81.3%), from €343,433 to €64,345
- Tangible fixed assets -€27,310
down €27,310 (-3.3%), from €821,353 to €794,043
of which Land and buildings: -€22,613
- Current portion of long-term debt +€350,061
up €350,061 (+91.6%), from €382,162 to €732,223
- Provisions -€239,180
down €239,180 (-58.8%), from €406,678 to €167,498
- Profit (loss) carried forward +€147,271
up €147,271 (+73.5%), from €200,486 to €347,757
- Debts after one year -€26,573
down €26,573 (-11.7%), from €227,799 to €201,226
- Gross operating margin -€212,884
down €212,884, from €140,477 to -€72,407
- Provisions -€89,180
down €89,180 (-55.5%), from -€160,820 to -€250,000
- Financial income +€46,887
up €46,887 (+127.5%), from €36,760 to €83,647
- Taxes -€24,449
down €24,449 (-34.9%), from €70,113 to €45,665
- Other operating charges +€6,294
up €6,294 (+86.5%), from €7,278 to €13,572
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 | €2,073,510 | €2,313,397 | +€239,887 | +11.6% |
| Fixed assets | 21/28 | €831,472 | €805,241 | -€26,231 | -3.2% |
| Intangible fixed assets | 21 | €9,547 | €10,626 | +€1,079 | +11.3% |
| Tangible fixed assets | 22/27 | €821,353 | €794,043 | -€27,310 | -3.3% |
| Land and buildings | 22 | €800,232 | €777,619 | -€22,613 | -2.8% |
| Plant, machinery and equipment | 23 | €6,448 | €5,113 | -€1,336 | -20.7% |
| Furniture and vehicles | 24 | €4,144 | €3,438 | -€706 | -17.0% |
| Other tangible fixed assets | 26 | €10,528 | €7,873 | -€2,656 | -25.2% |
| Financial fixed assets | 28 | €572 | €572 | = | 0.0% |
| Current assets | 29/58 | €1,242,038 | €1,508,156 | +€266,118 | +21.4% |
| Amounts receivable after more than one year | 29 | - | €780,505 | +€780,505 | |
| Other amounts receivable | 291 | - | €780,505 | +€780,505 | |
| Amounts receivable within one year | 40/41 | €823,293 | €303,478 | -€519,815 | -63.1% |
| Trade receivables | 40 | €423,117 | €168,103 | -€255,014 | -60.3% |
| Other amounts receivable | 41 | €400,176 | €135,375 | -€264,801 | -66.2% |
| Current investments | 50/53 | €343,433 | €64,345 | -€279,088 | -81.3% |
| Cash at bank and in hand | 54/58 | €75,313 | €359,828 | +€284,515 | +377.8% |
| Total equity and liabilities | 10/49 | €2,073,510 | €2,313,397 | +€239,887 | +11.6% |
| Equity | 10/15 | €972,368 | €1,119,638 | +€147,271 | +15.1% |
| Contributions | 10/11 | €288,750 | €288,750 | = | 0.0% |
| Reserves | 13 | €483,131 | €483,131 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,237 | €26,237 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,237 | €26,237 | = | 0.0% |
| Distributable reserves | 133 | €456,895 | €456,895 | = | 0.0% |
| Profit (loss) carried forward | 14 | €200,486 | €347,757 | +€147,271 | +73.5% |
| Provisions and deferred taxes | 16 | €406,678 | €167,498 | -€239,180 | -58.8% |
| Provisions for liabilities and charges | 160/5 | €406,678 | €167,498 | -€239,180 | -58.8% |
| Other liabilities and charges | 164/5 | €406,678 | €167,498 | -€239,180 | -58.8% |
| Amounts payable | 17/49 | €694,464 | €1,026,260 | +€331,796 | +47.8% |
| Amounts payable after more than one year | 17 | €227,799 | €201,226 | -€26,573 | -11.7% |
| Financial debts | 170/4 | €227,799 | €201,226 | -€26,573 | -11.7% |
| Amounts payable within one year | 42/48 | €434,058 | €774,824 | +€340,766 | +78.5% |
| Current portion of amounts payable after more than one year | 42 | €382,162 | €732,223 | +€350,061 | +91.6% |
| Trade debts | 44 | €25,320 | €9,289 | -€16,031 | -63.3% |
| Suppliers | 440/4 | €25,320 | €9,289 | -€16,031 | -63.3% |
| Taxes, remuneration and social security | 45 | €19,926 | €26,872 | +€6,946 | +34.9% |
| Taxes | 450/3 | €19,926 | €26,872 | +€6,946 | +34.9% |
| Other amounts payable | 47/48 | €6,650 | €6,440 | -€210 | -3.2% |
| Accrued charges and deferred income | 492/3 | €32,608 | €50,210 | +€17,603 | +54.0% |
| Non-recurring operating income | 76A | €5,625 | - | -€5,625 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,137 | €27,310 | -€826 | -2.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€160,820 | -€250,000 | -€89,180 | -55.5% |
| Other operating charges | 640/8 | €7,278 | €13,572 | +€6,294 | +86.5% |
| Non-recurring operating charges | 66A | €548 | - | -€548 | |
| Gross operating margin | 9900 | €140,477 | -€72,407 | -€212,884 | |
| Operating profit (loss) | 9901 | €265,335 | €136,711 | -€128,624 | -48.5% |
| Financial income | 75/76B | €36,760 | €83,647 | +€46,887 | +127.5% |
| Recurring financial income | 75 | €36,760 | €83,647 | +€46,887 | +127.5% |
| Financial charges | 65/66B | €31,549 | €27,422 | -€4,127 | -13.1% |
| Recurring financial charges | 65 | €26,081 | €27,422 | +€1,341 | +5.1% |
| Non-recurring financial charges | 66B | €5,468 | - | -€5,468 | |
| Profit (loss) for the period before taxes | 9903 | €270,546 | €192,936 | -€77,610 | -28.7% |
| Income taxes | 67/77 | €70,113 | €45,665 | -€24,449 | -34.9% |
| Profit (loss) for the period | 9904 | €200,432 | €147,271 | -€53,161 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €200,432 | €147,271 | -€53,161 | -26.5% |
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 10 October 2026 via checked.be.