MUSITEL: 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.
MUSITEL
Largest movements
- Receivables within one year +€8,416
up €8,416 (+1,704%), from €494 to €8,910
of which Trade receivables: +€8,416
- Stocks and contracts -€5,754
down €5,754 (-20.0%), from €28,740 to €22,986
- Tangible fixed assets -€694
down €694 (-50.6%), from €1,371 to €677
of which Plant, machinery and equipment: -€541
- Deferred charges and accrued income +€363
up €363 (+99.2%), from €366 to €729
- Trade debts +€10,644
up €10,644 (+126%), from €8,439 to €19,083
- Short-term financial debts -€9,939
down €9,939 (-92.2%), from €10,778 to €839
- Profit (loss) carried forward +€2,087
up €2,087 (+5.5%), from -€38,035 to -€35,948
- Staff costs -€7,919
down €7,919 (-21.8%), from €36,310 to €28,391
- Gross operating margin +€3,760
up €3,760 (+12.1%), from €31,135 to €34,895
- Depreciation -€1,057
down €1,057 (-60.4%), from €1,751 to €694
- Other operating charges +€372
up €372 (+76.2%), from €488 to €860
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 | €31,249 | €33,717 | +€2,467 | +7.9% |
| Fixed assets | 21/28 | €1,556 | €862 | -€694 | -44.6% |
| Tangible fixed assets | 22/27 | €1,371 | €677 | -€694 | -50.6% |
| Plant, machinery and equipment | 23 | €624 | €84 | -€541 | -86.6% |
| Furniture and vehicles | 24 | €746 | €593 | -€153 | -20.5% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €29,694 | €32,855 | +€3,161 | +10.6% |
| Stocks and contracts in progress | 3 | €28,740 | €22,986 | -€5,754 | -20.0% |
| Stocks | 30/36 | €28,740 | €22,986 | -€5,754 | -20.0% |
| Amounts receivable within one year | 40/41 | €494 | €8,910 | +€8,416 | +1,704% |
| Trade receivables | 40 | €407 | €8,822 | +€8,416 | +2,070% |
| Other amounts receivable | 41 | €87 | €87 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €94 | €230 | +€136 | +145% |
| Deferred charges and accrued income | 490/1 | €366 | €729 | +€363 | +99.2% |
| Total equity and liabilities | 10/49 | €31,249 | €33,717 | +€2,467 | +7.9% |
| Equity | 10/15 | -€18,018 | -€15,931 | +€2,087 | +11.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €17 | €17 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17 | €17 | = | 0.0% |
| Legal reserve | 130 | €17 | €17 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,035 | -€35,948 | +€2,087 | +5.5% |
| Amounts payable | 17/49 | €49,267 | €49,647 | +€380 | +0.8% |
| Amounts payable within one year | 42/48 | €49,267 | €49,647 | +€380 | +0.8% |
| Financial debts | 43 | €10,778 | €839 | -€9,939 | -92.2% |
| Credit institutions | 430/8 | €10,778 | €839 | -€9,939 | -92.2% |
| Trade debts | 44 | €8,439 | €19,083 | +€10,644 | +126% |
| Suppliers | 440/4 | €8,439 | €19,083 | +€10,644 | +126% |
| Taxes, remuneration and social security | 45 | €11,105 | €10,860 | -€244 | -2.2% |
| Taxes | 450/3 | €4,965 | €5,808 | +€844 | +17.0% |
| Remuneration and social security | 454/9 | €6,140 | €5,052 | -€1,088 | -17.7% |
| Other amounts payable | 47/48 | €18,945 | €18,865 | -€80 | -0.4% |
| Remuneration, social security and pensions | 62 | €36,310 | €28,391 | -€7,919 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,751 | €694 | -€1,057 | -60.4% |
| Other operating charges | 640/8 | €488 | €860 | +€372 | +76.2% |
| Gross operating margin | 9900 | €31,135 | €34,895 | +€3,760 | +12.1% |
| Operating profit (loss) | 9901 | -€7,415 | €4,950 | +€12,364 | |
| Financial income | 75/76B | €2 | €250 | +€248 | +15,234% |
| Recurring financial income | 75 | €2 | €250 | +€248 | +15,234% |
| Financial charges | 65/66B | €3,097 | €2,926 | -€171 | -5.5% |
| Recurring financial charges | 65 | €3,097 | €2,926 | -€171 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,510 | €2,274 | +€12,784 | |
| Income taxes | 67/77 | €375 | €187 | -€189 | -50.2% |
| Profit (loss) for the period | 9904 | -€10,886 | €2,087 | +€12,973 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,886 | €2,087 | +€12,973 |
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 13 October 2026 via checked.be.