MUSKA: 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.
MUSKA
Largest movements
- Receivables within one year -€106,883
down €106,883 (-96.3%), from €111,006 to €4,123
of which Trade receivables: -€55,718
- Cash -€5,359
down €5,359 (-6.9%), from €78,114 to €72,755
mainly Trade debts (-€84,163) and Debts after one year (-€27,761)
- Deferred charges and accrued income +€2,134
up €2,134 (+169%), from €1,259 to €3,393
- Trade debts -€84,163
down €84,163 (-19.9%), from €422,644 to €338,481
- Debts after one year -€27,761
no longer reported in 2025 (was €27,761)
- Current portion of long-term debt +€11,873
up €11,873 (+74.7%), from €15,888 to €27,761
- Accrued charges and deferred income -€6,291
no longer reported in 2025 (was €6,291)
- Short-term financial debts -€2,093
no longer reported in 2025 (was €2,093)
- Staff costs -€208,722
down €208,722 (-99.6%), from €209,534 to €812
- Financial charges -€24,015
down €24,015 (-87.3%), from €27,519 to €3,503
- Gross operating margin -€21,748
down €21,748 (-79.7%), from €27,288 to €5,539
- Other operating charges -€15,813
down €15,813 (-88.6%), from €17,838 to €2,025
- Financial income -€1,321
no longer reported in 2025 (was €1,321)
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 | €191,688 | €80,862 | -€110,826 | -57.8% |
| Fixed assets | 21/28 | €1,309 | €591 | -€718 | -54.8% |
| Tangible fixed assets | 22/27 | €1,259 | €541 | -€718 | -57.0% |
| Furniture and vehicles | 24 | €1,259 | €541 | -€718 | -57.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €190,379 | €80,271 | -€110,108 | -57.8% |
| Amounts receivable within one year | 40/41 | €111,006 | €4,123 | -€106,883 | -96.3% |
| Trade receivables | 40 | €56,583 | €865 | -€55,718 | -98.5% |
| Other amounts receivable | 41 | €54,423 | €3,258 | -€51,164 | -94.0% |
| Cash at bank and in hand | 54/58 | €78,114 | €72,755 | -€5,359 | -6.9% |
| Deferred charges and accrued income | 490/1 | €1,259 | €3,393 | +€2,134 | +169% |
| Total equity and liabilities | 10/49 | €191,688 | €80,862 | -€110,826 | -57.8% |
| Equity | 10/15 | -€294,030 | -€296,118 | -€2,088 | -0.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€309,030 | -€311,118 | -€2,088 | -0.7% |
| Amounts payable | 17/49 | €485,719 | €376,980 | -€108,738 | -22.4% |
| Amounts payable after more than one year | 17 | €27,761 | - | -€27,761 | |
| Financial debts | 170/4 | €27,761 | - | -€27,761 | |
| Amounts payable within one year | 42/48 | €451,667 | €376,980 | -€74,686 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €15,888 | €27,761 | +€11,873 | +74.7% |
| Financial debts | 43 | €2,093 | - | -€2,093 | |
| Credit institutions | 430/8 | €2,093 | - | -€2,093 | |
| Trade debts | 44 | €422,644 | €338,481 | -€84,163 | -19.9% |
| Suppliers | 440/4 | €422,644 | €338,481 | -€84,163 | -19.9% |
| Taxes, remuneration and social security | 45 | €11,041 | €10,336 | -€705 | -6.4% |
| Taxes | 450/3 | €570 | €10,336 | +€9,766 | +1,714% |
| Remuneration and social security | 454/9 | €10,471 | - | -€10,471 | |
| Other amounts payable | 47/48 | - | €402 | +€402 | |
| Accrued charges and deferred income | 492/3 | €6,291 | - | -€6,291 | |
| Remuneration, social security and pensions | 62 | €209,534 | €812 | -€208,722 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €795 | €718 | -€78 | -9.7% |
| Other operating charges | 640/8 | €17,838 | €2,025 | -€15,813 | -88.6% |
| Gross operating margin | 9900 | €27,288 | €5,539 | -€21,748 | -79.7% |
| Operating profit (loss) | 9901 | -€200,880 | €1,985 | +€202,865 | |
| Financial income | 75/76B | €1,321 | - | -€1,321 | |
| Recurring financial income | 75 | €1,321 | - | -€1,321 | |
| Financial charges | 65/66B | €27,519 | €3,503 | -€24,015 | -87.3% |
| Recurring financial charges | 65 | €27,519 | €3,503 | -€24,015 | -87.3% |
| Profit (loss) for the period before taxes | 9903 | -€227,077 | -€1,518 | +€225,559 | +99.3% |
| Income taxes | 67/77 | €482 | €570 | +€88 | +18.3% |
| Profit (loss) for the period | 9904 | -€227,559 | -€2,088 | +€225,471 | +99.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€227,559 | -€2,088 | +€225,471 | +99.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.