MUSKAAN: 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.
MUSKAAN
Largest movements
- Tangible fixed assets -€39,055
down €39,055 (-3.4%), from €1.1m to €1.1m
of which Land and buildings: -€36,255
- Stocks and contracts -€36,571
down €36,571 (-100%), from €36,571 to €0
- Debts after one year -€105,940
down €105,940 (-11.9%), from €888,091 to €782,151
of which Financial debts: -€105,940
- Trade debts -€42,360
down €42,360 (-70.7%), from €59,927 to €17,567
- Current portion of long-term debt +€37,401
up €37,401 (+240%), from €15,599 to €53,000
- Reserves +€33,562
up €33,562 (+23.4%), from €143,540 to €177,102
of which Distributable reserves: +€33,562
- Tax, wage and social debts +€25,364
up €25,364 (+110%), from €23,118 to €48,482
of which Taxes: +€15,132
- Staff costs -€77,611
down €77,611 (-72.3%), from €107,333 to €29,722
- Gross operating margin -€34,470
down €34,470 (-22.2%), from €155,490 to €121,021
- Depreciation +€15,230
up €15,230 (+63.9%), from €23,825 to €39,055
- Financial charges -€12,173
down €12,173 (-92.5%), from €13,155 to €983
- Taxes +€10,757
up €10,757 (+335%), from €3,207 to €13,965
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 | €1,183,930 | €1,117,702 | -€66,228 | -5.6% |
| Fixed assets | 21/28 | €1,138,219 | €1,099,165 | -€39,055 | -3.4% |
| Tangible fixed assets | 22/27 | €1,135,219 | €1,096,165 | -€39,055 | -3.4% |
| Land and buildings | 22 | €1,126,819 | €1,090,565 | -€36,255 | -3.2% |
| Furniture and vehicles | 24 | €8,400 | €5,600 | -€2,800 | -33.3% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €45,711 | €18,538 | -€27,173 | -59.4% |
| Stocks and contracts in progress | 3 | €36,571 | €0 | -€36,571 | -100% |
| Stocks | 30/36 | €36,571 | €0 | -€36,571 | -100% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €9,140 | €18,538 | +€9,398 | +103% |
| Total equity and liabilities | 10/49 | €1,183,930 | €1,117,702 | -€66,228 | -5.6% |
| Equity | 10/15 | €162,140 | €195,702 | +€33,562 | +20.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,540 | €177,102 | +€33,562 | +23.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €141,680 | €175,242 | +€33,562 | +23.7% |
| Amounts payable | 17/49 | €1,021,790 | €922,000 | -€99,790 | -9.8% |
| Amounts payable after more than one year | 17 | €888,091 | €782,151 | -€105,940 | -11.9% |
| Financial debts | 170/4 | €791,637 | €685,696 | -€105,940 | -13.4% |
| Other amounts payable | 178/9 | €96,455 | €96,455 | = | 0.0% |
| Amounts payable within one year | 42/48 | €133,699 | €139,849 | +€6,150 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €15,599 | €53,000 | +€37,401 | +240% |
| Trade debts | 44 | €59,927 | €17,567 | -€42,360 | -70.7% |
| Suppliers | 440/4 | €59,927 | €17,567 | -€42,360 | -70.7% |
| Taxes, remuneration and social security | 45 | €23,118 | €48,482 | +€25,364 | +110% |
| Taxes | 450/3 | €11,565 | €26,697 | +€15,132 | +131% |
| Remuneration and social security | 454/9 | €11,553 | €21,786 | +€10,233 | +88.6% |
| Other amounts payable | 47/48 | €35,055 | €20,800 | -€14,255 | -40.7% |
| Remuneration, social security and pensions | 62 | €107,333 | €29,722 | -€77,611 | -72.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,825 | €39,055 | +€15,230 | +63.9% |
| Other operating charges | 640/8 | €2,492 | €3,734 | +€1,242 | +49.9% |
| Gross operating margin | 9900 | €155,490 | €121,021 | -€34,470 | -22.2% |
| Operating profit (loss) | 9901 | €21,841 | €48,509 | +€26,668 | +122% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €13,155 | €983 | -€12,173 | -92.5% |
| Recurring financial charges | 65 | €13,155 | €983 | -€12,173 | -92.5% |
| Profit (loss) for the period before taxes | 9903 | €8,686 | €47,527 | +€38,841 | +447% |
| Income taxes | 67/77 | €3,207 | €13,965 | +€10,757 | +335% |
| Profit (loss) for the period | 9904 | €5,479 | €33,562 | +€28,084 | +513% |
| Profit (loss) for the period to be appropriated | 9905 | €5,479 | €33,562 | +€28,084 | +513% |
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 22 October 2026 via checked.be.