MUSKAN: what changed
Two fiscal 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.
MUSKAN
Largest movements
- Receivables within one year +€11,129
up €11,129 (+36.8%), from €30,209 to €41,338
of which Trade receivables: +€40,988
- Stocks and contracts -€7,565
down €7,565 (-11.4%), from €66,479 to €58,914
- Cash +€4,057
up €4,057 (+46.9%), from €8,650 to €12,706
mainly Net result for the year (+€14,646) and Stocks and contracts (+€7,565)
- Profit (loss) carried forward +€7,646
up €7,646, from -€5,718 to €1,929
- Reserves +€7,000
up €7,000 (+7.9%), from €88,231 to €95,231
of which Distributable reserves: +€7,000
- Trade debts -€6,225
down €6,225 (-54.1%), from €11,498 to €5,273
- Purchases and services -€180,267
down €180,267 (-18.7%), from €962,958 to €782,690
- Turnover -€150,059
down €150,059 (-14.9%), from €1.0m to €857,941
- Gross operating margin +€31,409
up €31,409 (+61.9%), from €50,700 to €82,109
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 | €105,508 | €112,959 | +€7,451 | +7.1% |
| Current assets | 29/58 | €105,508 | €112,959 | +€7,451 | +7.1% |
| Stocks and contracts in progress | 3 | €66,479 | €58,914 | -€7,565 | -11.4% |
| Stocks | 30/36 | €66,479 | €58,914 | -€7,565 | -11.4% |
| Amounts receivable within one year | 40/41 | €30,209 | €41,338 | +€11,129 | +36.8% |
| Trade receivables | 40 | €350 | €41,338 | +€40,988 | +11710.8% |
| Other amounts receivable | 41 | €29,859 | - | -€29,859 | |
| Cash at bank and in hand | 54/58 | €8,650 | €12,706 | +€4,057 | +46.9% |
| Deferred charges and accrued income | 490/1 | €170 | - | -€170 | |
| Total equity and liabilities | 10/49 | €105,508 | €112,959 | +€7,451 | +7.1% |
| Equity | 10/15 | €88,713 | €103,359 | +€14,646 | +16.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €88,231 | €95,231 | +€7,000 | +7.9% |
| Non-distributable reserves | 130/1 | €5,231 | €5,231 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,231 | €5,231 | = | 0.0% |
| Distributable reserves | 133 | €83,000 | €90,000 | +€7,000 | +8.4% |
| Profit (loss) carried forward | 14 | -€5,718 | €1,929 | +€7,646 | |
| Amounts payable | 17/49 | €16,795 | €9,599 | -€7,196 | -42.8% |
| Amounts payable within one year | 42/48 | €16,795 | €9,599 | -€7,196 | -42.8% |
| Trade debts | 44 | €11,498 | €5,273 | -€6,225 | -54.1% |
| Suppliers | 440/4 | €11,498 | €5,273 | -€6,225 | -54.1% |
| Taxes, remuneration and social security | 45 | €5,297 | €4,327 | -€970 | -18.3% |
| Taxes | 450/3 | €5,297 | €4,327 | -€970 | -18.3% |
| Turnover | 70 | €1,007,999 | €857,941 | -€150,059 | -14.9% |
| Non-recurring operating income | 76A | - | €6,858 | +€6,858 | |
| Goods, raw materials, services and sundry goods | 60/61 | €962,958 | €782,690 | -€180,267 | -18.7% |
| Remuneration, social security and pensions | 62 | €55,568 | €63,270 | +€7,702 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €410 | - | -€410 | |
| Other operating charges | 640/8 | €1,481 | €1,116 | -€365 | -24.7% |
| Non-recurring operating charges | 66A | €410 | €58 | -€352 | -85.9% |
| Gross operating margin | 9900 | €50,700 | €82,109 | +€31,409 | +61.9% |
| Operating profit (loss) | 9901 | -€7,169 | €17,665 | +€24,834 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -73.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -73.3% |
| Financial charges | 65/66B | €38 | €92 | +€54 | +143.3% |
| Recurring financial charges | 65 | €38 | €92 | +€54 | +143.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,206 | €17,574 | +€24,780 | |
| Income taxes | 67/77 | - | €2,927 | +€2,927 | |
| Profit (loss) for the period | 9904 | -€7,206 | €14,646 | +€21,853 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,206 | €14,646 | +€21,853 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.