MUSKER: 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.
MUSKER
Largest movements
- Receivables within one year +€12,353
up €12,353 (+323%), from €3,826 to €16,179
of which Other amounts receivable: +€11,727
- Cash -€7,213
down €7,213 (-40.4%), from €17,869 to €10,657
mainly Other debts (-€16,645) and Receivables within one year (-€12,353)
- Intangible fixed assets -€5,500
down €5,500 (-13.1%), from €42,123 to €36,623
- Tangible fixed assets +€1,630
up €1,630 (+62.2%), from €2,621 to €4,251
- Other debts -€16,645
down €16,645 (-100%), from €16,645 to €0
- Profit (loss) carried forward +€14,137
up €14,137 (+39.5%), from €35,751 to €49,888
- Tax, wage and social debts +€5,737
up €5,737 (+69.2%), from €8,295 to €14,032
- Debts after one year -€2,691
down €2,691 (-100%), from €2,691 to €0
- Gross operating margin -€15,599
down €15,599 (-36.6%), from €42,622 to €27,023
- Taxes -€2,425
down €2,425 (-34.0%), from €7,137 to €4,712
- Depreciation +€990
up €990 (+17.7%), from €5,580 to €6,570
- Other operating charges +€675
up €675 (+509%), from €133 to €807
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 | €66,438 | €67,709 | +€1,271 | +1.9% |
| Fixed assets | 21/28 | €44,743 | €40,873 | -€3,870 | -8.6% |
| Intangible fixed assets | 21 | €42,123 | €36,623 | -€5,500 | -13.1% |
| Tangible fixed assets | 22/27 | €2,621 | €4,251 | +€1,630 | +62.2% |
| Plant, machinery and equipment | 23 | €2,621 | €4,251 | +€1,630 | +62.2% |
| Current assets | 29/58 | €21,695 | €26,836 | +€5,140 | +23.7% |
| Amounts receivable within one year | 40/41 | €3,826 | €16,179 | +€12,353 | +323% |
| Trade receivables | 40 | €0 | €626 | +€626 | |
| Other amounts receivable | 41 | €3,826 | €15,553 | +€11,727 | +307% |
| Cash at bank and in hand | 54/58 | €17,869 | €10,657 | -€7,213 | -40.4% |
| Total equity and liabilities | 10/49 | €66,438 | €67,709 | +€1,271 | +1.9% |
| Equity | 10/15 | €38,751 | €52,888 | +€14,137 | +36.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,751 | €49,888 | +€14,137 | +39.5% |
| Amounts payable | 17/49 | €27,687 | €14,821 | -€12,867 | -46.5% |
| Amounts payable after more than one year | 17 | €2,691 | €0 | -€2,691 | -100% |
| Financial debts | 170/4 | €2,691 | €0 | -€2,691 | -100% |
| Amounts payable within one year | 42/48 | €24,997 | €14,821 | -€10,176 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €376 | +€376 | |
| Trade debts | 44 | €57 | €413 | +€356 | +628% |
| Suppliers | 440/4 | €57 | €413 | +€356 | +628% |
| Taxes, remuneration and social security | 45 | €8,295 | €14,032 | +€5,737 | +69.2% |
| Taxes | 450/3 | €8,295 | €14,032 | +€5,737 | +69.2% |
| Other amounts payable | 47/48 | €16,645 | €0 | -€16,645 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,580 | €6,570 | +€990 | +17.7% |
| Other operating charges | 640/8 | €133 | €807 | +€675 | +509% |
| Gross operating margin | 9900 | €42,622 | €27,023 | -€15,599 | -36.6% |
| Operating profit (loss) | 9901 | €36,910 | €19,646 | -€17,264 | -46.8% |
| Financial income | 75/76B | €0 | €421 | +€421 | |
| Recurring financial income | 75 | €0 | €421 | +€421 | |
| Financial charges | 65/66B | €1,225 | €1,217 | -€7 | -0.6% |
| Recurring financial charges | 65 | €1,225 | €1,217 | -€7 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €35,685 | €18,850 | -€16,836 | -47.2% |
| Income taxes | 67/77 | €7,137 | €4,712 | -€2,425 | -34.0% |
| Profit (loss) for the period | 9904 | €28,548 | €14,137 | -€14,411 | -50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,548 | €14,137 | -€14,411 | -50.5% |
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 23 October 2026 via checked.be.