MUSKIN: 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.
MUSKIN
Largest movements
- Financial fixed assets +€126,477
up €126,477 (+20.7%), from €611,742 to €738,219
- Cash -€110,684
down €110,684 (-26.9%), from €411,995 to €301,311
mainly Contributions, distributions and other (-€776,900) and Investment in fixed assets (net) (-€131,256)
- Profit (loss) carried forward -€639,821
down €639,821 (-82.3%), from €776,956 to €137,135
- Other debts +€543,833
up €543,833 (+392.9%), from €138,410 to €682,243
- Tax, wage and social debts +€116,763
up €116,763 (+682.5%), from €17,109 to €133,872
- Gross operating margin +€28,921
up €28,921 (+17.4%), from €166,559 to €195,479
- Taxes +€19,026
up €19,026 (+55.2%), from €34,494 to €53,520
- Depreciation -€17,169
down €17,169 (-86.1%), from €19,941 to €2,772
- Financial income +€4,389
up €4,389 (+90.2%), from €4,864 to €9,253
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 | €1,076,952 | €1,097,478 | +€20,525 | +1.9% |
| Fixed assets | 21/28 | €621,896 | €750,381 | +€128,484 | +20.7% |
| Tangible fixed assets | 22/27 | €10,154 | €12,162 | +€2,007 | +19.8% |
| Plant, machinery and equipment | 23 | €1,219 | €2,735 | +€1,516 | +124.4% |
| Furniture and vehicles | 24 | - | €1,371 | +€1,371 | |
| Other tangible fixed assets | 26 | €8,936 | €8,055 | -€880 | -9.9% |
| Financial fixed assets | 28 | €611,742 | €738,219 | +€126,477 | +20.7% |
| Current assets | 29/58 | €455,056 | €347,097 | -€107,959 | -23.7% |
| Cash at bank and in hand | 54/58 | €411,995 | €301,311 | -€110,684 | -26.9% |
| Deferred charges and accrued income | 490/1 | €43,061 | €45,786 | +€2,725 | +6.3% |
| Total equity and liabilities | 10/49 | €1,076,952 | €1,097,478 | +€20,525 | +1.9% |
| Equity | 10/15 | €919,506 | €279,685 | -€639,821 | -69.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,950 | €123,950 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €122,090 | €122,090 | = | 0.0% |
| Profit (loss) carried forward | 14 | €776,956 | €137,135 | -€639,821 | -82.3% |
| Amounts payable | 17/49 | €157,446 | €817,793 | +€660,347 | +419.4% |
| Amounts payable within one year | 42/48 | €156,085 | €816,162 | +€660,077 | +422.9% |
| Trade debts | 44 | €566 | €47 | -€519 | -91.7% |
| Suppliers | 440/4 | €566 | €47 | -€519 | -91.7% |
| Taxes, remuneration and social security | 45 | €17,109 | €133,872 | +€116,763 | +682.5% |
| Taxes | 450/3 | €17,109 | €133,872 | +€116,763 | +682.5% |
| Other amounts payable | 47/48 | €138,410 | €682,243 | +€543,833 | +392.9% |
| Accrued charges and deferred income | 492/3 | €1,361 | €1,631 | +€270 | +19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,941 | €2,772 | -€17,169 | -86.1% |
| Other operating charges | 640/8 | €547 | €1,099 | +€552 | +100.8% |
| Gross operating margin | 9900 | €166,559 | €195,479 | +€28,921 | +17.4% |
| Operating profit (loss) | 9901 | €146,070 | €191,608 | +€45,538 | +31.2% |
| Financial income | 75/76B | €4,864 | €9,253 | +€4,389 | +90.2% |
| Recurring financial income | 75 | €4,864 | €9,253 | +€4,389 | +90.2% |
| Financial charges | 65/66B | €9,613 | €10,262 | +€649 | +6.8% |
| Recurring financial charges | 65 | €9,613 | €10,262 | +€649 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €141,321 | €190,599 | +€49,277 | +34.9% |
| Income taxes | 67/77 | €34,494 | €53,520 | +€19,026 | +55.2% |
| Profit (loss) for the period | 9904 | €106,827 | €137,079 | +€30,252 | +28.3% |
| Transfer to tax-exempt reserves | 689 | €63,150 | - | -€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,677 | €137,079 | +€93,402 | +213.8% |
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.