MUTAT: 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.
MUTAT
Largest movements
- Tangible fixed assets -€9,532
down €9,532 (-16.8%), from €56,675 to €47,144
of which Other tangible fixed assets: -€8,618
- Cash -€2,971
down €2,971 (-97.1%), from €3,060 to €89
mainly Other debts (-€7,417) and Net result for the year (-€4,291)
- Other debts -€7,417
down €7,417 (-4.9%), from €151,490 to €144,073
- Profit (loss) carried forward -€4,291
down €4,291 (-3.8%), from -€114,393 to -€118,684
- Financial charges -€2,457
down €2,457 (-60.2%), from €4,080 to €1,623
- Gross operating margin +€777
up €777 (+8.9%), from €8,714 to €9,491
- Depreciation +€188
up €188 (+1.7%), from €11,273 to €11,460
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 | €61,777 | €49,177 | -€12,601 | -20.4% |
| Fixed assets | 21/28 | €56,675 | €47,144 | -€9,532 | -16.8% |
| Tangible fixed assets | 22/27 | €56,675 | €47,144 | -€9,532 | -16.8% |
| Furniture and vehicles | 24 | €3,916 | €3,003 | -€914 | -23.3% |
| Other tangible fixed assets | 26 | €52,759 | €44,141 | -€8,618 | -16.3% |
| Current assets | 29/58 | €5,102 | €2,033 | -€3,069 | -60.2% |
| Amounts receivable within one year | 40/41 | €1,349 | €1,281 | -€68 | -5.0% |
| Trade receivables | 40 | €1,345 | €1,065 | -€280 | -20.8% |
| Other amounts receivable | 41 | €5 | €216 | +€212 | +4564.9% |
| Cash at bank and in hand | 54/58 | €3,060 | €89 | -€2,971 | -97.1% |
| Deferred charges and accrued income | 490/1 | €693 | €663 | -€30 | -4.4% |
| Total equity and liabilities | 10/49 | €61,777 | €49,177 | -€12,601 | -20.4% |
| Equity | 10/15 | -€93,933 | -€98,224 | -€4,291 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€114,393 | -€118,684 | -€4,291 | -3.8% |
| Amounts payable | 17/49 | €155,711 | €147,401 | -€8,310 | -5.3% |
| Amounts payable within one year | 42/48 | €155,711 | €147,401 | -€8,310 | -5.3% |
| Financial debts | 43 | €13 | €271 | +€258 | +1986.0% |
| Credit institutions | 430/8 | €13 | €271 | +€258 | +1986.0% |
| Trade debts | 44 | €2,409 | €1,832 | -€577 | -23.9% |
| Suppliers | 440/4 | €2,409 | €1,832 | -€577 | -23.9% |
| Advances received on contracts in progress | 46 | €1,618 | €1,225 | -€393 | -24.3% |
| Taxes, remuneration and social security | 45 | €180 | - | -€180 | |
| Taxes | 450/3 | €180 | - | -€180 | |
| Other amounts payable | 47/48 | €151,490 | €144,073 | -€7,417 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,273 | €11,460 | +€188 | +1.7% |
| Other operating charges | 640/8 | €624 | €698 | +€75 | +12.0% |
| Gross operating margin | 9900 | €8,714 | €9,491 | +€777 | +8.9% |
| Operating profit (loss) | 9901 | -€3,182 | -€2,668 | +€515 | +16.2% |
| Financial charges | 65/66B | €4,080 | €1,623 | -€2,457 | -60.2% |
| Recurring financial charges | 65 | €4,080 | €1,623 | -€2,457 | -60.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,263 | -€4,291 | +€2,972 | +40.9% |
| Profit (loss) for the period | 9904 | -€7,263 | -€4,291 | +€2,972 | +40.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,263 | -€4,291 | +€2,972 | +40.9% |
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 5 October 2026 via checked.be.