MUTI: 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.
MUTI
Largest movements
- Current investments +€330,237
new in 2025: €330,237
- Cash -€184,283
down €184,283 (-93.6%), from €196,795 to €12,512
mainly Current investments (-€330,237) and Debts after one year (-€106,673)
- Tangible fixed assets -€162,689
down €162,689 (-54.2%), from €299,962 to €137,273
- Debts after one year -€106,673
down €106,673 (-40.6%), from €262,431 to €155,758
- Reserves +€87,910
up €87,910 (+60.7%), from €144,724 to €232,634
- Provisions +€28,589
up €28,589 (+72.9%), from €39,233 to €67,822
- Profit (loss) carried forward -€21,437
down €21,437 (-47.7%), from -€44,925 to -€66,361
- Gross operating margin +€98,550
up €98,550 (+604.5%), from €16,302 to €114,852
- Depreciation -€5,693
down €5,693 (-53.0%), from €10,736 to €5,044
- Financial charges +€1,335
up €1,335 (+12.9%), from €10,364 to €11,698
- Other operating charges +€1,227
up €1,227 (+56.8%), from €2,159 to €3,386
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 | €496,757 | €480,124 | -€16,633 | -3.3% |
| Fixed assets | 21/28 | €299,962 | €137,273 | -€162,689 | -54.2% |
| Tangible fixed assets | 22/27 | €299,962 | €137,273 | -€162,689 | -54.2% |
| Land and buildings | 22 | €299,962 | €137,273 | -€162,689 | -54.2% |
| Current assets | 29/58 | €196,795 | €342,851 | +€146,056 | +74.2% |
| Amounts receivable within one year | 40/41 | - | €102 | +€102 | |
| Other amounts receivable | 41 | - | €102 | +€102 | |
| Current investments | 50/53 | - | €330,237 | +€330,237 | |
| Cash at bank and in hand | 54/58 | €196,795 | €12,512 | -€184,283 | -93.6% |
| Total equity and liabilities | 10/49 | €496,757 | €480,124 | -€16,633 | -3.3% |
| Equity | 10/15 | €136,683 | €203,156 | +€66,473 | +48.6% |
| Contributions | 10/11 | €36,883 | €36,883 | = | 0.0% |
| Reserves | 13 | €144,724 | €232,634 | +€87,910 | +60.7% |
| Tax-exempt reserves | 132 | €144,724 | €232,634 | +€87,910 | +60.7% |
| Profit (loss) carried forward | 14 | -€44,925 | -€66,361 | -€21,437 | -47.7% |
| Provisions and deferred taxes | 16 | €39,233 | €67,822 | +€28,589 | +72.9% |
| Deferred taxes | 168 | €39,233 | €67,822 | +€28,589 | +72.9% |
| Amounts payable | 17/49 | €320,841 | €209,145 | -€111,695 | -34.8% |
| Amounts payable after more than one year | 17 | €262,431 | €155,758 | -€106,673 | -40.6% |
| Financial debts | 170/4 | €262,431 | €155,758 | -€106,673 | -40.6% |
| Amounts payable within one year | 42/48 | €58,409 | €53,387 | -€5,022 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €14,219 | €9,333 | -€4,886 | -34.4% |
| Trade debts | 44 | €1,513 | €1,555 | +€42 | +2.8% |
| Suppliers | 440/4 | €1,513 | €1,555 | +€42 | +2.8% |
| Taxes, remuneration and social security | 45 | €178 | - | -€178 | |
| Taxes | 450/3 | €178 | - | -€178 | |
| Other amounts payable | 47/48 | €42,500 | €42,500 | = | 0.0% |
| Non-recurring operating income | 76A | - | €122,355 | +€122,355 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,736 | €5,044 | -€5,693 | -53.0% |
| Other operating charges | 640/8 | €2,159 | €3,386 | +€1,227 | +56.8% |
| Gross operating margin | 9900 | €16,302 | €114,852 | +€98,550 | +604.5% |
| Operating profit (loss) | 9901 | €3,407 | €106,422 | +€103,015 | +3023.5% |
| Financial income | 75/76B | - | €339 | +€339 | |
| Recurring financial income | 75 | - | €339 | +€339 | |
| Financial charges | 65/66B | €10,364 | €11,698 | +€1,335 | +12.9% |
| Recurring financial charges | 65 | €10,364 | €11,698 | +€1,335 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,957 | €95,062 | +€102,019 | |
| Transfer from deferred taxes | 780 | €2,000 | €2,000 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €30,589 | +€30,589 | |
| Profit (loss) for the period | 9904 | -€4,957 | €66,473 | +€71,430 | |
| Transfer from tax-exempt reserves | 789 | €3,856 | €3,856 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €91,766 | +€91,766 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,100 | -€21,437 | -€20,336 | -1847.9% |
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 2 October 2026 via checked.be.