MUTINVEST: 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.
MUTINVEST
Largest movements
- Current investments +€1.6m
up €1.6m (+30.6%), from €5.2m to €6.8m
- Cash -€786,968
down €786,968 (-59.7%), from €1.3m to €530,334
mainly Current investments (-€1.6m) and Investment in fixed assets (net) (-€339,469)
- Tangible fixed assets -€468,083
down €468,083 (-4.8%), from €9.8m to €9.4m
of which Land and buildings: -€644,232
- Profit (loss) carried forward +€360,058
up €360,058 (+9.8%), from €3.7m to €4.0m
- Financial charges +€79,868
up €79,868 (+92.3%), from -€86,558 to -€6,691
- Financial income -€42,408
down €42,408 (-22.8%), from €185,673 to €143,265
- Depreciation +€29,901
up €29,901 (+3.8%), from €777,652 to €807,553
- Gross operating margin -€24,767
down €24,767 (-2.1%), from €1.2m to €1.2m
- Taxes -€24,303
down €24,303 (-16.4%), from €148,200 to €123,897
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 | €16,500,037 | €16,811,212 | +€311,174 | +1.9% |
| Fixed assets | 21/28 | €9,821,730 | €9,353,646 | -€468,083 | -4.8% |
| Tangible fixed assets | 22/27 | €9,821,730 | €9,353,646 | -€468,083 | -4.8% |
| Land and buildings | 22 | €8,858,204 | €8,213,973 | -€644,232 | -7.3% |
| Other tangible fixed assets | 26 | €963,525 | €1,139,673 | +€176,148 | +18.3% |
| Current assets | 29/58 | €6,678,308 | €7,457,565 | +€779,258 | +11.7% |
| Amounts receivable within one year | 40/41 | €56,463 | €60,754 | +€4,292 | +7.6% |
| Trade receivables | 40 | - | €13,672 | +€13,672 | |
| Other amounts receivable | 41 | €56,463 | €47,082 | -€9,381 | -16.6% |
| Current investments | 50/53 | €5,225,658 | €6,825,770 | +€1.6m | +30.6% |
| Cash at bank and in hand | 54/58 | €1,317,302 | €530,334 | -€786,968 | -59.7% |
| Deferred charges and accrued income | 490/1 | €78,885 | €40,707 | -€38,178 | -48.4% |
| Total equity and liabilities | 10/49 | €16,500,037 | €16,811,212 | +€311,174 | +1.9% |
| Equity | 10/15 | €16,407,689 | €16,786,698 | +€379,009 | +2.3% |
| Contributions | 10/11 | €12,500,000 | €12,500,000 | = | 0.0% |
| Reserves | 13 | €225,105 | €244,055 | +€18,950 | +8.4% |
| Distributable reserves | 133 | €225,105 | €244,055 | +€18,950 | +8.4% |
| Profit (loss) carried forward | 14 | €3,682,584 | €4,042,643 | +€360,058 | +9.8% |
| Amounts payable | 17/49 | €92,348 | €24,514 | -€67,835 | -73.5% |
| Amounts payable within one year | 42/48 | €84,439 | €11,878 | -€72,561 | -85.9% |
| Trade debts | 44 | €41,239 | €11,878 | -€29,360 | -71.2% |
| Suppliers | 440/4 | €41,239 | €11,878 | -€29,360 | -71.2% |
| Taxes, remuneration and social security | 45 | €43,200 | - | -€43,200 | |
| Taxes | 450/3 | €43,200 | - | -€43,200 | |
| Accrued charges and deferred income | 492/3 | €7,909 | €12,635 | +€4,726 | +59.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €777,652 | €807,553 | +€29,901 | +3.8% |
| Other operating charges | 640/8 | €3,806 | €3,907 | +€101 | +2.6% |
| Gross operating margin | 9900 | €1,189,177 | €1,164,410 | -€24,767 | -2.1% |
| Operating profit (loss) | 9901 | €407,719 | €352,951 | -€54,768 | -13.4% |
| Financial income | 75/76B | €185,673 | €143,265 | -€42,408 | -22.8% |
| Recurring financial income | 75 | €185,673 | €143,265 | -€42,408 | -22.8% |
| Financial charges | 65/66B | -€86,558 | -€6,691 | +€79,868 | +92.3% |
| Recurring financial charges | 65 | -€86,558 | -€6,691 | +€79,868 | +92.3% |
| Profit (loss) for the period before taxes | 9903 | €679,950 | €502,906 | -€177,044 | -26.0% |
| Income taxes | 67/77 | €148,200 | €123,897 | -€24,303 | -16.4% |
| Profit (loss) for the period | 9904 | €531,750 | €379,009 | -€152,741 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €531,750 | €379,009 | -€152,741 | -28.7% |
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 28 October 2026 via checked.be.