MUTN: what changed
MUTN
Largest movements
- Tangible fixed assets +€22,909
up €22,909 (+125%), from €18,300 to €41,209
of which Furniture and vehicles: +€22,909
- Cash -€4,088
down €4,088 (-70.0%), from €5,842 to €1,753
mainly Investment in fixed assets (net) (-€28,103) and Net result for the year (-€23,627)
- Receivables within one year -€1,449
down €1,449 (-8.0%), from €18,081 to €16,631
- Trade debts +€37,417
up €37,417 (+407%), from €9,188 to €46,604
- Reserves -€25,798
no longer reported in 2025 (was €25,798)
- Profit (loss) carried forward -€13,627
new in 2025: -€13,627
- Current portion of long-term debt +€12,369
new in 2025: €12,369
- Debts after one year +€9,618
new in 2025: €9,618
- Gross operating margin -€7,989
down €7,989 (-105%), from -€7,604 to -€15,593
- Depreciation +€1,692
up €1,692 (+48.3%), from €3,502 to €5,194
- Other operating charges +€284
up €284 (+22.5%), from €1,264 to €1,547
- Financial charges -€230
down €230 (-19.1%), from €1,200 to €970
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,893 | €60,286 | +€17,393 | +40.6% |
| Fixed assets | 21/28 | €18,300 | €41,209 | +€22,909 | +125% |
| Tangible fixed assets | 22/27 | €18,300 | €41,209 | +€22,909 | +125% |
| Furniture and vehicles | 24 | €7,285 | €30,194 | +€22,909 | +314% |
| Other tangible fixed assets | 26 | €11,015 | €11,015 | = | 0.0% |
| Current assets | 29/58 | €24,593 | €19,078 | -€5,515 | -22.4% |
| Amounts receivable within one year | 40/41 | €18,081 | €16,631 | -€1,449 | -8.0% |
| Other amounts receivable | 41 | €18,081 | €16,631 | -€1,449 | -8.0% |
| Cash at bank and in hand | 54/58 | €5,842 | €1,753 | -€4,088 | -70.0% |
| Deferred charges and accrued income | 490/1 | €670 | €693 | +€23 | +3.4% |
| Total equity and liabilities | 10/49 | €42,893 | €60,286 | +€17,393 | +40.6% |
| Equity | 10/15 | €30,798 | -€8,627 | -€39,425 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €25,798 | - | -€25,798 | |
| Distributable reserves | 133 | €25,798 | - | -€25,798 | |
| Profit (loss) carried forward | 14 | - | -€13,627 | -€13,627 | |
| Amounts payable | 17/49 | €12,095 | €68,913 | +€56,819 | +470% |
| Amounts payable after more than one year | 17 | - | €9,618 | +€9,618 | |
| Financial debts | 170/4 | - | €9,618 | +€9,618 | |
| Amounts payable within one year | 42/48 | €12,095 | €59,296 | +€47,201 | +390% |
| Current portion of amounts payable after more than one year | 42 | - | €12,369 | +€12,369 | |
| Trade debts | 44 | €9,188 | €46,604 | +€37,417 | +407% |
| Suppliers | 440/4 | €9,188 | €46,604 | +€37,417 | +407% |
| Taxes, remuneration and social security | 45 | €2,907 | €323 | -€2,584 | -88.9% |
| Taxes | 450/3 | €2,907 | €323 | -€2,584 | -88.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,502 | €5,194 | +€1,692 | +48.3% |
| Other operating charges | 640/8 | €1,264 | €1,547 | +€284 | +22.5% |
| Gross operating margin | 9900 | -€7,604 | -€15,593 | -€7,989 | -105% |
| Operating profit (loss) | 9901 | -€12,369 | -€22,334 | -€9,965 | -80.6% |
| Financial charges | 65/66B | €1,200 | €970 | -€230 | -19.1% |
| Recurring financial charges | 65 | €1,200 | €970 | -€230 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,569 | -€23,305 | -€9,735 | -71.7% |
| Income taxes | 67/77 | €326 | €323 | -€4 | -1.1% |
| Profit (loss) for the period | 9904 | -€13,895 | -€23,627 | -€9,732 | -70.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,895 | -€23,627 | -€9,732 | -70.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.