MUTO: 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.
MUTO
Largest movements
- Cash +€436,623
up €436,623 (+356.4%), from €122,517 to €559,140
mainly Net result for the year (+€274,006) and Other debts (+€274,006)
- Receivables within one year -€83,474
down €83,474 (-16.3%), from €512,608 to €429,134
of which Trade receivables: -€82,635
- Receivables after one year -€68,000
down €68,000 (-36.6%), from €186,000 to €118,000
of which Other amounts receivable: -€68,000
- Other debts +€274,006
up €274,006, from €0 to €274,006
- Gross operating margin -€60,703
down €60,703 (-13.1%), from €462,340 to €401,637
- Taxes -€57,122
down €57,122 (-39.4%), from €144,866 to €87,744
- Financial charges +€39,818
up €39,818 (+14758.9%), from €270 to €40,088
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 | €827,686 | €1,111,036 | +€283,350 | +34.2% |
| Fixed assets | 21/28 | €6,549 | €4,693 | -€1,856 | -28.3% |
| Tangible fixed assets | 22/27 | €6,549 | €4,693 | -€1,856 | -28.3% |
| Furniture and vehicles | 24 | €6,549 | €4,693 | -€1,856 | -28.3% |
| Current assets | 29/58 | €821,137 | €1,106,343 | +€285,206 | +34.7% |
| Amounts receivable after more than one year | 29 | €186,000 | €118,000 | -€68,000 | -36.6% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €186,000 | €118,000 | -€68,000 | -36.6% |
| Amounts receivable within one year | 40/41 | €512,608 | €429,134 | -€83,474 | -16.3% |
| Trade receivables | 40 | €510,360 | €427,725 | -€82,635 | -16.2% |
| Other amounts receivable | 41 | €2,248 | €1,409 | -€839 | -37.3% |
| Cash at bank and in hand | 54/58 | €122,517 | €559,140 | +€436,623 | +356.4% |
| Deferred charges and accrued income | 490/1 | €12 | €70 | +€58 | +487.7% |
| Total equity and liabilities | 10/49 | €827,686 | €1,111,036 | +€283,350 | +34.2% |
| Equity | 10/15 | €674,992 | €674,992 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €656,392 | €656,392 | = | 0.0% |
| Distributable reserves | 133 | €656,392 | €656,392 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €152,693 | €436,044 | +€283,350 | +185.6% |
| Amounts payable within one year | 42/48 | €152,693 | €436,044 | +€283,350 | +185.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €6,575 | €5,035 | -€1,540 | -23.4% |
| Suppliers | 440/4 | €6,575 | €5,035 | -€1,540 | -23.4% |
| Taxes, remuneration and social security | 45 | €146,119 | €157,003 | +€10,884 | +7.4% |
| Taxes | 450/3 | €146,119 | €157,003 | +€10,884 | +7.4% |
| Other amounts payable | 47/48 | €0 | €274,006 | +€274,006 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,340 | €1,856 | +€516 | +38.5% |
| Other operating charges | 640/8 | €1,275 | €803 | -€472 | -37.0% |
| Gross operating margin | 9900 | €462,340 | €401,637 | -€60,703 | -13.1% |
| Operating profit (loss) | 9901 | €459,725 | €398,978 | -€60,747 | -13.2% |
| Financial income | 75/76B | €2,769 | €2,860 | +€91 | +3.3% |
| Recurring financial income | 75 | €2,769 | €2,860 | +€91 | +3.3% |
| Financial charges | 65/66B | €270 | €40,088 | +€39,818 | +14758.9% |
| Recurring financial charges | 65 | €270 | €40,088 | +€39,818 | +14758.9% |
| Profit (loss) for the period before taxes | 9903 | €462,224 | €361,750 | -€100,474 | -21.7% |
| Income taxes | 67/77 | €144,866 | €87,744 | -€57,122 | -39.4% |
| Profit (loss) for the period | 9904 | €317,358 | €274,006 | -€43,353 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €317,358 | €274,006 | -€43,353 | -13.7% |
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.