MUTSAARD: 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.
MUTSAARD
Largest movements
- Cash +€4,661
up €4,661 (+24.4%), from €19,069 to €23,730
mainly Other debts (+€3,385) and Net result for the year (+€1,503)
- Other debts +€3,385
up €3,385 (+3.2%), from €107,253 to €110,638
- Profit (loss) carried forward +€1,503
up €1,503 (+1.1%), from -€136,295 to -€134,792
- Trade debts -€666
down €666 (-100%), from €666 to €0
- Gross operating margin -€1,506
down €1,506 (-34.0%), from €4,434 to €2,928
- Taxes +€439
new in 2025: €439
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 | €39,795 | €44,456 | +€4,661 | +11.7% |
| Fixed assets | 21/28 | €20,726 | €20,726 | = | 0.0% |
| Tangible fixed assets | 22/27 | €20,726 | €20,726 | = | 0.0% |
| Land and buildings | 22 | €20,726 | €20,726 | = | 0.0% |
| Current assets | 29/58 | €19,069 | €23,730 | +€4,661 | +24.4% |
| Cash at bank and in hand | 54/58 | €19,069 | €23,730 | +€4,661 | +24.4% |
| Total equity and liabilities | 10/49 | €39,795 | €44,456 | +€4,661 | +11.7% |
| Equity | 10/15 | -€68,124 | -€66,621 | +€1,503 | +2.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,295 | -€134,792 | +€1,503 | +1.1% |
| Amounts payable | 17/49 | €107,919 | €111,077 | +€3,158 | +2.9% |
| Amounts payable within one year | 42/48 | €107,919 | €111,077 | +€3,158 | +2.9% |
| Trade debts | 44 | €666 | €0 | -€666 | -100% |
| Suppliers | 440/4 | €666 | €0 | -€666 | -100% |
| Taxes, remuneration and social security | 45 | - | €439 | +€439 | |
| Taxes | 450/3 | - | €439 | +€439 | |
| Other amounts payable | 47/48 | €107,253 | €110,638 | +€3,385 | +3.2% |
| Other operating charges | 640/8 | €927 | €955 | +€28 | +3.0% |
| Gross operating margin | 9900 | €4,434 | €2,928 | -€1,506 | -34.0% |
| Operating profit (loss) | 9901 | €3,507 | €1,973 | -€1,534 | -43.8% |
| Financial charges | 65/66B | €42 | €31 | -€12 | -27.4% |
| Recurring financial charges | 65 | €42 | €31 | -€12 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €3,465 | €1,942 | -€1,523 | -44.0% |
| Income taxes | 67/77 | - | €439 | +€439 | |
| Profit (loss) for the period | 9904 | €3,465 | €1,503 | -€1,962 | -56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,465 | €1,503 | -€1,962 | -56.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.