MUTTS: 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.
MUTTS
Largest movements
- Stocks and contracts +€25,000
new in 2025: €25,000
- Receivables within one year -€11,406
down €11,406 (-79.2%), from €14,403 to €2,997
of which Trade receivables: -€10,591
- Cash -€1,427
down €1,427 (-27.4%), from €5,209 to €3,782
mainly Stocks and contracts (-€25,000) and Trade debts (-€10,443)
- Financial fixed assets +€618
new in 2025: €618
- Profit (loss) carried forward +€13,914
up €13,914 (+47.3%), from -€29,408 to -€15,494
- Trade debts -€10,443
down €10,443 (-85.9%), from €12,161 to €1,718
- Other debts +€8,961
up €8,961 (+42.0%), from €21,330 to €30,291
- Financial income +€25,000
new in 2025: €25,000
of which Financial income: +€25,000
- Gross operating margin +€7,495
up €7,495 (+41.4%), from -€18,094 to -€10,599
- Depreciation -€503
no longer reported in 2025 (was €503)
- Other operating charges -€483
down €483 (-51.9%), from €930 to €447
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 | €23,117 | €35,557 | +€12,440 | +53.8% |
| Fixed assets | 21/28 | €2,331 | €2,949 | +€618 | +26.5% |
| Tangible fixed assets | 22/27 | €2,331 | €2,331 | = | 0.0% |
| Land and buildings | 22 | €720 | €720 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,611 | €1,611 | = | 0.0% |
| Financial fixed assets | 28 | - | €618 | +€618 | |
| Current assets | 29/58 | €20,786 | €32,608 | +€11,822 | +56.9% |
| Stocks and contracts in progress | 3 | - | €25,000 | +€25,000 | |
| Stocks | 30/36 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €14,403 | €2,997 | -€11,406 | -79.2% |
| Trade receivables | 40 | €13,140 | €2,549 | -€10,591 | -80.6% |
| Other amounts receivable | 41 | €1,263 | €448 | -€815 | -64.5% |
| Cash at bank and in hand | 54/58 | €5,209 | €3,782 | -€1,427 | -27.4% |
| Deferred charges and accrued income | 490/1 | €1,174 | €829 | -€345 | -29.4% |
| Total equity and liabilities | 10/49 | €23,117 | €35,557 | +€12,440 | +53.8% |
| Equity | 10/15 | -€10,960 | €2,954 | +€13,914 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €16,448 | €16,448 | = | 0.0% |
| Distributable reserves | 133 | €16,448 | €16,448 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,408 | -€15,494 | +€13,914 | +47.3% |
| Amounts payable | 17/49 | €34,077 | €32,603 | -€1,474 | -4.3% |
| Amounts payable within one year | 42/48 | €34,077 | €32,603 | -€1,474 | -4.3% |
| Trade debts | 44 | €12,161 | €1,718 | -€10,443 | -85.9% |
| Suppliers | 440/4 | €12,161 | €1,718 | -€10,443 | -85.9% |
| Taxes, remuneration and social security | 45 | €586 | €594 | +€8 | +1.4% |
| Taxes | 450/3 | €586 | €594 | +€8 | +1.4% |
| Other amounts payable | 47/48 | €21,330 | €30,291 | +€8,961 | +42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €503 | - | -€503 | |
| Other operating charges | 640/8 | €930 | €447 | -€483 | -51.9% |
| Gross operating margin | 9900 | -€18,094 | -€10,599 | +€7,495 | +41.4% |
| Operating profit (loss) | 9901 | -€19,527 | -€11,046 | +€8,481 | +43.4% |
| Financial income | 75/76B | - | €25,000 | +€25,000 | |
| Recurring financial income | 75 | - | €25,000 | +€25,000 | |
| Non-recurring financial income | 76B | - | €25,000 | +€25,000 | |
| Financial charges | 65/66B | €43 | €40 | -€3 | -7.0% |
| Recurring financial charges | 65 | €43 | €40 | -€3 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,570 | €13,914 | +€33,484 | |
| Profit (loss) for the period | 9904 | -€19,570 | €13,914 | +€33,484 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,570 | €13,914 | +€33,484 |
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 24 October 2026 via checked.be.