MUUTOS: 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.
MUUTOS
Largest movements
- Cash -€79,316
down €79,316 (-64.5%), from €122,891 to €43,576
mainly Other debts (-€100,977) and Current investments (-€52,500)
- Current investments +€52,500
new in 2025: €52,500
- Receivables within one year +€22,367
up €22,367 (+431%), from €5,192 to €27,559
of which Trade receivables: +€21,754
- Profit (loss) carried forward +€116,947
up €116,947 (+55,779%), from €210 to €117,157
- Other debts -€100,977
no longer reported in 2025 (was €100,977)
- Tax, wage and social debts -€22,578
no longer reported in 2025 (was €22,578)
- Gross operating margin -€9,844
down €9,844 (-6.0%), from €163,184 to €153,340
- Taxes -€5,667
down €5,667 (-14.0%), from €40,407 to €34,740
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 | €129,504 | €123,635 | -€5,870 | -4.5% |
| Formation expenses | 20 | €153 | - | -€153 | |
| Fixed assets | 21/28 | €1,269 | - | -€1,269 | |
| Tangible fixed assets | 22/27 | €1,269 | - | -€1,269 | |
| Furniture and vehicles | 24 | €1,269 | - | -€1,269 | |
| Current assets | 29/58 | €128,083 | €123,635 | -€4,448 | -3.5% |
| Amounts receivable within one year | 40/41 | €5,192 | €27,559 | +€22,367 | +431% |
| Trade receivables | 40 | €1,307 | €23,060 | +€21,754 | +1,665% |
| Other amounts receivable | 41 | €3,885 | €4,499 | +€614 | +15.8% |
| Current investments | 50/53 | - | €52,500 | +€52,500 | |
| Cash at bank and in hand | 54/58 | €122,891 | €43,576 | -€79,316 | -64.5% |
| Total equity and liabilities | 10/49 | €129,504 | €123,635 | -€5,870 | -4.5% |
| Equity | 10/15 | €5,210 | €122,157 | +€116,947 | +2,245% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €210 | €117,157 | +€116,947 | +55,779% |
| Amounts payable | 17/49 | €124,295 | €1,478 | -€122,817 | -98.8% |
| Amounts payable within one year | 42/48 | €124,295 | €1,478 | -€122,817 | -98.8% |
| Financial debts | 43 | €43 | €1,185 | +€1,142 | +2,657% |
| Credit institutions | 430/8 | €43 | €1,185 | +€1,142 | +2,657% |
| Trade debts | 44 | €697 | €293 | -€404 | -57.9% |
| Suppliers | 440/4 | €697 | €293 | -€404 | -57.9% |
| Taxes, remuneration and social security | 45 | €22,578 | - | -€22,578 | |
| Taxes | 450/3 | €22,578 | - | -€22,578 | |
| Other amounts payable | 47/48 | €100,977 | - | -€100,977 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,933 | €1,421 | -€512 | -26.5% |
| Other operating charges | 640/8 | €1,426 | €1,096 | -€329 | -23.1% |
| Gross operating margin | 9900 | €163,184 | €153,340 | -€9,844 | -6.0% |
| Operating profit (loss) | 9901 | €159,825 | €150,823 | -€9,002 | -5.6% |
| Financial income | 75/76B | €801 | €2,026 | +€1,225 | +153% |
| Recurring financial income | 75 | €801 | €2,026 | +€1,225 | +153% |
| Financial charges | 65/66B | €1,423 | €1,162 | -€261 | -18.3% |
| Recurring financial charges | 65 | €1,423 | €1,162 | -€261 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €159,204 | €151,687 | -€7,517 | -4.7% |
| Income taxes | 67/77 | €40,407 | €34,740 | -€5,667 | -14.0% |
| Profit (loss) for the period | 9904 | €118,797 | €116,947 | -€1,850 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €118,797 | €116,947 | -€1,850 | -1.6% |
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 18 October 2026 via checked.be.