MUVA: 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.
MUVA
Largest movements
- Receivables within one year -€509,042
down €509,042 (-37.5%), from €1.4m to €847,429
of which Trade receivables: -€531,711
- Stocks and contracts +€379,347
up €379,347 (+34.5%), from €1.1m to €1.5m
- Cash +€350,397
up €350,397 (+135.5%), from €258,513 to €608,910
mainly Net result for the year (+€1.1m) and Receivables within one year (+€509,042)
- Current investments +€340,480
up €340,480 (+41.1%), from €828,936 to €1.2m
- Tangible fixed assets -€177,099
down €177,099 (-26.5%), from €668,514 to €491,415
of which Land and buildings: -€142,326
- Reserves +€560,674
up €560,674 (+17.0%), from €3.3m to €3.9m
of which Distributable reserves: +€560,674
- Other debts +€348,970
up €348,970 (+217.6%), from €160,403 to €509,373
- Tax, wage and social debts -€233,782
down €233,782 (-83.0%), from €281,631 to €47,849
of which Taxes: -€238,652
- Debts after one year -€58,806
down €58,806 (-26.4%), from €223,052 to €164,246
- Short-term financial debts +€50,429
new in 2025: €50,429
- Gross operating margin +€709,186
up €709,186 (+43.3%), from €1.6m to €2.3m
- Taxes +€126,292
up €126,292 (+55.0%), from €229,616 to €355,909
- Financial income +€66,515
up €66,515 (+123.7%), from €53,762 to €120,277
- Staff costs +€66,052
up €66,052 (+10.1%), from €652,371 to €718,424
- Financial charges +€26,268
up €26,268 (+16.3%), from €161,346 to €187,613
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 | €4,393,596 | €4,973,648 | +€580,052 | +13.2% |
| Fixed assets | 21/28 | €683,076 | €509,797 | -€173,280 | -25.4% |
| Intangible fixed assets | 21 | €14,563 | €18,382 | +€3,820 | +26.2% |
| Tangible fixed assets | 22/27 | €668,514 | €491,415 | -€177,099 | -26.5% |
| Land and buildings | 22 | €142,326 | €0 | -€142,326 | -100.0% |
| Plant, machinery and equipment | 23 | €244,496 | €236,366 | -€8,130 | -3.3% |
| Furniture and vehicles | 24 | €196,718 | €168,517 | -€28,201 | -14.3% |
| Other tangible fixed assets | 26 | €84,974 | €86,531 | +€1,558 | +1.8% |
| Current assets | 29/58 | €3,710,520 | €4,463,851 | +€753,331 | +20.3% |
| Amounts receivable after more than one year | 29 | €150,000 | €235,000 | +€85,000 | +56.7% |
| Other amounts receivable | 291 | €150,000 | €235,000 | +€85,000 | +56.7% |
| Stocks and contracts in progress | 3 | €1,098,057 | €1,477,404 | +€379,347 | +34.5% |
| Stocks | 30/36 | €1,098,057 | €1,477,404 | +€379,347 | +34.5% |
| Amounts receivable within one year | 40/41 | €1,356,471 | €847,429 | -€509,042 | -37.5% |
| Trade receivables | 40 | €916,184 | €384,474 | -€531,711 | -58.0% |
| Other amounts receivable | 41 | €440,287 | €462,955 | +€22,669 | +5.1% |
| Current investments | 50/53 | €828,936 | €1,169,416 | +€340,480 | +41.1% |
| Cash at bank and in hand | 54/58 | €258,513 | €608,910 | +€350,397 | +135.5% |
| Deferred charges and accrued income | 490/1 | €18,543 | €125,692 | +€107,149 | +577.8% |
| Total equity and liabilities | 10/49 | €4,393,596 | €4,973,648 | +€580,052 | +13.2% |
| Equity | 10/15 | €3,320,717 | €3,881,391 | +€560,674 | +16.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,302,125 | €3,862,799 | +€560,674 | +17.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €3,245,875 | €3,806,549 | +€560,674 | +17.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,072,879 | €1,092,257 | +€19,378 | +1.8% |
| Amounts payable after more than one year | 17 | €223,052 | €164,246 | -€58,806 | -26.4% |
| Financial debts | 170/4 | €223,052 | €164,246 | -€58,806 | -26.4% |
| Amounts payable within one year | 42/48 | €849,827 | €928,011 | +€78,184 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €138,145 | €92,793 | -€45,351 | -32.8% |
| Financial debts | 43 | - | €50,429 | +€50,429 | |
| Credit institutions | 430/8 | - | €50,429 | +€50,429 | |
| Trade debts | 44 | €269,649 | €227,567 | -€42,082 | -15.6% |
| Suppliers | 440/4 | €269,649 | €227,567 | -€42,082 | -15.6% |
| Taxes, remuneration and social security | 45 | €281,631 | €47,849 | -€233,782 | -83.0% |
| Taxes | 450/3 | €238,652 | €0 | -€238,652 | -100.0% |
| Remuneration and social security | 454/9 | €42,979 | €47,849 | +€4,870 | +11.3% |
| Other amounts payable | 47/48 | €160,403 | €509,373 | +€348,970 | +217.6% |
| Remuneration, social security and pensions | 62 | €652,371 | €718,424 | +€66,052 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,468 | €113,146 | +€8,678 | +8.3% |
| Other operating charges | 640/8 | €11,692 | €16,329 | +€4,637 | +39.7% |
| Non-recurring operating charges | 66A | €1,241 | €0 | -€1,241 | -100.0% |
| Gross operating margin | 9900 | €1,636,134 | €2,345,320 | +€709,186 | +43.3% |
| Operating profit (loss) | 9901 | €866,362 | €1,497,421 | +€631,059 | +72.8% |
| Financial income | 75/76B | €53,762 | €120,277 | +€66,515 | +123.7% |
| Recurring financial income | 75 | €53,762 | €120,277 | +€66,515 | +123.7% |
| Financial charges | 65/66B | €161,346 | €187,613 | +€26,268 | +16.3% |
| Recurring financial charges | 65 | €161,346 | €187,613 | +€26,268 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €758,778 | €1,430,085 | +€671,307 | +88.5% |
| Income taxes | 67/77 | €229,616 | €355,909 | +€126,292 | +55.0% |
| Profit (loss) for the period | 9904 | €529,162 | €1,074,176 | +€545,015 | +103.0% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €529,162 | €1,074,176 | +€545,015 | +103.0% |
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 8 October 2026 via checked.be.