MUVARPY: 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.
MUVARPY
Largest movements
- Tangible fixed assets +€91,837
up €91,837 (+24.0%), from €383,298 to €475,135
of which Plant, machinery and equipment: +€136,339
- Current investments +€49,532
up €49,532 (+9.9%), from €498,000 to €547,532
- Receivables within one year -€39,637
down €39,637 (-88.0%), from €45,035 to €5,398
of which Trade receivables: -€36,081
- Cash +€34,366
up €34,366 (+12.5%), from €275,802 to €310,169
mainly Net result for the year (+€248,781) and Depreciation (+€70,723)
- Reserves +€248,781
up €248,781 (+32.6%), from €762,415 to €1.0m
of which Distributable reserves: +€248,781
- Other debts -€43,578
down €43,578 (-12.5%), from €348,480 to €304,902
- Trade debts -€41,145
down €41,145 (-35.8%), from €115,067 to €73,922
- Debts after one year -€22,222
down €22,222 (-20.7%), from €107,408 to €85,185
- Gross operating margin -€190,661
down €190,661 (-30.4%), from €626,276 to €435,615
- Taxes -€63,139
down €63,139 (-36.3%), from €174,098 to €110,959
- Financial income +€25,596
up €25,596 (+2,218%), from €1,154 to €26,750
- Depreciation +€14,814
up €14,814 (+26.5%), from €55,909 to €70,723
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 | €1,532,207 | €1,677,477 | +€145,270 | +9.5% |
| Fixed assets | 21/28 | €388,589 | €477,835 | +€89,246 | +23.0% |
| Intangible fixed assets | 21 | €5,066 | €2,475 | -€2,591 | -51.1% |
| Tangible fixed assets | 22/27 | €383,298 | €475,135 | +€91,837 | +24.0% |
| Land and buildings | 22 | €236,516 | €219,034 | -€17,482 | -7.4% |
| Plant, machinery and equipment | 23 | €40,266 | €176,605 | +€136,339 | +339% |
| Furniture and vehicles | 24 | €106,516 | €79,495 | -€27,020 | -25.4% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €1,143,618 | €1,199,642 | +€56,024 | +4.9% |
| Stocks and contracts in progress | 3 | €323,475 | €334,625 | +€11,150 | +3.4% |
| Stocks | 30/36 | €323,475 | €334,625 | +€11,150 | +3.4% |
| Amounts receivable within one year | 40/41 | €45,035 | €5,398 | -€39,637 | -88.0% |
| Trade receivables | 40 | €39,249 | €3,167 | -€36,081 | -91.9% |
| Other amounts receivable | 41 | €5,786 | €2,230 | -€3,556 | -61.5% |
| Current investments | 50/53 | €498,000 | €547,532 | +€49,532 | +9.9% |
| Cash at bank and in hand | 54/58 | €275,802 | €310,169 | +€34,366 | +12.5% |
| Deferred charges and accrued income | 490/1 | €1,306 | €1,919 | +€613 | +47.0% |
| Total equity and liabilities | 10/49 | €1,532,207 | €1,677,477 | +€145,270 | +9.5% |
| Equity | 10/15 | €831,922 | €1,079,869 | +€247,947 | +29.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €762,415 | €1,011,197 | +€248,781 | +32.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,765 | €25,765 | = | 0.0% |
| Distributable reserves | 133 | €730,450 | €979,232 | +€248,781 | +34.1% |
| Investment grants | 15 | €7,507 | €6,673 | -€834 | -11.1% |
| Provisions and deferred taxes | 16 | €395 | €351 | -€44 | -11.1% |
| Deferred taxes | 168 | €395 | €351 | -€44 | -11.1% |
| Amounts payable | 17/49 | €699,890 | €597,256 | -€102,633 | -14.7% |
| Amounts payable after more than one year | 17 | €107,408 | €85,185 | -€22,222 | -20.7% |
| Financial debts | 170/4 | €107,408 | €85,185 | -€22,222 | -20.7% |
| Amounts payable within one year | 42/48 | €592,482 | €511,815 | -€80,667 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €22,222 | €22,222 | = | 0.0% |
| Trade debts | 44 | €115,067 | €73,922 | -€41,145 | -35.8% |
| Suppliers | 440/4 | €115,067 | €73,922 | -€41,145 | -35.8% |
| Taxes, remuneration and social security | 45 | €106,713 | €110,768 | +€4,056 | +3.8% |
| Taxes | 450/3 | €106,713 | €110,768 | +€4,056 | +3.8% |
| Other amounts payable | 47/48 | €348,480 | €304,902 | -€43,578 | -12.5% |
| Accrued charges and deferred income | 492/3 | - | €256 | +€256 | |
| Non-recurring operating income | 76A | €10,000 | €0 | -€10,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,909 | €70,723 | +€14,814 | +26.5% |
| Other operating charges | 640/8 | €7,751 | €7,787 | +€36 | +0.5% |
| Gross operating margin | 9900 | €626,276 | €435,615 | -€190,661 | -30.4% |
| Operating profit (loss) | 9901 | €562,616 | €357,105 | -€205,511 | -36.5% |
| Financial income | 75/76B | €1,154 | €26,750 | +€25,596 | +2,218% |
| Recurring financial income | 75 | €1,154 | €26,750 | +€25,596 | +2,218% |
| Financial charges | 65/66B | €27,307 | €24,159 | -€3,148 | -11.5% |
| Recurring financial charges | 65 | €27,307 | €24,159 | -€3,148 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €536,463 | €359,696 | -€176,767 | -33.0% |
| Transfer from deferred taxes | 780 | €44 | €44 | = | 0.0% |
| Income taxes | 67/77 | €174,098 | €110,959 | -€63,139 | -36.3% |
| Profit (loss) for the period | 9904 | €362,409 | €248,781 | -€113,628 | -31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €362,409 | €248,781 | -€113,628 | -31.4% |
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 15 October 2026 via checked.be.