MUVERCO: 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.
MUVERCO
Largest movements
- Receivables within one year +€13,834
up €13,834 (+774.7%), from €1,786 to €15,620
of which Other amounts receivable: +€8,701
- Tangible fixed assets -€8,922
down €8,922 (-1.5%), from €590,920 to €581,997
of which Land and buildings: -€7,556
- Debts after one year -€34,200
down €34,200 (-7.9%), from €431,492 to €397,292
of which Financial debts: -€34,200
- Other debts +€28,175
up €28,175 (+44.1%), from €63,952 to €92,127
- Profit (loss) carried forward +€6,813
up €6,813 (+84.6%), from -€8,054 to -€1,241
- Gross operating margin -€20,302
down €20,302 (-41.7%), from €48,662 to €28,360
- Other operating charges -€5,076
down €5,076 (-48.0%), from €10,565 to €5,490
- Depreciation -€3,973
down €3,973 (-30.8%), from €12,895 to €8,922
- Financial charges -€3,501
down €3,501 (-56.6%), from €6,190 to €2,689
- Taxes -€1,528
down €1,528 (-25.6%), from €5,973 to €4,445
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 | €598,497 | €603,913 | +€5,415 | +0.9% |
| Fixed assets | 21/28 | €592,095 | €583,172 | -€8,922 | -1.5% |
| Tangible fixed assets | 22/27 | €590,920 | €581,997 | -€8,922 | -1.5% |
| Land and buildings | 22 | €578,034 | €570,478 | -€7,556 | -1.3% |
| Other tangible fixed assets | 26 | €12,886 | €11,519 | -€1,367 | -10.6% |
| Financial fixed assets | 28 | €1,175 | €1,175 | = | 0.0% |
| Current assets | 29/58 | €6,402 | €20,740 | +€14,338 | +223.9% |
| Amounts receivable within one year | 40/41 | €1,786 | €15,620 | +€13,834 | +774.7% |
| Trade receivables | 40 | - | €5,133 | +€5,133 | |
| Other amounts receivable | 41 | €1,786 | €10,487 | +€8,701 | +487.2% |
| Cash at bank and in hand | 54/58 | €374 | €878 | +€503 | +134.6% |
| Deferred charges and accrued income | 490/1 | €4,243 | €4,243 | = | 0.0% |
| Total equity and liabilities | 10/49 | €598,497 | €603,913 | +€5,415 | +0.9% |
| Equity | 10/15 | €59,157 | €65,970 | +€6,813 | +11.5% |
| 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 | €5,211 | €5,211 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €2,113 | €2,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,054 | -€1,241 | +€6,813 | +84.6% |
| Amounts payable | 17/49 | €539,340 | €537,942 | -€1,398 | -0.3% |
| Amounts payable after more than one year | 17 | €431,492 | €397,292 | -€34,200 | -7.9% |
| Financial debts | 170/4 | €211,492 | €177,292 | -€34,200 | -16.2% |
| Other amounts payable | 178/9 | €220,000 | €220,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €105,334 | €136,209 | +€30,875 | +29.3% |
| Current portion of amounts payable after more than one year | 42 | €34,200 | €34,200 | = | 0.0% |
| Trade debts | 44 | €7,005 | €5,260 | -€1,745 | -24.9% |
| Suppliers | 440/4 | €7,005 | €5,260 | -€1,745 | -24.9% |
| Taxes, remuneration and social security | 45 | €176 | €4,621 | +€4,445 | +2524.0% |
| Taxes | 450/3 | €176 | €4,621 | +€4,445 | +2524.0% |
| Other amounts payable | 47/48 | €63,952 | €92,127 | +€28,175 | +44.1% |
| Accrued charges and deferred income | 492/3 | €2,514 | €4,441 | +€1,927 | +76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,895 | €8,922 | -€3,973 | -30.8% |
| Other operating charges | 640/8 | €10,565 | €5,490 | -€5,076 | -48.0% |
| Gross operating margin | 9900 | €48,662 | €28,360 | -€20,302 | -41.7% |
| Operating profit (loss) | 9901 | €25,201 | €13,947 | -€11,254 | -44.7% |
| Financial charges | 65/66B | €6,190 | €2,689 | -€3,501 | -56.6% |
| Recurring financial charges | 65 | €6,190 | €2,689 | -€3,501 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €19,011 | €11,259 | -€7,752 | -40.8% |
| Income taxes | 67/77 | €5,973 | €4,445 | -€1,528 | -25.6% |
| Profit (loss) for the period | 9904 | €13,038 | €6,813 | -€6,225 | -47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,038 | €6,813 | -€6,225 | -47.7% |
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 4 October 2026 via checked.be.