MUWAD: 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.
MUWAD
Largest movements
- Tangible fixed assets -€6,383
down €6,383 (-7.1%), from €89,345 to €82,962
of which Other tangible fixed assets: -€7,252
- Cash -€6,127
down €6,127 (-80.8%), from €7,586 to €1,458
mainly Other debts (-€12,340) and Net result for the year (-€1,654)
- Receivables within one year -€1,188
no longer reported in 2025 (was €1,188)
of which Trade receivables: -€1,188
- Other debts -€12,340
down €12,340 (-12.0%), from €102,738 to €90,398
- Profit (loss) carried forward -€1,654
down €1,654 (-1.4%), from -€116,943 to -€118,597
- Gross operating margin -€1,510
down €1,510 (-15.4%), from €9,780 to €8,271
- Depreciation +€1,153
up €1,153 (+18.5%), from €6,247 to €7,400
- Other operating charges -€433
down €433 (-14.8%), from €2,921 to €2,488
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 | €98,311 | €84,576 | -€13,736 | -14.0% |
| Fixed assets | 21/28 | €89,394 | €82,962 | -€6,432 | -7.2% |
| Tangible fixed assets | 22/27 | €89,345 | €82,962 | -€6,383 | -7.1% |
| Plant, machinery and equipment | 23 | - | €998 | +€998 | |
| Furniture and vehicles | 24 | €504 | €375 | -€129 | -25.6% |
| Other tangible fixed assets | 26 | €88,841 | €81,589 | -€7,252 | -8.2% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €8,917 | €1,614 | -€7,303 | -81.9% |
| Amounts receivable within one year | 40/41 | €1,188 | - | -€1,188 | |
| Trade receivables | 40 | €1,188 | - | -€1,188 | |
| Other amounts receivable | 41 | €0 | - | -€0 | |
| Cash at bank and in hand | 54/58 | €7,586 | €1,458 | -€6,127 | -80.8% |
| Deferred charges and accrued income | 490/1 | €144 | €155 | +€12 | +8.1% |
| Total equity and liabilities | 10/49 | €98,311 | €84,576 | -€13,736 | -14.0% |
| Equity | 10/15 | -€4,427 | -€6,081 | -€1,654 | -37.4% |
| Contributions | 10/11 | €74,500 | €74,500 | = | 0.0% |
| Reserves | 13 | €38,016 | €38,016 | = | 0.0% |
| Distributable reserves | 133 | €38,016 | €38,016 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€116,943 | -€118,597 | -€1,654 | -1.4% |
| Amounts payable | 17/49 | €102,738 | €90,657 | -€12,081 | -11.8% |
| Amounts payable within one year | 42/48 | €102,738 | €90,657 | -€12,081 | -11.8% |
| Trade debts | 44 | - | €259 | +€259 | |
| Suppliers | 440/4 | - | €259 | +€259 | |
| Other amounts payable | 47/48 | €102,738 | €90,398 | -€12,340 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,247 | €7,400 | +€1,153 | +18.5% |
| Other operating charges | 640/8 | €2,921 | €2,488 | -€433 | -14.8% |
| Gross operating margin | 9900 | €9,780 | €8,271 | -€1,510 | -15.4% |
| Operating profit (loss) | 9901 | €612 | -€1,617 | -€2,229 | |
| Financial income | 75/76B | €10 | €0 | -€10 | -96.5% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -96.5% |
| Financial charges | 65/66B | €40 | €38 | -€2 | -6.0% |
| Recurring financial charges | 65 | €40 | €38 | -€2 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €582 | -€1,654 | -€2,237 | |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €582 | -€1,654 | -€2,237 | |
| Profit (loss) for the period to be appropriated | 9905 | €582 | -€1,654 | -€2,237 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.