MUXS: 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.
MUXS
Largest movements
- Cash -€48,463
down €48,463 (-59.9%), from €80,859 to €32,396
mainly Contributions, distributions and other (-€96,936) and Tax, wage and social debts (-€18,389)
- Tangible fixed assets -€18,084
down €18,084 (-73.0%), from €24,771 to €6,687
- Receivables within one year -€10,397
down €10,397 (-47.2%), from €22,042 to €11,645
- Deferred charges and accrued income -€3,395
down €3,395 (-7.3%), from €46,471 to €43,076
- Profit (loss) carried forward -€61,209
down €61,209 (-39.7%), from €154,252 to €93,043
- Tax, wage and social debts -€18,389
no longer reported in 2025 (was €18,389)
- Gross operating margin -€29,835
down €29,835 (-34.0%), from €87,828 to €57,993
- Depreciation -€4,122
down €4,122 (-26.7%), from €15,425 to €11,303
- Taxes -€3,992
down €3,992 (-27.9%), from €14,316 to €10,324
- Financial income -€1,660
down €1,660 (-100.0%), from €1,660 to €0
- Other operating charges -€1,609
down €1,609 (-77.6%), from €2,072 to €463
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 | €174,142 | €93,803 | -€80,339 | -46.1% |
| Fixed assets | 21/28 | €24,771 | €6,687 | -€18,084 | -73.0% |
| Tangible fixed assets | 22/27 | €24,771 | €6,687 | -€18,084 | -73.0% |
| Furniture and vehicles | 24 | €24,771 | €6,687 | -€18,084 | -73.0% |
| Current assets | 29/58 | €149,371 | €87,116 | -€62,255 | -41.7% |
| Amounts receivable within one year | 40/41 | €22,042 | €11,645 | -€10,397 | -47.2% |
| Other amounts receivable | 41 | €22,042 | €11,645 | -€10,397 | -47.2% |
| Cash at bank and in hand | 54/58 | €80,859 | €32,396 | -€48,463 | -59.9% |
| Deferred charges and accrued income | 490/1 | €46,471 | €43,076 | -€3,395 | -7.3% |
| Total equity and liabilities | 10/49 | €174,142 | €93,803 | -€80,339 | -46.1% |
| Equity | 10/15 | €154,752 | €93,543 | -€61,209 | -39.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,252 | €93,043 | -€61,209 | -39.7% |
| Amounts payable | 17/49 | €19,390 | €260 | -€19,130 | -98.7% |
| Amounts payable within one year | 42/48 | €19,390 | €260 | -€19,130 | -98.7% |
| Trade debts | 44 | €1,002 | €99 | -€902 | -90.1% |
| Suppliers | 440/4 | €1,002 | €99 | -€902 | -90.1% |
| Taxes, remuneration and social security | 45 | €18,389 | - | -€18,389 | |
| Taxes | 450/3 | €18,389 | - | -€18,389 | |
| Other amounts payable | 47/48 | - | €161 | +€161 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,425 | €11,303 | -€4,122 | -26.7% |
| Other operating charges | 640/8 | €2,072 | €463 | -€1,609 | -77.6% |
| Gross operating margin | 9900 | €87,828 | €57,993 | -€29,835 | -34.0% |
| Operating profit (loss) | 9901 | €70,331 | €46,227 | -€24,105 | -34.3% |
| Financial income | 75/76B | €1,660 | €0 | -€1,660 | -100.0% |
| Recurring financial income | 75 | €1,660 | €0 | -€1,660 | -100.0% |
| Financial charges | 65/66B | €359 | €176 | -€183 | -51.0% |
| Recurring financial charges | 65 | €359 | €176 | -€183 | -51.0% |
| Profit (loss) for the period before taxes | 9903 | €71,633 | €46,051 | -€25,582 | -35.7% |
| Income taxes | 67/77 | €14,316 | €10,324 | -€3,992 | -27.9% |
| Profit (loss) for the period | 9904 | €57,317 | €35,727 | -€21,590 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,317 | €35,727 | -€21,590 | -37.7% |
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 6 October 2026 via checked.be.