MUZELLE: 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.
MUZELLE
Largest movements
- Receivables after one year +€40,000
up €40,000 (+50.0%), from €80,000 to €120,000
- Tangible fixed assets +€26,346
up €26,346 (+6.1%), from €432,259 to €458,605
of which Furniture and vehicles: +€37,566
- Receivables within one year -€12,110
down €12,110 (-25.3%), from €47,803 to €35,693
- Cash +€7,950
up €7,950 (+12,321%), from €65 to €8,015
mainly Net result for the year (+€70,814) and Other debts (+€68,188)
- Other debts +€68,188
up €68,188 (+1,651%), from €4,131 to €72,319
- Debts after one year -€40,222
down €40,222 (-11.4%), from €353,037 to €312,815
of which Other amounts payable: -€37,000
- Tax, wage and social debts +€23,973
up €23,973 (+60.0%), from €39,933 to €63,906
- Current portion of long-term debt +€9,213
up €9,213 (+20.9%), from €44,023 to €53,236
- Gross operating margin +€59,333
up €59,333 (+78.8%), from €75,265 to €134,597
- Other operating charges -€40,923
down €40,923 (-95.8%), from €42,696 to €1,773
- Depreciation +€11,453
up €11,453 (+73.7%), from €15,537 to €26,989
- Taxes +€6,577
up €6,577 (+32.8%), from €20,063 to €26,640
- Financial charges -€2,940
down €2,940 (-20.1%), from €14,606 to €11,666
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 | €560,126 | €622,313 | +€62,186 | +11.1% |
| Fixed assets | 21/28 | €432,259 | €458,605 | +€26,346 | +6.1% |
| Tangible fixed assets | 22/27 | €432,259 | €458,605 | +€26,346 | +6.1% |
| Land and buildings | 22 | €347,772 | €338,489 | -€9,284 | -2.7% |
| Plant, machinery and equipment | 23 | €42,182 | €40,245 | -€1,936 | -4.6% |
| Furniture and vehicles | 24 | €42,304 | €79,871 | +€37,566 | +88.8% |
| Current assets | 29/58 | €127,868 | €163,708 | +€35,840 | +28.0% |
| Amounts receivable after more than one year | 29 | €80,000 | €120,000 | +€40,000 | +50.0% |
| Other amounts receivable | 291 | €80,000 | €120,000 | +€40,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €47,803 | €35,693 | -€12,110 | -25.3% |
| Trade receivables | 40 | €47,803 | €35,693 | -€12,110 | -25.3% |
| Cash at bank and in hand | 54/58 | €65 | €8,015 | +€7,950 | +12,321% |
| Total equity and liabilities | 10/49 | €560,126 | €622,313 | +€62,186 | +11.1% |
| Equity | 10/15 | €116,138 | €119,952 | +€3,814 | +3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,274 | €30,274 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €28,414 | €28,414 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,264 | €71,079 | +€3,814 | +5.7% |
| Amounts payable | 17/49 | €443,988 | €502,360 | +€58,372 | +13.1% |
| Amounts payable after more than one year | 17 | €353,037 | €312,815 | -€40,222 | -11.4% |
| Financial debts | 170/4 | €316,037 | €312,815 | -€3,222 | -1.0% |
| Other amounts payable | 178/9 | €37,000 | - | -€37,000 | |
| Amounts payable within one year | 42/48 | €90,951 | €189,545 | +€98,594 | +108% |
| Current portion of amounts payable after more than one year | 42 | €44,023 | €53,236 | +€9,213 | +20.9% |
| Trade debts | 44 | €2,864 | €84 | -€2,780 | -97.1% |
| Suppliers | 440/4 | €2,864 | €84 | -€2,780 | -97.1% |
| Taxes, remuneration and social security | 45 | €39,933 | €63,906 | +€23,973 | +60.0% |
| Taxes | 450/3 | €39,933 | €63,906 | +€23,973 | +60.0% |
| Other amounts payable | 47/48 | €4,131 | €72,319 | +€68,188 | +1,651% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,537 | €26,989 | +€11,453 | +73.7% |
| Other operating charges | 640/8 | €42,696 | €1,773 | -€40,923 | -95.8% |
| Non-recurring operating charges | 66A | - | €1,665 | +€1,665 | |
| Gross operating margin | 9900 | €75,265 | €134,597 | +€59,333 | +78.8% |
| Operating profit (loss) | 9901 | €17,032 | €104,170 | +€87,138 | +512% |
| Financial income | 75/76B | €3,600 | €4,950 | +€1,350 | +37.5% |
| Recurring financial income | 75 | €3,600 | €4,950 | +€1,350 | +37.5% |
| Financial charges | 65/66B | €14,606 | €11,666 | -€2,940 | -20.1% |
| Recurring financial charges | 65 | €14,606 | €11,666 | -€2,940 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €6,026 | €97,454 | +€91,428 | +1,517% |
| Income taxes | 67/77 | €20,063 | €26,640 | +€6,577 | +32.8% |
| Profit (loss) for the period | 9904 | -€14,037 | €70,814 | +€84,851 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,037 | €70,814 | +€84,851 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.