MUZET: 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.
MUZET
Largest movements
- Receivables within one year +€99,887
up €99,887 (+557.3%), from €17,923 to €117,809
of which Other amounts receivable: +€99,272
- Cash -€58,118
down €58,118 (-41.2%), from €140,918 to €82,800
mainly Receivables within one year (-€99,887) and Investment in fixed assets (net) (-€4,007)
- Tangible fixed assets -€2,924
down €2,924 (-47.2%), from €6,196 to €3,272
of which Furniture and vehicles: -€2,345
- Reserves +€34,988
up €34,988 (+22.3%), from €157,237 to €192,225
- Tax, wage and social debts +€2,469
up €2,469 (+25.6%), from €9,633 to €12,101
- Other debts +€2,125
up €2,125 (+184.9%), from €1,149 to €3,274
- Gross operating margin +€4,171
up €4,171 (+7.4%), from €56,071 to €60,241
- Taxes +€1,246
up €1,246 (+8.6%), from €14,501 to €15,747
- Financial charges +€604
up €604 (+179.7%), from €336 to €940
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 | €170,652 | €209,038 | +€38,386 | +22.5% |
| Fixed assets | 21/28 | €6,396 | €3,472 | -€2,924 | -45.7% |
| Tangible fixed assets | 22/27 | €6,196 | €3,272 | -€2,924 | -47.2% |
| Plant, machinery and equipment | 23 | €579 | €0 | -€579 | -100.0% |
| Furniture and vehicles | 24 | €5,617 | €3,272 | -€2,345 | -41.7% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €164,256 | €205,565 | +€41,310 | +25.1% |
| Amounts receivable within one year | 40/41 | €17,923 | €117,809 | +€99,887 | +557.3% |
| Trade receivables | 40 | €17,182 | €17,797 | +€615 | +3.6% |
| Other amounts receivable | 41 | €741 | €100,012 | +€99,272 | +13400.0% |
| Cash at bank and in hand | 54/58 | €140,918 | €82,800 | -€58,118 | -41.2% |
| Deferred charges and accrued income | 490/1 | €5,415 | €4,956 | -€459 | -8.5% |
| Total equity and liabilities | 10/49 | €170,652 | €209,038 | +€38,386 | +22.5% |
| Equity | 10/15 | €157,237 | €192,225 | +€34,988 | +22.3% |
| Reserves | 13 | €157,237 | €192,225 | +€34,988 | +22.3% |
| Distributable reserves | 133 | €157,237 | €192,225 | +€34,988 | +22.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,415 | €16,813 | +€3,398 | +25.3% |
| Amounts payable within one year | 42/48 | €13,415 | €16,813 | +€3,398 | +25.3% |
| Financial debts | 43 | €74 | €137 | +€63 | +86.2% |
| Credit institutions | 430/8 | €74 | €137 | +€63 | +86.2% |
| Trade debts | 44 | €2,559 | €1,300 | -€1,259 | -49.2% |
| Suppliers | 440/4 | €2,559 | €1,300 | -€1,259 | -49.2% |
| Taxes, remuneration and social security | 45 | €9,633 | €12,101 | +€2,469 | +25.6% |
| Taxes | 450/3 | €9,633 | €12,101 | +€2,469 | +25.6% |
| Other amounts payable | 47/48 | €1,149 | €3,274 | +€2,125 | +184.9% |
| Non-recurring operating income | 76A | €331 | €0 | -€331 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,589 | €6,931 | +€342 | +5.2% |
| Other operating charges | 640/8 | €777 | €802 | +€24 | +3.1% |
| Gross operating margin | 9900 | €56,071 | €60,241 | +€4,171 | +7.4% |
| Operating profit (loss) | 9901 | €48,704 | €52,508 | +€3,805 | +7.8% |
| Financial charges | 65/66B | €336 | €940 | +€604 | +179.7% |
| Recurring financial charges | 65 | €336 | €940 | +€604 | +179.7% |
| Profit (loss) for the period before taxes | 9903 | €48,368 | €51,568 | +€3,200 | +6.6% |
| Income taxes | 67/77 | €14,501 | €15,747 | +€1,246 | +8.6% |
| Profit (loss) for the period | 9904 | €33,866 | €35,821 | +€1,955 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,866 | €35,821 | +€1,955 | +5.8% |
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 10 October 2026 via checked.be.