MuZo: 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.
MuZo
Largest movements
- Current investments +€70,000
up €70,000 (+43.8%), from €160,000 to €230,000
- Stocks and contracts -€12,864
down €12,864 (-69.3%), from €18,575 to €5,711
- Tangible fixed assets -€6,516
down €6,516 (-50.0%), from €13,032 to €6,516
- Cash -€3,913
down €3,913 (-16.6%), from €23,603 to €19,690
mainly Current investments (-€70,000) and Other debts (-€16,916)
- Tax, wage and social debts +€31,023
up €31,023 (+111.9%), from €27,722 to €58,745
of which Remuneration and social security: +€18,210
- Profit (loss) carried forward +€25,328
up €25,328 (+30.5%), from €82,918 to €108,246
- Other debts -€16,916
down €16,916 (-22.7%), from €74,448 to €57,532
- Trade debts +€10,364
up €10,364 (+395.3%), from €2,621 to €12,985
- Turnover +€129,502
up €129,502 (+39.5%), from €327,834 to €457,336
- Gross operating margin +€64,957
up €64,957 (+57.8%), from €112,433 to €177,390
- Purchases and services +€64,545
up €64,545 (+30.0%), from €215,401 to €279,946
- Staff costs +€33,439
up €33,439 (+34.6%), from €96,560 to €129,999
- Depreciation -€14,391
down €14,391 (-68.8%), from €20,907 to €6,516
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 | €215,210 | €265,008 | +€49,798 | +23.1% |
| Fixed assets | 21/28 | €13,032 | €6,516 | -€6,516 | -50.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €13,032 | €6,516 | -€6,516 | -50.0% |
| Plant, machinery and equipment | 23 | €13,032 | €6,516 | -€6,516 | -50.0% |
| Current assets | 29/58 | €202,178 | €258,492 | +€56,314 | +27.9% |
| Stocks and contracts in progress | 3 | €18,575 | €5,711 | -€12,864 | -69.3% |
| Stocks | 30/36 | €18,575 | €5,711 | -€12,864 | -69.3% |
| Amounts receivable within one year | 40/41 | €0 | €1,814 | +€1,814 | |
| Trade receivables | 40 | €0 | €1,814 | +€1,814 | |
| Current investments | 50/53 | €160,000 | €230,000 | +€70,000 | +43.8% |
| Cash at bank and in hand | 54/58 | €23,603 | €19,690 | -€3,913 | -16.6% |
| Deferred charges and accrued income | 490/1 | - | €1,277 | +€1,277 | |
| Total equity and liabilities | 10/49 | €215,210 | €265,008 | +€49,798 | +23.1% |
| Equity | 10/15 | €110,418 | €135,746 | +€25,328 | +22.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | €25,000 | €25,000 | = | 0.0% |
| Issued capital | 100 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Legal reserve | 130 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,918 | €108,246 | +€25,328 | +30.5% |
| Amounts payable | 17/49 | €104,792 | €129,262 | +€24,470 | +23.4% |
| Amounts payable within one year | 42/48 | €104,792 | €129,262 | +€24,470 | +23.4% |
| Trade debts | 44 | €2,621 | €12,985 | +€10,364 | +395.3% |
| Suppliers | 440/4 | €2,621 | €12,985 | +€10,364 | +395.3% |
| Taxes, remuneration and social security | 45 | €27,722 | €58,745 | +€31,023 | +111.9% |
| Taxes | 450/3 | €19,866 | €32,679 | +€12,813 | +64.5% |
| Remuneration and social security | 454/9 | €7,856 | €26,066 | +€18,210 | +231.8% |
| Other amounts payable | 47/48 | €74,448 | €57,532 | -€16,916 | -22.7% |
| Turnover | 70 | €327,834 | €457,336 | +€129,502 | +39.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €215,401 | €279,946 | +€64,545 | +30.0% |
| Remuneration, social security and pensions | 62 | €96,560 | €129,999 | +€33,439 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,907 | €6,516 | -€14,391 | -68.8% |
| Other operating charges | 640/8 | €303 | €312 | +€9 | +2.9% |
| Gross operating margin | 9900 | €112,433 | €177,390 | +€64,957 | +57.8% |
| Operating profit (loss) | 9901 | -€5,337 | €40,563 | +€45,900 | |
| Financial income | 75/76B | - | €3,507 | +€3,507 | |
| Recurring financial income | 75 | - | €3,507 | +€3,507 | |
| Financial charges | 65/66B | €1,089 | €5,194 | +€4,105 | +376.9% |
| Recurring financial charges | 65 | €1,089 | €5,194 | +€4,105 | +376.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,426 | €38,876 | +€45,302 | |
| Income taxes | 67/77 | €2,290 | €13,548 | +€11,258 | +491.7% |
| Profit (loss) for the period | 9904 | -€8,716 | €25,328 | +€34,044 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,716 | €25,328 | +€34,044 |
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 5 October 2026 via checked.be.