MUZO'S: 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.
MUZO'S
Largest movements
- Receivables within one year -€63,601
down €63,601 (-55.3%), from €114,983 to €51,382
of which Trade receivables: -€91,112
- Stocks and contracts -€18,551
down €18,551 (-38.3%), from €48,399 to €29,848
- Cash +€2,099
up €2,099 (+30.0%), from €6,998 to €9,097
mainly Receivables within one year (+€63,601) and Stocks and contracts (+€18,551)
- Advances received -€86,047
no longer reported in 2025 (was €86,047)
- Profit (loss) carried forward +€7,517
up €7,517 (+16.1%), from €46,555 to €54,072
- Trade debts -€6,982
down €6,982 (-50.5%), from €13,830 to €6,848
- Tax, wage and social debts +€4,949
up €4,949 (+62.3%), from €7,942 to €12,891
of which Taxes: +€2,949
- Turnover -€108,841
down €108,841 (-43.4%), from €250,812 to €141,971
- Purchases and services -€78,314
down €78,314 (-37.0%), from €211,458 to €133,144
- Gross operating margin -€29,752
down €29,752 (-73.6%), from €40,417 to €10,665
- Taxes -€4,191
down €4,191 (-88.5%), from €4,738 to €547
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 | €174,833 | €94,271 | -€80,563 | -46.1% |
| Fixed assets | 21/28 | €4,276 | €3,775 | -€501 | -11.7% |
| Tangible fixed assets | 22/27 | €676 | €175 | -€501 | -74.1% |
| Furniture and vehicles | 24 | €585 | €175 | -€410 | -70.1% |
| Other tangible fixed assets | 26 | €91 | - | -€91 | |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €170,557 | €90,496 | -€80,062 | -46.9% |
| Stocks and contracts in progress | 3 | €48,399 | €29,848 | -€18,551 | -38.3% |
| Stocks | 30/36 | €48,399 | €29,848 | -€18,551 | -38.3% |
| Amounts receivable within one year | 40/41 | €114,983 | €51,382 | -€63,601 | -55.3% |
| Trade receivables | 40 | €94,557 | €3,445 | -€91,112 | -96.4% |
| Other amounts receivable | 41 | €20,426 | €47,937 | +€27,511 | +135% |
| Cash at bank and in hand | 54/58 | €6,998 | €9,097 | +€2,099 | +30.0% |
| Deferred charges and accrued income | 490/1 | €176 | €168 | -€8 | -4.8% |
| Total equity and liabilities | 10/49 | €174,833 | €94,271 | -€80,563 | -46.1% |
| Equity | 10/15 | €67,015 | €74,532 | +€7,517 | +11.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €46,555 | €54,072 | +€7,517 | +16.1% |
| Amounts payable | 17/49 | €107,818 | €19,739 | -€88,079 | -81.7% |
| Amounts payable within one year | 42/48 | €107,818 | €19,739 | -€88,079 | -81.7% |
| Trade debts | 44 | €13,830 | €6,848 | -€6,982 | -50.5% |
| Suppliers | 440/4 | €13,830 | €6,848 | -€6,982 | -50.5% |
| Advances received on contracts in progress | 46 | €86,047 | - | -€86,047 | |
| Taxes, remuneration and social security | 45 | €7,942 | €12,891 | +€4,949 | +62.3% |
| Taxes | 450/3 | €7,942 | €10,891 | +€2,949 | +37.1% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Turnover | 70 | €250,812 | €141,971 | -€108,841 | -43.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €211,458 | €133,144 | -€78,314 | -37.0% |
| Remuneration, social security and pensions | 62 | €770 | - | -€770 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €326 | €501 | +€175 | +53.8% |
| Other operating charges | 640/8 | €659 | €779 | +€120 | +18.2% |
| Gross operating margin | 9900 | €40,417 | €10,665 | -€29,752 | -73.6% |
| Operating profit (loss) | 9901 | €38,662 | €9,385 | -€29,277 | -75.7% |
| Financial income | 75/76B | €171 | €170 | -€1 | -0.4% |
| Recurring financial income | 75 | €171 | €170 | -€1 | -0.4% |
| Financial charges | 65/66B | €2,171 | €1,492 | -€679 | -31.3% |
| Recurring financial charges | 65 | €2,171 | €1,492 | -€679 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €36,663 | €8,064 | -€28,599 | -78.0% |
| Income taxes | 67/77 | €4,738 | €547 | -€4,191 | -88.5% |
| Profit (loss) for the period | 9904 | €31,925 | €7,517 | -€24,408 | -76.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,925 | €7,517 | -€24,408 | -76.5% |
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 21 October 2026 via checked.be.