MUZZE: 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.
MUZZE
Largest movements
- Cash -€93,551
down €93,551 (-89.6%), from €104,452 to €10,901
mainly Contributions, distributions and other (-€258,372) and Receivables within one year (-€17,847)
- Receivables within one year +€17,847
up €17,847 (+40.6%), from €43,942 to €61,789
of which Trade receivables: +€18,589
- Stocks and contracts +€14,012
up €14,012 (+50.1%), from €27,967 to €41,979
- Tangible fixed assets +€6,062
up €6,062 (+61.0%), from €9,940 to €16,002
of which Furniture and vehicles: +€6,610
- Reserves -€158,929
down €158,929 (-92.6%), from €171,706 to €12,777
- Other debts +€102,247
up €102,247 (+6,098%), from €1,677 to €103,924
- Gross operating margin +€6,023
up €6,023 (+4.9%), from €124,129 to €130,153
- Taxes +€1,519
up €1,519 (+5.8%), from €26,258 to €27,777
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 | €186,302 | €130,671 | -€55,630 | -29.9% |
| Fixed assets | 21/28 | €9,940 | €16,002 | +€6,062 | +61.0% |
| Tangible fixed assets | 22/27 | €9,940 | €16,002 | +€6,062 | +61.0% |
| Plant, machinery and equipment | 23 | €2,096 | €1,549 | -€548 | -26.1% |
| Furniture and vehicles | 24 | €7,843 | €14,453 | +€6,610 | +84.3% |
| Current assets | 29/58 | €176,362 | €114,670 | -€61,692 | -35.0% |
| Stocks and contracts in progress | 3 | €27,967 | €41,979 | +€14,012 | +50.1% |
| Stocks | 30/36 | €27,967 | €41,979 | +€14,012 | +50.1% |
| Amounts receivable within one year | 40/41 | €43,942 | €61,789 | +€17,847 | +40.6% |
| Trade receivables | 40 | €43,200 | €61,789 | +€18,589 | +43.0% |
| Other amounts receivable | 41 | €742 | - | -€742 | |
| Cash at bank and in hand | 54/58 | €104,452 | €10,901 | -€93,551 | -89.6% |
| Total equity and liabilities | 10/49 | €186,302 | €130,671 | -€55,630 | -29.9% |
| Equity | 10/15 | €174,706 | €15,777 | -€158,929 | -91.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €171,706 | €12,777 | -€158,929 | -92.6% |
| Distributable reserves | 133 | €171,706 | €12,777 | -€158,929 | -92.6% |
| Amounts payable | 17/49 | €11,595 | €114,894 | +€103,299 | +891% |
| Amounts payable within one year | 42/48 | €11,445 | €114,744 | +€103,299 | +903% |
| Trade debts | 44 | €397 | - | -€397 | |
| Suppliers | 440/4 | €397 | - | -€397 | |
| Taxes, remuneration and social security | 45 | €9,372 | €10,820 | +€1,449 | +15.5% |
| Taxes | 450/3 | €6,423 | €7,476 | +€1,053 | +16.4% |
| Remuneration and social security | 454/9 | €2,949 | €3,345 | +€396 | +13.4% |
| Other amounts payable | 47/48 | €1,677 | €103,924 | +€102,247 | +6,098% |
| Accrued charges and deferred income | 492/3 | €150 | €150 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,781 | €2,162 | +€381 | +21.4% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €124,129 | €130,153 | +€6,023 | +4.9% |
| Operating profit (loss) | 9901 | €121,835 | €127,463 | +€5,628 | +4.6% |
| Financial income | 75/76B | €0 | €13 | +€13 | +64,900% |
| Recurring financial income | 75 | €0 | €13 | +€13 | +64,900% |
| Financial charges | 65/66B | €117 | €256 | +€139 | +119% |
| Recurring financial charges | 65 | €117 | €256 | +€139 | +119% |
| Profit (loss) for the period before taxes | 9903 | €121,718 | €127,220 | +€5,502 | +4.5% |
| Income taxes | 67/77 | €26,258 | €27,777 | +€1,519 | +5.8% |
| Profit (loss) for the period | 9904 | €95,460 | €99,443 | +€3,984 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,460 | €99,443 | +€3,984 | +4.2% |
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 17 October 2026 via checked.be.