MUZZI DAVID: 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.
MUZZI DAVID
Largest movements
- Cash +€17,176
up €17,176 (+50.2%), from €34,237 to €51,413
mainly Net result for the year (+€18,668) and Depreciation (+€10,028)
- Tangible fixed assets -€8,191
down €8,191 (-20.4%), from €40,138 to €31,947
of which Plant, machinery and equipment: -€4,140
- Stocks and contracts +€4,431
up €4,431 (+231.6%), from €1,913 to €6,344
- Reserves +€17,868
up €17,868 (+182.6%), from €9,786 to €27,654
- Debts after one year -€8,963
down €8,963 (-20.8%), from €43,001 to €34,038
of which Financial debts: -€8,963
- Other debts +€2,825
up €2,825 (+49.7%), from €5,689 to €8,514
- Current portion of long-term debt -€2,503
down €2,503 (-22.7%), from €11,035 to €8,532
- Trade debts +€1,395
up €1,395 (+43.3%), from €3,224 to €4,619
- Gross operating margin +€34,297
up €34,297 (+111.9%), from €30,655 to €64,952
- Staff costs +€16,250
up €16,250 (+156.8%), from €10,363 to €26,613
- Depreciation +€5,251
up €5,251 (+109.9%), from €4,777 to €10,028
- Taxes +€4,357
up €4,357 (+155.0%), from €2,811 to €7,168
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 | €81,957 | €93,887 | +€11,930 | +14.6% |
| Fixed assets | 21/28 | €40,138 | €31,947 | -€8,191 | -20.4% |
| Tangible fixed assets | 22/27 | €40,138 | €31,947 | -€8,191 | -20.4% |
| Plant, machinery and equipment | 23 | €21,785 | €17,645 | -€4,140 | -19.0% |
| Furniture and vehicles | 24 | €18,353 | €14,302 | -€4,051 | -22.1% |
| Current assets | 29/58 | €41,819 | €61,940 | +€20,121 | +48.1% |
| Stocks and contracts in progress | 3 | €1,913 | €6,344 | +€4,431 | +231.6% |
| Stocks | 30/36 | €1,913 | €6,344 | +€4,431 | +231.6% |
| Amounts receivable within one year | 40/41 | €2,357 | €1,512 | -€845 | -35.9% |
| Trade receivables | 40 | €1,813 | €87 | -€1,726 | -95.2% |
| Other amounts receivable | 41 | €544 | €1,425 | +€881 | +161.9% |
| Cash at bank and in hand | 54/58 | €34,237 | €51,413 | +€17,176 | +50.2% |
| Deferred charges and accrued income | 490/1 | €3,312 | €2,671 | -€641 | -19.4% |
| Total equity and liabilities | 10/49 | €81,957 | €93,887 | +€11,930 | +14.6% |
| Equity | 10/15 | €12,786 | €30,654 | +€17,868 | +139.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €9,786 | €27,654 | +€17,868 | +182.6% |
| Distributable reserves | 133 | €9,786 | €27,654 | +€17,868 | +182.6% |
| Amounts payable | 17/49 | €69,171 | €63,233 | -€5,938 | -8.6% |
| Amounts payable after more than one year | 17 | €43,001 | €34,038 | -€8,963 | -20.8% |
| Financial debts | 170/4 | €23,001 | €14,038 | -€8,963 | -39.0% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €25,540 | €28,602 | +€3,062 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €11,035 | €8,532 | -€2,503 | -22.7% |
| Trade debts | 44 | €3,224 | €4,619 | +€1,395 | +43.3% |
| Suppliers | 440/4 | €3,224 | €4,619 | +€1,395 | +43.3% |
| Taxes, remuneration and social security | 45 | €5,592 | €6,937 | +€1,345 | +24.1% |
| Taxes | 450/3 | €2,811 | €2,168 | -€643 | -22.9% |
| Remuneration and social security | 454/9 | €2,781 | €4,769 | +€1,988 | +71.5% |
| Other amounts payable | 47/48 | €5,689 | €8,514 | +€2,825 | +49.7% |
| Accrued charges and deferred income | 492/3 | €630 | €593 | -€37 | -5.9% |
| Remuneration, social security and pensions | 62 | €10,363 | €26,613 | +€16,250 | +156.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,777 | €10,028 | +€5,251 | +109.9% |
| Other operating charges | 640/8 | €1,168 | €1,035 | -€133 | -11.4% |
| Gross operating margin | 9900 | €30,655 | €64,952 | +€34,297 | +111.9% |
| Operating profit (loss) | 9901 | €14,347 | €27,276 | +€12,929 | +90.1% |
| Financial charges | 65/66B | €950 | €1,440 | +€490 | +51.6% |
| Recurring financial charges | 65 | €950 | €1,440 | +€490 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €13,397 | €25,836 | +€12,439 | +92.8% |
| Income taxes | 67/77 | €2,811 | €7,168 | +€4,357 | +155.0% |
| Profit (loss) for the period | 9904 | €10,586 | €18,668 | +€8,082 | +76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,586 | €18,668 | +€8,082 | +76.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.