MUGGE: 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.
MUGGE
Largest movements
- Cash +€137,427
up €137,427 (+147%), from €93,542 to €230,969
mainly Net result for the year (+€82,046) and Receivables within one year (+€57,049)
- Receivables within one year -€57,049
down €57,049 (-33.7%), from €169,535 to €112,486
of which Trade receivables: -€55,375
- Tangible fixed assets -€15,466
down €15,466 (-30.4%), from €50,862 to €35,396
of which Furniture and vehicles: -€16,330
- Reserves +€82,046
up €82,046 (+22.1%), from €371,921 to €453,967
- Debts after one year -€25,109
down €25,109 (-12.3%), from €203,954 to €178,845
- Gross operating margin +€59,773
up €59,773 (+87.8%), from €68,069 to €127,842
- Taxes +€12,048
up €12,048 (+133%), from €9,057 to €21,105
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 | €691,062 | €755,942 | +€64,880 | +9.4% |
| Fixed assets | 21/28 | €427,588 | €412,122 | -€15,466 | -3.6% |
| Tangible fixed assets | 22/27 | €50,862 | €35,396 | -€15,466 | -30.4% |
| Plant, machinery and equipment | 23 | €626 | €1,489 | +€864 | +138% |
| Furniture and vehicles | 24 | €50,237 | €33,907 | -€16,330 | -32.5% |
| Financial fixed assets | 28 | €376,725 | €376,725 | = | 0.0% |
| Current assets | 29/58 | €263,475 | €343,821 | +€80,346 | +30.5% |
| Amounts receivable within one year | 40/41 | €169,535 | €112,486 | -€57,049 | -33.7% |
| Trade receivables | 40 | €55,375 | €0 | -€55,375 | -100% |
| Other amounts receivable | 41 | €114,160 | €112,486 | -€1,674 | -1.5% |
| Cash at bank and in hand | 54/58 | €93,542 | €230,969 | +€137,427 | +147% |
| Deferred charges and accrued income | 490/1 | €398 | €366 | -€32 | -8.1% |
| Total equity and liabilities | 10/49 | €691,062 | €755,942 | +€64,880 | +9.4% |
| Equity | 10/15 | €390,521 | €472,567 | +€82,046 | +21.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €371,921 | €453,967 | +€82,046 | +22.1% |
| Distributable reserves | 133 | €371,921 | €453,967 | +€82,046 | +22.1% |
| Amounts payable | 17/49 | €300,542 | €283,376 | -€17,166 | -5.7% |
| Amounts payable after more than one year | 17 | €203,954 | €178,845 | -€25,109 | -12.3% |
| Other amounts payable | 178/9 | €203,954 | €178,845 | -€25,109 | -12.3% |
| Amounts payable within one year | 42/48 | €96,588 | €104,531 | +€7,943 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €24,479 | €25,109 | +€629 | +2.6% |
| Trade debts | 44 | €704 | €1,357 | +€653 | +92.8% |
| Suppliers | 440/4 | €704 | €1,357 | +€653 | +92.8% |
| Taxes, remuneration and social security | 45 | €15,204 | €22,081 | +€6,877 | +45.2% |
| Taxes | 450/3 | €13,145 | €17,995 | +€4,850 | +36.9% |
| Remuneration and social security | 454/9 | €2,059 | €4,086 | +€2,027 | +98.4% |
| Other amounts payable | 47/48 | €56,200 | €55,983 | -€217 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,611 | €16,668 | +€57 | +0.3% |
| Other operating charges | 640/8 | €427 | €695 | +€268 | +62.6% |
| Gross operating margin | 9900 | €68,069 | €127,842 | +€59,773 | +87.8% |
| Operating profit (loss) | 9901 | €51,031 | €110,480 | +€59,448 | +116% |
| Financial income | 75/76B | €4,160 | €4,326 | +€166 | +4.0% |
| Recurring financial income | 75 | €4,160 | €4,326 | +€166 | +4.0% |
| Financial charges | 65/66B | €12,427 | €11,655 | -€771 | -6.2% |
| Recurring financial charges | 65 | €12,427 | €11,655 | -€771 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €42,765 | €103,151 | +€60,386 | +141% |
| Income taxes | 67/77 | €9,057 | €21,105 | +€12,048 | +133% |
| Profit (loss) for the period | 9904 | €33,708 | €82,046 | +€48,338 | +143% |
| Profit (loss) for the period to be appropriated | 9905 | €33,708 | €82,046 | +€48,338 | +143% |
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 24 October 2026 via checked.be.