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Muscle Maker (GRIL)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Muscle Maker Balance Sheet 2025-2011 | GRIL
Brief overview of Muscle Maker's balance sheet strength
This overview follows the five latest available annual observations between 2020 and 2024.
Assets rose from $10.5 million to $164.7 million, a gain of +1,467.6%, while CAGR was about 99%. The balance sheet expanded rapidly.
Asset growth of +1,467.6% came with a +2,709.4% rise in liabilities. Financial leverage became more prominent.
The equity ratio is 17.7%, compared with 55.2% before. Low autonomy increases reliance on liabilities.
Net debt is $5.6 million, or 0.19x of equity. This is a conservative debt position.
Cash accounts for 1.1% of assets versus 39.9% initially. The change indicates the degree of financial flexibility.
The balance sheet includes a negative accumulated result of -$83.2 million. It should be assessed alongside historical profits and capital distributions.
Overall picture
Muscle Maker's balance sheet profile remains vulnerable. Lower liabilities and capital accumulation are the main routes to improvement.
Annual Balance Sheet Muscle Maker
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
9.57 M | 5.63 M | 6.34 M | -7.32 M | - | -4.1 M | 898 K | 2.51 M | 2.83 M | 669 K | - | - | - | - | - |
Long Term Debt |
10.2 M | 7.39 M | 7.31 M | 2.02 M | - | - | 315 K | 2.73 M | 2.73 M | 1 M | - | - | - | - | - |
Long Term Debt Current |
27 K | 23 K | 385 K | 560 K | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | 944 K | 1.53 M | 2.77 M | 2.77 M | 1.51 M | - | - | - | - | - |
Total Current Liabilities |
57.6 M | 132 M | 105 M | 6.62 M | 2.93 M | 3.11 M | 4.49 M | 4.56 M | 4.68 M | - | - | - | - | - | - |
Total Liabilities |
57.6 M | 132 M | 154 M | 10.7 M | 5.04 M | 4.71 M | 6.01 M | 7.33 M | 7.45 M | 3.94 M | - | - | - | - | - |
Deferred Revenue |
- | 2.25 M | - | 95.4 K | 49.7 K | 62.9 K | 123 K | 1.03 M | 1.39 M | 1.3 M | - | - | - | - | - |
Retained Earnings |
-177 M | -83.2 M | -87.2 M | -79.4 M | -71.4 M | - | -53.1 M | -23.8 M | -17.1 M | -3.84 M | - | - | - | - | - |
Total Assets |
2.9 M | 165 M | 178 M | 27.2 M | 29.4 M | 10.5 M | 6.26 M | 4.49 M | 4.25 M | 8.25 M | - | - | - | - | - |
Cash and Cash Equivalents |
653 K | 1.79 M | 1.35 M | 9.9 M | 15.8 M | 4.2 M | 479 K | 358 K | 78.7 K | - | - | - | - | - | - |
Book Value |
-54.7 M | 32.4 M | 24.3 M | 16.6 M | 24.4 M | 5.8 M | 246 K | -2.84 M | -3.2 M | 4.32 M | - | - | - | - | - |
Total Shareholders Equity |
-57.4 M | 29.2 M | 20.8 M | 16.6 M | 24.4 M | 5.8 M | 246 K | -2.84 M | -3.13 M | 4.32 M | - | - | - | - | - |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Muscle Maker
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
11.1 M | 11.6 M | 11.3 M | 10.9 M | 111 K | 2.81 M | 3.71 M | 3.64 M | 1.03 M | 3.7 M | 4.41 M | 947 K | 2.02 M | 1.03 M | 965 K | 998 K | - | - | - | - | - | - | - | - | - | - | - | - | - | 17.5 K | 17.5 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
60.8 M | 49.3 M | 94.7 M | 50 M | 132 M | 140 M | 138 M | 125 M | 154 M | 65.3 M | 49.2 M | 44 M | 10.7 M | 6.45 M | 6.87 M | 7.33 M | 5.04 M | 5.2 M | 5.42 M | 5.26 M | 4.71 M | 4.71 M | 4.71 M | 4.71 M | 6.01 M | 6.01 M | 6.01 M | 6.01 M | 7.33 M | 7.33 M | 7.33 M | 7.33 M | 7.45 M | 7.45 M | 7.45 M | 7.45 M | 3.94 M | 3.94 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
- | - | - | - | - | - | - | - | - | 97 K | 93 K | 90 K | 95 K | 91.9 K | 83.1 K | 78.1 K | 49.7 K | 44.4 K | 54.4 K | 22.5 K | 62.9 K | 62.9 K | 62.9 K | 62.9 K | 123 K | 123 K | 123 K | 123 K | 908 K | 908 K | 908 K | 908 K | 1.39 M | 1.39 M | 1.39 M | 1.39 M | 1.3 M | 1.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-182 M | -97.1 M | -81.9 M | -82.2 M | -83.2 M | -83.9 M | -85.1 M | -87.4 M | -87.2 M | -85.4 M | -80.2 M | -80.4 M | -79.4 M | -77 M | -75.1 M | -73.3 M | -71.4 M | -68.5 M | -68 M | -66.9 M | -63.2 M | -63.2 M | -63.2 M | -63.2 M | -53.1 M | -53.1 M | -53.1 M | -53.1 M | -23.8 M | -23.8 M | -23.8 M | -23.8 M | -17.1 M | -17.1 M | -17.1 M | -17.1 M | -3.84 M | -3.84 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
2.38 M | 73 M | 131 M | 83.7 M | 165 M | 171 M | 166 M | 151 M | 178 M | 90.7 M | 72.3 M | 62.6 M | 27.2 M | 25.4 M | 27.7 M | 29.9 M | 29.4 M | 18.4 M | 19 M | 9.34 M | 10.5 M | 10.5 M | 10.5 M | 10.5 M | 6.26 M | 6.26 M | 6.26 M | 6.26 M | 4.49 M | 4.49 M | 4.49 M | 4.49 M | 4.25 M | 4.25 M | 4.25 M | 4.25 M | 8.25 M | 8.25 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
679 K | 581 K | 422 K | 1.94 M | 1.79 M | 962 K | 9.96 M | 1.21 M | 1.35 M | 2.42 M | 5.09 M | 6.39 M | 9.9 M | 11.7 M | 13.5 M | 14.8 M | 15.8 M | 3.62 M | 4.97 M | 2.01 M | 4.2 M | 4.2 M | 4.2 M | 4.2 M | 479 K | 479 K | 479 K | 479 K | 358 K | 358 K | 358 K | 358 K | 78.7 K | 78.7 K | 78.7 K | 78.7 K | 336 K | 336 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
-58.4 M | 23.7 M | 35.9 M | 33.7 M | 32.4 M | 30.8 M | 28.1 M | 25.2 M | 24.3 M | 25.4 M | 23.2 M | 18.6 M | 16.6 M | 18.9 M | 20.8 M | 22.6 M | 24.4 M | 13.2 M | 13.5 M | 4.08 M | 5.8 M | 5.8 M | 5.8 M | 5.8 M | 246 K | 246 K | 246 K | 246 K | -2.84 M | -2.84 M | -2.84 M | -2.84 M | -3.2 M | -3.2 M | -3.2 M | -3.2 M | 4.32 M | 4.32 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
-61.1 M | 20.7 M | 33 M | 30.6 M | 29.2 M | 30.8 M | 28.1 M | 25.2 M | 20.8 M | 25.4 M | 23.2 M | 18.6 M | 16.6 M | 18.9 M | 20.8 M | 22.6 M | 24.4 M | 13.2 M | 13.5 M | 4.08 M | 5.8 M | 5.8 M | 5.8 M | 5.8 M | 246 K | 246 K | -246 K | 246 K | -2.84 M | -2.84 M | -2.84 M | -2.84 M | -3.2 M | -3.13 M | -3.13 M | -3.13 M | 4.16 M | 4.16 M | - | - | 5.91 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Muscle Maker, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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