MSTN: 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.
MSTN
Largest movements
- Receivables within one year +€9,465
up €9,465 (+121.1%), from €7,818 to €17,283
of which Trade receivables: +€9,732
- Cash -€6,219
down €6,219 (-54.6%), from €11,397 to €5,178
mainly Receivables within one year (-€9,465) and Other debts (-€9,223)
- Tangible fixed assets -€2,776
down €2,776 (-10.1%), from €27,561 to €24,785
of which Furniture and vehicles: -€5,983
- Reserves +€9,653
up €9,653 (+64.9%), from €14,869 to €24,522
- Other debts -€9,223
down €9,223 (-38.0%), from €24,263 to €15,039
- Trade debts +€2,504
up €2,504 (+210.5%), from €1,190 to €3,694
- Tax, wage and social debts -€2,500
down €2,500 (-50.0%), from €5,000 to €2,500
- Gross operating margin -€4,974
down €4,974 (-19.7%), from €25,310 to €20,336
- Taxes -€2,462
down €2,462 (-49.2%), from €5,000 to €2,538
- Depreciation +€2,188
up €2,188 (+44.6%), from €4,901 to €7,089
- Other operating charges +€404
up €404 (+74.9%), from €539 to €943
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 | €47,322 | €47,756 | +€434 | +0.9% |
| Fixed assets | 21/28 | €27,561 | €24,785 | -€2,776 | -10.1% |
| Tangible fixed assets | 22/27 | €27,561 | €24,785 | -€2,776 | -10.1% |
| Plant, machinery and equipment | 23 | - | €3,207 | +€3,207 | |
| Furniture and vehicles | 24 | €27,561 | €21,578 | -€5,983 | -21.7% |
| Current assets | 29/58 | €19,761 | €22,971 | +€3,210 | +16.2% |
| Amounts receivable within one year | 40/41 | €7,818 | €17,283 | +€9,465 | +121.1% |
| Trade receivables | 40 | €6,833 | €16,565 | +€9,732 | +142.4% |
| Other amounts receivable | 41 | €985 | €718 | -€267 | -27.1% |
| Cash at bank and in hand | 54/58 | €11,397 | €5,178 | -€6,219 | -54.6% |
| Deferred charges and accrued income | 490/1 | €546 | €510 | -€36 | -6.6% |
| Total equity and liabilities | 10/49 | €47,322 | €47,756 | +€434 | +0.9% |
| Equity | 10/15 | €16,869 | €26,522 | +€9,653 | +57.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €14,869 | €24,522 | +€9,653 | +64.9% |
| Distributable reserves | 133 | €14,869 | €24,522 | +€9,653 | +64.9% |
| Amounts payable | 17/49 | €30,453 | €21,234 | -€9,219 | -30.3% |
| Amounts payable within one year | 42/48 | €30,453 | €21,234 | -€9,219 | -30.3% |
| Trade debts | 44 | €1,190 | €3,694 | +€2,504 | +210.5% |
| Suppliers | 440/4 | €1,190 | €3,694 | +€2,504 | +210.5% |
| Taxes, remuneration and social security | 45 | €5,000 | €2,500 | -€2,500 | -50.0% |
| Taxes | 450/3 | €5,000 | €2,500 | -€2,500 | -50.0% |
| Other amounts payable | 47/48 | €24,263 | €15,039 | -€9,223 | -38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,901 | €7,089 | +€2,188 | +44.6% |
| Other operating charges | 640/8 | €539 | €943 | +€404 | +74.9% |
| Gross operating margin | 9900 | €25,310 | €20,336 | -€4,974 | -19.7% |
| Operating profit (loss) | 9901 | €19,870 | €12,305 | -€7,565 | -38.1% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €0 | €115 | +€115 | +76560.0% |
| Recurring financial charges | 65 | €0 | €115 | +€115 | +76560.0% |
| Profit (loss) for the period before taxes | 9903 | €19,869 | €12,191 | -€7,679 | -38.6% |
| Income taxes | 67/77 | €5,000 | €2,538 | -€2,462 | -49.2% |
| Profit (loss) for the period | 9904 | €14,869 | €9,653 | -€5,217 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,869 | €9,653 | -€5,217 | -35.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.