MU-ST Consulting: 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.
MU-ST Consulting
Largest movements
- Receivables after one year +€46,777
up €46,777 (+47.2%), from €99,196 to €145,973
- Cash -€2,710
down €2,710 (-23.6%), from €11,472 to €8,762
mainly Receivables after one year (-€46,777) and Trade debts (-€10,869)
- Reserves +€50,000
up €50,000 (+71.4%), from €70,000 to €120,000
- Trade debts -€10,869
down €10,869 (-87.9%), from €12,367 to €1,498
- Short-term financial debts +€4,059
new in 2025: €4,059
- Gross operating margin +€10,102
up €10,102 (+19.8%), from €50,957 to €61,059
- Taxes +€2,846
up €2,846 (+28.0%), from €10,172 to €13,018
- Financial income +€1,799
up €1,799 (+47.2%), from €3,815 to €5,614
- Financial charges +€1,200
up €1,200 (+356%), from €337 to €1,538
- Depreciation -€1,111
down €1,111 (-56.4%), from €1,968 to €857
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 | €114,100 | €156,662 | +€42,562 | +37.3% |
| Formation expenses | 20 | €567 | €295 | -€272 | -48.0% |
| Fixed assets | 21/28 | €2,090 | €1,505 | -€585 | -28.0% |
| Tangible fixed assets | 22/27 | €1,987 | €1,402 | -€585 | -29.4% |
| Land and buildings | 22 | €1,873 | €1,402 | -€472 | -25.2% |
| Furniture and vehicles | 24 | €113 | €0 | -€113 | -100% |
| Financial fixed assets | 28 | €103 | €103 | = | 0.0% |
| Current assets | 29/58 | €111,442 | €154,862 | +€43,419 | +39.0% |
| Amounts receivable after more than one year | 29 | €99,196 | €145,973 | +€46,777 | +47.2% |
| Other amounts receivable | 291 | €99,196 | €145,973 | +€46,777 | +47.2% |
| Amounts receivable within one year | 40/41 | €774 | €127 | -€647 | -83.6% |
| Trade receivables | 40 | €774 | €127 | -€647 | -83.6% |
| Cash at bank and in hand | 54/58 | €11,472 | €8,762 | -€2,710 | -23.6% |
| Total equity and liabilities | 10/49 | €114,100 | €156,662 | +€42,562 | +37.3% |
| Equity | 10/15 | €76,360 | €126,358 | +€49,998 | +65.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €70,000 | €120,000 | +€50,000 | +71.4% |
| Distributable reserves | 133 | €70,000 | €120,000 | +€50,000 | +71.4% |
| Profit (loss) carried forward | 14 | €1,360 | €1,358 | -€2 | -0.2% |
| Amounts payable | 17/49 | €37,739 | €30,304 | -€7,436 | -19.7% |
| Amounts payable within one year | 42/48 | €37,739 | €30,304 | -€7,436 | -19.7% |
| Financial debts | 43 | - | €4,059 | +€4,059 | |
| Other loans | 439 | - | €4,059 | +€4,059 | |
| Trade debts | 44 | €12,367 | €1,498 | -€10,869 | -87.9% |
| Suppliers | 440/4 | €12,367 | €1,498 | -€10,869 | -87.9% |
| Taxes, remuneration and social security | 45 | €24,130 | €24,747 | +€617 | +2.6% |
| Taxes | 450/3 | €24,130 | €24,747 | +€617 | +2.6% |
| Other amounts payable | 47/48 | €1,241 | €0 | -€1,241 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,968 | €857 | -€1,111 | -56.4% |
| Other operating charges | 640/8 | €456 | €1,263 | +€806 | +177% |
| Gross operating margin | 9900 | €50,957 | €61,059 | +€10,102 | +19.8% |
| Operating profit (loss) | 9901 | €48,533 | €58,939 | +€10,406 | +21.4% |
| Financial income | 75/76B | €3,815 | €5,614 | +€1,799 | +47.2% |
| Recurring financial income | 75 | €3,815 | €5,614 | +€1,799 | +47.2% |
| Financial charges | 65/66B | €337 | €1,538 | +€1,200 | +356% |
| Recurring financial charges | 65 | €337 | €1,538 | +€1,200 | +356% |
| Profit (loss) for the period before taxes | 9903 | €52,011 | €63,016 | +€11,005 | +21.2% |
| Income taxes | 67/77 | €10,172 | €13,018 | +€2,846 | +28.0% |
| Profit (loss) for the period | 9904 | €41,839 | €49,998 | +€8,159 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €41,839 | €49,998 | +€8,159 | +19.5% |
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 29 October 2026 via checked.be.