MUSST: 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.
MUSST
Largest movements
- Receivables within one year +€96,485
up €96,485 (+42.7%), from €225,932 to €322,418
of which Trade receivables: +€91,917
- Cash -€51,282
down €51,282 (-36.2%), from €141,648 to €90,366
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€96,485)
- Stocks and contracts -€40,148
down €40,148 (-34.3%), from €117,055 to €76,907
- Trade debts +€44,250
up €44,250 (+36.0%), from €122,838 to €167,087
- Short-term financial debts -€23,559
down €23,559 (-100.0%), from €23,559 to €0
- Tax, wage and social debts -€5,908
down €5,908 (-12.8%), from €46,055 to €40,147
of which Remuneration and social security: -€6,302
- Staff costs +€61,509
up €61,509 (+34.9%), from €176,186 to €237,695
- Gross operating margin +€35,900
up €35,900 (+10.3%), from €349,870 to €385,770
- Taxes -€6,699
down €6,699 (-15.9%), from €42,130 to €35,431
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 | €488,762 | €494,263 | +€5,501 | +1.1% |
| Fixed assets | 21/28 | €4,126 | €4,402 | +€276 | +6.7% |
| Tangible fixed assets | 22/27 | €4,126 | €4,402 | +€276 | +6.7% |
| Plant, machinery and equipment | 23 | - | €1,966 | +€1,966 | |
| Furniture and vehicles | 24 | €4,126 | €2,436 | -€1,690 | -41.0% |
| Current assets | 29/58 | €484,635 | €489,861 | +€5,225 | +1.1% |
| Stocks and contracts in progress | 3 | €117,055 | €76,907 | -€40,148 | -34.3% |
| Stocks | 30/36 | €117,055 | €76,907 | -€40,148 | -34.3% |
| Amounts receivable within one year | 40/41 | €225,932 | €322,418 | +€96,485 | +42.7% |
| Trade receivables | 40 | €225,932 | €317,849 | +€91,917 | +40.7% |
| Other amounts receivable | 41 | - | €4,569 | +€4,569 | |
| Cash at bank and in hand | 54/58 | €141,648 | €90,366 | -€51,282 | -36.2% |
| Deferred charges and accrued income | 490/1 | - | €170 | +€170 | |
| Total equity and liabilities | 10/49 | €488,762 | €494,263 | +€5,501 | +1.1% |
| Equity | 10/15 | €151,691 | €147,505 | -€4,187 | -2.8% |
| Contributions | 10/11 | €62,053 | €62,053 | = | 0.0% |
| Capital | 10 | €62,053 | €62,053 | = | 0.0% |
| Issued capital | 100 | €62,053 | €62,053 | = | 0.0% |
| Reserves | 13 | €6,205 | €6,205 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,205 | €6,205 | = | 0.0% |
| Legal reserve | 130 | €6,205 | €6,205 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,433 | €79,247 | -€4,187 | -5.0% |
| Amounts payable | 17/49 | €337,071 | €346,758 | +€9,688 | +2.9% |
| Amounts payable within one year | 42/48 | €332,452 | €346,234 | +€13,783 | +4.1% |
| Financial debts | 43 | €23,559 | €0 | -€23,559 | -100.0% |
| Credit institutions | 430/8 | €23,559 | €0 | -€23,559 | -100.0% |
| Trade debts | 44 | €122,838 | €167,087 | +€44,250 | +36.0% |
| Suppliers | 440/4 | €122,838 | €167,087 | +€44,250 | +36.0% |
| Taxes, remuneration and social security | 45 | €46,055 | €40,147 | -€5,908 | -12.8% |
| Taxes | 450/3 | €30,622 | €31,016 | +€394 | +1.3% |
| Remuneration and social security | 454/9 | €15,433 | €9,131 | -€6,302 | -40.8% |
| Other amounts payable | 47/48 | €140,000 | €139,000 | -€1,000 | -0.7% |
| Accrued charges and deferred income | 492/3 | €4,619 | €524 | -€4,095 | -88.7% |
| Remuneration, social security and pensions | 62 | €176,186 | €237,695 | +€61,509 | +34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,966 | €2,267 | +€301 | +15.3% |
| Other operating charges | 640/8 | - | €562 | +€562 | |
| Gross operating margin | 9900 | €349,870 | €385,770 | +€35,900 | +10.3% |
| Operating profit (loss) | 9901 | €171,718 | €145,246 | -€26,472 | -15.4% |
| Financial charges | 65/66B | €13,077 | €14,002 | +€925 | +7.1% |
| Recurring financial charges | 65 | €13,077 | €14,002 | +€925 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €158,641 | €131,245 | -€27,397 | -17.3% |
| Income taxes | 67/77 | €42,130 | €35,431 | -€6,699 | -15.9% |
| Profit (loss) for the period | 9904 | €116,511 | €95,813 | -€20,698 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | €116,511 | €95,813 | -€20,698 | -17.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.