MUST 031: 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.
MUST 031
Largest movements
- Cash +€11,207
up €11,207 (+91.0%), from €12,312 to €23,519
mainly Other debts (+€8,228) and Net result for the year (+€6,028)
- Tangible fixed assets +€2,995
up €2,995 (+45.1%), from €6,648 to €9,643
of which Other tangible fixed assets: +€5,000
- Receivables within one year -€2,369
down €2,369 (-20.5%), from €11,579 to €9,209
of which Trade receivables: -€1,680
- Stocks and contracts -€2,220
down €2,220 (-60.0%), from €3,700 to €1,480
- Other debts +€8,228
up €8,228 (+95.0%), from €8,661 to €16,888
- Profit (loss) carried forward +€6,028
up €6,028 (+960.5%), from €628 to €6,656
- Tax, wage and social debts -€2,354
down €2,354 (-50.5%), from €4,661 to €2,307
- Trade debts -€1,958
no longer reported in 2025 (was €1,958)
- Gross operating margin +€7,304
up €7,304 (+224.8%), from €3,250 to €10,554
- Taxes +€1,322
up €1,322 (+318.4%), from €415 to €1,737
- Financial charges +€172
up €172 (+74.0%), from €232 to €404
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 | €34,238 | €43,852 | +€9,613 | +28.1% |
| Fixed assets | 21/28 | €6,648 | €9,643 | +€2,995 | +45.1% |
| Tangible fixed assets | 22/27 | €6,648 | €9,643 | +€2,995 | +45.1% |
| Furniture and vehicles | 24 | €6,648 | €4,643 | -€2,005 | -30.2% |
| Other tangible fixed assets | 26 | - | €5,000 | +€5,000 | |
| Current assets | 29/58 | €27,590 | €34,209 | +€6,618 | +24.0% |
| Stocks and contracts in progress | 3 | €3,700 | €1,480 | -€2,220 | -60.0% |
| Stocks | 30/36 | €3,700 | €1,480 | -€2,220 | -60.0% |
| Amounts receivable within one year | 40/41 | €11,579 | €9,209 | -€2,369 | -20.5% |
| Trade receivables | 40 | €8,709 | €7,029 | -€1,680 | -19.3% |
| Other amounts receivable | 41 | €2,869 | €2,180 | -€689 | -24.0% |
| Cash at bank and in hand | 54/58 | €12,312 | €23,519 | +€11,207 | +91.0% |
| Total equity and liabilities | 10/49 | €34,238 | €43,852 | +€9,613 | +28.1% |
| Equity | 10/15 | €18,628 | €24,656 | +€6,028 | +32.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €17,000 | €17,000 | = | 0.0% |
| Distributable reserves | 133 | €17,000 | €17,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €628 | €6,656 | +€6,028 | +960.5% |
| Amounts payable | 17/49 | €15,610 | €19,195 | +€3,585 | +23.0% |
| Amounts payable within one year | 42/48 | €15,280 | €19,195 | +€3,915 | +25.6% |
| Trade debts | 44 | €1,958 | - | -€1,958 | |
| Suppliers | 440/4 | €1,958 | - | -€1,958 | |
| Taxes, remuneration and social security | 45 | €4,661 | €2,307 | -€2,354 | -50.5% |
| Taxes | 450/3 | €4,661 | €2,307 | -€2,354 | -50.5% |
| Other amounts payable | 47/48 | €8,661 | €16,888 | +€8,228 | +95.0% |
| Accrued charges and deferred income | 492/3 | €330 | - | -€330 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,931 | €2,005 | +€74 | +3.8% |
| Other operating charges | 640/8 | €482 | €380 | -€102 | -21.2% |
| Gross operating margin | 9900 | €3,250 | €10,554 | +€7,304 | +224.8% |
| Operating profit (loss) | 9901 | €837 | €8,169 | +€7,333 | +876.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €232 | €404 | +€172 | +74.0% |
| Recurring financial charges | 65 | €232 | €404 | +€172 | +74.0% |
| Profit (loss) for the period before taxes | 9903 | €605 | €7,766 | +€7,161 | +1184.1% |
| Income taxes | 67/77 | €415 | €1,737 | +€1,322 | +318.4% |
| Profit (loss) for the period | 9904 | €190 | €6,028 | +€5,839 | +3079.7% |
| Profit (loss) for the period to be appropriated | 9905 | €190 | €6,028 | +€5,839 | +3079.7% |
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 11 October 2026 via checked.be.