MUST CONSTRUCT: 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 CONSTRUCT
Largest movements
- Receivables within one year +€56,200
up €56,200 (+521.1%), from €10,785 to €66,985
of which Trade receivables: +€45,065
- Cash +€18,598
up €18,598 (+1210.6%), from €1,536 to €20,134
mainly Net result for the year (+€53,051) and Tax, wage and social debts (+€12,485)
- Tangible fixed assets -€1,200
down €1,200 (-25.0%), from €4,800 to €3,600
- Profit (loss) carried forward +€53,051
up €53,051 (+589.0%), from €9,007 to €62,058
- Tax, wage and social debts +€12,485
new in 2025: €12,485
of which Remuneration and social security: +€10,453
- Trade debts +€8,063
up €8,063 (+99.4%), from €8,114 to €16,176
- Gross operating margin +€80,964
up €80,964 (+790.3%), from €10,244 to €91,208
- Staff costs +€36,873
new in 2025: €36,873
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 | €17,121 | €90,719 | +€73,598 | +429.9% |
| Fixed assets | 21/28 | €4,800 | €3,600 | -€1,200 | -25.0% |
| Tangible fixed assets | 22/27 | €4,800 | €3,600 | -€1,200 | -25.0% |
| Furniture and vehicles | 24 | €4,800 | €3,600 | -€1,200 | -25.0% |
| Current assets | 29/58 | €12,321 | €87,119 | +€74,798 | +607.1% |
| Amounts receivable within one year | 40/41 | €10,785 | €66,985 | +€56,200 | +521.1% |
| Trade receivables | 40 | €10,420 | €55,485 | +€45,065 | +432.5% |
| Other amounts receivable | 41 | €364 | €11,500 | +€11,135 | +3055.2% |
| Cash at bank and in hand | 54/58 | €1,536 | €20,134 | +€18,598 | +1210.6% |
| Total equity and liabilities | 10/49 | €17,121 | €90,719 | +€73,598 | +429.9% |
| Equity | 10/15 | €9,007 | €62,058 | +€53,051 | +589.0% |
| Profit (loss) carried forward | 14 | €9,007 | €62,058 | +€53,051 | +589.0% |
| Amounts payable | 17/49 | €8,114 | €28,661 | +€20,547 | +253.2% |
| Amounts payable within one year | 42/48 | €8,114 | €28,661 | +€20,547 | +253.2% |
| Trade debts | 44 | €8,114 | €16,176 | +€8,063 | +99.4% |
| Suppliers | 440/4 | €8,114 | €16,176 | +€8,063 | +99.4% |
| Taxes, remuneration and social security | 45 | - | €12,485 | +€12,485 | |
| Taxes | 450/3 | - | €2,031 | +€2,031 | |
| Remuneration and social security | 454/9 | - | €10,453 | +€10,453 | |
| Remuneration, social security and pensions | 62 | - | €36,873 | +€36,873 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,200 | €1,200 | = | 0.0% |
| Gross operating margin | 9900 | €10,244 | €91,208 | +€80,964 | +790.3% |
| Operating profit (loss) | 9901 | €9,044 | €53,135 | +€44,091 | +487.5% |
| Financial charges | 65/66B | €37 | €84 | +€47 | +125.5% |
| Recurring financial charges | 65 | €37 | €84 | +€47 | +125.5% |
| Profit (loss) for the period before taxes | 9903 | €9,007 | €53,051 | +€44,044 | +489.0% |
| Profit (loss) for the period | 9904 | €9,007 | €53,051 | +€44,044 | +489.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,007 | €53,051 | +€44,044 | +489.0% |
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.