Must 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.
Must Consulting
Largest movements
- Cash -€4,889
down €4,889 (-33.2%), from €14,739 to €9,850
mainly Net result for the year (-€11,758) and Other debts (-€7,810)
- Receivables within one year +€2,735
up €2,735 (+15.8%), from €17,303 to €20,038
- Tangible fixed assets -€1,840
no longer reported in 2025 (was €1,840)
- Trade debts +€15,224
up €15,224 (+883%), from €1,724 to €16,947
- Profit (loss) carried forward -€11,758
down €11,758 (-27.1%), from -€43,449 to -€55,207
- Other debts -€7,810
down €7,810 (-13.0%), from €59,902 to €52,092
- Tax, wage and social debts +€357
up €357 (+3.2%), from €11,154 to €11,511
of which Taxes: +€437
- Gross operating margin -€22,899
down €22,899, from €14,475 to -€8,425
- Depreciation -€6,440
down €6,440 (-77.8%), from €8,280 to €1,840
- Financial charges +€465
up €465 (+255%), from €182 to €647
- Other operating charges -€270
down €270 (-40.3%), from €670 to €400
- Taxes +€174
up €174 (+64.0%), from €272 to €447
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 | €34,330 | €30,343 | -€3,987 | -11.6% |
| Fixed assets | 21/28 | €1,840 | - | -€1,840 | |
| Tangible fixed assets | 22/27 | €1,840 | - | -€1,840 | |
| Furniture and vehicles | 24 | €1,840 | - | -€1,840 | |
| Current assets | 29/58 | €32,490 | €30,343 | -€2,147 | -6.6% |
| Amounts receivable within one year | 40/41 | €17,303 | €20,038 | +€2,735 | +15.8% |
| Trade receivables | 40 | €17,303 | €20,038 | +€2,735 | +15.8% |
| Cash at bank and in hand | 54/58 | €14,739 | €9,850 | -€4,889 | -33.2% |
| Deferred charges and accrued income | 490/1 | €448 | €455 | +€7 | +1.6% |
| Total equity and liabilities | 10/49 | €34,330 | €30,343 | -€3,987 | -11.6% |
| Equity | 10/15 | -€38,449 | -€50,207 | -€11,758 | -30.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,449 | -€55,207 | -€11,758 | -27.1% |
| Amounts payable | 17/49 | €72,779 | €80,550 | +€7,771 | +10.7% |
| Amounts payable within one year | 42/48 | €72,779 | €80,550 | +€7,771 | +10.7% |
| Trade debts | 44 | €1,724 | €16,947 | +€15,224 | +883% |
| Suppliers | 440/4 | €1,724 | €16,947 | +€15,224 | +883% |
| Taxes, remuneration and social security | 45 | €11,154 | €11,511 | +€357 | +3.2% |
| Taxes | 450/3 | €9,226 | €9,663 | +€437 | +4.7% |
| Remuneration and social security | 454/9 | €1,928 | €1,848 | -€80 | -4.1% |
| Other amounts payable | 47/48 | €59,902 | €52,092 | -€7,810 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,280 | €1,840 | -€6,440 | -77.8% |
| Other operating charges | 640/8 | €670 | €400 | -€270 | -40.3% |
| Gross operating margin | 9900 | €14,475 | -€8,425 | -€22,899 | |
| Operating profit (loss) | 9901 | €5,524 | -€10,664 | -€16,189 | |
| Financial charges | 65/66B | €182 | €647 | +€465 | +255% |
| Recurring financial charges | 65 | €182 | €647 | +€465 | +255% |
| Profit (loss) for the period before taxes | 9903 | €5,342 | -€11,311 | -€16,654 | |
| Income taxes | 67/77 | €272 | €447 | +€174 | +64.0% |
| Profit (loss) for the period | 9904 | €5,070 | -€11,758 | -€16,828 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,070 | -€11,758 | -€16,828 |
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 22 October 2026 via checked.be.