MUST EAT: 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 EAT
Largest movements
- Receivables within one year +€163,821
up €163,821 (+168%), from €97,757 to €261,578
of which Trade receivables: +€169,177
- Tangible fixed assets -€142,151
down €142,151 (-13.5%), from €1.1m to €908,221
of which Other tangible fixed assets: -€118,871
- Intangible fixed assets -€75,820
down €75,820 (-32.9%), from €230,465 to €154,644
- Debts after one year +€389,267
up €389,267 (+15.7%), from €2.5m to €2.9m
- Other debts -€334,267
down €334,267 (-100%), from €334,267 to €0
- Profit (loss) carried forward -€249,546
down €249,546 (-22.1%), from -€1.1m to -€1.4m
- Accrued charges and deferred income +€146,447
up €146,447, from €0 to €146,447
- Staff costs -€71,873
down €71,873 (-100%), from €71,873 to €0
- Financial charges +€15,097
up €15,097 (+11.8%), from €127,635 to €142,732
- Other operating charges -€14,819
down €14,819 (-68.5%), from €21,623 to €6,803
- Gross operating margin +€5,429
up €5,429 (+4.8%), from €112,406 to €117,835
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 | €2,004,461 | €1,952,002 | -€52,459 | -2.6% |
| Fixed assets | 21/28 | €1,895,768 | €1,662,865 | -€232,902 | -12.3% |
| Intangible fixed assets | 21 | €230,465 | €154,644 | -€75,820 | -32.9% |
| Tangible fixed assets | 22/27 | €1,050,372 | €908,221 | -€142,151 | -13.5% |
| Plant, machinery and equipment | 23 | €54,899 | €36,586 | -€18,313 | -33.4% |
| Furniture and vehicles | 24 | €16,102 | €11,135 | -€4,967 | -30.8% |
| Other tangible fixed assets | 26 | €979,372 | €860,500 | -€118,871 | -12.1% |
| Financial fixed assets | 28 | €614,931 | €600,000 | -€14,931 | -2.4% |
| Current assets | 29/58 | €108,693 | €289,136 | +€180,443 | +166% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €97,757 | €261,578 | +€163,821 | +168% |
| Trade receivables | 40 | €86,857 | €256,034 | +€169,177 | +195% |
| Other amounts receivable | 41 | €10,901 | €5,545 | -€5,356 | -49.1% |
| Cash at bank and in hand | 54/58 | €9,468 | €26,751 | +€17,283 | +183% |
| Deferred charges and accrued income | 490/1 | €1,467 | €807 | -€661 | -45.0% |
| Total equity and liabilities | 10/49 | €2,004,461 | €1,952,002 | -€52,459 | -2.6% |
| Equity | 10/15 | -€822,349 | -€1,071,895 | -€249,546 | -30.3% |
| Contributions | 10/11 | €306,200 | €306,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,128,549 | -€1,378,095 | -€249,546 | -22.1% |
| Amounts payable | 17/49 | €2,826,810 | €3,023,897 | +€197,087 | +7.0% |
| Amounts payable after more than one year | 17 | €2,485,000 | €2,874,267 | +€389,267 | +15.7% |
| Financial debts | 170/4 | €2,485,000 | €2,874,267 | +€389,267 | +15.7% |
| Amounts payable within one year | 42/48 | €341,810 | €3,182 | -€338,627 | -99.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €6,648 | €115 | -€6,533 | -98.3% |
| Suppliers | 440/4 | €6,648 | €115 | -€6,533 | -98.3% |
| Taxes, remuneration and social security | 45 | €895 | €3,067 | +€2,173 | +243% |
| Taxes | 450/3 | €895 | €3,067 | +€2,173 | +243% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €334,267 | €0 | -€334,267 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €146,447 | +€146,447 | |
| Non-recurring operating income | 76A | €24,842 | €0 | -€24,842 | -100% |
| Remuneration, social security and pensions | 62 | €71,873 | €0 | -€71,873 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,981 | €217,971 | -€9 | 0.0% |
| Other operating charges | 640/8 | €21,623 | €6,803 | -€14,819 | -68.5% |
| Non-recurring operating charges | 66A | €17,100 | €0 | -€17,100 | -100% |
| Gross operating margin | 9900 | €112,406 | €117,835 | +€5,429 | +4.8% |
| Operating profit (loss) | 9901 | -€216,170 | -€106,940 | +€109,230 | +50.5% |
| Financial income | 75/76B | €43 | €179 | +€136 | +318% |
| Recurring financial income | 75 | €43 | €179 | +€136 | +318% |
| Financial charges | 65/66B | €127,635 | €142,732 | +€15,097 | +11.8% |
| Recurring financial charges | 65 | €127,635 | €142,732 | +€15,097 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | -€343,762 | -€249,493 | +€94,269 | +27.4% |
| Income taxes | 67/77 | - | €54 | +€54 | |
| Profit (loss) for the period | 9904 | -€343,762 | -€249,546 | +€94,215 | +27.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€343,762 | -€249,546 | +€94,215 | +27.4% |
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 30 October 2026 via checked.be.