MUST & Partners: 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 & Partners
Largest movements
- Receivables within one year -€115,746
down €115,746 (-36.7%), from €315,488 to €199,742
of which Trade receivables: -€127,753
- Cash +€25,052
up €25,052 (+46.7%), from €53,661 to €78,713
mainly Receivables within one year (+€115,746) and Net result for the year (+€59,176)
- Trade debts -€61,058
down €61,058 (-40.9%), from €149,354 to €88,296
- Tax, wage and social debts -€17,337
down €17,337 (-40.4%), from €42,869 to €25,532
of which Taxes: -€24,496
- Profit (loss) carried forward -€12,589
down €12,589 (-7.9%), from €159,552 to €146,963
- Staff costs +€198,882
new in 2025: €198,882
- Gross operating margin +€150,919
up €150,919 (+96.6%), from €156,274 to €307,193
- Taxes -€13,397
down €13,397 (-34.9%), from €38,411 to €25,015
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 | €380,859 | €288,977 | -€91,882 | -24.1% |
| Fixed assets | 21/28 | €7,745 | €4,592 | -€3,152 | -40.7% |
| Tangible fixed assets | 22/27 | €7,745 | €4,592 | -€3,152 | -40.7% |
| Land and buildings | 22 | €3,448 | €3,014 | -€434 | -12.6% |
| Furniture and vehicles | 24 | €4,296 | €1,578 | -€2,718 | -63.3% |
| Current assets | 29/58 | €373,114 | €284,385 | -€88,730 | -23.8% |
| Amounts receivable within one year | 40/41 | €315,488 | €199,742 | -€115,746 | -36.7% |
| Trade receivables | 40 | €280,790 | €153,036 | -€127,753 | -45.5% |
| Other amounts receivable | 41 | €34,698 | €46,705 | +€12,007 | +34.6% |
| Cash at bank and in hand | 54/58 | €53,661 | €78,713 | +€25,052 | +46.7% |
| Deferred charges and accrued income | 490/1 | €3,966 | €5,930 | +€1,964 | +49.5% |
| Total equity and liabilities | 10/49 | €380,859 | €288,977 | -€91,882 | -24.1% |
| Equity | 10/15 | €180,012 | €167,423 | -€12,589 | -7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €159,552 | €146,963 | -€12,589 | -7.9% |
| Amounts payable | 17/49 | €200,847 | €121,554 | -€79,293 | -39.5% |
| Amounts payable within one year | 42/48 | €200,847 | €121,554 | -€79,293 | -39.5% |
| Current portion of amounts payable after more than one year | 42 | €6,667 | €6,422 | -€244 | -3.7% |
| Financial debts | 43 | €1,958 | €941 | -€1,017 | -52.0% |
| Credit institutions | 430/8 | €1,958 | €941 | -€1,017 | -52.0% |
| Trade debts | 44 | €149,354 | €88,296 | -€61,058 | -40.9% |
| Suppliers | 440/4 | €149,354 | €88,296 | -€61,058 | -40.9% |
| Advances received on contracts in progress | 46 | - | €363 | +€363 | |
| Taxes, remuneration and social security | 45 | €42,869 | €25,532 | -€17,337 | -40.4% |
| Taxes | 450/3 | €42,869 | €18,373 | -€24,496 | -57.1% |
| Remuneration and social security | 454/9 | - | €7,159 | +€7,159 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €198,882 | +€198,882 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,399 | €4,195 | -€1,203 | -22.3% |
| Other operating charges | 640/8 | €17,910 | €18,300 | +€390 | +2.2% |
| Gross operating margin | 9900 | €156,274 | €307,193 | +€150,919 | +96.6% |
| Operating profit (loss) | 9901 | €132,965 | €85,816 | -€47,150 | -35.5% |
| Financial income | 75/76B | €728 | €933 | +€205 | +28.1% |
| Recurring financial income | 75 | €728 | €933 | +€205 | +28.1% |
| Financial charges | 65/66B | €4,035 | €2,558 | -€1,477 | -36.6% |
| Recurring financial charges | 65 | €4,035 | €2,558 | -€1,477 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | €129,658 | €84,190 | -€45,468 | -35.1% |
| Income taxes | 67/77 | €38,411 | €25,015 | -€13,397 | -34.9% |
| Profit (loss) for the period | 9904 | €91,247 | €59,176 | -€32,072 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €91,247 | €59,176 | -€32,072 | -35.1% |
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 27 October 2026 via checked.be.