MUST TELECOM: 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 TELECOM
Largest movements
- Tangible fixed assets -€65,803
down €65,803 (-26.1%), from €252,577 to €186,774
of which Furniture and vehicles: -€49,892
- Intangible fixed assets -€17,115
down €17,115 (-100%), from €17,115 to €0
- Cash -€15,409
down €15,409 (-66.9%), from €23,038 to €7,629
mainly Other debts (-€31,614) and Debts after one year (-€27,198)
- Receivables within one year +€5,772
up €5,772 (+250%), from €2,309 to €8,081
- Other debts -€31,614
down €31,614 (-25.4%), from €124,287 to €92,673
- Debts after one year -€27,198
down €27,198 (-27.1%), from €100,362 to €73,164
- Current portion of long-term debt -€14,602
down €14,602 (-33.0%), from €44,231 to €29,629
- Profit (loss) carried forward -€9,202
down €9,202 (-67.7%), from -€13,598 to -€22,800
- Accrued charges and deferred income -€7,066
no longer reported in 2025 (was €7,066)
- Gross operating margin +€88,718
up €88,718, from -€10,603 to €78,115
- Depreciation -€27,446
down €27,446 (-26.9%), from €102,068 to €74,622
- Financial charges +€4,965
up €4,965 (+125%), from €3,962 to €8,927
- Other operating charges -€2,601
down €2,601 (-68.1%), from €3,821 to €1,220
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 | €340,518 | €247,755 | -€92,763 | -27.2% |
| Fixed assets | 21/28 | €311,753 | €228,836 | -€82,918 | -26.6% |
| Intangible fixed assets | 21 | €17,115 | €0 | -€17,115 | -100% |
| Tangible fixed assets | 22/27 | €252,577 | €186,774 | -€65,803 | -26.1% |
| Land and buildings | 22 | €61,849 | €46,264 | -€15,585 | -25.2% |
| Plant, machinery and equipment | 23 | €1,273 | €947 | -€326 | -25.6% |
| Furniture and vehicles | 24 | €189,456 | €139,564 | -€49,892 | -26.3% |
| Financial fixed assets | 28 | €42,061 | €42,061 | = | 0.0% |
| Current assets | 29/58 | €28,764 | €18,919 | -€9,845 | -34.2% |
| Amounts receivable within one year | 40/41 | €2,309 | €8,081 | +€5,772 | +250% |
| Trade receivables | 40 | €2,309 | €8,081 | +€5,772 | +250% |
| Cash at bank and in hand | 54/58 | €23,038 | €7,629 | -€15,409 | -66.9% |
| Deferred charges and accrued income | 490/1 | €3,417 | €3,209 | -€208 | -6.1% |
| Total equity and liabilities | 10/49 | €340,518 | €247,755 | -€92,763 | -27.2% |
| Equity | 10/15 | €46,862 | €37,660 | -€9,202 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €41,860 | €41,860 | = | 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% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,598 | -€22,800 | -€9,202 | -67.7% |
| Amounts payable | 17/49 | €293,656 | €210,095 | -€83,560 | -28.5% |
| Amounts payable after more than one year | 17 | €100,362 | €73,164 | -€27,198 | -27.1% |
| Financial debts | 170/4 | €100,362 | €73,164 | -€27,198 | -27.1% |
| Amounts payable within one year | 42/48 | €186,228 | €136,932 | -€49,296 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €44,231 | €29,629 | -€14,602 | -33.0% |
| Trade debts | 44 | €10,605 | €13,545 | +€2,940 | +27.7% |
| Suppliers | 440/4 | €10,605 | €13,545 | +€2,940 | +27.7% |
| Taxes, remuneration and social security | 45 | €7,105 | €1,084 | -€6,021 | -84.7% |
| Taxes | 450/3 | €7,105 | €1,084 | -€6,021 | -84.7% |
| Other amounts payable | 47/48 | €124,287 | €92,673 | -€31,614 | -25.4% |
| Accrued charges and deferred income | 492/3 | €7,066 | - | -€7,066 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,068 | €74,622 | -€27,446 | -26.9% |
| Other operating charges | 640/8 | €3,821 | €1,220 | -€2,601 | -68.1% |
| Non-recurring operating charges | 66A | - | €242 | +€242 | |
| Gross operating margin | 9900 | -€10,603 | €78,115 | +€88,718 | |
| Operating profit (loss) | 9901 | -€116,492 | €2,031 | +€118,523 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €3,962 | €8,927 | +€4,965 | +125% |
| Recurring financial charges | 65 | €3,962 | €8,927 | +€4,965 | +125% |
| Profit (loss) for the period before taxes | 9903 | -€120,454 | -€6,894 | +€113,559 | +94.3% |
| Income taxes | 67/77 | €300 | €445 | +€145 | +48.2% |
| Profit (loss) for the period | 9904 | -€120,754 | -€7,340 | +€113,415 | +93.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€120,754 | -€7,340 | +€113,415 | +93.9% |
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 15 October 2026 via checked.be.