Must-Vision: 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-Vision
Largest movements
- Receivables within one year +€17,980
up €17,980 (+28.5%), from €62,984 to €80,964
of which Other amounts receivable: +€12,856
- Cash +€13,009
up €13,009 (+3,423%), from €380 to €13,389
mainly Net result for the year (+€32,849) and Tax, wage and social debts (+€2,232)
- Tangible fixed assets +€4,995
new in 2025: €4,995
of which Furniture and vehicles: +€4,020
- Profit (loss) carried forward +€32,849
up €32,849 (+75.9%), from €43,262 to €76,111
- Tax, wage and social debts +€2,232
up €2,232 (+16.9%), from €13,228 to €15,460
of which Taxes: +€2,227
- Purchases and services -€27,324
down €27,324 (-57.4%), from €47,635 to €20,311
- Turnover -€21,269
down €21,269 (-23.4%), from €90,898 to €69,629
- Gross operating margin +€9,986
up €9,986 (+23.1%), from €43,263 to €53,249
- Staff costs -€7,674
down €7,674 (-24.8%), from €30,928 to €23,254
- Financial income +€5,955
up €5,955 (+213%), from €2,793 to €8,748
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 | €63,620 | €99,603 | +€35,983 | +56.6% |
| Fixed assets | 21/28 | €255 | €5,250 | +€4,995 | +1,959% |
| Tangible fixed assets | 22/27 | - | €4,995 | +€4,995 | |
| Plant, machinery and equipment | 23 | - | €975 | +€975 | |
| Furniture and vehicles | 24 | - | €4,020 | +€4,020 | |
| Financial fixed assets | 28 | €255 | €255 | = | 0.0% |
| Current assets | 29/58 | €63,365 | €94,353 | +€30,988 | +48.9% |
| Amounts receivable within one year | 40/41 | €62,984 | €80,964 | +€17,980 | +28.5% |
| Trade receivables | 40 | €4,231 | €9,355 | +€5,124 | +121% |
| Other amounts receivable | 41 | €58,753 | €71,609 | +€12,856 | +21.9% |
| Cash at bank and in hand | 54/58 | €380 | €13,389 | +€13,009 | +3,423% |
| Deferred charges and accrued income | 490/1 | €1 | - | -€1 | |
| Total equity and liabilities | 10/49 | €63,620 | €99,603 | +€35,983 | +56.6% |
| Equity | 10/15 | €50,375 | €83,224 | +€32,849 | +65.2% |
| Contributions | 10/11 | €7,113 | €7,113 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,262 | €76,111 | +€32,849 | +75.9% |
| Amounts payable | 17/49 | €13,245 | €16,379 | +€3,134 | +23.7% |
| Amounts payable within one year | 42/48 | €13,245 | €16,379 | +€3,134 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €17 | - | -€17 | |
| Trade debts | 44 | - | €919 | +€919 | |
| Suppliers | 440/4 | - | €919 | +€919 | |
| Taxes, remuneration and social security | 45 | €13,228 | €15,460 | +€2,232 | +16.9% |
| Taxes | 450/3 | €5,680 | €7,907 | +€2,227 | +39.2% |
| Remuneration and social security | 454/9 | €7,548 | €7,553 | +€5 | +0.1% |
| Turnover | 70 | €90,898 | €69,629 | -€21,269 | -23.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €47,635 | €20,311 | -€27,324 | -57.4% |
| Remuneration, social security and pensions | 62 | €30,928 | €23,254 | -€7,674 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,554 | +€1,554 | |
| Other operating charges | 640/8 | €3,880 | €4,180 | +€300 | +7.7% |
| Gross operating margin | 9900 | €43,263 | €53,249 | +€9,986 | +23.1% |
| Operating profit (loss) | 9901 | €8,455 | €24,261 | +€15,806 | +187% |
| Financial income | 75/76B | €2,793 | €8,748 | +€5,955 | +213% |
| Recurring financial income | 75 | €2,793 | €8,748 | +€5,955 | +213% |
| Financial charges | 65/66B | €204 | €160 | -€44 | -21.6% |
| Recurring financial charges | 65 | €204 | €160 | -€44 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €11,044 | €32,849 | +€21,805 | +197% |
| Profit (loss) for the period | 9904 | €11,044 | €32,849 | +€21,805 | +197% |
| Profit (loss) for the period to be appropriated | 9905 | €11,044 | €32,849 | +€21,805 | +197% |
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 26 October 2026 via checked.be.