MUST VISITS: 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 VISITS
Largest movements
- Receivables within one year -€70,451
down €70,451 (-56.8%), from €123,951 to €53,500
of which Trade receivables: -€78,812
- Tangible fixed assets -€33,701
down €33,701 (-25.0%), from €134,666 to €100,964
of which Furniture and vehicles: -€21,956
- Trade debts -€68,266
down €68,266 (-82.1%), from €83,137 to €14,872
- Debts after one year -€17,470
down €17,470 (-33.4%), from €52,252 to €34,782
- Other debts -€8,551
down €8,551 (-49.5%), from €17,282 to €8,731
- Profit (loss) carried forward -€4,188
new in 2025: -€4,188
- Advances received -€3,565
no longer reported in 2025 (was €3,565)
- Gross operating margin -€26,804
down €26,804 (-32.2%), from €83,324 to €56,520
- Depreciation +€16,789
up €16,789 (+87.1%), from €19,279 to €36,068
- Taxes -€13,053
down €13,053 (-68.6%), from €19,039 to €5,986
- Staff costs +€4,577
up €4,577 (+31.4%), from €14,593 to €19,170
- Financial income +€1,864
up €1,864 (+87.7%), from €2,125 to €3,988
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 | €302,680 | €199,701 | -€102,979 | -34.0% |
| Fixed assets | 21/28 | €134,666 | €100,964 | -€33,701 | -25.0% |
| Tangible fixed assets | 22/27 | €134,666 | €100,964 | -€33,701 | -25.0% |
| Plant, machinery and equipment | 23 | €41,284 | €29,538 | -€11,746 | -28.5% |
| Furniture and vehicles | 24 | €93,382 | €71,426 | -€21,956 | -23.5% |
| Current assets | 29/58 | €168,014 | €98,737 | -€69,278 | -41.2% |
| Amounts receivable within one year | 40/41 | €123,951 | €53,500 | -€70,451 | -56.8% |
| Trade receivables | 40 | €114,358 | €35,546 | -€78,812 | -68.9% |
| Other amounts receivable | 41 | €9,593 | €17,954 | +€8,361 | +87.2% |
| Cash at bank and in hand | 54/58 | €40,572 | €42,479 | +€1,907 | +4.7% |
| Deferred charges and accrued income | 490/1 | €3,491 | €2,758 | -€734 | -21.0% |
| Total equity and liabilities | 10/49 | €302,680 | €199,701 | -€102,979 | -34.0% |
| Equity | 10/15 | €124,845 | €120,657 | -€4,188 | -3.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €118,645 | €118,645 | = | 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 | €116,785 | €116,785 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€4,188 | -€4,188 | |
| Amounts payable | 17/49 | €177,835 | €79,044 | -€98,791 | -55.6% |
| Amounts payable after more than one year | 17 | €52,252 | €34,782 | -€17,470 | -33.4% |
| Financial debts | 170/4 | €52,252 | €34,782 | -€17,470 | -33.4% |
| Amounts payable within one year | 42/48 | €125,583 | €44,262 | -€81,321 | -64.8% |
| Current portion of amounts payable after more than one year | 42 | €16,799 | €17,470 | +€671 | +4.0% |
| Trade debts | 44 | €83,137 | €14,872 | -€68,266 | -82.1% |
| Suppliers | 440/4 | €83,137 | €14,872 | -€68,266 | -82.1% |
| Advances received on contracts in progress | 46 | €3,565 | - | -€3,565 | |
| Taxes, remuneration and social security | 45 | €4,800 | €3,189 | -€1,611 | -33.6% |
| Remuneration and social security | 454/9 | €4,800 | €3,189 | -€1,611 | -33.6% |
| Other amounts payable | 47/48 | €17,282 | €8,731 | -€8,551 | -49.5% |
| Non-recurring operating income | 76A | €12,615 | - | -€12,615 | |
| Remuneration, social security and pensions | 62 | €14,593 | €19,170 | +€4,577 | +31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,279 | €36,068 | +€16,789 | +87.1% |
| Other operating charges | 640/8 | €842 | €672 | -€170 | -20.2% |
| Gross operating margin | 9900 | €83,324 | €56,520 | -€26,804 | -32.2% |
| Operating profit (loss) | 9901 | €48,610 | €610 | -€47,999 | -98.7% |
| Financial income | 75/76B | €2,125 | €3,988 | +€1,864 | +87.7% |
| Recurring financial income | 75 | €2,125 | €3,988 | +€1,864 | +87.7% |
| Financial charges | 65/66B | €954 | €2,800 | +€1,846 | +194% |
| Recurring financial charges | 65 | €954 | €2,800 | +€1,846 | +194% |
| Profit (loss) for the period before taxes | 9903 | €49,781 | €1,798 | -€47,982 | -96.4% |
| Income taxes | 67/77 | €19,039 | €5,986 | -€13,053 | -68.6% |
| Profit (loss) for the period | 9904 | €30,741 | -€4,188 | -€34,929 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,741 | -€4,188 | -€34,929 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.