MUSTAFLEX: what changed
Two fiscal 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.
MUSTAFLEX
Largest movements
- Cash +€29,602
up €29,602 (+38.3%), from €77,309 to €106,912
mainly Other debts (+€53,480) and Net result for the year (+€38,287)
- Other debts +€53,480
up €53,480 (+596.5%), from €8,966 to €62,446
- Profit (loss) carried forward -€17,000
no longer reported in 2025 (was €17,000)
- Tax, wage and social debts -€6,918
no longer reported in 2025 (was €6,918)
- Gross operating margin +€26,664
up €26,664 (+105.6%), from €25,258 to €51,921
- Taxes +€3,941
up €3,941 (+70.5%), from €5,587 to €9,527
- Other operating charges +€799
new in 2025: €799
- Depreciation +€651
up €651 (+26.9%), from €2,422 to €3,073
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.
Cash bridge derived
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 | €91,120 | €120,998 | +€29,878 | +32.8% |
| Fixed assets | 21/28 | €4,880 | €4,450 | -€430 | -8.8% |
| Tangible fixed assets | 22/27 | €4,800 | €4,369 | -€430 | -9.0% |
| Furniture and vehicles | 24 | €4,800 | €4,369 | -€430 | -9.0% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €86,240 | €116,548 | +€30,308 | +35.1% |
| Amounts receivable within one year | 40/41 | €8,931 | €9,636 | +€706 | +7.9% |
| Trade receivables | 40 | €8,931 | €5,808 | -€3,123 | -35.0% |
| Other amounts receivable | 41 | - | €3,828 | +€3,828 | |
| Cash at bank and in hand | 54/58 | €77,309 | €106,912 | +€29,602 | +38.3% |
| Total equity and liabilities | 10/49 | €91,120 | €120,998 | +€29,878 | +32.8% |
| Equity | 10/15 | €74,392 | €57,392 | -€17,000 | -22.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €54,392 | €54,392 | = | 0.0% |
| Distributable reserves | 133 | €54,392 | €54,392 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,000 | - | -€17,000 | |
| Amounts payable | 17/49 | €16,728 | €63,606 | +€46,878 | +280.2% |
| Amounts payable within one year | 42/48 | €16,728 | €63,606 | +€46,878 | +280.2% |
| Trade debts | 44 | €845 | €1,160 | +€315 | +37.3% |
| Suppliers | 440/4 | €845 | €1,160 | +€315 | +37.3% |
| Taxes, remuneration and social security | 45 | €6,918 | - | -€6,918 | |
| Taxes | 450/3 | €6,918 | - | -€6,918 | |
| Other amounts payable | 47/48 | €8,966 | €62,446 | +€53,480 | +596.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,422 | €3,073 | +€651 | +26.9% |
| Other operating charges | 640/8 | - | €799 | +€799 | |
| Gross operating margin | 9900 | €25,258 | €51,921 | +€26,664 | +105.6% |
| Operating profit (loss) | 9901 | €22,836 | €48,049 | +€25,213 | +110.4% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €252 | €235 | -€17 | -6.8% |
| Recurring financial charges | 65 | €252 | €235 | -€17 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €22,587 | €47,815 | +€25,228 | +111.7% |
| Income taxes | 67/77 | €5,587 | €9,527 | +€3,941 | +70.5% |
| Profit (loss) for the period | 9904 | €17,000 | €38,287 | +€21,287 | +125.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,000 | €38,287 | +€21,287 | +125.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.