MUSTANG: 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.
MUSTANG
Largest movements
- Receivables within one year +€7,781
up €7,781 (+1,719%), from €453 to €8,234
- Cash +€3,113
up €3,113 (+110%), from €2,835 to €5,948
mainly Trade debts (+€7,690) and Other debts (+€7,000)
- Stocks and contracts -€2,557
down €2,557 (-47.9%), from €5,340 to €2,783
- Trade debts +€7,690
up €7,690 (+8,451%), from €91 to €7,781
- Profit (loss) carried forward -€7,592
down €7,592 (-73.7%), from -€10,302 to -€17,894
- Other debts +€7,000
up €7,000 (+99.0%), from €7,070 to €14,070
- Tax, wage and social debts +€1,446
up €1,446 (+32.7%), from €4,418 to €5,864
- Gross operating margin -€11,022
down €11,022, from €4,517 to -€6,505
- Purchases and services +€4,538
up €4,538 (+6.9%), from €66,097 to €70,634
- Other operating charges +€527
up €527 (+1,597%), from €33 to €560
- Financial charges -€367
down €367 (-41.0%), from €894 to €527
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 | €19,877 | €28,421 | +€8,544 | +43.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €11,250 | €11,250 | = | 0.0% |
| Intangible fixed assets | 21 | €11,250 | €11,250 | = | 0.0% |
| Current assets | 29/58 | €8,627 | €17,171 | +€8,544 | +99.0% |
| Stocks and contracts in progress | 3 | €5,340 | €2,783 | -€2,557 | -47.9% |
| Stocks | 30/36 | €5,340 | €2,783 | -€2,557 | -47.9% |
| Amounts receivable within one year | 40/41 | €453 | €8,234 | +€7,781 | +1,719% |
| Trade receivables | 40 | €453 | €8,234 | +€7,781 | +1,719% |
| Cash at bank and in hand | 54/58 | €2,835 | €5,948 | +€3,113 | +110% |
| Deferred charges and accrued income | 490/1 | - | €207 | +€207 | |
| Total equity and liabilities | 10/49 | €19,877 | €28,421 | +€8,544 | +43.0% |
| Equity | 10/15 | €8,298 | €706 | -€7,592 | -91.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,302 | -€17,894 | -€7,592 | -73.7% |
| Amounts payable | 17/49 | €11,579 | €27,715 | +€16,136 | +139% |
| Amounts payable within one year | 42/48 | €11,579 | €27,715 | +€16,136 | +139% |
| Trade debts | 44 | €91 | €7,781 | +€7,690 | +8,451% |
| Suppliers | 440/4 | €91 | €7,781 | +€7,690 | +8,451% |
| Taxes, remuneration and social security | 45 | €4,418 | €5,864 | +€1,446 | +32.7% |
| Taxes | 450/3 | €4,418 | €5,864 | +€1,446 | +32.7% |
| Other amounts payable | 47/48 | €7,070 | €14,070 | +€7,000 | +99.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €66,097 | €70,634 | +€4,538 | +6.9% |
| Other operating charges | 640/8 | €33 | €560 | +€527 | +1,597% |
| Gross operating margin | 9900 | €4,517 | -€6,505 | -€11,022 | |
| Operating profit (loss) | 9901 | €4,484 | -€7,065 | -€11,549 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €894 | €527 | -€367 | -41.0% |
| Recurring financial charges | 65 | €894 | €527 | -€367 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €3,589 | -€7,592 | -€11,182 | |
| Profit (loss) for the period | 9904 | €3,589 | -€7,592 | -€11,182 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,589 | -€7,592 | -€11,182 |
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 31 October 2026 via checked.be.