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
- Cash +€21,346
up €21,346 (+54.1%), from €39,462 to €60,808
mainly Depreciation (+€11,037) and Net result for the year (+€8,918)
- Tangible fixed assets -€7,837
down €7,837 (-25.3%), from €30,934 to €23,097
- Intangible fixed assets -€3,200
down €3,200 (-11.1%), from €28,800 to €25,600
- Stocks and contracts -€1,855
down €1,855 (-30.1%), from €6,161 to €4,306
- Profit (loss) carried forward +€8,918
up €8,918 (+15.6%), from €56,991 to €65,909
- Tax, wage and social debts -€3,214
down €3,214 (-15.6%), from €20,582 to €17,367
of which Taxes: -€2,083
- Trade debts +€2,750
up €2,750 (+47.5%), from €5,785 to €8,534
- Gross operating margin -€33,663
down €33,663 (-26.7%), from €126,291 to €92,627
- Staff costs +€28,006
up €28,006 (+73.2%), from €38,277 to €66,283
- Taxes -€12,493
down €12,493 (-84.5%), from €14,779 to €2,286
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 | €105,357 | €113,810 | +€8,453 | +8.0% |
| Fixed assets | 21/28 | €59,734 | €48,697 | -€11,037 | -18.5% |
| Intangible fixed assets | 21 | €28,800 | €25,600 | -€3,200 | -11.1% |
| Tangible fixed assets | 22/27 | €30,934 | €23,097 | -€7,837 | -25.3% |
| Plant, machinery and equipment | 23 | €30,934 | €23,097 | -€7,837 | -25.3% |
| Current assets | 29/58 | €45,623 | €65,114 | +€19,491 | +42.7% |
| Stocks and contracts in progress | 3 | €6,161 | €4,306 | -€1,855 | -30.1% |
| Stocks | 30/36 | €6,161 | €4,306 | -€1,855 | -30.1% |
| Cash at bank and in hand | 54/58 | €39,462 | €60,808 | +€21,346 | +54.1% |
| Total equity and liabilities | 10/49 | €105,357 | €113,810 | +€8,453 | +8.0% |
| Equity | 10/15 | €78,991 | €87,909 | +€8,918 | +11.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Other | 1319 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,991 | €65,909 | +€8,918 | +15.6% |
| Amounts payable | 17/49 | €26,366 | €25,901 | -€465 | -1.8% |
| Amounts payable within one year | 42/48 | €26,366 | €25,901 | -€465 | -1.8% |
| Trade debts | 44 | €5,785 | €8,534 | +€2,750 | +47.5% |
| Suppliers | 440/4 | €5,785 | €8,534 | +€2,750 | +47.5% |
| Taxes, remuneration and social security | 45 | €20,582 | €17,367 | -€3,214 | -15.6% |
| Taxes | 450/3 | €19,450 | €17,367 | -€2,083 | -10.7% |
| Remuneration and social security | 454/9 | €1,132 | - | -€1,132 | |
| Remuneration, social security and pensions | 62 | €38,277 | €66,283 | +€28,006 | +73.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,738 | €11,037 | +€300 | +2.8% |
| Other operating charges | 640/8 | €2,116 | €1,699 | -€417 | -19.7% |
| Gross operating margin | 9900 | €126,291 | €92,627 | -€33,663 | -26.7% |
| Operating profit (loss) | 9901 | €75,161 | €13,608 | -€61,553 | -81.9% |
| Financial charges | 65/66B | €1,391 | €2,403 | +€1,013 | +72.8% |
| Recurring financial charges | 65 | €1,391 | €2,403 | +€1,013 | +72.8% |
| Profit (loss) for the period before taxes | 9903 | €73,770 | €11,205 | -€62,565 | -84.8% |
| Income taxes | 67/77 | €14,779 | €2,286 | -€12,493 | -84.5% |
| Profit (loss) for the period | 9904 | €58,991 | €8,918 | -€50,072 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €58,991 | €8,918 | -€50,072 | -84.9% |
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 28 October 2026 via checked.be.