MUSTANG & CO: 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 & CO
Largest movements
- Receivables within one year -€535,521
down €535,521 (-98.4%), from €544,448 to €8,927
of which Trade receivables: -€530,944
- Cash -€193,841
down €193,841 (-99.0%), from €195,860 to €2,018
mainly Trade debts (-€510,990) and Other debts (-€295,351)
- Stocks and contracts +€73,730
up €73,730 (+7.2%), from €1.0m to €1.1m
- Trade debts -€510,990
down €510,990 (-85.1%), from €600,683 to €89,693
- Advances received +€362,408
up €362,408 (+101%), from €358,817 to €721,225
- Other debts -€295,351
down €295,351 (-96.1%), from €307,271 to €11,920
- Short-term financial debts -€284,806
down €284,806 (-66.1%), from €430,885 to €146,079
- Current portion of long-term debt -€108,279
down €108,279 (-100.0%), from €108,320 to €41
- Gross operating margin -€269,809
down €269,809 (-40.4%), from €667,598 to €397,789
- Taxes -€78,215
down €78,215 (-82.2%), from €95,104 to €16,889
- Staff costs +€43,347
up €43,347 (+30.8%), from €140,839 to €184,187
- Financial income -€27,834
down €27,834 (-98.2%), from €28,349 to €515
- Financial charges -€24,538
down €24,538 (-33.5%), from €73,192 to €48,653
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,130,602 | €2,461,686 | -€668,916 | -21.4% |
| Fixed assets | 21/28 | €1,350,447 | €1,346,956 | -€3,491 | -0.3% |
| Intangible fixed assets | 21 | €2,107 | €1,465 | -€642 | -30.5% |
| Tangible fixed assets | 22/27 | €1,348,154 | €1,345,491 | -€2,663 | -0.2% |
| Land and buildings | 22 | €1,035,400 | €1,043,485 | +€8,084 | +0.8% |
| Plant, machinery and equipment | 23 | €74,643 | €58,395 | -€16,249 | -21.8% |
| Furniture and vehicles | 24 | €35,187 | €27,220 | -€7,966 | -22.6% |
| Leasing and similar rights | 25 | - | €32,265 | +€32,265 | |
| Other tangible fixed assets | 26 | €202,924 | €184,127 | -€18,797 | -9.3% |
| Financial fixed assets | 28 | €186 | €0 | -€186 | -100% |
| Current assets | 29/58 | €1,780,156 | €1,114,730 | -€665,426 | -37.4% |
| Stocks and contracts in progress | 3 | €1,022,271 | €1,096,001 | +€73,730 | +7.2% |
| Stocks | 30/36 | €1,022,271 | €1,096,001 | +€73,730 | +7.2% |
| Amounts receivable within one year | 40/41 | €544,448 | €8,927 | -€535,521 | -98.4% |
| Trade receivables | 40 | €536,793 | €5,849 | -€530,944 | -98.9% |
| Other amounts receivable | 41 | €7,655 | €3,078 | -€4,577 | -59.8% |
| Cash at bank and in hand | 54/58 | €195,860 | €2,018 | -€193,841 | -99.0% |
| Deferred charges and accrued income | 490/1 | €17,577 | €7,783 | -€9,794 | -55.7% |
| Total equity and liabilities | 10/49 | €3,130,602 | €2,461,686 | -€668,916 | -21.4% |
| Equity | 10/15 | €191,488 | €208,703 | +€17,215 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,278 | €172,278 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €172,278 | €172,278 | = | 0.0% |
| Profit (loss) carried forward | 14 | €609 | €17,824 | +€17,215 | +2,825% |
| Amounts payable | 17/49 | €2,939,115 | €2,252,984 | -€686,131 | -23.3% |
| Amounts payable after more than one year | 17 | €999,608 | €1,094,417 | +€94,809 | +9.5% |
| Financial debts | 170/4 | €999,608 | €1,094,417 | +€94,809 | +9.5% |
| Amounts payable within one year | 42/48 | €1,938,718 | €1,157,778 | -€780,940 | -40.3% |
| Current portion of amounts payable after more than one year | 42 | €108,320 | €41 | -€108,279 | -100.0% |
| Financial debts | 43 | €430,885 | €146,079 | -€284,806 | -66.1% |
| Credit institutions | 430/8 | €430,885 | €146,079 | -€284,806 | -66.1% |
| Trade debts | 44 | €600,683 | €89,693 | -€510,990 | -85.1% |
| Suppliers | 440/4 | €600,683 | €89,693 | -€510,990 | -85.1% |
| Advances received on contracts in progress | 46 | €358,817 | €721,225 | +€362,408 | +101% |
| Taxes, remuneration and social security | 45 | €132,741 | €188,819 | +€56,078 | +42.2% |
| Taxes | 450/3 | €106,003 | €176,236 | +€70,234 | +66.3% |
| Remuneration and social security | 454/9 | €26,738 | €12,583 | -€14,156 | -52.9% |
| Other amounts payable | 47/48 | €307,271 | €11,920 | -€295,351 | -96.1% |
| Accrued charges and deferred income | 492/3 | €789 | €789 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €140,839 | €184,187 | +€43,347 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,824 | €113,634 | +€8,811 | +8.4% |
| Other operating charges | 640/8 | €16,237 | €17,726 | +€1,490 | +9.2% |
| Gross operating margin | 9900 | €667,598 | €397,789 | -€269,809 | -40.4% |
| Operating profit (loss) | 9901 | €405,698 | €82,242 | -€323,457 | -79.7% |
| Financial income | 75/76B | €28,349 | €515 | -€27,834 | -98.2% |
| Recurring financial income | 75 | €28,349 | €515 | -€27,834 | -98.2% |
| Financial charges | 65/66B | €73,192 | €48,653 | -€24,538 | -33.5% |
| Recurring financial charges | 65 | €73,192 | €48,653 | -€24,538 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €360,856 | €34,104 | -€326,752 | -90.5% |
| Income taxes | 67/77 | €95,104 | €16,889 | -€78,215 | -82.2% |
| Profit (loss) for the period | 9904 | €265,752 | €17,215 | -€248,538 | -93.5% |
| Profit (loss) for the period to be appropriated | 9905 | €265,752 | €17,215 | -€248,538 | -93.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.