MUSTANSER: 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.
MUSTANSER
Largest movements
- Stocks and contracts +€9,500
up €9,500 (+23.8%), from €39,942 to €49,442
- Receivables within one year +€3,254
up €3,254 (+33.0%), from €9,865 to €13,119
- Deferred charges and accrued income -€673
no longer reported in 2025 (was €673)
- Trade debts +€14,561
up €14,561 (+171.9%), from €8,470 to €23,031
- Other debts -€2,925
no longer reported in 2025 (was €2,925)
- Profit (loss) carried forward +€1,618
up €1,618 (+10.7%), from €15,071 to €16,689
- Short-term financial debts -€1,181
down €1,181 (-33.5%), from €3,526 to €2,345
- Gross operating margin +€7,287
up €7,287 (+203.9%), from €3,573 to €10,860
- Other operating charges +€6,824
up €6,824 (+866.7%), from €787 to €7,611
- Taxes +€178
up €178 (+41.7%), from €427 to €605
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €50,480 | €62,561 | +€12,082 | +23.9% |
| Current assets | 29/58 | €50,480 | €62,561 | +€12,082 | +23.9% |
| Stocks and contracts in progress | 3 | €39,942 | €49,442 | +€9,500 | +23.8% |
| Stocks | 30/36 | €39,942 | €49,442 | +€9,500 | +23.8% |
| Amounts receivable within one year | 40/41 | €9,865 | €13,119 | +€3,254 | +33.0% |
| Other amounts receivable | 41 | €9,865 | €13,119 | +€3,254 | +33.0% |
| Deferred charges and accrued income | 490/1 | €673 | - | -€673 | |
| Total equity and liabilities | 10/49 | €50,480 | €62,561 | +€12,082 | +23.9% |
| Equity | 10/15 | €35,131 | €36,749 | +€1,618 | +4.6% |
| Contributions | 10/11 | €18,200 | €18,200 | = | 0.0% |
| Contributions outside capital | 11 | €18,200 | €18,200 | = | 0.0% |
| Share premium | 1100/10 | €18,200 | - | -€18,200 | |
| Other | 1109/19 | - | €18,200 | +€18,200 | |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €15,071 | €16,689 | +€1,618 | +10.7% |
| Amounts payable | 17/49 | €15,348 | €25,812 | +€10,464 | +68.2% |
| Amounts payable within one year | 42/48 | €15,348 | €25,812 | +€10,464 | +68.2% |
| Financial debts | 43 | €3,526 | €2,345 | -€1,181 | -33.5% |
| Credit institutions | 430/8 | €3,526 | €2,345 | -€1,181 | -33.5% |
| Trade debts | 44 | €8,470 | €23,031 | +€14,561 | +171.9% |
| Suppliers | 440/4 | €8,470 | €23,031 | +€14,561 | +171.9% |
| Taxes, remuneration and social security | 45 | €427 | €436 | +€9 | +2.1% |
| Taxes | 450/3 | €427 | €436 | +€9 | +2.1% |
| Other amounts payable | 47/48 | €2,925 | - | -€2,925 | |
| Other operating charges | 640/8 | €787 | €7,611 | +€6,824 | +866.7% |
| Gross operating margin | 9900 | €3,573 | €10,860 | +€7,287 | +203.9% |
| Operating profit (loss) | 9901 | €2,786 | €3,248 | +€463 | +16.6% |
| Financial charges | 65/66B | €1,057 | €1,025 | -€32 | -3.0% |
| Recurring financial charges | 65 | €1,057 | €1,025 | -€32 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €1,729 | €2,223 | +€494 | +28.6% |
| Income taxes | 67/77 | €427 | €605 | +€178 | +41.7% |
| Profit (loss) for the period | 9904 | €1,301 | €1,618 | +€316 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,301 | €1,618 | +€316 | +24.3% |
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 10 October 2026 via checked.be.