MUSTI: 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.
MUSTI
Largest movements
- Receivables within one year +€23,548
up €23,548 (+6.4%), from €367,655 to €391,203
of which Other amounts receivable: +€32,363
- Profit (loss) carried forward +€31,107
up €31,107 (+10.9%), from €285,452 to €316,559
- Debts after one year -€7,648
no longer reported in 2025 (was €7,648)
- Trade debts +€5,199
up €5,199 (+116%), from €4,474 to €9,672
- Gross operating margin -€35,966
down €35,966 (-53.5%), from €67,229 to €31,263
- Taxes -€7,368
down €7,368 (-35.8%), from €20,560 to €13,192
- Financial charges -€4,563
down €4,563 (-44.6%), from €10,239 to €5,676
- Other operating charges -€1,117
down €1,117 (-49.2%), from €2,268 to €1,151
- Financial income +€854
up €854 (+4.5%), from €19,010 to €19,864
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 | €368,275 | €391,829 | +€23,554 | +6.4% |
| Current assets | 29/58 | €368,275 | €391,829 | +€23,554 | +6.4% |
| Stocks and contracts in progress | 3 | €619 | €619 | = | 0.0% |
| Stocks | 30/36 | €619 | €619 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €367,655 | €391,203 | +€23,548 | +6.4% |
| Trade receivables | 40 | €17,576 | €8,761 | -€8,815 | -50.2% |
| Other amounts receivable | 41 | €350,079 | €382,442 | +€32,363 | +9.2% |
| Cash at bank and in hand | 54/58 | €0 | €6 | +€6 | +1,233% |
| Total equity and liabilities | 10/49 | €368,275 | €391,829 | +€23,554 | +6.4% |
| Equity | 10/15 | €305,904 | €337,011 | +€31,107 | +10.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €285,452 | €316,559 | +€31,107 | +10.9% |
| Amounts payable | 17/49 | €62,372 | €54,818 | -€7,553 | -12.1% |
| Amounts payable after more than one year | 17 | €7,648 | - | -€7,648 | |
| Financial debts | 170/4 | €7,648 | - | -€7,648 | |
| Amounts payable within one year | 42/48 | €54,724 | €54,818 | +€94 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €9,499 | €7,648 | -€1,852 | -19.5% |
| Trade debts | 44 | €4,474 | €9,672 | +€5,199 | +116% |
| Suppliers | 440/4 | €4,474 | €9,672 | +€5,199 | +116% |
| Taxes, remuneration and social security | 45 | €40,751 | €37,498 | -€3,253 | -8.0% |
| Taxes | 450/3 | €40,751 | €37,498 | -€3,253 | -8.0% |
| Other operating charges | 640/8 | €2,268 | €1,151 | -€1,117 | -49.2% |
| Gross operating margin | 9900 | €67,229 | €31,263 | -€35,966 | -53.5% |
| Operating profit (loss) | 9901 | €64,960 | €30,111 | -€34,849 | -53.6% |
| Financial income | 75/76B | €19,010 | €19,864 | +€854 | +4.5% |
| Recurring financial income | 75 | €19,010 | €19,864 | +€854 | +4.5% |
| Financial charges | 65/66B | €10,239 | €5,676 | -€4,563 | -44.6% |
| Recurring financial charges | 65 | €10,239 | €5,676 | -€4,563 | -44.6% |
| Profit (loss) for the period before taxes | 9903 | €73,732 | €44,299 | -€29,433 | -39.9% |
| Income taxes | 67/77 | €20,560 | €13,192 | -€7,368 | -35.8% |
| Profit (loss) for the period | 9904 | €53,172 | €31,107 | -€22,065 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,172 | €31,107 | -€22,065 | -41.5% |
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 26 October 2026 via checked.be.