MUSTICO: 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.
MUSTICO
Largest movements
- Cash -€644,306
down €644,306 (-92.6%), from €695,519 to €51,213
mainly Contributions, distributions and other (-€3.9m) and Debts after one year (-€480,000)
- Receivables within one year -€155,522
down €155,522 (-72.2%), from €215,417 to €59,895
of which Other amounts receivable: -€155,522
- Reserves -€1.8m
down €1.8m (-53.0%), from €3.5m to €1.6m
- Other debts +€1.8m
new in 2025: €1.8m
- Debts after one year -€480,000
no longer reported in 2025 (was €480,000)
- Current portion of long-term debt -€314,800
no longer reported in 2025 (was €314,800)
- Financial income -€285,170
down €285,170 (-14.3%), from €2.0m to €1.7m
- Financial charges -€35,962
down €35,962 (-85.0%), from €42,315 to €6,353
- Taxes +€24,680
up €24,680 (+22.6%), from €109,112 to €133,791
- Gross operating margin +€7,201
up €7,201 (+1.4%), from €508,851 to €516,051
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
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 | €4,305,285 | €3,483,749 | -€821,536 | -19.1% |
| Fixed assets | 21/28 | €3,394,350 | €3,372,641 | -€21,708 | -0.6% |
| Tangible fixed assets | 22/27 | €67,749 | €46,040 | -€21,708 | -32.0% |
| Furniture and vehicles | 24 | €67,749 | €46,040 | -€21,708 | -32.0% |
| Financial fixed assets | 28 | €3,326,601 | €3,326,601 | = | 0.0% |
| Current assets | 29/58 | €910,936 | €111,108 | -€799,828 | -87.8% |
| Amounts receivable within one year | 40/41 | €215,417 | €59,895 | -€155,522 | -72.2% |
| Trade receivables | 40 | €59,895 | €59,895 | = | 0.0% |
| Other amounts receivable | 41 | €155,522 | - | -€155,522 | |
| Cash at bank and in hand | 54/58 | €695,519 | €51,213 | -€644,306 | -92.6% |
| Total equity and liabilities | 10/49 | €4,305,285 | €3,483,749 | -€821,536 | -19.1% |
| Equity | 10/15 | €3,473,038 | €1,645,157 | -€1.8m | -52.6% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €3,460,638 | €1,626,557 | -€1.8m | -53.0% |
| Distributable reserves | 133 | €3,460,638 | €1,626,557 | -€1.8m | -53.0% |
| Amounts payable | 17/49 | €832,247 | €1,838,592 | +€1.0m | +120.9% |
| Amounts payable after more than one year | 17 | €480,000 | - | -€480,000 | |
| Financial debts | 170/4 | €480,000 | - | -€480,000 | |
| Amounts payable within one year | 42/48 | €352,247 | €1,838,592 | +€1.5m | +422.0% |
| Current portion of amounts payable after more than one year | 42 | €314,800 | - | -€314,800 | |
| Trade debts | 44 | €8,331 | €3,567 | -€4,764 | -57.2% |
| Suppliers | 440/4 | €8,331 | €3,567 | -€4,764 | -57.2% |
| Taxes, remuneration and social security | 45 | €29,116 | €35,009 | +€5,893 | +20.2% |
| Taxes | 450/3 | €29,116 | €35,009 | +€5,893 | +20.2% |
| Other amounts payable | 47/48 | - | €1,800,016 | +€1.8m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,708 | €21,708 | = | 0.0% |
| Other operating charges | 640/8 | €3,109 | €3,110 | +€2 | +0.1% |
| Gross operating margin | 9900 | €508,851 | €516,051 | +€7,201 | +1.4% |
| Operating profit (loss) | 9901 | €484,034 | €491,233 | +€7,199 | +1.5% |
| Financial income | 75/76B | €2,000,000 | €1,714,830 | -€285,170 | -14.3% |
| Recurring financial income | 75 | €2,000,000 | €1,714,830 | -€285,170 | -14.3% |
| Financial charges | 65/66B | €42,315 | €6,353 | -€35,962 | -85.0% |
| Recurring financial charges | 65 | €42,315 | €6,353 | -€35,962 | -85.0% |
| Profit (loss) for the period before taxes | 9903 | €2,441,719 | €2,199,710 | -€242,009 | -9.9% |
| Income taxes | 67/77 | €109,112 | €133,791 | +€24,680 | +22.6% |
| Profit (loss) for the period | 9904 | €2,332,607 | €2,065,919 | -€266,688 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,332,607 | €2,065,919 | -€266,688 | -11.4% |
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.