MUSTIE: what changed
MUSTIE
Largest movements
- Tangible fixed assets +€59,574
up €59,574 (+402%), from €14,837 to €74,411
of which Furniture and vehicles: +€48,775
- Cash -€44,479
down €44,479 (-32.0%), from €139,156 to €94,677
mainly Investment in fixed assets (net) (-€79,337) and Receivables within one year (-€13,715)
- Receivables within one year +€13,715
up €13,715 (+29.0%), from €47,278 to €60,993
of which Other amounts receivable: +€17,165
- Reserves +€44,710
up €44,710 (+49.9%), from €89,563 to €134,273
of which Distributable reserves: +€44,710
- Trade debts -€12,151
down €12,151 (-84.1%), from €14,444 to €2,293
- Other debts -€9,470
down €9,470 (-12.2%), from €77,796 to €68,327
- Tax, wage and social debts +€5,911
up €5,911 (+95.3%), from €6,205 to €12,115
of which Taxes: +€7,188
- Taxes +€13,328
up €13,328 (+152%), from €8,779 to €22,108
- Other operating charges -€10,140
down €10,140 (-84.2%), from €12,037 to €1,897
- Gross operating margin +€1,496
up €1,496 (+1.7%), from €87,041 to €88,537
- Depreciation +€920
up €920 (+4.9%), from €18,843 to €19,763
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €201,593 | €230,594 | +€29,000 | +14.4% |
| Fixed assets | 21/28 | €14,837 | €74,411 | +€59,574 | +402% |
| Tangible fixed assets | 22/27 | €14,837 | €74,411 | +€59,574 | +402% |
| Plant, machinery and equipment | 23 | €5,499 | €16,298 | +€10,799 | +196% |
| Furniture and vehicles | 24 | €9,338 | €58,113 | +€48,775 | +522% |
| Current assets | 29/58 | €186,756 | €156,182 | -€30,574 | -16.4% |
| Amounts receivable within one year | 40/41 | €47,278 | €60,993 | +€13,715 | +29.0% |
| Trade receivables | 40 | €36,538 | €33,088 | -€3,450 | -9.4% |
| Other amounts receivable | 41 | €10,740 | €27,904 | +€17,165 | +160% |
| Cash at bank and in hand | 54/58 | €139,156 | €94,677 | -€44,479 | -32.0% |
| Deferred charges and accrued income | 490/1 | €323 | €513 | +€191 | +59.1% |
| Total equity and liabilities | 10/49 | €201,593 | €230,594 | +€29,000 | +14.4% |
| Equity | 10/15 | €95,763 | €140,473 | +€44,710 | +46.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €89,563 | €134,273 | +€44,710 | +49.9% |
| Tax-exempt reserves | 132 | €1,213 | €1,213 | = | 0.0% |
| Distributable reserves | 133 | €88,350 | €133,060 | +€44,710 | +50.6% |
| Provisions and deferred taxes | 16 | €7,386 | €7,386 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €7,386 | €7,386 | = | 0.0% |
| Environmental obligations | 163 | €7,386 | €7,386 | = | 0.0% |
| Amounts payable | 17/49 | €98,445 | €82,735 | -€15,710 | -16.0% |
| Amounts payable within one year | 42/48 | €98,445 | €82,735 | -€15,710 | -16.0% |
| Trade debts | 44 | €14,444 | €2,293 | -€12,151 | -84.1% |
| Suppliers | 440/4 | €14,444 | €2,293 | -€12,151 | -84.1% |
| Taxes, remuneration and social security | 45 | €6,205 | €12,115 | +€5,911 | +95.3% |
| Taxes | 450/3 | €1,891 | €9,080 | +€7,188 | +380% |
| Remuneration and social security | 454/9 | €4,314 | €3,036 | -€1,278 | -29.6% |
| Other amounts payable | 47/48 | €77,796 | €68,327 | -€9,470 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,843 | €19,763 | +€920 | +4.9% |
| Other operating charges | 640/8 | €12,037 | €1,897 | -€10,140 | -84.2% |
| Gross operating margin | 9900 | €87,041 | €88,537 | +€1,496 | +1.7% |
| Operating profit (loss) | 9901 | €56,161 | €66,877 | +€10,716 | +19.1% |
| Financial income | 75/76B | €78 | €4 | -€73 | -94.4% |
| Recurring financial income | 75 | €78 | €4 | -€73 | -94.4% |
| Financial charges | 65/66B | €80 | €64 | -€16 | -19.6% |
| Recurring financial charges | 65 | €80 | €64 | -€16 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €56,159 | €66,818 | +€10,658 | +19.0% |
| Income taxes | 67/77 | €8,779 | €22,108 | +€13,328 | +152% |
| Profit (loss) for the period | 9904 | €47,380 | €44,710 | -€2,670 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,380 | €44,710 | -€2,670 | -5.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.