TRANS-MUST: 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.
TRANS-MUST
Largest movements
- Receivables within one year +€14,273
up €14,273 (+685%), from €2,083 to €16,356
of which Trade receivables: +€14,544
- Tangible fixed assets -€7,350
down €7,350 (-41.7%), from €17,620 to €10,270
- Cash -€998
down €998 (-97.0%), from €1,029 to €31
mainly Receivables within one year (-€14,273) and Debts after one year (-€5,773)
- Advances received +€7,000
new in 2025: €7,000
- Debts after one year -€5,773
down €5,773 (-71.2%), from €8,109 to €2,337
- Profit (loss) carried forward +€1,927
up €1,927 (+37.6%), from -€5,121 to -€3,194
- Current portion of long-term debt +€1,709
up €1,709 (+34.2%), from €5,000 to €6,709
- Other debts +€1,011
up €1,011 (+188%), from €538 to €1,549
- Gross operating margin -€7,457
down €7,457 (-41.8%), from €17,819 to €10,363
- Other operating charges -€2,783
down €2,783 (-93.4%), from €2,980 to €197
- Financial charges -€332
down €332 (-27.2%), from €1,220 to €888
- Staff costs -€311
no longer reported in 2025 (was €311)
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 | €20,832 | €26,757 | +€5,925 | +28.4% |
| Fixed assets | 21/28 | €17,720 | €10,370 | -€7,350 | -41.5% |
| Tangible fixed assets | 22/27 | €17,620 | €10,270 | -€7,350 | -41.7% |
| Furniture and vehicles | 24 | €17,620 | €10,270 | -€7,350 | -41.7% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €3,112 | €16,387 | +€13,275 | +427% |
| Amounts receivable within one year | 40/41 | €2,083 | €16,356 | +€14,273 | +685% |
| Trade receivables | 40 | €1,240 | €15,784 | +€14,544 | +1,172% |
| Other amounts receivable | 41 | €843 | €572 | -€271 | -32.1% |
| Cash at bank and in hand | 54/58 | €1,029 | €31 | -€998 | -97.0% |
| Total equity and liabilities | 10/49 | €20,832 | €26,757 | +€5,925 | +28.4% |
| Equity | 10/15 | €5,079 | €7,006 | +€1,927 | +37.9% |
| Contributions | 10/11 | €10,200 | €10,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,121 | -€3,194 | +€1,927 | +37.6% |
| Amounts payable | 17/49 | €15,753 | €19,751 | +€3,998 | +25.4% |
| Amounts payable after more than one year | 17 | €8,109 | €2,337 | -€5,773 | -71.2% |
| Financial debts | 170/4 | €8,109 | €2,337 | -€5,773 | -71.2% |
| Amounts payable within one year | 42/48 | €7,644 | €17,414 | +€9,770 | +128% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €6,709 | +€1,709 | +34.2% |
| Trade debts | 44 | €1,374 | €2,155 | +€781 | +56.9% |
| Suppliers | 440/4 | €1,374 | €2,155 | +€781 | +56.9% |
| Advances received on contracts in progress | 46 | - | €7,000 | +€7,000 | |
| Taxes, remuneration and social security | 45 | €731 | - | -€731 | |
| Taxes | 450/3 | €731 | - | -€731 | |
| Other amounts payable | 47/48 | €538 | €1,549 | +€1,011 | +188% |
| Remuneration, social security and pensions | 62 | €311 | - | -€311 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,350 | €7,350 | = | 0.0% |
| Other operating charges | 640/8 | €2,980 | €197 | -€2,783 | -93.4% |
| Gross operating margin | 9900 | €17,819 | €10,363 | -€7,457 | -41.8% |
| Operating profit (loss) | 9901 | €7,178 | €2,815 | -€4,363 | -60.8% |
| Financial charges | 65/66B | €1,220 | €888 | -€332 | -27.2% |
| Recurring financial charges | 65 | €1,220 | €888 | -€332 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €5,958 | €1,927 | -€4,031 | -67.7% |
| Profit (loss) for the period | 9904 | €5,958 | €1,927 | -€4,031 | -67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,958 | €1,927 | -€4,031 | -67.7% |
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 21 October 2026 via checked.be.