TUSK: what changed
Two fiscal 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.
TUSK
Largest movements
- Intangible fixed assets -€5,780
down €5,780 (-14.0%), from €41,276 to €35,496
- Cash -€2,372
down €2,372 (-2.1%), from €112,005 to €109,634
mainly Net result for the year (-€8,135) and Debts after one year (-€4,951)
- Profit (loss) carried forward -€8,135
down €8,135 (-26.9%), from -€30,267 to -€38,402
- Debts after one year -€4,951
down €4,951 (-16.0%), from €31,034 to €26,084
- Short-term financial debts +€4,951
up €4,951 (+101.8%), from €4,866 to €9,816
- Depreciation +€1,000
up €1,000 (+20.9%), from €4,780 to €5,780
- Gross operating margin +€426
up €426 (+28.9%), from -€1,473 to -€1,047
- Other operating charges -€233
down €233 (-24.3%), from €958 to €725
- Financial charges -€88
down €88 (-13.1%), from €672 to €584
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 | €158,481 | €150,540 | -€7,941 | -5.0% |
| Fixed assets | 21/28 | €41,276 | €35,496 | -€5,780 | -14.0% |
| Intangible fixed assets | 21 | €41,276 | €35,496 | -€5,780 | -14.0% |
| Current assets | 29/58 | €117,205 | €115,044 | -€2,161 | -1.8% |
| Amounts receivable within one year | 40/41 | €5,199 | €5,410 | +€211 | +4.1% |
| Other amounts receivable | 41 | €5,199 | €5,410 | +€211 | +4.1% |
| Cash at bank and in hand | 54/58 | €112,005 | €109,634 | -€2,372 | -2.1% |
| Total equity and liabilities | 10/49 | €158,481 | €150,540 | -€7,941 | -5.0% |
| Equity | 10/15 | €120,933 | €112,798 | -€8,135 | -6.7% |
| Contributions | 10/11 | €151,200 | €151,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,267 | -€38,402 | -€8,135 | -26.9% |
| Amounts payable | 17/49 | €37,548 | €37,742 | +€194 | +0.5% |
| Amounts payable after more than one year | 17 | €31,034 | €26,084 | -€4,951 | -16.0% |
| Financial debts | 170/4 | €31,034 | €26,084 | -€4,951 | -16.0% |
| Amounts payable within one year | 42/48 | €5,885 | €10,487 | +€4,601 | +78.2% |
| Financial debts | 43 | €4,866 | €9,816 | +€4,951 | +101.8% |
| Other loans | 439 | €4,866 | €9,816 | +€4,951 | +101.8% |
| Trade debts | 44 | €1,020 | €670 | -€350 | -34.3% |
| Suppliers | 440/4 | €1,020 | €670 | -€350 | -34.3% |
| Accrued charges and deferred income | 492/3 | €628 | €1,171 | +€543 | +86.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,780 | €5,780 | +€1,000 | +20.9% |
| Other operating charges | 640/8 | €958 | €725 | -€233 | -24.3% |
| Gross operating margin | 9900 | -€1,473 | -€1,047 | +€426 | +28.9% |
| Operating profit (loss) | 9901 | -€7,210 | -€7,551 | -€341 | -4.7% |
| Financial charges | 65/66B | €672 | €584 | -€88 | -13.1% |
| Recurring financial charges | 65 | €672 | €584 | -€88 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,882 | -€8,135 | -€253 | -3.2% |
| Profit (loss) for the period | 9904 | -€7,882 | -€8,135 | -€253 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,882 | -€8,135 | -€253 | -3.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.