TUSK IC: 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.
TUSK IC
Largest movements
- Intangible fixed assets +€847,167
new in 2025: €847,167
- Receivables within one year -€313,706
down €313,706 (-90.5%), from €346,697 to €32,992
of which Trade receivables: -€322,670
- Cash -€48,434
down €48,434 (-20.7%), from €233,964 to €185,529
mainly Investment in fixed assets (net) (-€1.1m) and Advances received (-€323,250)
- Profit (loss) carried forward +€684,081
up €684,081 (+41.9%), from -€1.6m to -€948,360
- Advances received -€323,250
down €323,250 (-100%), from €323,250 to €0
- Trade debts +€90,685
up €90,685 (+169%), from €53,632 to €144,317
- Short-term financial debts +€43,961
new in 2025: €43,961
- Gross operating margin +€1.6m
up €1.6m (+5,288%), from €30,897 to €1.7m
- Depreciation +€209,149
up €209,149 (+2,882%), from €7,257 to €216,405
- Staff costs +€63,261
up €63,261 (+9.0%), from €699,644 to €762,904
- Financial charges -€22,797
down €22,797 (-83.7%), from €27,230 to €4,434
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 | €595,404 | €1,094,838 | +€499,434 | +83.9% |
| Fixed assets | 21/28 | €7,562 | €858,761 | +€851,199 | +11,256% |
| Intangible fixed assets | 21 | - | €847,167 | +€847,167 | |
| Tangible fixed assets | 22/27 | €3,342 | €7,374 | +€4,032 | +121% |
| Land and buildings | 22 | €503 | €95 | -€408 | -81.1% |
| Furniture and vehicles | 24 | €2,840 | €7,280 | +€4,440 | +156% |
| Financial fixed assets | 28 | €4,220 | €4,220 | = | 0.0% |
| Current assets | 29/58 | €587,842 | €236,077 | -€351,765 | -59.8% |
| Amounts receivable within one year | 40/41 | €346,697 | €32,992 | -€313,706 | -90.5% |
| Trade receivables | 40 | €323,250 | €580 | -€322,670 | -99.8% |
| Other amounts receivable | 41 | €23,447 | €32,412 | +€8,964 | +38.2% |
| Cash at bank and in hand | 54/58 | €233,964 | €185,529 | -€48,434 | -20.7% |
| Deferred charges and accrued income | 490/1 | €7,181 | €17,556 | +€10,376 | +144% |
| Total equity and liabilities | 10/49 | €595,404 | €1,094,838 | +€499,434 | +83.9% |
| Equity | 10/15 | €140,995 | €834,646 | +€693,651 | +492% |
| Contributions | 10/11 | €1,497,508 | €1,507,078 | +€9,570 | +0.6% |
| Capital | 10 | €1,497,508 | €1,507,078 | +€9,570 | +0.6% |
| Issued capital | 100 | €1,497,508 | €1,507,078 | +€9,570 | +0.6% |
| Reserves | 13 | €275,928 | €275,928 | = | 0.0% |
| Non-distributable reserves | 130/1 | €23,328 | €23,328 | = | 0.0% |
| Legal reserve | 130 | €23,328 | €23,328 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €252,600 | €252,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,632,440 | -€948,360 | +€684,081 | +41.9% |
| Amounts payable | 17/49 | €454,409 | €260,192 | -€194,216 | -42.7% |
| Amounts payable within one year | 42/48 | €451,819 | €260,192 | -€191,627 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €43,961 | +€43,961 | |
| Credit institutions | 430/8 | - | €43,961 | +€43,961 | |
| Trade debts | 44 | €53,632 | €144,317 | +€90,685 | +169% |
| Suppliers | 440/4 | €53,632 | €144,317 | +€90,685 | +169% |
| Advances received on contracts in progress | 46 | €323,250 | €0 | -€323,250 | -100% |
| Taxes, remuneration and social security | 45 | €74,937 | €71,914 | -€3,023 | -4.0% |
| Taxes | 450/3 | €3 | €0 | -€3 | -100% |
| Remuneration and social security | 454/9 | €74,934 | €71,914 | -€3,020 | -4.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,589 | €0 | -€2,589 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €699,644 | €762,904 | +€63,261 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,257 | €216,405 | +€209,149 | +2,882% |
| Other operating charges | 640/8 | €1,163 | €1,260 | +€97 | +8.4% |
| Gross operating margin | 9900 | €30,897 | €1,664,740 | +€1.6m | +5,288% |
| Operating profit (loss) | 9901 | -€677,166 | €684,170 | +€1.4m | |
| Financial income | 75/76B | €1,184 | €4,345 | +€3,160 | +267% |
| Recurring financial income | 75 | €1,184 | €4,345 | +€3,160 | +267% |
| Financial charges | 65/66B | €27,230 | €4,434 | -€22,797 | -83.7% |
| Recurring financial charges | 65 | €27,230 | €4,434 | -€22,797 | -83.7% |
| Profit (loss) for the period before taxes | 9903 | -€703,213 | €684,081 | +€1.4m | |
| Profit (loss) for the period | 9904 | -€703,213 | €684,081 | +€1.4m | |
| Transfer from tax-exempt reserves | 789 | €252,600 | €0 | -€252,600 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€450,613 | €684,081 | +€1.1m |
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 15 October 2026 via checked.be.