C MASTERS: 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.
C MASTERS
Largest movements
- Stocks and contracts +€10,000
up €10,000 (+26.3%), from €38,000 to €48,000
- Receivables within one year +€6,907
up €6,907 (+1,289%), from €536 to €7,442
of which Trade receivables: +€5,978
- Cash -€5,422
down €5,422 (-72.7%), from €7,462 to €2,040
mainly Stocks and contracts (-€10,000) and Receivables within one year (-€6,907)
- Receivables after one year +€1,090
new in 2025: €1,090
- Other debts +€11,778
up €11,778 (+15.9%), from €74,096 to €85,874
- Advances received +€7,233
new in 2025: €7,233
- Profit (loss) carried forward -€6,370
down €6,370 (-12.6%), from -€50,573 to -€56,943
- Gross operating margin +€14,032
up €14,032 (+72.7%), from -€19,299 to -€5,267
- Other operating charges -€745
no longer reported in 2025 (was €745)
- Depreciation +€235
up €235 (+48.5%), from €485 to €720
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 | €46,614 | €59,546 | +€12,933 | +27.7% |
| Fixed assets | 21/28 | €616 | €974 | +€358 | +58.1% |
| Tangible fixed assets | 22/27 | €616 | €974 | +€358 | +58.1% |
| Plant, machinery and equipment | 23 | €616 | €974 | +€358 | +58.1% |
| Current assets | 29/58 | €45,998 | €58,572 | +€12,575 | +27.3% |
| Amounts receivable after more than one year | 29 | - | €1,090 | +€1,090 | |
| Other amounts receivable | 291 | - | €1,090 | +€1,090 | |
| Stocks and contracts in progress | 3 | €38,000 | €48,000 | +€10,000 | +26.3% |
| Stocks | 30/36 | €38,000 | €48,000 | +€10,000 | +26.3% |
| Amounts receivable within one year | 40/41 | €536 | €7,442 | +€6,907 | +1,289% |
| Trade receivables | 40 | - | €5,978 | +€5,978 | |
| Other amounts receivable | 41 | €536 | €1,465 | +€929 | +173% |
| Cash at bank and in hand | 54/58 | €7,462 | €2,040 | -€5,422 | -72.7% |
| Total equity and liabilities | 10/49 | €46,614 | €59,546 | +€12,933 | +27.7% |
| Equity | 10/15 | -€30,113 | -€36,483 | -€6,370 | -21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,573 | -€56,943 | -€6,370 | -12.6% |
| Amounts payable | 17/49 | €76,727 | €96,030 | +€19,303 | +25.2% |
| Amounts payable within one year | 42/48 | €76,727 | €96,030 | +€19,303 | +25.2% |
| Trade debts | 44 | €2,630 | €2,923 | +€293 | +11.1% |
| Suppliers | 440/4 | €2,630 | €2,923 | +€293 | +11.1% |
| Advances received on contracts in progress | 46 | - | €7,233 | +€7,233 | |
| Other amounts payable | 47/48 | €74,096 | €85,874 | +€11,778 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €485 | €720 | +€235 | +48.5% |
| Other operating charges | 640/8 | €745 | - | -€745 | |
| Gross operating margin | 9900 | -€19,299 | -€5,267 | +€14,032 | +72.7% |
| Operating profit (loss) | 9901 | -€20,529 | -€5,987 | +€14,542 | +70.8% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €527 | €389 | -€138 | -26.2% |
| Recurring financial charges | 65 | €527 | €389 | -€138 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,055 | -€6,370 | +€14,685 | +69.7% |
| Profit (loss) for the period | 9904 | -€21,055 | -€6,370 | +€14,685 | +69.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,055 | -€6,370 | +€14,685 | +69.7% |
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 13 October 2026 via checked.be.