Growth 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.
Growth Masters
Largest movements
- Cash -€15,864
down €15,864 (-36.1%), from €43,939 to €28,075
mainly Contributions, distributions and other (-€47,671) and Trade debts (-€13,029)
- Tangible fixed assets -€2,011
down €2,011 (-19.4%), from €10,354 to €8,343
- Deferred charges and accrued income -€1,295
down €1,295 (-10.2%), from €12,662 to €11,367
- Receivables within one year -€922
down €922 (-70.0%), from €1,316 to €394
of which Other amounts receivable: -€923
- Trade debts -€13,029
down €13,029 (-84.7%), from €15,387 to €2,359
- Tax, wage and social debts -€4,524
down €4,524 (-71.1%), from €6,360 to €1,836
- Other debts -€1,998
down €1,998 (-4.6%), from €43,482 to €41,484
- Gross operating margin +€4,652
up €4,652 (+8.0%), from €58,049 to €62,702
- Taxes +€1,248
up €1,248 (+11.0%), from €11,357 to €12,605
- Financial charges -€802
down €802 (-74.9%), from €1,071 to €269
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 | €68,271 | €48,179 | -€20,092 | -29.4% |
| Fixed assets | 21/28 | €10,354 | €8,343 | -€2,011 | -19.4% |
| Tangible fixed assets | 22/27 | €10,354 | €8,343 | -€2,011 | -19.4% |
| Furniture and vehicles | 24 | €10,354 | €8,343 | -€2,011 | -19.4% |
| Current assets | 29/58 | €57,917 | €39,836 | -€18,081 | -31.2% |
| Amounts receivable within one year | 40/41 | €1,316 | €394 | -€922 | -70.0% |
| Trade receivables | 40 | - | €1 | +€1 | |
| Other amounts receivable | 41 | €1,316 | €393 | -€923 | -70.1% |
| Cash at bank and in hand | 54/58 | €43,939 | €28,075 | -€15,864 | -36.1% |
| Deferred charges and accrued income | 490/1 | €12,662 | €11,367 | -€1,295 | -10.2% |
| Total equity and liabilities | 10/49 | €68,271 | €48,179 | -€20,092 | -29.4% |
| Equity | 10/15 | €3,041 | €2,500 | -€541 | -17.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €541 | €0 | -€541 | -100% |
| Amounts payable | 17/49 | €65,230 | €45,679 | -€19,551 | -30.0% |
| Amounts payable within one year | 42/48 | €65,230 | €45,679 | -€19,551 | -30.0% |
| Trade debts | 44 | €15,387 | €2,359 | -€13,029 | -84.7% |
| Suppliers | 440/4 | €15,387 | €2,359 | -€13,029 | -84.7% |
| Taxes, remuneration and social security | 45 | €6,360 | €1,836 | -€4,524 | -71.1% |
| Taxes | 450/3 | €6,360 | €1,836 | -€4,524 | -71.1% |
| Other amounts payable | 47/48 | €43,482 | €41,484 | -€1,998 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,169 | €2,011 | -€159 | -7.3% |
| Other operating charges | 640/8 | €551 | €690 | +€139 | +25.2% |
| Gross operating margin | 9900 | €58,049 | €62,702 | +€4,652 | +8.0% |
| Operating profit (loss) | 9901 | €55,329 | €60,001 | +€4,672 | +8.4% |
| Financial income | 75/76B | €0 | €3 | +€2 | +1,311% |
| Recurring financial income | 75 | €0 | €3 | +€2 | +1,311% |
| Financial charges | 65/66B | €1,071 | €269 | -€802 | -74.9% |
| Recurring financial charges | 65 | €1,071 | €269 | -€802 | -74.9% |
| Profit (loss) for the period before taxes | 9903 | €54,258 | €59,735 | +€5,476 | +10.1% |
| Income taxes | 67/77 | €11,357 | €12,605 | +€1,248 | +11.0% |
| Profit (loss) for the period | 9904 | €42,902 | €47,129 | +€4,228 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,902 | €47,129 | +€4,228 | +9.9% |
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 18 October 2026 via checked.be.