Les Maîtres: 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.
Les Maîtres
Largest movements
- Receivables within one year +€267,855
up €267,855 (+69.2%), from €387,094 to €654,950
of which Trade receivables: +€173,148
- Cash -€75,817
down €75,817 (-74.7%), from €101,535 to €25,718
mainly Receivables within one year (-€267,855) and Contributions, distributions and other (-€100,000)
- Intangible fixed assets +€33,505
up €33,505 (+96.2%), from €34,817 to €68,322
- Stocks and contracts +€25,073
up €25,073 (+5.6%), from €449,347 to €474,421
- Trade debts +€160,839
up €160,839 (+49.5%), from €324,609 to €485,447
- Reserves +€111,699
up €111,699 (+48.9%), from €228,461 to €340,160
of which Distributable reserves: +€111,699
- Debts after one year -€41,243
down €41,243 (-69.8%), from €59,097 to €17,854
of which Financial debts: -€41,243
- Tax, wage and social debts -€19,083
down €19,083 (-55.7%), from €34,247 to €15,163
of which Taxes: -€13,281
- Other debts +€16,183
up €16,183 (+15.2%), from €106,513 to €122,696
- Gross operating margin -€51,514
down €51,514 (-9.3%), from €556,466 to €504,952
- Staff costs -€22,899
down €22,899 (-12.4%), from €183,930 to €161,031
- Taxes -€11,810
down €11,810 (-21.1%), from €55,869 to €44,060
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 | €1,033,273 | €1,272,734 | +€239,461 | +23.2% |
| Fixed assets | 21/28 | €63,917 | €94,621 | +€30,704 | +48.0% |
| Intangible fixed assets | 21 | €34,817 | €68,322 | +€33,505 | +96.2% |
| Tangible fixed assets | 22/27 | €27,536 | €26,298 | -€1,238 | -4.5% |
| Plant, machinery and equipment | 23 | €134 | €0 | -€134 | -100% |
| Furniture and vehicles | 24 | €19,611 | €26,298 | +€6,688 | +34.1% |
| Other tangible fixed assets | 26 | €7,791 | €0 | -€7,791 | -100% |
| Financial fixed assets | 28 | €1,564 | €0 | -€1,564 | -100% |
| Current assets | 29/58 | €969,356 | €1,178,113 | +€208,758 | +21.5% |
| Stocks and contracts in progress | 3 | €449,347 | €474,421 | +€25,073 | +5.6% |
| Stocks | 30/36 | €449,347 | €474,421 | +€25,073 | +5.6% |
| Amounts receivable within one year | 40/41 | €387,094 | €654,950 | +€267,855 | +69.2% |
| Trade receivables | 40 | €63,977 | €237,126 | +€173,148 | +271% |
| Other amounts receivable | 41 | €323,117 | €417,824 | +€94,707 | +29.3% |
| Cash at bank and in hand | 54/58 | €101,535 | €25,718 | -€75,817 | -74.7% |
| Deferred charges and accrued income | 490/1 | €31,380 | €23,026 | -€8,354 | -26.6% |
| Total equity and liabilities | 10/49 | €1,033,273 | €1,272,734 | +€239,461 | +23.2% |
| Equity | 10/15 | €378,461 | €490,160 | +€111,699 | +29.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €228,461 | €340,160 | +€111,699 | +48.9% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €213,461 | €325,160 | +€111,699 | +52.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €654,812 | €782,574 | +€127,762 | +19.5% |
| Amounts payable after more than one year | 17 | €59,097 | €17,854 | -€41,243 | -69.8% |
| Financial debts | 170/4 | €59,097 | €17,854 | -€41,243 | -69.8% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €594,526 | €764,720 | +€170,194 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | €64,158 | €66,413 | +€2,255 | +3.5% |
| Financial debts | 43 | €65,000 | €75,000 | +€10,000 | +15.4% |
| Credit institutions | 430/8 | €65,000 | €75,000 | +€10,000 | +15.4% |
| Trade debts | 44 | €324,609 | €485,447 | +€160,839 | +49.5% |
| Suppliers | 440/4 | €324,609 | €485,447 | +€160,839 | +49.5% |
| Taxes, remuneration and social security | 45 | €34,247 | €15,163 | -€19,083 | -55.7% |
| Taxes | 450/3 | €13,281 | €0 | -€13,281 | -100% |
| Remuneration and social security | 454/9 | €20,965 | €15,163 | -€5,802 | -27.7% |
| Other amounts payable | 47/48 | €106,513 | €122,696 | +€16,183 | +15.2% |
| Accrued charges and deferred income | 492/3 | €1,189 | €0 | -€1,189 | -100% |
| Remuneration, social security and pensions | 62 | €183,930 | €161,031 | -€22,899 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,510 | €30,099 | -€1,411 | -4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,315 | -€4,479 | -€1,165 | -35.1% |
| Other operating charges | 640/8 | €7,879 | €11,797 | +€3,917 | +49.7% |
| Non-recurring operating charges | 66A | - | €7,791 | +€7,791 | |
| Gross operating margin | 9900 | €556,466 | €504,952 | -€51,514 | -9.3% |
| Operating profit (loss) | 9901 | €336,460 | €298,713 | -€37,747 | -11.2% |
| Financial income | 75/76B | €8,966 | €11,305 | +€2,340 | +26.1% |
| Recurring financial income | 75 | €8,966 | €11,305 | +€2,340 | +26.1% |
| Financial charges | 65/66B | €48,945 | €54,260 | +€5,314 | +10.9% |
| Recurring financial charges | 65 | €48,945 | €54,260 | +€5,314 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | €296,481 | €255,759 | -€40,721 | -13.7% |
| Income taxes | 67/77 | €55,869 | €44,060 | -€11,810 | -21.1% |
| Profit (loss) for the period | 9904 | €240,611 | €211,699 | -€28,912 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €240,611 | €211,699 | -€28,912 | -12.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.