Majstro Developing People: 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.
Majstro Developing People
Largest movements
- Receivables within one year +€162,276
up €162,276 (+169%), from €96,011 to €258,287
of which Other amounts receivable: +€99,981
- Deferred charges and accrued income -€47,850
no longer reported in 2025 (was €47,850)
- Cash +€6,585
up €6,585 (+45.7%), from €14,405 to €20,990
mainly Trade debts (+€77,897) and Deferred charges and accrued income (+€47,850)
- Tangible fixed assets -€3,061
down €3,061 (-24.9%), from €12,288 to €9,227
of which Other tangible fixed assets: -€1,713
- Trade debts +€77,897
up €77,897 (+238%), from €32,769 to €110,666
- Debts after one year +€32,434
new in 2025: €32,434
- Reserves +€17,000
up €17,000 (+46.1%), from €36,860 to €53,860
- Other debts -€12,024
no longer reported in 2025 (was €12,024)
- Current portion of long-term debt +€9,395
new in 2025: €9,395
- Gross operating margin +€27,009
up €27,009 (+166%), from €16,259 to €43,267
- Financial charges +€7,955
up €7,955 (+279%), from €2,849 to €10,804
- Taxes +€4,468
up €4,468 (+51.7%), from €8,642 to €13,110
- Financial income +€1,620
up €1,620 (+34,920%), from €5 to €1,625
- Depreciation +€571
up €571 (+22.9%), from €2,490 to €3,061
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 | €170,554 | €288,505 | +€117,951 | +69.2% |
| Fixed assets | 21/28 | €12,288 | €9,227 | -€3,061 | -24.9% |
| Tangible fixed assets | 22/27 | €12,288 | €9,227 | -€3,061 | -24.9% |
| Furniture and vehicles | 24 | €4,283 | €2,935 | -€1,347 | -31.5% |
| Other tangible fixed assets | 26 | €8,005 | €6,292 | -€1,713 | -21.4% |
| Current assets | 29/58 | €158,266 | €279,278 | +€121,011 | +76.5% |
| Amounts receivable within one year | 40/41 | €96,011 | €258,287 | +€162,276 | +169% |
| Trade receivables | 40 | €91,620 | €153,915 | +€62,295 | +68.0% |
| Other amounts receivable | 41 | €4,391 | €104,372 | +€99,981 | +2,277% |
| Cash at bank and in hand | 54/58 | €14,405 | €20,990 | +€6,585 | +45.7% |
| Deferred charges and accrued income | 490/1 | €47,850 | - | -€47,850 | |
| Total equity and liabilities | 10/49 | €170,554 | €288,505 | +€117,951 | +69.2% |
| Equity | 10/15 | €69,059 | €86,274 | +€17,215 | +24.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €36,860 | €53,860 | +€17,000 | +46.1% |
| Distributable reserves | 133 | €36,860 | €53,860 | +€17,000 | +46.1% |
| Profit (loss) carried forward | 14 | €13,599 | €13,814 | +€215 | +1.6% |
| Amounts payable | 17/49 | €101,495 | €202,231 | +€100,736 | +99.3% |
| Amounts payable after more than one year | 17 | - | €32,434 | +€32,434 | |
| Financial debts | 170/4 | - | €32,434 | +€32,434 | |
| Amounts payable within one year | 42/48 | €101,495 | €169,797 | +€68,302 | +67.3% |
| Current portion of amounts payable after more than one year | 42 | - | €9,395 | +€9,395 | |
| Trade debts | 44 | €32,769 | €110,666 | +€77,897 | +238% |
| Suppliers | 440/4 | €32,769 | €110,666 | +€77,897 | +238% |
| Taxes, remuneration and social security | 45 | €56,702 | €49,736 | -€6,966 | -12.3% |
| Taxes | 450/3 | €56,702 | €49,736 | -€6,966 | -12.3% |
| Other amounts payable | 47/48 | €12,024 | - | -€12,024 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,490 | €3,061 | +€571 | +22.9% |
| Other operating charges | 640/8 | €656 | €703 | +€48 | +7.3% |
| Gross operating margin | 9900 | €16,259 | €43,267 | +€27,009 | +166% |
| Operating profit (loss) | 9901 | €13,113 | €39,503 | +€26,390 | +201% |
| Financial income | 75/76B | €5 | €1,625 | +€1,620 | +34,920% |
| Recurring financial income | 75 | €5 | €1,625 | +€1,620 | +34,920% |
| Financial charges | 65/66B | €2,849 | €10,804 | +€7,955 | +279% |
| Recurring financial charges | 65 | €2,849 | €10,804 | +€7,955 | +279% |
| Profit (loss) for the period before taxes | 9903 | €10,269 | €30,324 | +€20,056 | +195% |
| Income taxes | 67/77 | €8,642 | €13,110 | +€4,468 | +51.7% |
| Profit (loss) for the period | 9904 | €1,627 | €17,215 | +€15,588 | +958% |
| Profit (loss) for the period to be appropriated | 9905 | €1,627 | €17,215 | +€15,588 | +958% |
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 25 October 2026 via checked.be.