MASTER BUSINESS: 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.
What changed
MASTER BUSINESS
NACE 47.110, Non-specialised retail sale with food, beverages or tobacco predominating
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
-€7,878
2023 · -€20,716+€12,838
Equity
€699,750
2023 · €717,628-€17,878
Cash
€113,806
2023 · €121,757-€7,951
Balance sheet total
€4.8m
2023 · €5.0m-€217,591
Largest movements
Assets
- Tangible fixed assets -€162,814
down €162,814 (-9.0%), from €1.8m to €1.7m
of which Leasing and similar rights: -€136,132
- Receivables within one year -€137,109
down €137,109 (-16.0%), from €859,045 to €721,936
of which Trade receivables: -€132,581
- Deferred charges and accrued income +€50,787
up €50,787 (+433%), from €11,732 to €62,519
Equity and liabilities
- Debts after one year -€250,346
down €250,346 (-19.4%), from €1.3m to €1.0m
- Short-term financial debts +€229,447
up €229,447 (+83.2%), from €275,756 to €505,203
- Tax, wage and social debts -€128,467
down €128,467 (-24.9%), from €515,402 to €386,936
of which Remuneration and social security: -€118,278
Income statement
- Staff costs -€175,885
down €175,885 (-24.4%), from €722,064 to €546,179
- Gross operating margin -€161,354
down €161,354 (-14.4%), from €1.1m to €961,688
- Other operating charges +€18,910
up €18,910 (+24.8%), from €76,380 to €95,289
- Depreciation -€15,409
down €15,409 (-7.8%), from €197,323 to €181,915
- Financial income +€11,653
up €11,653 (+126%), from €9,272 to €20,925
From the 2023 result to the 2024 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.
Result 2023
-€20,716
Gross operating margin
-€161,354
Staff costs
+€175,885
Depreciation
+€15,409
Other operating charges
-€18,910
Financial income
+€11,653
Financial charges
+€2,182
Taxes
-€11,027
Deferred taxes and other
-€1,001
Result 2024
-€7,878
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€47,647
Investment
-€46,773
Financing
-€11,342
Cash 2023
€121,757
From operations (derived)
+€47,647
Net result for the year
-€7,878
Depreciation
+€181,915
Receivables after one year
+€11,306
Stocks and contracts
-€23,129
Receivables within one year
+€137,109
Deferred charges and accrued income
-€50,787
Provisions
-€5,228
Trade debts
-€44,267
Tax, wage and social debts
-€128,467
Other debts
-€22,926
Investment (derived)
-€46,773
Investment in fixed assets (net)
-€46,773
Current investments
+€0
Financing
-€11,342
Debts after one year
-€250,346
Current portion of long-term debt
+€19,556
Short-term financial debts
+€229,447
Contributions, distributions and other
-€10,000
Not broken down
+€2,517
Cash 2024
€113,806
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,025,001 | €4,807,410 | -€217,591 | -4.3% |
| Fixed assets | 21/28 | €1,854,273 | €1,719,132 | -€135,141 | -7.3% |
| Intangible fixed assets | 21 | €374 | €3,986 | +€3,612 | +967% |
| Tangible fixed assets | 22/27 | €1,817,271 | €1,654,457 | -€162,814 | -9.0% |
| Land and buildings | 22 | €22,748 | €19,499 | -€3,249 | -14.3% |
| Plant, machinery and equipment | 23 | €155,901 | €136,034 | -€19,867 | -12.7% |
| Furniture and vehicles | 24 | €11,825 | €8,259 | -€3,566 | -30.2% |
| Leasing and similar rights | 25 | €1,626,797 | €1,490,665 | -€136,132 | -8.4% |
| Financial fixed assets | 28 | €36,629 | €60,689 | +€24,060 | +65.7% |
| Current assets | 29/58 | €3,170,728 | €3,088,278 | -€82,450 | -2.6% |
| Amounts receivable after more than one year | 29 | €59,439 | €48,133 | -€11,306 | -19.0% |
| Other amounts receivable | 291 | €59,439 | €48,133 | -€11,306 | -19.0% |
| Stocks and contracts in progress | 3 | €2,118,754 | €2,141,883 | +€23,129 | +1.1% |
| Stocks | 30/36 | €2,118,754 | €2,141,883 | +€23,129 | +1.1% |
| Amounts receivable within one year | 40/41 | €859,045 | €721,936 | -€137,109 | -16.0% |
| Trade receivables | 40 | €833,648 | €701,068 | -€132,581 | -15.9% |
| Other amounts receivable | 41 | €25,397 | €20,869 | -€4,528 | -17.8% |
| Current investments | 50/53 | €1 | €1 | -€0 | -3.8% |
| Cash at bank and in hand | 54/58 | €121,757 | €113,806 | -€7,951 | -6.5% |
| Deferred charges and accrued income | 490/1 | €11,732 | €62,519 | +€50,787 | +433% |
| Total equity and liabilities | 10/49 | €5,025,001 | €4,807,410 | -€217,591 | -4.3% |
| Equity | 10/15 | €717,628 | €699,750 | -€17,878 | -2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €642,464 | €616,443 | -€26,021 | -4.1% |
| Non-distributable reserves | 130/1 | €2,250 | - | -€2,250 | |
| Reserves not available under the articles | 1311 | €2,250 | - | -€2,250 | |
| Tax-exempt reserves | 132 | €260,214 | - | -€260,214 | |
| Distributable reserves | 133 | €380,000 | - | -€380,000 | |
| Profit (loss) carried forward | 14 | €13,564 | €31,707 | +€18,143 | +134% |
| Investment grants | 15 | €43,000 | €33,000 | -€10,000 | -23.3% |
| Provisions and deferred taxes | 16 | €72,883 | €67,655 | -€5,228 | -7.2% |
| Deferred taxes | 168 | €72,883 | €67,655 | -€5,228 | -7.2% |
| Amounts payable | 17/49 | €4,234,490 | €4,040,005 | -€194,485 | -4.6% |
| Amounts payable after more than one year | 17 | €1,292,857 | €1,042,511 | -€250,346 | -19.4% |
| Financial debts | 170/4 | €1,292,857 | €1,042,511 | -€250,346 | -19.4% |
| Amounts payable within one year | 42/48 | €2,941,633 | €2,997,494 | +€55,861 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €182,472 | €202,028 | +€19,556 | +10.7% |
| Financial debts | 43 | €275,756 | €505,203 | +€229,447 | +83.2% |
| Credit institutions | 430/8 | €275,756 | €505,203 | +€229,447 | +83.2% |
| Trade debts | 44 | €1,945,077 | €1,900,810 | -€44,267 | -2.3% |
| Suppliers | 440/4 | €1,945,077 | €1,900,810 | -€44,267 | -2.3% |
| Taxes, remuneration and social security | 45 | €515,402 | €386,936 | -€128,467 | -24.9% |
| Taxes | 450/3 | €221,807 | €211,619 | -€10,188 | -4.6% |
| Remuneration and social security | 454/9 | €293,595 | €175,317 | -€118,278 | -40.3% |
| Other amounts payable | 47/48 | €22,926 | - | -€22,926 | |
| Non-recurring operating income | 76A | - | €4,932 | +€4,932 | |
| Remuneration, social security and pensions | 62 | €722,064 | €546,179 | -€175,885 | -24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,323 | €181,915 | -€15,409 | -7.8% |
| Other operating charges | 640/8 | €76,380 | €95,289 | +€18,910 | +24.8% |
| Gross operating margin | 9900 | €1,123,042 | €961,688 | -€161,354 | -14.4% |
| Operating profit (loss) | 9901 | €127,275 | €138,305 | +€11,030 | +8.7% |
| Financial income | 75/76B | €9,272 | €20,925 | +€11,653 | +126% |
| Recurring financial income | 75 | €9,272 | €20,925 | +€11,653 | +126% |
| Financial charges | 65/66B | €156,719 | €154,538 | -€2,182 | -1.4% |
| Recurring financial charges | 65 | €156,719 | €154,538 | -€2,182 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,173 | €4,692 | +€24,865 | |
| Transfer from deferred taxes | 780 | €6,229 | €5,228 | -€1,001 | -16.1% |
| Income taxes | 67/77 | €6,772 | €17,799 | +€11,027 | +163% |
| Profit (loss) for the period | 9904 | -€20,716 | -€7,878 | +€12,838 | +62.0% |
| Transfer from tax-exempt reserves | 789 | €26,021 | €26,021 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,306 | €18,143 | +€12,838 | +242% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.