MASTER COLOR: 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.
MASTER COLOR
Largest movements
- Financial fixed assets -€226,467
down €226,467 (-18.2%), from €1.2m to €1.0m
- Receivables within one year +€65,004
up €65,004 (+3378.7%), from €1,924 to €66,927
- Other debts -€80,677
down €80,677 (-12.1%), from €668,223 to €587,546
- Debts after one year -€47,503
down €47,503 (-59.5%), from €79,888 to €32,385
of which Trade debts: -€24,719
- Reserves -€22,703
down €22,703 (-6.9%), from €326,860 to €304,157
of which Distributable reserves: -€22,703
- Financial charges +€154,813
up €154,813 (+2273.0%), from €6,811 to €161,624
of which Non-recurring financial charges: +€155,896
- Financial income +€111,667
new in 2025: €111,667
of which Non-recurring financial income: +€110,237
- Taxes -€5,798
down €5,798 (-93.3%), from €6,214 to €416
- Gross operating margin -€2,248
down €2,248 (-7.3%), from €30,631 to €28,383
- Other operating charges -€1,525
down €1,525 (-76.7%), from €1,989 to €463
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.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,248,444 | €1,086,980 | -€161,463 | -12.9% |
| Fixed assets | 21/28 | €1,246,520 | €1,020,053 | -€226,467 | -18.2% |
| Financial fixed assets | 28 | €1,246,520 | €1,020,053 | -€226,467 | -18.2% |
| Current assets | 29/58 | €1,924 | €66,927 | +€65,004 | +3378.7% |
| Amounts receivable within one year | 40/41 | €1,924 | €66,927 | +€65,004 | +3378.7% |
| Other amounts receivable | 41 | €1,924 | €66,927 | +€65,004 | +3378.7% |
| Total equity and liabilities | 10/49 | €1,248,444 | €1,086,980 | -€161,463 | -12.9% |
| Equity | 10/15 | €396,860 | €374,157 | -€22,703 | -5.7% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €326,860 | €304,157 | -€22,703 | -6.9% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €319,860 | €297,157 | -€22,703 | -7.1% |
| Amounts payable | 17/49 | €851,583 | €712,823 | -€138,760 | -16.3% |
| Amounts payable after more than one year | 17 | €79,888 | €32,385 | -€47,503 | -59.5% |
| Financial debts | 170/4 | €22,783 | - | -€22,783 | |
| Trade debts | 175 | €57,104 | €32,385 | -€24,719 | -43.3% |
| Amounts payable within one year | 42/48 | €771,696 | €680,439 | -€91,257 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €57,027 | €49,532 | -€7,494 | -13.1% |
| Financial debts | 43 | €1,867 | €2,015 | +€148 | +7.9% |
| Credit institutions | 430/8 | €1,867 | €2,015 | +€148 | +7.9% |
| Trade debts | 44 | €34,420 | €36,030 | +€1,610 | +4.7% |
| Suppliers | 440/4 | €34,420 | €36,030 | +€1,610 | +4.7% |
| Taxes, remuneration and social security | 45 | €10,158 | €5,315 | -€4,843 | -47.7% |
| Taxes | 450/3 | €10,158 | €5,315 | -€4,843 | -47.7% |
| Other amounts payable | 47/48 | €668,223 | €587,546 | -€80,677 | -12.1% |
| Remuneration, social security and pensions | 62 | €250 | €250 | = | 0.0% |
| Other operating charges | 640/8 | €1,989 | €463 | -€1,525 | -76.7% |
| Gross operating margin | 9900 | €30,631 | €28,383 | -€2,248 | -7.3% |
| Operating profit (loss) | 9901 | €28,393 | €27,670 | -€722 | -2.5% |
| Financial income | 75/76B | - | €111,667 | +€111,667 | |
| Recurring financial income | 75 | - | €1,430 | +€1,430 | |
| Non-recurring financial income | 76B | - | €110,237 | +€110,237 | |
| Financial charges | 65/66B | €6,811 | €161,624 | +€154,813 | +2273.0% |
| Recurring financial charges | 65 | €6,811 | €5,728 | -€1,083 | -15.9% |
| Non-recurring financial charges | 66B | - | €155,896 | +€155,896 | |
| Profit (loss) for the period before taxes | 9903 | €21,582 | -€22,287 | -€43,869 | |
| Income taxes | 67/77 | €6,214 | €416 | -€5,798 | -93.3% |
| Profit (loss) for the period | 9904 | €15,367 | -€22,703 | -€38,071 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,367 | -€22,703 | -€38,071 |
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 10 October 2026 via checked.be.