MASTER CONCESSION: 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 CONCESSION
Largest movements
- Receivables within one year +€3,115
up €3,115 (+574%), from €543 to €3,657
- Cash -€1,173
down €1,173 (-87.0%), from €1,348 to €175
mainly Receivables within one year (-€3,115) and Other debts (-€169)
- Profit (loss) carried forward +€1,887
up €1,887 (+10.8%), from -€17,503 to -€15,616
- Trade debts +€224
up €224 (+19.7%), from €1,137 to €1,361
- Other debts -€169
down €169 (-27.8%), from €609 to €440
- Gross operating margin +€3,351
up €3,351, from -€1,304 to €2,047
- Purchases and services -€2,215
down €2,215 (-10.8%), from €20,429 to €18,214
- Other operating charges -€184
no longer reported in 2025 (was €184)
- Financial income -€37
no longer reported in 2025 (was €37)
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 | €1,940 | €3,882 | +€1,942 | +100% |
| Fixed assets | 21/28 | €50 | €50 | = | 0.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,890 | €3,832 | +€1,942 | +103% |
| Amounts receivable within one year | 40/41 | €543 | €3,657 | +€3,115 | +574% |
| Trade receivables | 40 | €543 | €3,657 | +€3,115 | +574% |
| Cash at bank and in hand | 54/58 | €1,348 | €175 | -€1,173 | -87.0% |
| Total equity and liabilities | 10/49 | €1,940 | €3,882 | +€1,942 | +100% |
| Equity | 10/15 | €194 | €2,081 | +€1,887 | +971% |
| Contributions | 10/11 | €17,697 | €17,697 | = | 0.0% |
| Capital | 10 | €17,697 | - | -€17,697 | |
| Issued capital | 100 | €18,592 | - | -€18,592 | |
| Uncalled capital | 101 | €895 | - | -€895 | |
| Profit (loss) carried forward | 14 | -€17,503 | -€15,616 | +€1,887 | +10.8% |
| Amounts payable | 17/49 | €1,746 | €1,801 | +€55 | +3.2% |
| Amounts payable within one year | 42/48 | €1,746 | €1,801 | +€55 | +3.2% |
| Trade debts | 44 | €1,137 | €1,361 | +€224 | +19.7% |
| Suppliers | 440/4 | €1,137 | €1,361 | +€224 | +19.7% |
| Other amounts payable | 47/48 | €609 | €440 | -€169 | -27.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €20,429 | €18,214 | -€2,215 | -10.8% |
| Other operating charges | 640/8 | €184 | - | -€184 | |
| Gross operating margin | 9900 | -€1,304 | €2,047 | +€3,351 | |
| Operating profit (loss) | 9901 | -€1,488 | €2,047 | +€3,535 | |
| Financial income | 75/76B | €37 | - | -€37 | |
| Recurring financial income | 75 | €37 | - | -€37 | |
| Financial charges | 65/66B | €153 | €161 | +€7 | +4.7% |
| Recurring financial charges | 65 | €153 | €161 | +€7 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,604 | €1,887 | +€3,491 | |
| Profit (loss) for the period | 9904 | -€1,604 | €1,887 | +€3,491 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,604 | €1,887 | +€3,491 |
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.