MASTER CONSTRUCT: what changed
Two fiscal 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 CONSTRUCT
Largest movements
- Cash +€13,464
up €13,464 (+21177.2%), from €64 to €13,528
mainly Trade debts (+€19,752) and Net result for the year (+€3,498)
- Receivables within one year +€12,670
up €12,670 (+43.9%), from €28,893 to €41,564
of which Trade receivables: +€13,711
- Tangible fixed assets -€3,333
down €3,333 (-66.8%), from €4,987 to €1,654
- Trade debts +€19,752
up €19,752 (+517.3%), from €3,818 to €23,570
- Profit (loss) carried forward +€3,498
up €3,498 (+35.7%), from €9,788 to €13,286
- Gross operating margin -€1,106
down €1,106 (-14.7%), from €7,508 to €6,402
- Financial income +€485
up €485 (+51.4%), from €944 to €1,429
- Financial charges -€199
down €199 (-84.1%), from €236 to €38
- Taxes -€102
down €102 (-9.6%), from €1,065 to €962
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
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 | €33,943 | €56,745 | +€22,802 | +67.2% |
| Fixed assets | 21/28 | €4,987 | €1,654 | -€3,333 | -66.8% |
| Tangible fixed assets | 22/27 | €4,987 | €1,654 | -€3,333 | -66.8% |
| Furniture and vehicles | 24 | €4,987 | €1,654 | -€3,333 | -66.8% |
| Current assets | 29/58 | €28,957 | €55,092 | +€26,135 | +90.3% |
| Amounts receivable within one year | 40/41 | €28,893 | €41,564 | +€12,670 | +43.9% |
| Trade receivables | 40 | €1,625 | €15,336 | +€13,711 | +843.6% |
| Other amounts receivable | 41 | €27,268 | €26,228 | -€1,040 | -3.8% |
| Cash at bank and in hand | 54/58 | €64 | €13,528 | +€13,464 | +21177.2% |
| Total equity and liabilities | 10/49 | €33,943 | €56,745 | +€22,802 | +67.2% |
| Equity | 10/15 | €27,650 | €31,148 | +€3,498 | +12.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €15,862 | €15,862 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,862 | €15,862 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,862 | €15,862 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,788 | €13,286 | +€3,498 | +35.7% |
| Amounts payable | 17/49 | €6,294 | €25,597 | +€19,304 | +306.7% |
| Amounts payable within one year | 42/48 | €6,294 | €25,597 | +€19,304 | +306.7% |
| Trade debts | 44 | €3,818 | €23,570 | +€19,752 | +517.3% |
| Suppliers | 440/4 | €3,818 | €23,570 | +€19,752 | +517.3% |
| Taxes, remuneration and social security | 45 | €2,475 | €2,027 | -€448 | -18.1% |
| Taxes | 450/3 | €2,475 | €2,027 | -€448 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,333 | €3,333 | = | 0.0% |
| Gross operating margin | 9900 | €7,508 | €6,402 | -€1,106 | -14.7% |
| Operating profit (loss) | 9901 | €4,175 | €3,069 | -€1,106 | -26.5% |
| Financial income | 75/76B | €944 | €1,429 | +€485 | +51.4% |
| Recurring financial income | 75 | €944 | €1,429 | +€485 | +51.4% |
| Financial charges | 65/66B | €236 | €38 | -€199 | -84.1% |
| Recurring financial charges | 65 | €236 | €38 | -€199 | -84.1% |
| Profit (loss) for the period before taxes | 9903 | €4,884 | €4,461 | -€423 | -8.7% |
| Income taxes | 67/77 | €1,065 | €962 | -€102 | -9.6% |
| Profit (loss) for the period | 9904 | €3,819 | €3,498 | -€321 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,819 | €3,498 | -€321 | -8.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.