Master Data Partners: what changed
Master Data Partners
Largest movements
- Receivables within one year +€52,410
up €52,410 (+27.7%), from €189,117 to €241,527
of which Trade receivables: +€54,117
- Cash -€7,726
down €7,726 (-49.3%), from €15,673 to €7,947
mainly Net result for the year (-€101,612) and Receivables within one year (-€52,410)
- Other debts +€145,412
up €145,412 (+18.5%), from €785,594 to €931,006
- Profit (loss) carried forward -€101,612
down €101,612 (-12.8%), from -€792,892 to -€894,504
- Tax, wage and social debts -€21,610
down €21,610 (-33.1%), from €65,293 to €43,683
of which Remuneration and social security: -€17,207
- Trade debts +€19,996
up €19,996 (+21.4%), from €93,608 to €113,604
- Staff costs -€154,119
down €154,119 (-30.3%), from €509,298 to €355,179
- Gross operating margin +€86,921
up €86,921 (+38.6%), from €225,220 to €312,141
- Purchases and services -€74,832
down €74,832 (-12.6%), from €592,085 to €517,254
- Turnover +€53,271
up €53,271 (+7.0%), from €762,933 to €816,204
- Depreciation -€20,158
down €20,158 (-87.8%), from €22,951 to €2,794
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €213,103 | €255,442 | +€42,339 | +19.9% |
| Fixed assets | 21/28 | €4,051 | €1,068 | -€2,983 | -73.6% |
| Intangible fixed assets | 21 | €1,200 | - | -€1,200 | |
| Tangible fixed assets | 22/27 | €2,851 | €1,068 | -€1,783 | -62.6% |
| Plant, machinery and equipment | 23 | €2,851 | €1,068 | -€1,783 | -62.6% |
| Current assets | 29/58 | €209,052 | €254,374 | +€45,322 | +21.7% |
| Amounts receivable within one year | 40/41 | €189,117 | €241,527 | +€52,410 | +27.7% |
| Trade receivables | 40 | €187,410 | €241,527 | +€54,117 | +28.9% |
| Other amounts receivable | 41 | €1,707 | - | -€1,707 | |
| Cash at bank and in hand | 54/58 | €15,673 | €7,947 | -€7,726 | -49.3% |
| Deferred charges and accrued income | 490/1 | €4,262 | €4,900 | +€638 | +15.0% |
| Total equity and liabilities | 10/49 | €213,103 | €255,442 | +€42,339 | +19.9% |
| Equity | 10/15 | -€731,392 | -€833,004 | -€101,612 | -13.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€792,892 | -€894,504 | -€101,612 | -12.8% |
| Provisions and deferred taxes | 16 | - | €153 | +€153 | |
| Provisions for liabilities and charges | 160/5 | - | €153 | +€153 | |
| Pensions and similar obligations | 160 | - | €153 | +€153 | |
| Amounts payable | 17/49 | €944,495 | €1,088,293 | +€143,798 | +15.2% |
| Amounts payable within one year | 42/48 | €944,495 | €1,088,293 | +€143,798 | +15.2% |
| Trade debts | 44 | €93,608 | €113,604 | +€19,996 | +21.4% |
| Suppliers | 440/4 | €93,608 | €113,604 | +€19,996 | +21.4% |
| Taxes, remuneration and social security | 45 | €65,293 | €43,683 | -€21,610 | -33.1% |
| Taxes | 450/3 | €13,580 | €9,178 | -€4,402 | -32.4% |
| Remuneration and social security | 454/9 | €51,712 | €34,505 | -€17,207 | -33.3% |
| Other amounts payable | 47/48 | €785,594 | €931,006 | +€145,412 | +18.5% |
| Turnover | 70 | €762,933 | €816,204 | +€53,271 | +7.0% |
| Non-recurring operating income | 76A | €25,831 | €82 | -€25,749 | -99.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €592,085 | €517,254 | -€74,832 | -12.6% |
| Remuneration, social security and pensions | 62 | €509,298 | €355,179 | -€154,119 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,951 | €2,794 | -€20,158 | -87.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €153 | +€153 | |
| Other operating charges | 640/8 | €2,350 | €2,003 | -€347 | -14.8% |
| Non-recurring operating charges | 66A | €419 | €77 | -€342 | -81.6% |
| Gross operating margin | 9900 | €225,220 | €312,141 | +€86,921 | +38.6% |
| Operating profit (loss) | 9901 | -€309,798 | -€48,065 | +€261,733 | +84.5% |
| Financial income | 75/76B | €2 | €1 | -€1 | -49.3% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -49.3% |
| Financial charges | 65/66B | €45,035 | €52,615 | +€7,580 | +16.8% |
| Recurring financial charges | 65 | €45,035 | €52,615 | +€7,580 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | -€354,831 | -€100,678 | +€254,153 | +71.6% |
| Income taxes | 67/77 | €1,222 | €934 | -€288 | -23.6% |
| Profit (loss) for the period | 9904 | -€356,054 | -€101,612 | +€254,441 | +71.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€356,054 | -€101,612 | +€254,441 | +71.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.