MASTER IMMO: 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 IMMO
Largest movements
- Receivables within one year -€145,144
down €145,144 (-70.9%), from €204,752 to €59,608
of which Trade receivables: -€105,000
- Cash +€57,721
up €57,721 (+30.7%), from €188,237 to €245,957
mainly Receivables within one year (+€145,144) and Depreciation (+€2,464)
- Profit (loss) carried forward -€54,261
down €54,261 (-15.9%), from €340,648 to €286,387
- Other debts -€22,098
down €22,098 (-94.1%), from €23,491 to €1,392
- Tax, wage and social debts -€12,292
no longer reported in 2025 (was €12,292)
of which Taxes: -€10,292
- Gross operating margin -€106,874
down €106,874, from €62,109 to -€44,765
- Other operating charges -€20,262
down €20,262 (-82.1%), from €24,675 to €4,414
- Taxes -€5,951
down €5,951 (-72.9%), from €8,162 to €2,211
- Financial income -€4,436
down €4,436 (-100.0%), from €4,436 to €0
- Financial charges -€827
down €827 (-67.0%), from €1,235 to €408
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 | €398,545 | €309,127 | -€89,418 | -22.4% |
| Fixed assets | 21/28 | €5,284 | €2,821 | -€2,464 | -46.6% |
| Tangible fixed assets | 22/27 | €5,284 | €2,821 | -€2,464 | -46.6% |
| Plant, machinery and equipment | 23 | €383 | €155 | -€228 | -59.4% |
| Furniture and vehicles | 24 | €4,901 | €2,665 | -€2,236 | -45.6% |
| Current assets | 29/58 | €393,261 | €306,307 | -€86,954 | -22.1% |
| Amounts receivable within one year | 40/41 | €204,752 | €59,608 | -€145,144 | -70.9% |
| Trade receivables | 40 | €150,000 | €45,000 | -€105,000 | -70.0% |
| Other amounts receivable | 41 | €54,752 | €14,608 | -€40,144 | -73.3% |
| Cash at bank and in hand | 54/58 | €188,237 | €245,957 | +€57,721 | +30.7% |
| Deferred charges and accrued income | 490/1 | €273 | €741 | +€469 | +172% |
| Total equity and liabilities | 10/49 | €398,545 | €309,127 | -€89,418 | -22.4% |
| Equity | 10/15 | €361,053 | €306,792 | -€54,261 | -15.0% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Profit (loss) carried forward | 14 | €340,648 | €286,387 | -€54,261 | -15.9% |
| Amounts payable | 17/49 | €37,492 | €2,336 | -€35,157 | -93.8% |
| Amounts payable within one year | 42/48 | €37,492 | €2,336 | -€35,157 | -93.8% |
| Trade debts | 44 | €1,710 | €943 | -€767 | -44.9% |
| Suppliers | 440/4 | €1,710 | €943 | -€767 | -44.9% |
| Taxes, remuneration and social security | 45 | €12,292 | - | -€12,292 | |
| Taxes | 450/3 | €10,292 | - | -€10,292 | |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €23,491 | €1,392 | -€22,098 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,441 | €2,464 | +€23 | +0.9% |
| Other operating charges | 640/8 | €24,675 | €4,414 | -€20,262 | -82.1% |
| Gross operating margin | 9900 | €62,109 | -€44,765 | -€106,874 | |
| Operating profit (loss) | 9901 | €34,992 | -€51,643 | -€86,635 | |
| Financial income | 75/76B | €4,436 | €0 | -€4,436 | -100.0% |
| Recurring financial income | 75 | €4,436 | €0 | -€4,436 | -100.0% |
| Financial charges | 65/66B | €1,235 | €408 | -€827 | -67.0% |
| Recurring financial charges | 65 | €1,235 | €408 | -€827 | -67.0% |
| Profit (loss) for the period before taxes | 9903 | €38,193 | -€52,050 | -€90,244 | |
| Income taxes | 67/77 | €8,162 | €2,211 | -€5,951 | -72.9% |
| Profit (loss) for the period | 9904 | €30,032 | -€54,261 | -€84,293 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,032 | -€54,261 | -€84,293 |
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 28 October 2026 via checked.be.