MASTER - KEY: 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 - KEY
Largest movements
- Cash -€64,613
down €64,613 (-38.0%), from €170,169 to €105,556
mainly Net result for the year (-€46,752) and Tax, wage and social debts (-€18,484)
- Deferred charges and accrued income +€16,286
up €16,286 (+2505.5%), from €650 to €16,936
- Receivables within one year -€6,456
down €6,456 (-15.6%), from €41,269 to €34,813
of which Trade receivables: -€7,865
- Profit (loss) carried forward -€46,752
down €46,752 (-101.0%), from -€46,310 to -€93,062
- Tax, wage and social debts -€18,484
down €18,484 (-77.5%), from €23,842 to €5,358
- Other debts +€12,086
up €12,086 (+5.0%), from €243,224 to €255,310
- Gross operating margin -€85,689
down €85,689, from €83,666 to -€2,023
- Staff costs +€4,818
up €4,818 (+13.5%), from €35,642 to €40,460
- Taxes -€3,891
down €3,891 (-95.7%), from €4,065 to €174
- Depreciation -€880
down €880 (-40.6%), from €2,167 to €1,287
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 | €373,172 | €321,721 | -€51,451 | -13.8% |
| Fixed assets | 21/28 | €10,942 | €14,274 | +€3,332 | +30.5% |
| Tangible fixed assets | 22/27 | €4,762 | €8,094 | +€3,332 | +70.0% |
| Furniture and vehicles | 24 | - | €4,523 | +€4,523 | |
| Other tangible fixed assets | 26 | €4,762 | €3,571 | -€1,190 | -25.0% |
| Financial fixed assets | 28 | €6,180 | €6,180 | = | 0.0% |
| Current assets | 29/58 | €362,230 | €307,447 | -€54,783 | -15.1% |
| Amounts receivable within one year | 40/41 | €41,269 | €34,813 | -€6,456 | -15.6% |
| Trade receivables | 40 | €41,084 | €33,219 | -€7,865 | -19.1% |
| Other amounts receivable | 41 | €185 | €1,594 | +€1,409 | +761.5% |
| Current investments | 50/53 | €150,143 | €150,143 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €170,169 | €105,556 | -€64,613 | -38.0% |
| Deferred charges and accrued income | 490/1 | €650 | €16,936 | +€16,286 | +2505.5% |
| Total equity and liabilities | 10/49 | €373,172 | €321,721 | -€51,451 | -13.8% |
| Equity | 10/15 | €103,445 | €56,693 | -€46,752 | -45.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €131,163 | €131,163 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €129,303 | €131,163 | +€1,859 | +1.4% |
| Profit (loss) carried forward | 14 | -€46,310 | -€93,062 | -€46,752 | -101.0% |
| Amounts payable | 17/49 | €269,727 | €265,028 | -€4,699 | -1.7% |
| Amounts payable within one year | 42/48 | €269,727 | €265,028 | -€4,699 | -1.7% |
| Trade debts | 44 | €2,661 | €4,359 | +€1,698 | +63.8% |
| Suppliers | 440/4 | €2,661 | €4,359 | +€1,698 | +63.8% |
| Taxes, remuneration and social security | 45 | €23,842 | €5,358 | -€18,484 | -77.5% |
| Taxes | 450/3 | €23,842 | €5,358 | -€18,484 | -77.5% |
| Other amounts payable | 47/48 | €243,224 | €255,310 | +€12,086 | +5.0% |
| Remuneration, social security and pensions | 62 | €35,642 | €40,460 | +€4,818 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,167 | €1,287 | -€880 | -40.6% |
| Other operating charges | 640/8 | €1,363 | €1,274 | -€89 | -6.5% |
| Gross operating margin | 9900 | €83,666 | -€2,023 | -€85,689 | |
| Operating profit (loss) | 9901 | €44,494 | -€45,043 | -€89,537 | |
| Financial charges | 65/66B | €1,419 | €1,535 | +€116 | +8.1% |
| Recurring financial charges | 65 | €1,419 | €1,535 | +€116 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €43,075 | -€46,578 | -€89,653 | |
| Income taxes | 67/77 | €4,065 | €174 | -€3,891 | -95.7% |
| Profit (loss) for the period | 9904 | €39,010 | -€46,752 | -€85,762 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,010 | -€46,752 | -€85,762 |
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 9 October 2026 via checked.be.