MASTER OFF RENOVATION: 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 OFF RENOVATION
Largest movements
- Cash -€17,119
down €17,119 (-97.8%), from €17,507 to €388
mainly Net result for the year (-€11,496) and Receivables within one year (-€7,127)
- Receivables within one year +€7,127
up €7,127 (+8.2%), from €86,612 to €93,739
of which Trade receivables: +€7,928
- Tangible fixed assets -€3,579
down €3,579 (-43.8%), from €8,171 to €4,592
of which Plant, machinery and equipment: -€2,062
- Profit (loss) carried forward -€11,496
new in 2025: -€11,496
- Trade debts +€3,266
up €3,266 (+10.3%), from €31,730 to €34,996
- Tax, wage and social debts -€2,959
down €2,959 (-27.4%), from €10,804 to €7,845
- Debts after one year -€1,875
no longer reported in 2025 (was €1,875)
- Gross operating margin -€42,020
down €42,020, from €36,749 to -€5,271
- Other operating charges -€12,044
down €12,044 (-95.1%), from €12,659 to €616
- Taxes -€5,855
no longer reported in 2025 (was €5,855)
- Financial charges -€3,695
down €3,695 (-54.6%), from €6,763 to €3,067
- Depreciation -€734
down €734 (-17.0%), from €4,313 to €3,579
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 | €112,301 | €99,250 | -€13,051 | -11.6% |
| Fixed assets | 21/28 | €8,171 | €5,092 | -€3,079 | -37.7% |
| Tangible fixed assets | 22/27 | €8,171 | €4,592 | -€3,579 | -43.8% |
| Plant, machinery and equipment | 23 | €3,834 | €1,773 | -€2,062 | -53.8% |
| Furniture and vehicles | 24 | €4,337 | €2,819 | -€1,517 | -35.0% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €104,130 | €94,158 | -€9,972 | -9.6% |
| Amounts receivable within one year | 40/41 | €86,612 | €93,739 | +€7,127 | +8.2% |
| Trade receivables | 40 | €65,757 | €73,685 | +€7,928 | +12.1% |
| Other amounts receivable | 41 | €20,855 | €20,053 | -€802 | -3.8% |
| Cash at bank and in hand | 54/58 | €17,507 | €388 | -€17,119 | -97.8% |
| Deferred charges and accrued income | 490/1 | €11 | €31 | +€20 | +185% |
| Total equity and liabilities | 10/49 | €112,301 | €99,250 | -€13,051 | -11.6% |
| Equity | 10/15 | €65,958 | €54,462 | -€11,496 | -17.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €63,458 | €63,458 | = | 0.0% |
| Distributable reserves | 133 | €63,458 | €63,458 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€11,496 | -€11,496 | |
| Amounts payable | 17/49 | €46,344 | €44,788 | -€1,556 | -3.4% |
| Amounts payable after more than one year | 17 | €1,875 | - | -€1,875 | |
| Financial debts | 170/4 | €1,875 | - | -€1,875 | |
| Amounts payable within one year | 42/48 | €44,468 | €44,788 | +€320 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €1,933 | €1,946 | +€13 | +0.7% |
| Trade debts | 44 | €31,730 | €34,996 | +€3,266 | +10.3% |
| Suppliers | 440/4 | €31,730 | €34,996 | +€3,266 | +10.3% |
| Taxes, remuneration and social security | 45 | €10,804 | €7,845 | -€2,959 | -27.4% |
| Taxes | 450/3 | €10,804 | €7,845 | -€2,959 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,313 | €3,579 | -€734 | -17.0% |
| Other operating charges | 640/8 | €12,659 | €616 | -€12,044 | -95.1% |
| Gross operating margin | 9900 | €36,749 | -€5,271 | -€42,020 | |
| Operating profit (loss) | 9901 | €19,777 | -€9,466 | -€29,243 | |
| Financial income | 75/76B | €1,196 | €1,038 | -€158 | -13.2% |
| Recurring financial income | 75 | €1,196 | €1,038 | -€158 | -13.2% |
| Financial charges | 65/66B | €6,763 | €3,067 | -€3,695 | -54.6% |
| Recurring financial charges | 65 | €6,763 | €3,067 | -€3,695 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | €14,210 | -€11,496 | -€25,706 | |
| Income taxes | 67/77 | €5,855 | - | -€5,855 | |
| Profit (loss) for the period | 9904 | €8,355 | -€11,496 | -€19,851 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,355 | -€11,496 | -€19,851 |
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 27 October 2026 via checked.be.