MASTER PRO: 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 PRO
Largest movements
- Receivables within one year +€70,106
up €70,106 (+74.7%), from €93,804 to €163,910
of which Trade receivables: +€71,191
- Intangible fixed assets -€15,500
down €15,500 (-21.1%), from €73,625 to €58,125
- Tangible fixed assets -€11,719
down €11,719 (-21.1%), from €55,598 to €43,879
of which Other tangible fixed assets: -€10,172
- Cash -€9,680
down €9,680 (-27.1%), from €35,768 to €26,089
mainly Debts after one year (-€101,310) and Receivables within one year (-€70,106)
- Trade debts +€214,419
up €214,419 (+56.8%), from €377,780 to €592,199
- Debts after one year -€101,310
down €101,310 (-43.0%), from €235,675 to €134,365
of which Financial debts: -€86,310
- Advances received -€57,515
down €57,515 (-44.4%), from €129,416 to €71,901
- Tax, wage and social debts -€16,092
down €16,092 (-33.6%), from €47,849 to €31,757
of which Taxes: -€19,907
- Profit (loss) carried forward -€11,963
down €11,963 (-5.0%), from -€238,901 to -€250,864
- Gross operating margin +€78,658
up €78,658 (+71.9%), from €109,413 to €188,072
- Depreciation -€9,949
down €9,949 (-26.8%), from €37,168 to €27,219
- Staff costs -€7,666
down €7,666 (-4.8%), from €160,458 to €152,792
- Other operating charges +€5,135
up €5,135 (+219.4%), from €2,340 to €7,475
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 | €690,675 | €725,296 | +€34,621 | +5.0% |
| Fixed assets | 21/28 | €530,654 | €507,170 | -€23,484 | -4.4% |
| Intangible fixed assets | 21 | €73,625 | €58,125 | -€15,500 | -21.1% |
| Tangible fixed assets | 22/27 | €55,598 | €43,879 | -€11,719 | -21.1% |
| Plant, machinery and equipment | 23 | €1,242 | €0 | -€1,242 | -100.0% |
| Furniture and vehicles | 24 | €496 | €192 | -€304 | -61.3% |
| Other tangible fixed assets | 26 | €53,859 | €43,687 | -€10,172 | -18.9% |
| Financial fixed assets | 28 | €401,431 | €405,166 | +€3,735 | +0.9% |
| Current assets | 29/58 | €160,022 | €218,126 | +€58,105 | +36.3% |
| Stocks and contracts in progress | 3 | €29,557 | €26,145 | -€3,412 | -11.5% |
| Stocks | 30/36 | €29,557 | €26,145 | -€3,412 | -11.5% |
| Amounts receivable within one year | 40/41 | €93,804 | €163,910 | +€70,106 | +74.7% |
| Trade receivables | 40 | €33,104 | €104,295 | +€71,191 | +215.1% |
| Other amounts receivable | 41 | €60,700 | €59,615 | -€1,085 | -1.8% |
| Cash at bank and in hand | 54/58 | €35,768 | €26,089 | -€9,680 | -27.1% |
| Deferred charges and accrued income | 490/1 | €893 | €1,983 | +€1,090 | +122.1% |
| Total equity and liabilities | 10/49 | €690,675 | €725,296 | +€34,621 | +5.0% |
| Equity | 10/15 | -€217,901 | -€229,864 | -€11,963 | -5.5% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€238,901 | -€250,864 | -€11,963 | -5.0% |
| Amounts payable | 17/49 | €908,577 | €955,160 | +€46,584 | +5.1% |
| Amounts payable after more than one year | 17 | €235,675 | €134,365 | -€101,310 | -43.0% |
| Financial debts | 170/4 | €220,675 | €134,365 | -€86,310 | -39.1% |
| Other amounts payable | 178/9 | €15,000 | €0 | -€15,000 | -100.0% |
| Amounts payable within one year | 42/48 | €672,902 | €820,796 | +€147,894 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €99,217 | €96,600 | -€2,617 | -2.6% |
| Trade debts | 44 | €377,780 | €592,199 | +€214,419 | +56.8% |
| Suppliers | 440/4 | €377,780 | €592,199 | +€214,419 | +56.8% |
| Advances received on contracts in progress | 46 | €129,416 | €71,901 | -€57,515 | -44.4% |
| Taxes, remuneration and social security | 45 | €47,849 | €31,757 | -€16,092 | -33.6% |
| Taxes | 450/3 | €29,132 | €9,226 | -€19,907 | -68.3% |
| Remuneration and social security | 454/9 | €18,716 | €22,531 | +€3,815 | +20.4% |
| Other amounts payable | 47/48 | €18,640 | €28,338 | +€9,699 | +52.0% |
| Remuneration, social security and pensions | 62 | €160,458 | €152,792 | -€7,666 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,168 | €27,219 | -€9,949 | -26.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,500 | +€1,500 | |
| Other operating charges | 640/8 | €2,340 | €7,475 | +€5,135 | +219.4% |
| Gross operating margin | 9900 | €109,413 | €188,072 | +€78,658 | +71.9% |
| Operating profit (loss) | 9901 | -€90,553 | -€914 | +€89,638 | +99.0% |
| Financial income | 75/76B | €688 | €0 | -€688 | -100.0% |
| Recurring financial income | 75 | €688 | €0 | -€688 | -100.0% |
| Financial charges | 65/66B | €11,427 | €11,049 | -€378 | -3.3% |
| Recurring financial charges | 65 | €11,427 | €11,049 | -€378 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€101,292 | -€11,963 | +€89,329 | +88.2% |
| Income taxes | 67/77 | €106 | €0 | -€106 | -100.0% |
| Profit (loss) for the period | 9904 | -€101,397 | -€11,963 | +€89,434 | +88.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€101,397 | -€11,963 | +€89,434 | +88.2% |
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 5 October 2026 via checked.be.