MASTER PROJECT: 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 PROJECT
Largest movements
- Tangible fixed assets -€45,274
down €45,274 (-5.0%), from €898,395 to €853,121
of which Land and buildings: -€45,092
- Cash -€36,806
down €36,806 (-68.5%), from €53,760 to €16,954
mainly Other debts (-€624,293) and Net result for the year (-€63,711)
- Deferred charges and accrued income -€10,182
no longer reported in 2025 (was €10,182)
- Other debts -€624,293
down €624,293 (-55.9%), from €1.1m to €493,084
- Short-term financial debts +€600,000
new in 2025: €600,000
- Profit (loss) carried forward -€63,711
down €63,711 (-22.3%), from -€285,468 to -€349,179
- Gross operating margin -€31,874
down €31,874 (-67.2%), from €47,452 to €15,579
- Purchases and services +€25,570
up €25,570 (+266.0%), from €9,614 to €35,184
- Financial charges +€20,075
up €20,075 (+492.3%), from €4,078 to €24,153
- Taxes +€481
new in 2025: €481
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 | €962,337 | €873,206 | -€89,131 | -9.3% |
| Fixed assets | 21/28 | €898,395 | €853,121 | -€45,274 | -5.0% |
| Tangible fixed assets | 22/27 | €898,395 | €853,121 | -€45,274 | -5.0% |
| Land and buildings | 22 | €898,213 | €853,121 | -€45,092 | -5.0% |
| Furniture and vehicles | 24 | €183 | - | -€183 | |
| Current assets | 29/58 | €63,941 | €20,085 | -€43,857 | -68.6% |
| Amounts receivable within one year | 40/41 | - | €3,131 | +€3,131 | |
| Trade receivables | 40 | - | €1,131 | +€1,131 | |
| Other amounts receivable | 41 | - | €2,000 | +€2,000 | |
| Cash at bank and in hand | 54/58 | €53,760 | €16,954 | -€36,806 | -68.5% |
| Deferred charges and accrued income | 490/1 | €10,182 | - | -€10,182 | |
| Total equity and liabilities | 10/49 | €962,337 | €873,206 | -€89,131 | -9.3% |
| Equity | 10/15 | -€217,540 | -€281,252 | -€63,711 | -29.3% |
| Contributions | 10/11 | €61,752 | €61,752 | = | 0.0% |
| Capital | 10 | €61,752 | €61,752 | = | 0.0% |
| Issued capital | 100 | €61,752 | €61,752 | = | 0.0% |
| Reserves | 13 | €6,175 | €6,175 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,175 | €6,175 | = | 0.0% |
| Legal reserve | 130 | €6,175 | €6,175 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€285,468 | -€349,179 | -€63,711 | -22.3% |
| Amounts payable | 17/49 | €1,179,877 | €1,154,458 | -€25,420 | -2.2% |
| Amounts payable after more than one year | 17 | €55,000 | €47,500 | -€7,500 | -13.6% |
| Financial debts | 170/4 | €55,000 | €47,500 | -€7,500 | -13.6% |
| Amounts payable within one year | 42/48 | €1,124,877 | €1,102,228 | -€22,649 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €7,500 | €7,500 | = | 0.0% |
| Financial debts | 43 | - | €600,000 | +€600,000 | |
| Credit institutions | 430/8 | - | €600,000 | +€600,000 | |
| Trade debts | 44 | - | €1,644 | +€1,644 | |
| Suppliers | 440/4 | - | €1,644 | +€1,644 | |
| Other amounts payable | 47/48 | €1,117,377 | €493,084 | -€624,293 | -55.9% |
| Accrued charges and deferred income | 492/3 | - | €4,730 | +€4,730 | |
| Goods, raw materials, services and sundry goods | 60/61 | €9,614 | €35,184 | +€25,570 | +266.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,490 | €45,274 | -€216 | -0.5% |
| Other operating charges | 640/8 | €8,980 | €9,382 | +€402 | +4.5% |
| Gross operating margin | 9900 | €47,452 | €15,579 | -€31,874 | -67.2% |
| Operating profit (loss) | 9901 | -€7,017 | -€39,077 | -€32,060 | -456.9% |
| Financial charges | 65/66B | €4,078 | €24,153 | +€20,075 | +492.3% |
| Recurring financial charges | 65 | €4,078 | €24,153 | +€20,075 | +492.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,095 | -€63,231 | -€52,135 | -469.9% |
| Income taxes | 67/77 | - | €481 | +€481 | |
| Profit (loss) for the period | 9904 | -€11,095 | -€63,711 | -€52,616 | -474.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,095 | -€63,711 | -€52,616 | -474.2% |
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 28 September 2026 via checked.be.