MASTER REEF: 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 REEF
Largest movements
- Cash -€35,425
down €35,425 (-50.3%), from €70,460 to €35,035
mainly Tax, wage and social debts (-€32,106) and Advances received (-€31,627)
- Receivables within one year -€33,688
down €33,688 (-37.7%), from €89,393 to €55,705
of which Trade receivables: -€18,001
- Tax, wage and social debts -€32,106
down €32,106 (-49.2%), from €65,282 to €33,176
- Advances received -€31,627
no longer reported in 2025 (was €31,627)
- Trade debts -€6,744
no longer reported in 2025 (was €6,744)
- Profit (loss) carried forward +€5,362
up €5,362 (+10.0%), from €53,416 to €58,779
- Other debts -€4,028
no longer reported in 2025 (was €4,028)
- Gross operating margin -€65,722
down €65,722 (-79.4%), from €82,788 to €17,066
- Taxes -€20,020
down €20,020 (-74.9%), from €26,739 to €6,719
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 | €163,157 | €94,015 | -€69,142 | -42.4% |
| Fixed assets | 21/28 | €1,830 | €1,592 | -€238 | -13.0% |
| Tangible fixed assets | 22/27 | €1,830 | €1,592 | -€238 | -13.0% |
| Plant, machinery and equipment | 23 | €1,830 | €1,592 | -€238 | -13.0% |
| Current assets | 29/58 | €161,327 | €92,422 | -€68,905 | -42.7% |
| Amounts receivable within one year | 40/41 | €89,393 | €55,705 | -€33,688 | -37.7% |
| Trade receivables | 40 | €18,001 | - | -€18,001 | |
| Other amounts receivable | 41 | €71,392 | €55,705 | -€15,686 | -22.0% |
| Cash at bank and in hand | 54/58 | €70,460 | €35,035 | -€35,425 | -50.3% |
| Deferred charges and accrued income | 490/1 | €1,474 | €1,682 | +€208 | +14.1% |
| Total equity and liabilities | 10/49 | €163,157 | €94,015 | -€69,142 | -42.4% |
| Equity | 10/15 | €55,476 | €60,839 | +€5,362 | +9.7% |
| Contributions | 10/11 | €2,060 | €2,060 | = | 0.0% |
| Contributions outside capital | 11 | €2,060 | €2,060 | = | 0.0% |
| Other | 1109/19 | €2,060 | €2,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,416 | €58,779 | +€5,362 | +10.0% |
| Amounts payable | 17/49 | €107,681 | €33,176 | -€74,505 | -69.2% |
| Amounts payable within one year | 42/48 | €107,681 | €33,176 | -€74,505 | -69.2% |
| Trade debts | 44 | €6,744 | - | -€6,744 | |
| Suppliers | 440/4 | €6,744 | - | -€6,744 | |
| Advances received on contracts in progress | 46 | €31,627 | - | -€31,627 | |
| Taxes, remuneration and social security | 45 | €65,282 | €33,176 | -€32,106 | -49.2% |
| Taxes | 450/3 | €65,282 | €33,176 | -€32,106 | -49.2% |
| Other amounts payable | 47/48 | €4,028 | - | -€4,028 | |
| Non-recurring operating income | 76A | €4,801 | - | -€4,801 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238 | €238 | = | 0.0% |
| Other operating charges | 640/8 | €537 | €400 | -€138 | -25.6% |
| Gross operating margin | 9900 | €82,788 | €17,066 | -€65,722 | -79.4% |
| Operating profit (loss) | 9901 | €82,013 | €16,429 | -€65,584 | -80.0% |
| Financial income | 75/76B | €157 | €139 | -€18 | -11.4% |
| Recurring financial income | 75 | €157 | €139 | -€18 | -11.4% |
| Financial charges | 65/66B | €4,547 | €4,487 | -€61 | -1.3% |
| Recurring financial charges | 65 | €4,547 | €4,487 | -€61 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €77,623 | €12,082 | -€65,542 | -84.4% |
| Income taxes | 67/77 | €26,739 | €6,719 | -€20,020 | -74.9% |
| Profit (loss) for the period | 9904 | €50,884 | €5,362 | -€45,522 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,884 | €5,362 | -€45,522 | -89.5% |
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 17 October 2026 via checked.be.