MASTER SWITCH: 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 SWITCH
Largest movements
- Receivables within one year -€47,719
down €47,719 (-49.2%), from €96,931 to €49,212
of which Trade receivables: -€46,858
- Cash +€35,722
up €35,722 (+1030.4%), from €3,467 to €39,189
mainly Debts after one year (+€300,506) and Receivables within one year (+€47,719)
- Debts after one year +€300,506
new in 2025: €300,506
- Other debts -€295,823
down €295,823 (-95.7%), from €308,971 to €13,148
- Accrued charges and deferred income +€40,000
new in 2025: €40,000
- Trade debts -€36,118
down €36,118 (-50.3%), from €71,785 to €35,667
- Profit (loss) carried forward -€16,628
down €16,628 (-4.9%), from -€336,583 to -€353,210
- Gross operating margin +€42,356
up €42,356, from -€35,666 to €6,690
- Other operating charges +€9,470
up €9,470 (+2444.8%), from €387 to €9,857
- Financial charges +€1,101
up €1,101 (+9.8%), from €11,242 to €12,343
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 | €103,544 | €91,258 | -€12,285 | -11.9% |
| Fixed assets | 21/28 | €3,122 | €2,001 | -€1,121 | -35.9% |
| Intangible fixed assets | 21 | €889 | €593 | -€296 | -33.3% |
| Tangible fixed assets | 22/27 | €1,233 | €408 | -€825 | -66.9% |
| Furniture and vehicles | 24 | €1,233 | €408 | -€825 | -66.9% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €100,421 | €89,257 | -€11,164 | -11.1% |
| Amounts receivable within one year | 40/41 | €96,931 | €49,212 | -€47,719 | -49.2% |
| Trade receivables | 40 | €96,004 | €49,145 | -€46,858 | -48.8% |
| Other amounts receivable | 41 | €927 | €67 | -€860 | -92.8% |
| Cash at bank and in hand | 54/58 | €3,467 | €39,189 | +€35,722 | +1030.4% |
| Deferred charges and accrued income | 490/1 | €24 | €857 | +€833 | +3486.1% |
| Total equity and liabilities | 10/49 | €103,544 | €91,258 | -€12,285 | -11.9% |
| Equity | 10/15 | -€294,395 | -€311,022 | -€16,628 | -5.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €23,596 | €23,596 | = | 0.0% |
| Distributable reserves | 133 | €23,596 | €23,596 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€336,583 | -€353,210 | -€16,628 | -4.9% |
| Amounts payable | 17/49 | €397,938 | €402,281 | +€4,342 | +1.1% |
| Amounts payable after more than one year | 17 | - | €300,506 | +€300,506 | |
| Other amounts payable | 178/9 | - | €300,506 | +€300,506 | |
| Amounts payable within one year | 42/48 | €397,938 | €61,774 | -€336,164 | -84.5% |
| Trade debts | 44 | €71,785 | €35,667 | -€36,118 | -50.3% |
| Suppliers | 440/4 | €71,785 | €35,667 | -€36,118 | -50.3% |
| Advances received on contracts in progress | 46 | €5,163 | €5,163 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €12,019 | €7,796 | -€4,223 | -35.1% |
| Taxes | 450/3 | €12,019 | €7,796 | -€4,223 | -35.1% |
| Other amounts payable | 47/48 | €308,971 | €13,148 | -€295,823 | -95.7% |
| Accrued charges and deferred income | 492/3 | - | €40,000 | +€40,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,121 | €1,121 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €9,857 | +€9,470 | +2444.8% |
| Gross operating margin | 9900 | -€35,666 | €6,690 | +€42,356 | |
| Operating profit (loss) | 9901 | -€37,175 | -€4,288 | +€32,886 | +88.5% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €11,242 | €12,343 | +€1,101 | +9.8% |
| Recurring financial charges | 65 | €11,242 | €12,343 | +€1,101 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | -€48,417 | -€16,628 | +€31,789 | +65.7% |
| Profit (loss) for the period | 9904 | -€48,417 | -€16,628 | +€31,789 | +65.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,417 | -€16,628 | +€31,789 | +65.7% |
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 30 September 2026 via checked.be.