MASTER TEAM: 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 TEAM
Largest movements
- Cash +€4,780
up €4,780 (+66.7%), from €7,166 to €11,946
mainly Other debts (+€10,000) and Debts after one year (+€6,117)
- Tangible fixed assets -€3,764
down €3,764 (-12.5%), from €30,112 to €26,348
- Receivables within one year +€1,717
up €1,717 (+203.7%), from €843 to €2,560
- Other debts +€10,000
up €10,000 (+13.9%), from €72,081 to €82,081
- Profit (loss) carried forward -€8,646
down €8,646 (-60.4%), from -€14,308 to -€22,954
- Trade debts -€7,853
no longer reported in 2025 (was €7,853)
- Debts after one year +€6,117
new in 2025: €6,117
- Tax, wage and social debts +€1,198
up €1,198 (+196.2%), from €611 to €1,809
- Gross operating margin +€5,058
up €5,058 (+49.7%), from -€10,176 to -€5,118
- Depreciation -€216
down €216 (-5.4%), from €3,980 to €3,764
- Financial income +€161
up €161 (+52.0%), from €309 to €470
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 | €105,252 | €106,068 | +€816 | +0.8% |
| Fixed assets | 21/28 | €30,858 | €27,094 | -€3,764 | -12.2% |
| Tangible fixed assets | 22/27 | €30,112 | €26,348 | -€3,764 | -12.5% |
| Land and buildings | 22 | €30,112 | €26,348 | -€3,764 | -12.5% |
| Financial fixed assets | 28 | €746 | €746 | = | 0.0% |
| Current assets | 29/58 | €74,394 | €78,974 | +€4,580 | +6.2% |
| Stocks and contracts in progress | 3 | €64,476 | €63,582 | -€894 | -1.4% |
| Stocks | 30/36 | €64,476 | €63,582 | -€894 | -1.4% |
| Amounts receivable within one year | 40/41 | €843 | €2,560 | +€1,717 | +203.7% |
| Trade receivables | 40 | €843 | €2,560 | +€1,717 | +203.7% |
| Cash at bank and in hand | 54/58 | €7,166 | €11,946 | +€4,780 | +66.7% |
| Deferred charges and accrued income | 490/1 | €1,909 | €887 | -€1,022 | -53.6% |
| Total equity and liabilities | 10/49 | €105,252 | €106,068 | +€816 | +0.8% |
| Equity | 10/15 | €24,708 | €16,062 | -€8,646 | -35.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,416 | €20,416 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,556 | €18,556 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,556 | €18,556 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,308 | -€22,954 | -€8,646 | -60.4% |
| Amounts payable | 17/49 | €80,544 | €90,007 | +€9,462 | +11.7% |
| Amounts payable after more than one year | 17 | - | €6,117 | +€6,117 | |
| Trade debts | 175 | - | €6,117 | +€6,117 | |
| Amounts payable within one year | 42/48 | €80,544 | €83,890 | +€3,345 | +4.2% |
| Trade debts | 44 | €7,853 | - | -€7,853 | |
| Suppliers | 440/4 | €7,853 | - | -€7,853 | |
| Taxes, remuneration and social security | 45 | €611 | €1,809 | +€1,198 | +196.2% |
| Taxes | 450/3 | €611 | €1,809 | +€1,198 | +196.2% |
| Other amounts payable | 47/48 | €72,081 | €82,081 | +€10,000 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,980 | €3,764 | -€216 | -5.4% |
| Other operating charges | 640/8 | €128 | €106 | -€21 | -16.7% |
| Gross operating margin | 9900 | -€10,176 | -€5,118 | +€5,058 | +49.7% |
| Operating profit (loss) | 9901 | -€14,283 | -€8,988 | +€5,295 | +37.1% |
| Financial income | 75/76B | €309 | €470 | +€161 | +52.0% |
| Recurring financial income | 75 | €309 | €470 | +€161 | +52.0% |
| Financial charges | 65/66B | €155 | €128 | -€27 | -17.6% |
| Recurring financial charges | 65 | €155 | €128 | -€27 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | -€14,129 | -€8,646 | +€5,483 | +38.8% |
| Profit (loss) for the period | 9904 | -€14,129 | -€8,646 | +€5,483 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,129 | -€8,646 | +€5,483 | +38.8% |
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 2 October 2026 via checked.be.