MASTER TOURS: 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.
What changed
MASTER TOURS
NACE 79.120, Travel agency, tour operator and other reservation service and related activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €817,157+€349,950
Equity
€1.9m
2024 · €2.0m-€88,141
Cash
€2.6m
2024 · €1.2m+€1.4m
Balance sheet total
€6.0m
2024 · €4.4m+€1.6m
Largest movements
Assets
- Cash +€1.4m
up €1.4m (+121.2%), from €1.2m to €2.6m
mainly Other debts (+€1.3m) and Net result for the year (+€1.2m)
Equity and liabilities
- Other debts +€1.3m
new in 2025: €1.3m
- Trade debts +€505,632
up €505,632 (+130.0%), from €388,807 to €894,439
- Advances received -€174,525
down €174,525 (-11.1%), from €1.6m to €1.4m
- Tax, wage and social debts +€102,950
up €102,950 (+41.5%), from €247,969 to €350,919
of which Remuneration and social security: +€84,209
- Reserves -€88,141
down €88,141 (-5.7%), from €1.6m to €1.5m
of which Distributable reserves: -€88,141
Income statement
- Gross operating margin +€986,315
up €986,315 (+61.0%), from €1.6m to €2.6m
- Financial income -€333,281
down €333,281 (-50.4%), from €661,167 to €327,886
- Staff costs +€229,151
up €229,151 (+20.3%), from €1.1m to €1.4m
- Taxes +€120,992
up €120,992 (+408.7%), from €29,608 to €150,600
- Financial charges -€72,124
down €72,124 (-32.3%), from €223,396 to €151,272
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.
Result 2024
€817,157
Gross operating margin
+€986,315
Staff costs
-€229,151
Depreciation
-€25,993
Other operating charges
+€929
Financial income
-€333,281
Financial charges
+€72,124
Taxes
-€120,992
Result 2025
€1.2m
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.
From operations
+€3.0m
Investment
-€234,423
Financing
-€1.3m
Cash 2024
€1.2m
From operations (derived)
+€3.0m
Net result for the year
+€1.2m
Depreciation
+€99,987
Receivables within one year
+€25,473
Deferred charges and accrued income
-€35,097
Trade debts
+€505,632
Tax, wage and social debts
+€102,950
Advances received
-€174,525
Other debts
+€1.3m
Accrued charges and deferred income
+€6,841
Investment (derived)
-€234,423
Investment in fixed assets (net)
-€178,502
Current investments
-€55,921
Financing
-€1.3m
Debts after one year
-€33,863
Current portion of long-term debt
+€981
Contributions, distributions and other
-€1.3m
Cash 2025
€2.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,393,766 | €5,968,889 | +€1.6m | +35.8% |
| Fixed assets | 21/28 | €308,307 | €386,822 | +€78,515 | +25.5% |
| Intangible fixed assets | 21 | €14,754 | €46,723 | +€31,969 | +216.7% |
| Tangible fixed assets | 22/27 | €203,576 | €250,098 | +€46,522 | +22.9% |
| Land and buildings | 22 | €30,358 | €15,179 | -€15,179 | -50.0% |
| Plant, machinery and equipment | 23 | €19,830 | €37,701 | +€17,871 | +90.1% |
| Furniture and vehicles | 24 | €115,258 | €158,599 | +€43,341 | +37.6% |
| Other tangible fixed assets | 26 | €38,129 | €23,045 | -€15,084 | -39.6% |
| Assets under construction and advance payments | 27 | - | €15,574 | +€15,574 | |
| Financial fixed assets | 28 | €89,978 | €90,001 | +€23 | 0.0% |
| Current assets | 29/58 | €4,085,459 | €5,582,067 | +€1.5m | +36.6% |
| Amounts receivable within one year | 40/41 | €53,983 | €28,510 | -€25,473 | -47.2% |
| Trade receivables | 40 | €6,020 | €7,664 | +€1,644 | +27.3% |
| Other amounts receivable | 41 | €47,963 | €20,846 | -€27,117 | -56.5% |
| Current investments | 50/53 | €2,827,259 | €2,883,180 | +€55,921 | +2.0% |
| Cash at bank and in hand | 54/58 | €1,181,217 | €2,612,281 | +€1.4m | +121.2% |
| Deferred charges and accrued income | 490/1 | €23,000 | €58,097 | +€35,097 | +152.6% |
| Total equity and liabilities | 10/49 | €4,393,766 | €5,968,889 | +€1.6m | +35.8% |
| Equity | 10/15 | €1,971,655 | €1,883,514 | -€88,141 | -4.5% |
| Contributions | 10/11 | €417,077 | €417,077 | = | 0.0% |
| Capital | 10 | €417,077 | €417,077 | = | 0.0% |
| Issued capital | 100 | €417,077 | €417,077 | = | 0.0% |
| Reserves | 13 | €1,554,578 | €1,466,437 | -€88,141 | -5.7% |
| Non-distributable reserves | 130/1 | €41,708 | €41,708 | = | 0.0% |
| Legal reserve | 130 | €41,708 | €41,708 | = | 0.0% |
| Distributable reserves | 133 | €1,512,870 | €1,424,729 | -€88,141 | -5.8% |
| Provisions and deferred taxes | 16 | €81,868 | €81,868 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €81,868 | €81,868 | = | 0.0% |
| Other liabilities and charges | 164/5 | €81,868 | €81,868 | = | 0.0% |
| Amounts payable | 17/49 | €2,340,243 | €4,003,508 | +€1.7m | +71.1% |
| Amounts payable after more than one year | 17 | €68,748 | €34,885 | -€33,863 | -49.3% |
| Other amounts payable | 178/9 | €68,748 | €34,885 | -€33,863 | -49.3% |
| Amounts payable within one year | 42/48 | €2,248,435 | €3,938,721 | +€1.7m | +75.2% |
| Current portion of amounts payable after more than one year | 42 | €32,882 | €33,863 | +€981 | +3.0% |
| Trade debts | 44 | €388,807 | €894,439 | +€505,632 | +130.0% |
| Suppliers | 440/4 | €388,807 | €894,439 | +€505,632 | +130.0% |
| Advances received on contracts in progress | 46 | €1,578,776 | €1,404,251 | -€174,525 | -11.1% |
| Taxes, remuneration and social security | 45 | €247,969 | €350,919 | +€102,950 | +41.5% |
| Taxes | 450/3 | €27,924 | €46,665 | +€18,741 | +67.1% |
| Remuneration and social security | 454/9 | €220,045 | €304,254 | +€84,209 | +38.3% |
| Other amounts payable | 47/48 | - | €1,255,249 | +€1.3m | |
| Accrued charges and deferred income | 492/3 | €23,061 | €29,902 | +€6,841 | +29.7% |
| Non-recurring operating income | 76A | €912 | €35,250 | +€34,338 | +3766.7% |
| Remuneration, social security and pensions | 62 | €1,128,723 | €1,357,874 | +€229,151 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,995 | €99,987 | +€25,993 | +35.1% |
| Other operating charges | 640/8 | €5,485 | €4,556 | -€929 | -16.9% |
| Gross operating margin | 9900 | €1,617,197 | €2,603,511 | +€986,315 | +61.0% |
| Operating profit (loss) | 9901 | €408,994 | €1,141,094 | +€732,100 | +179.0% |
| Financial income | 75/76B | €661,167 | €327,886 | -€333,281 | -50.4% |
| Recurring financial income | 75 | €661,167 | €327,886 | -€333,281 | -50.4% |
| Financial charges | 65/66B | €223,396 | €151,272 | -€72,124 | -32.3% |
| Recurring financial charges | 65 | €223,396 | €151,272 | -€72,124 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €846,765 | €1,317,708 | +€470,943 | +55.6% |
| Income taxes | 67/77 | €29,608 | €150,600 | +€120,992 | +408.7% |
| Profit (loss) for the period | 9904 | €817,157 | €1,167,108 | +€349,950 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €817,157 | €1,167,108 | +€349,950 | +42.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.