MASTER V MANAGEMENT: 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 V MANAGEMENT
Largest movements
- Cash +€41,273
up €41,273 (+386%), from €10,681 to €51,953
mainly Net result for the year (+€71,074) and Trade debts (+€6,096)
- Tangible fixed assets +€4,981
up €4,981 (+45.8%), from €10,874 to €15,856
of which Other tangible fixed assets: +€5,858
- Reserves +€71,074
up €71,074 (+75.3%), from €94,443 to €165,517
- Debts after one year -€24,085
down €24,085 (-33.9%), from €71,091 to €47,007
- Trade debts +€6,096
up €6,096 (+352%), from €1,734 to €7,830
- Other debts -€5,174
down €5,174 (-67.1%), from €7,713 to €2,539
- Gross operating margin +€54,200
up €54,200 (+103%), from €52,730 to €106,930
- Taxes +€13,598
up €13,598 (+99.9%), from €13,618 to €27,217
- Other operating charges -€1,147
down €1,147 (-53.2%), from €2,154 to €1,007
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 | €234,608 | €280,166 | +€45,558 | +19.4% |
| Fixed assets | 21/28 | €220,874 | €225,856 | +€4,981 | +2.3% |
| Tangible fixed assets | 22/27 | €10,874 | €15,856 | +€4,981 | +45.8% |
| Furniture and vehicles | 24 | €4,470 | €3,593 | -€877 | -19.6% |
| Other tangible fixed assets | 26 | €6,404 | €12,263 | +€5,858 | +91.5% |
| Financial fixed assets | 28 | €210,000 | €210,000 | = | 0.0% |
| Current assets | 29/58 | €13,733 | €54,311 | +€40,577 | +295% |
| Amounts receivable within one year | 40/41 | €2,050 | €1,283 | -€767 | -37.4% |
| Trade receivables | 40 | €2,050 | €0 | -€2,050 | -100% |
| Other amounts receivable | 41 | €0 | €1,283 | +€1,283 | |
| Cash at bank and in hand | 54/58 | €10,681 | €51,953 | +€41,273 | +386% |
| Deferred charges and accrued income | 490/1 | €1,003 | €1,074 | +€71 | +7.1% |
| Total equity and liabilities | 10/49 | €234,608 | €280,166 | +€45,558 | +19.4% |
| Equity | 10/15 | €124,443 | €195,517 | +€71,074 | +57.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €94,443 | €165,517 | +€71,074 | +75.3% |
| Distributable reserves | 133 | €94,443 | €165,517 | +€71,074 | +75.3% |
| Amounts payable | 17/49 | €110,165 | €84,649 | -€25,515 | -23.2% |
| Amounts payable after more than one year | 17 | €71,091 | €47,007 | -€24,085 | -33.9% |
| Financial debts | 170/4 | €71,091 | €47,007 | -€24,085 | -33.9% |
| Amounts payable within one year | 42/48 | €37,873 | €37,642 | -€231 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €23,787 | €24,085 | +€297 | +1.3% |
| Trade debts | 44 | €1,734 | €7,830 | +€6,096 | +352% |
| Suppliers | 440/4 | €1,734 | €7,830 | +€6,096 | +352% |
| Taxes, remuneration and social security | 45 | €4,640 | €3,189 | -€1,451 | -31.3% |
| Taxes | 450/3 | €4,640 | €3,189 | -€1,451 | -31.3% |
| Other amounts payable | 47/48 | €7,713 | €2,539 | -€5,174 | -67.1% |
| Accrued charges and deferred income | 492/3 | €1,200 | €0 | -€1,200 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,616 | €3,181 | +€565 | +21.6% |
| Other operating charges | 640/8 | €2,154 | €1,007 | -€1,147 | -53.2% |
| Non-recurring operating charges | 66A | - | €1,412 | +€1,412 | |
| Gross operating margin | 9900 | €52,730 | €106,930 | +€54,200 | +103% |
| Operating profit (loss) | 9901 | €47,960 | €101,330 | +€53,370 | +111% |
| Financial charges | 65/66B | €3,891 | €3,040 | -€851 | -21.9% |
| Recurring financial charges | 65 | €3,891 | €3,040 | -€851 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €44,069 | €98,290 | +€54,221 | +123% |
| Income taxes | 67/77 | €13,618 | €27,217 | +€13,598 | +99.9% |
| Profit (loss) for the period | 9904 | €30,451 | €71,074 | +€40,623 | +133% |
| Profit (loss) for the period to be appropriated | 9905 | €30,451 | €71,074 | +€40,623 | +133% |
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 16 October 2026 via checked.be.