MASTERART: 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.
MASTERART
Largest movements
- Intangible fixed assets +€41,924
up €41,924 (+77.0%), from €54,437 to €96,361
- Receivables within one year -€8,841
down €8,841 (-9.6%), from €91,841 to €83,000
of which Trade receivables: -€9,962
- Other debts +€92,607
up €92,607 (+1721.7%), from €5,379 to €97,986
- Profit (loss) carried forward -€65,318
down €65,318 (-27.0%), from -€241,895 to -€307,213
- Tax, wage and social debts +€4,035
up €4,035 (+17.1%), from €23,543 to €27,578
of which Remuneration and social security: +€4,402
- Trade debts +€3,044
up €3,044 (+32.8%), from €9,288 to €12,333
- Gross operating margin -€47,438
down €47,438 (-30.8%), from €153,851 to €106,414
- Staff costs +€18,073
up €18,073 (+14.5%), from €124,370 to €142,443
- Depreciation +€9,014
up €9,014 (+138.4%), from €6,511 to €15,525
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 | €232,997 | €267,365 | +€34,369 | +14.8% |
| Fixed assets | 21/28 | €125,657 | €168,889 | +€43,232 | +34.4% |
| Intangible fixed assets | 21 | €54,437 | €96,361 | +€41,924 | +77.0% |
| Tangible fixed assets | 22/27 | €4,489 | €5,797 | +€1,308 | +29.1% |
| Furniture and vehicles | 24 | €4,489 | €5,797 | +€1,308 | +29.1% |
| Financial fixed assets | 28 | €66,731 | €66,731 | = | 0.0% |
| Current assets | 29/58 | €107,339 | €98,476 | -€8,863 | -8.3% |
| Amounts receivable within one year | 40/41 | €91,841 | €83,000 | -€8,841 | -9.6% |
| Trade receivables | 40 | €91,841 | €81,879 | -€9,962 | -10.8% |
| Other amounts receivable | 41 | - | €1,121 | +€1,121 | |
| Cash at bank and in hand | 54/58 | €14,498 | €13,999 | -€499 | -3.4% |
| Deferred charges and accrued income | 490/1 | €1,000 | €1,477 | +€477 | +47.8% |
| Total equity and liabilities | 10/49 | €232,997 | €267,365 | +€34,369 | +14.8% |
| Equity | 10/15 | €94,786 | €29,468 | -€65,318 | -68.9% |
| Contributions | 10/11 | €336,681 | €336,681 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€241,895 | -€307,213 | -€65,318 | -27.0% |
| Amounts payable | 17/49 | €138,210 | €237,897 | +€99,687 | +72.1% |
| Amounts payable within one year | 42/48 | €138,210 | €237,897 | +€99,687 | +72.1% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €9,288 | €12,333 | +€3,044 | +32.8% |
| Suppliers | 440/4 | €9,288 | €12,333 | +€3,044 | +32.8% |
| Taxes, remuneration and social security | 45 | €23,543 | €27,578 | +€4,035 | +17.1% |
| Taxes | 450/3 | €3,831 | €3,464 | -€367 | -9.6% |
| Remuneration and social security | 454/9 | €19,712 | €24,114 | +€4,402 | +22.3% |
| Other amounts payable | 47/48 | €5,379 | €97,986 | +€92,607 | +1721.7% |
| Remuneration, social security and pensions | 62 | €124,370 | €142,443 | +€18,073 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,511 | €15,525 | +€9,014 | +138.4% |
| Other operating charges | 640/8 | €35 | - | -€35 | |
| Non-recurring operating charges | 66A | - | €965 | +€965 | |
| Gross operating margin | 9900 | €153,851 | €106,414 | -€47,438 | -30.8% |
| Operating profit (loss) | 9901 | €22,935 | -€52,520 | -€75,454 | |
| Financial income | 75/76B | €196 | €1,444 | +€1,248 | +636.9% |
| Recurring financial income | 75 | €196 | €1,444 | +€1,248 | +636.9% |
| Financial charges | 65/66B | €14,827 | €14,242 | -€585 | -3.9% |
| Recurring financial charges | 65 | €14,827 | €14,242 | -€585 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €8,304 | -€65,318 | -€73,622 | |
| Profit (loss) for the period | 9904 | €8,304 | -€65,318 | -€73,622 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,304 | -€65,318 | -€73,622 |
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 4 October 2026 via checked.be.