MASTERBOUW: 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.
MASTERBOUW
Largest movements
- Tangible fixed assets +€324,096
up €324,096 (+4,619%), from €7,017 to €331,113
of which Land and buildings: +€322,790
- Cash -€61,965
down €61,965 (-66.7%), from €92,838 to €30,872
mainly Investment in fixed assets (net) (-€340,214) and Receivables within one year (-€47,441)
- Receivables within one year +€47,441
up €47,441 (+37.3%), from €127,212 to €174,654
of which Trade receivables: +€36,313
- Debts after one year +€228,821
new in 2025: €228,821
- Current portion of long-term debt +€20,019
up €20,019 (+367%), from €5,451 to €25,471
- Trade debts +€19,842
up €19,842 (+37.9%), from €52,409 to €72,251
- Tax, wage and social debts +€14,824
up €14,824 (+127%), from €11,682 to €26,506
of which Remuneration and social security: +€7,818
- Reserves +€14,818
up €14,818 (+7.3%), from €203,462 to €218,280
of which Distributable reserves: +€14,818
- Gross operating margin -€64,372
down €64,372 (-41.7%), from €154,245 to €89,873
- Staff costs +€37,586
new in 2025: €37,586
- Depreciation +€16,565
up €16,565 (+793%), from €2,090 to €18,655
- Financial charges +€8,126
up €8,126 (+645%), from €1,261 to €9,387
- Taxes -€3,565
down €3,565 (-41.7%), from €8,548 to €4,983
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 | €244,379 | €547,055 | +€302,676 | +124% |
| Fixed assets | 21/28 | €9,555 | €331,113 | +€321,559 | +3,365% |
| Tangible fixed assets | 22/27 | €7,017 | €331,113 | +€324,096 | +4,619% |
| Land and buildings | 22 | €480 | €323,270 | +€322,790 | +67,248% |
| Plant, machinery and equipment | 23 | €1,334 | €4,870 | +€3,536 | +265% |
| Furniture and vehicles | 24 | €5,203 | €2,973 | -€2,230 | -42.9% |
| Financial fixed assets | 28 | €2,538 | - | -€2,538 | |
| Current assets | 29/58 | €234,824 | €215,942 | -€18,883 | -8.0% |
| Stocks and contracts in progress | 3 | €7,301 | €6,422 | -€879 | -12.0% |
| Stocks | 30/36 | €7,301 | €6,422 | -€879 | -12.0% |
| Amounts receivable within one year | 40/41 | €127,212 | €174,654 | +€47,441 | +37.3% |
| Trade receivables | 40 | €117,628 | €153,941 | +€36,313 | +30.9% |
| Other amounts receivable | 41 | €9,584 | €20,713 | +€11,128 | +116% |
| Cash at bank and in hand | 54/58 | €92,838 | €30,872 | -€61,965 | -66.7% |
| Deferred charges and accrued income | 490/1 | €7,473 | €3,994 | -€3,480 | -46.6% |
| Total equity and liabilities | 10/49 | €244,379 | €547,055 | +€302,676 | +124% |
| Equity | 10/15 | €76,258 | €103,426 | +€27,168 | +35.6% |
| Contributions | 10/11 | €6,250 | €18,600 | +€12,350 | +198% |
| Reserves | 13 | €203,462 | €218,280 | +€14,818 | +7.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €201,602 | €216,420 | +€14,818 | +7.4% |
| Profit (loss) carried forward | 14 | -€133,454 | -€133,454 | = | 0.0% |
| Amounts payable | 17/49 | €168,121 | €443,629 | +€275,508 | +164% |
| Amounts payable after more than one year | 17 | - | €228,821 | +€228,821 | |
| Financial debts | 170/4 | - | €228,821 | +€228,821 | |
| Amounts payable within one year | 42/48 | €166,987 | €214,808 | +€47,821 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | €5,451 | €25,471 | +€20,019 | +367% |
| Trade debts | 44 | €52,409 | €72,251 | +€19,842 | +37.9% |
| Suppliers | 440/4 | €52,409 | €72,251 | +€19,842 | +37.9% |
| Taxes, remuneration and social security | 45 | €11,682 | €26,506 | +€14,824 | +127% |
| Taxes | 450/3 | €8,520 | €15,526 | +€7,006 | +82.2% |
| Remuneration and social security | 454/9 | €3,162 | €10,980 | +€7,818 | +247% |
| Other amounts payable | 47/48 | €97,445 | €90,580 | -€6,864 | -7.0% |
| Accrued charges and deferred income | 492/3 | €1,134 | - | -€1,134 | |
| Remuneration, social security and pensions | 62 | - | €37,586 | +€37,586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,090 | €18,655 | +€16,565 | +793% |
| Other operating charges | 640/8 | €8,042 | €5,803 | -€2,239 | -27.8% |
| Gross operating margin | 9900 | €154,245 | €89,873 | -€64,372 | -41.7% |
| Operating profit (loss) | 9901 | €144,113 | €27,829 | -€116,283 | -80.7% |
| Financial income | 75/76B | €1,173 | €1,359 | +€186 | +15.9% |
| Recurring financial income | 75 | €1,173 | €1,359 | +€186 | +15.9% |
| Financial charges | 65/66B | €1,261 | €9,387 | +€8,126 | +645% |
| Recurring financial charges | 65 | €1,261 | €9,387 | +€8,126 | +645% |
| Profit (loss) for the period before taxes | 9903 | €144,024 | €19,801 | -€124,224 | -86.3% |
| Income taxes | 67/77 | €8,548 | €4,983 | -€3,565 | -41.7% |
| Profit (loss) for the period | 9904 | €135,477 | €14,818 | -€120,659 | -89.1% |
| Profit (loss) for the period to be appropriated | 9905 | €135,477 | €14,818 | -€120,659 | -89.1% |
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 14 October 2026 via checked.be.