MASTERBULK: 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
MASTERBULK
NACE 49.410, Freight transport by road
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€358,458
2024 · -€264,673+€623,132
Equity
€3.3m
2024 · €3.0m+€345,208
Cash
€1.3m
2024 · €869,825+€476,334
Balance sheet total
€19.6m
2024 · €16.1m+€3.6m
Largest movements
Assets
- Deferred charges and accrued income +€1.5m
up €1.5m (+257.6%), from €591,791 to €2.1m
- Tangible fixed assets +€1.1m
up €1.1m (+12.3%), from €8.8m to €9.8m
of which Furniture and vehicles: +€2.7m
- Cash +€476,334
up €476,334 (+54.8%), from €869,825 to €1.3m
mainly Depreciation (+€2.2m) and Debts after one year (+€1.1m)
- Receivables within one year +€441,922
up €441,922 (+8.2%), from €5.4m to €5.8m
of which Trade receivables: +€503,794
Equity and liabilities
- Debts after one year +€1.1m
up €1.1m (+23.5%), from €4.6m to €5.7m
- Trade debts +€764,657
up €764,657 (+43.6%), from €1.8m to €2.5m
- Current portion of long-term debt +€472,298
up €472,298 (+22.2%), from €2.1m to €2.6m
- Short-term financial debts +€454,635
up €454,635 (+15.1%), from €3.0m to €3.5m
- Tax, wage and social debts +€421,627
up €421,627 (+26.9%), from €1.6m to €2.0m
of which Remuneration and social security: +€397,457
Income statement
- Turnover +€2.6m
up €2.6m (+11.1%), from €23.7m to €26.3m
- Staff costs +€1.4m
up €1.4m (+12.5%), from €10.8m to €12.2m
- Services and other goods +€898,705
up €898,705 (+8.2%), from €11.0m to €11.9m
- Other operating income +€487,561
up €487,561 (+47.0%), from €1.0m to €1.5m
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
-€264,673
Turnover
+€2.6m
Other operating income
+€487,561
Goods and materials
-€87,849
Services and other goods
-€898,705
Staff costs
-€1.4m
Depreciation
+€47,010
Other operating charges
-€49,068
Other operating items
-€65,811
Financial income
-€14,220
Financial charges
+€37,013
Taxes
-€115,748
Result 2025
€358,458
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
+€1.8m
Investment
-€3.3m
Financing
+€2.0m
Cash 2024
€869,825
From operations (derived)
+€1.8m
Net result for the year
+€358,458
Depreciation
+€2.2m
Receivables within one year
-€441,922
Deferred charges and accrued income
-€1.5m
Trade debts
+€764,657
Tax, wage and social debts
+€421,627
Accrued charges and deferred income
+€22,506
Investment (derived)
-€3.3m
Investment in fixed assets (net)
-€3.3m
Financing
+€2.0m
Debts after one year
+€1.1m
Current portion of long-term debt
+€472,298
Short-term financial debts
+€454,635
Contributions, distributions and other
-€13,250
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,080,089 | €19,639,627 | +€3.6m | +22.1% |
| Fixed assets | 21/28 | €9,232,847 | €10,349,420 | +€1.1m | +12.1% |
| Intangible fixed assets | 21 | €426,669 | €469,062 | +€42,393 | +9.9% |
| Tangible fixed assets | 22/27 | €8,762,713 | €9,837,838 | +€1.1m | +12.3% |
| Plant, machinery and equipment | 23 | €319,497 | €317,404 | -€2,092 | -0.7% |
| Furniture and vehicles | 24 | €1,010,456 | €3,757,860 | +€2.7m | +271.9% |
| Leasing and similar rights | 25 | €7,075,936 | €5,409,413 | -€1.7m | -23.6% |
| Other tangible fixed assets | 26 | €356,824 | €353,161 | -€3,663 | -1.0% |
| Financial fixed assets | 28 | €43,465 | €42,520 | -€945 | -2.2% |
| Other financial fixed assets | 284/8 | €43,465 | €42,520 | -€945 | -2.2% |
| Amounts receivable and cash guarantees | 285/8 | €43,465 | €42,520 | -€945 | -2.2% |
| Current assets | 29/58 | €6,847,243 | €9,290,207 | +€2.4m | +35.7% |
| Amounts receivable within one year | 40/41 | €5,385,626 | €5,827,548 | +€441,922 | +8.2% |
| Trade receivables | 40 | €4,416,669 | €4,920,463 | +€503,794 | +11.4% |
| Other amounts receivable | 41 | €968,957 | €907,085 | -€61,872 | -6.4% |
| Cash at bank and in hand | 54/58 | €869,825 | €1,346,159 | +€476,334 | +54.8% |
| Deferred charges and accrued income | 490/1 | €591,791 | €2,116,499 | +€1.5m | +257.6% |
| Total equity and liabilities | 10/49 | €16,080,089 | €19,639,627 | +€3.6m | +22.1% |
| Equity | 10/15 | €2,973,670 | €3,318,879 | +€345,208 | +11.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,860,170 | €3,218,000 | +€357,830 | +12.5% |
| Non-distributable reserves | 130/1 | €20,193 | €20,193 | = | 0.0% |
| Legal reserve | 130 | €20,193 | €20,193 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,800,558 | €2,829,469 | +€28,911 | +1.0% |
| Distributable reserves | 133 | €39,419 | €368,338 | +€328,919 | +834.4% |
| Profit (loss) carried forward | 14 | - | €629 | +€629 | |
| Investment grants | 15 | €52,000 | €38,750 | -€13,250 | -25.5% |
| Amounts payable | 17/49 | €13,106,419 | €16,320,749 | +€3.2m | +24.5% |
| Amounts payable after more than one year | 17 | €4,592,642 | €5,671,248 | +€1.1m | +23.5% |
| Financial debts | 170/4 | €4,592,642 | €5,671,248 | +€1.1m | +23.5% |
| Leasing and similar obligations | 172 | €3,810,889 | €2,096,989 | -€1.7m | -45.0% |
| Credit institutions | 173 | €710,788 | €3,519,454 | +€2.8m | +395.1% |
| Other loans | 174 | €70,964 | €54,805 | -€16,159 | -22.8% |
| Amounts payable within one year | 42/48 | €8,471,670 | €10,584,887 | +€2.1m | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €2,131,542 | €2,603,839 | +€472,298 | +22.2% |
| Financial debts | 43 | €3,019,407 | €3,474,041 | +€454,635 | +15.1% |
| Credit institutions | 430/8 | €3,019,407 | €3,474,041 | +€454,635 | +15.1% |
| Trade debts | 44 | €1,753,944 | €2,518,602 | +€764,657 | +43.6% |
| Suppliers | 440/4 | €1,753,944 | €2,518,602 | +€764,657 | +43.6% |
| Taxes, remuneration and social security | 45 | €1,566,777 | €1,988,404 | +€421,627 | +26.9% |
| Taxes | 450/3 | €130,347 | €154,517 | +€24,170 | +18.5% |
| Remuneration and social security | 454/9 | €1,436,431 | €1,833,888 | +€397,457 | +27.7% |
| Accrued charges and deferred income | 492/3 | €42,108 | €64,614 | +€22,506 | +53.4% |
| Operating income | 70/76A | €24,855,331 | €27,908,852 | +€3.1m | +12.3% |
| Turnover | 70 | €23,707,138 | €26,346,498 | +€2.6m | +11.1% |
| Other operating income | 74 | €1,036,625 | €1,524,186 | +€487,561 | +47.0% |
| Non-recurring operating income | 76A | €111,569 | €38,168 | -€73,400 | -65.8% |
| Operating charges | 60/66A | €24,775,410 | €27,112,845 | +€2.3m | +9.4% |
| Goods for resale, raw materials and consumables | 60 | €692,728 | €780,577 | +€87,849 | +12.7% |
| Purchases | 600/8 | €692,728 | €780,577 | +€87,849 | +12.7% |
| Services and other goods | 61 | €10,962,923 | €11,861,628 | +€898,705 | +8.2% |
| Remuneration, social security and pensions | 62 | €10,831,264 | €12,187,677 | +€1.4m | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,260,441 | €2,213,430 | -€47,010 | -2.1% |
| Other operating charges | 640/8 | €20,465 | €69,533 | +€49,068 | +239.8% |
| Non-recurring operating charges | 66A | €7,589 | - | -€7,589 | |
| Operating profit (loss) | 9901 | €79,921 | €796,008 | +€716,086 | +896.0% |
| Financial income | 75/76B | €45,102 | €30,882 | -€14,220 | -31.5% |
| Recurring financial income | 75 | €45,102 | €30,882 | -€14,220 | -31.5% |
| Income from current assets | 751 | €19,408 | €16,913 | -€2,495 | -12.9% |
| Other financial income | 752/9 | €25,694 | €13,969 | -€11,725 | -45.6% |
| Financial charges | 65/66B | €388,253 | €351,240 | -€37,013 | -9.5% |
| Recurring financial charges | 65 | €388,253 | €351,240 | -€37,013 | -9.5% |
| Debt charges | 650 | €369,571 | €334,729 | -€34,842 | -9.4% |
| Other financial charges | 652/9 | €18,682 | €16,511 | -€2,171 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | -€263,230 | €475,650 | +€738,880 | |
| Income taxes | 67/77 | €1,444 | €117,192 | +€115,748 | +8017.8% |
| Taxes | 670/3 | €1,444 | €117,192 | +€115,748 | +8017.8% |
| Profit (loss) for the period | 9904 | -€264,673 | €358,458 | +€623,132 | |
| Transfer to tax-exempt reserves | 689 | €100,000 | €28,911 | -€71,088 | -71.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€364,673 | €329,547 | +€694,220 |
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 30 September 2026 via checked.be.