MasterGrad: 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.
MasterGrad
Largest movements
- Receivables within one year -€7,246
down €7,246 (-15.0%), from €48,292 to €41,045
of which Trade receivables: -€10,084
- Stocks and contracts +€4,327
up €4,327 (+11.7%), from €37,075 to €41,402
- Tangible fixed assets +€1,689
up €1,689 (+113.4%), from €1,489 to €3,178
of which Furniture and vehicles: +€2,528
- Profit (loss) carried forward +€10,503
up €10,503, from -€9,693 to €810
- Tax, wage and social debts -€7,959
down €7,959 (-40.3%), from €19,742 to €11,782
of which Remuneration and social security: -€7,759
- Current portion of long-term debt -€3,120
no longer reported in 2025 (was €3,120)
- Trade debts -€1,596
down €1,596 (-4.1%), from €39,114 to €37,518
- Gross operating margin +€12,214
up €12,214 (+191.0%), from €6,395 to €18,608
- Staff costs +€3,636
up €3,636, from -€148 to €3,488
- Financial income +€3,424
up €3,424 (+2027.3%), from €169 to €3,593
- Other operating charges +€1,299
up €1,299 (+98.5%), from €1,319 to €2,617
- Financial charges +€466
up €466 (+14.5%), from €3,221 to €3,688
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 | €89,687 | €88,176 | -€1,511 | -1.7% |
| Fixed assets | 21/28 | €1,489 | €3,178 | +€1,689 | +113.4% |
| Tangible fixed assets | 22/27 | €1,489 | €3,178 | +€1,689 | +113.4% |
| Plant, machinery and equipment | 23 | €1,409 | €570 | -€839 | -59.6% |
| Furniture and vehicles | 24 | €80 | €2,608 | +€2,528 | +3144.6% |
| Current assets | 29/58 | €88,198 | €84,998 | -€3,200 | -3.6% |
| Stocks and contracts in progress | 3 | €37,075 | €41,402 | +€4,327 | +11.7% |
| Stocks | 30/36 | €37,075 | €41,402 | +€4,327 | +11.7% |
| Amounts receivable within one year | 40/41 | €48,292 | €41,045 | -€7,246 | -15.0% |
| Trade receivables | 40 | €42,109 | €32,025 | -€10,084 | -23.9% |
| Other amounts receivable | 41 | €6,183 | €9,020 | +€2,837 | +45.9% |
| Cash at bank and in hand | 54/58 | - | €126 | +€126 | |
| Deferred charges and accrued income | 490/1 | €2,831 | €2,424 | -€407 | -14.4% |
| Total equity and liabilities | 10/49 | €89,687 | €88,176 | -€1,511 | -1.7% |
| Equity | 10/15 | €307 | €10,810 | +€10,503 | +3423.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,693 | €810 | +€10,503 | |
| Amounts payable | 17/49 | €89,381 | €77,367 | -€12,014 | -13.4% |
| Amounts payable within one year | 42/48 | €88,788 | €76,835 | -€11,952 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €3,120 | - | -€3,120 | |
| Financial debts | 43 | €25,000 | €25,789 | +€789 | +3.2% |
| Credit institutions | 430/8 | €25,000 | €25,789 | +€789 | +3.2% |
| Trade debts | 44 | €39,114 | €37,518 | -€1,596 | -4.1% |
| Suppliers | 440/4 | €39,114 | €37,518 | -€1,596 | -4.1% |
| Taxes, remuneration and social security | 45 | €19,742 | €11,782 | -€7,959 | -40.3% |
| Taxes | 450/3 | €549 | €348 | -€201 | -36.6% |
| Remuneration and social security | 454/9 | €19,192 | €11,434 | -€7,759 | -40.4% |
| Other amounts payable | 47/48 | €1,812 | €1,746 | -€67 | -3.7% |
| Accrued charges and deferred income | 492/3 | €593 | €531 | -€62 | -10.4% |
| Remuneration, social security and pensions | 62 | -€148 | €3,488 | +€3,636 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,614 | €1,782 | +€168 | +10.4% |
| Other operating charges | 640/8 | €1,319 | €2,617 | +€1,299 | +98.5% |
| Gross operating margin | 9900 | €6,395 | €18,608 | +€12,214 | +191.0% |
| Operating profit (loss) | 9901 | €3,611 | €10,721 | +€7,111 | +196.9% |
| Financial income | 75/76B | €169 | €3,593 | +€3,424 | +2027.3% |
| Recurring financial income | 75 | €169 | €3,593 | +€3,424 | +2027.3% |
| Financial charges | 65/66B | €3,221 | €3,688 | +€466 | +14.5% |
| Recurring financial charges | 65 | €3,221 | €3,688 | +€466 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €558 | €10,626 | +€10,068 | +1804.4% |
| Income taxes | 67/77 | €225 | €123 | -€102 | -45.2% |
| Profit (loss) for the period | 9904 | €333 | €10,503 | +€10,170 | +3054.8% |
| Profit (loss) for the period to be appropriated | 9905 | €333 | €10,503 | +€10,170 | +3054.8% |
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 1 October 2026 via checked.be.