MasterGrid: 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.
MasterGrid
Largest movements
- Receivables within one year -€174,415
down €174,415 (-53.0%), from €328,970 to €154,554
of which Trade receivables: -€179,569
- Cash -€44,598
down €44,598 (-38.4%), from €116,242 to €71,645
mainly Trade debts (-€131,685) and Tax, wage and social debts (-€53,718)
- Stocks and contracts -€7,398
down €7,398 (-100.0%), from €7,398 to €0
- Trade debts -€131,685
down €131,685 (-85.6%), from €153,916 to €22,231
- Tax, wage and social debts -€53,718
down €53,718 (-63.1%), from €85,112 to €31,394
of which Taxes: -€44,046
- Reserves -€53,308
down €53,308 (-81.1%), from €65,730 to €12,423
- Accrued charges and deferred income +€5,631
up €5,631 (+1168.8%), from €482 to €6,113
- Gross operating margin -€165,228
down €165,228 (-62.3%), from €265,017 to €99,789
- Staff costs -€52,077
down €52,077 (-26.9%), from €193,864 to €141,788
- Taxes -€18,700
down €18,700 (-99.2%), from €18,854 to €154
- Financial charges +€4,560
up €4,560 (+92.0%), from €4,956 to €9,516
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 | €462,401 | €233,073 | -€229,328 | -49.6% |
| Fixed assets | 21/28 | €4,490 | €2,990 | -€1,500 | -33.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Financial fixed assets | 28 | €4,490 | €2,990 | -€1,500 | -33.4% |
| Current assets | 29/58 | €457,911 | €230,083 | -€227,828 | -49.8% |
| Stocks and contracts in progress | 3 | €7,398 | €0 | -€7,398 | -100.0% |
| Stocks | 30/36 | €7,398 | €0 | -€7,398 | -100.0% |
| Amounts receivable within one year | 40/41 | €328,970 | €154,554 | -€174,415 | -53.0% |
| Trade receivables | 40 | €309,059 | €129,490 | -€179,569 | -58.1% |
| Other amounts receivable | 41 | €19,910 | €25,064 | +€5,154 | +25.9% |
| Cash at bank and in hand | 54/58 | €116,242 | €71,645 | -€44,598 | -38.4% |
| Deferred charges and accrued income | 490/1 | €5,301 | €3,884 | -€1,417 | -26.7% |
| Total equity and liabilities | 10/49 | €462,401 | €233,073 | -€229,328 | -49.6% |
| Equity | 10/15 | €84,330 | €31,023 | -€53,308 | -63.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €65,730 | €12,423 | -€53,308 | -81.1% |
| Distributable reserves | 133 | €65,730 | €12,423 | -€53,308 | -81.1% |
| Amounts payable | 17/49 | €378,071 | €202,051 | -€176,020 | -46.6% |
| Amounts payable within one year | 42/48 | €377,589 | €195,938 | -€181,652 | -48.1% |
| Trade debts | 44 | €153,916 | €22,231 | -€131,685 | -85.6% |
| Suppliers | 440/4 | €153,916 | €22,231 | -€131,685 | -85.6% |
| Taxes, remuneration and social security | 45 | €85,112 | €31,394 | -€53,718 | -63.1% |
| Taxes | 450/3 | €70,391 | €26,344 | -€44,046 | -62.6% |
| Remuneration and social security | 454/9 | €14,721 | €5,050 | -€9,671 | -65.7% |
| Other amounts payable | 47/48 | €138,561 | €142,312 | +€3,751 | +2.7% |
| Accrued charges and deferred income | 492/3 | €482 | €6,113 | +€5,631 | +1168.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €193,864 | €141,788 | -€52,077 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,500 | €0 | -€1,500 | -100.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €922 | €1,268 | +€346 | +37.5% |
| Gross operating margin | 9900 | €265,017 | €99,789 | -€165,228 | -62.3% |
| Operating profit (loss) | 9901 | €68,344 | -€43,666 | -€112,010 | |
| Financial income | 75/76B | €1 | €28 | +€27 | +5448.0% |
| Recurring financial income | 75 | €1 | €28 | +€27 | +5448.0% |
| Financial charges | 65/66B | €4,956 | €9,516 | +€4,560 | +92.0% |
| Recurring financial charges | 65 | €4,956 | €9,516 | +€4,560 | +92.0% |
| Profit (loss) for the period before taxes | 9903 | €63,389 | -€53,154 | -€116,543 | |
| Income taxes | 67/77 | €18,854 | €154 | -€18,700 | -99.2% |
| Profit (loss) for the period | 9904 | €44,535 | -€53,308 | -€97,843 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,535 | -€53,308 | -€97,843 |
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 10 October 2026 via checked.be.