MASTERHOMES: 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
MASTERHOMES
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€188
2024 · €2,031-€1,843
Equity
€237,469
2024 · €237,281+€188
Cash
€8,547
2024 · €4,859+€3,688
Balance sheet total
€482,877
2024 · €499,876-€17,000
Largest movements
Assets
- Tangible fixed assets -€14,817
down €14,817 (-3.0%), from €488,548 to €473,731
of which Other tangible fixed assets: -€488,548
- Receivables within one year -€5,026
down €5,026 (-100.0%), from €5,026 to €0
Equity and liabilities
- Debts after one year -€13,332
down €13,332 (-10.5%), from €126,654 to €113,322
- Other debts -€5,162
down €5,162 (-5.3%), from €97,932 to €92,769
Income statement
- Gross operating margin -€6,656
down €6,656 (-18.5%), from €35,943 to €29,287
- Financial charges -€3,450
down €3,450 (-39.3%), from €8,777 to €5,327
- Taxes -€861
down €861 (-59.3%), from €1,452 to €592
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
€2,031
Gross operating margin
-€6,656
Depreciation
+€299
Other operating charges
-€258
Other operating items
+€279
Financial income
+€183
Financial charges
+€3,450
Taxes
+€861
Result 2025
€188
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
+€20,795
Investment
-€3,775
Financing
-€13,332
Cash 2024
€4,859
From operations (derived)
+€20,795
Net result for the year
+€188
Depreciation
+€18,593
Receivables within one year
+€5,026
Deferred charges and accrued income
+€845
Provisions
-€603
Trade debts
+€1,432
Tax, wage and social debts
+€238
Other debts
-€5,162
Accrued charges and deferred income
+€240
Investment (derived)
-€3,775
Investment in fixed assets (net)
-€3,775
Financing
-€13,332
Debts after one year
-€13,332
Cash 2025
€8,547
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €499,876 | €482,877 | -€17,000 | -3.4% |
| Fixed assets | 21/28 | €489,146 | €474,329 | -€14,817 | -3.0% |
| Tangible fixed assets | 22/27 | €488,548 | €473,731 | -€14,817 | -3.0% |
| Land and buildings | 22 | - | €469,972 | +€469,972 | |
| Plant, machinery and equipment | 23 | - | €3,759 | +€3,759 | |
| Other tangible fixed assets | 26 | €488,548 | - | -€488,548 | |
| Financial fixed assets | 28 | €598 | €598 | = | 0.0% |
| Current assets | 29/58 | €10,730 | €8,547 | -€2,183 | -20.3% |
| Amounts receivable within one year | 40/41 | €5,026 | €0 | -€5,026 | -100.0% |
| Trade receivables | 40 | €5,026 | €0 | -€5,026 | -100.0% |
| Cash at bank and in hand | 54/58 | €4,859 | €8,547 | +€3,688 | +75.9% |
| Deferred charges and accrued income | 490/1 | €845 | €0 | -€845 | -100.0% |
| Total equity and liabilities | 10/49 | €499,876 | €482,877 | -€17,000 | -3.4% |
| Equity | 10/15 | €237,281 | €237,469 | +€188 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,838 | €64,026 | +€188 | +0.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,011 | €30,839 | -€1,171 | -3.7% |
| Distributable reserves | 133 | €29,967 | €31,326 | +€1,359 | +4.5% |
| Profit (loss) carried forward | 14 | €154,843 | €154,843 | = | 0.0% |
| Provisions and deferred taxes | 16 | €16,483 | €15,880 | -€603 | -3.7% |
| Deferred taxes | 168 | €16,483 | €15,880 | -€603 | -3.7% |
| Amounts payable | 17/49 | €246,113 | €229,528 | -€16,585 | -6.7% |
| Amounts payable after more than one year | 17 | €126,654 | €113,322 | -€13,332 | -10.5% |
| Financial debts | 170/4 | €126,654 | €113,322 | -€13,332 | -10.5% |
| Amounts payable within one year | 42/48 | €117,609 | €114,116 | -€3,493 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €13,332 | €13,332 | = | 0.0% |
| Trade debts | 44 | €4,860 | €6,291 | +€1,432 | +29.5% |
| Suppliers | 440/4 | €4,860 | €6,291 | +€1,432 | +29.5% |
| Taxes, remuneration and social security | 45 | €1,486 | €1,724 | +€238 | +16.0% |
| Taxes | 450/3 | €1,486 | €1,724 | +€238 | +16.0% |
| Other amounts payable | 47/48 | €97,932 | €92,769 | -€5,162 | -5.3% |
| Accrued charges and deferred income | 492/3 | €1,850 | €2,090 | +€240 | +13.0% |
| Non-recurring operating income | 76A | €32 | €0 | -€32 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,892 | €18,593 | -€299 | -1.6% |
| Other operating charges | 640/8 | €5,116 | €5,374 | +€258 | +5.0% |
| Non-recurring operating charges | 66A | €279 | €0 | -€279 | -100.0% |
| Gross operating margin | 9900 | €35,943 | €29,287 | -€6,656 | -18.5% |
| Operating profit (loss) | 9901 | €11,657 | €5,321 | -€6,336 | -54.4% |
| Financial income | 75/76B | - | €183 | +€183 | |
| Recurring financial income | 75 | - | €183 | +€183 | |
| Financial charges | 65/66B | €8,777 | €5,327 | -€3,450 | -39.3% |
| Recurring financial charges | 65 | €8,777 | €5,327 | -€3,450 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €2,880 | €176 | -€2,703 | -93.9% |
| Transfer from deferred taxes | 780 | €603 | €603 | = | 0.0% |
| Income taxes | 67/77 | €1,452 | €592 | -€861 | -59.3% |
| Profit (loss) for the period | 9904 | €2,031 | €188 | -€1,843 | -90.7% |
| Transfer from tax-exempt reserves | 789 | €1,171 | €1,171 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,202 | €1,359 | -€1,843 | -57.6% |
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 7 October 2026 via checked.be.