MASTERMAIL: 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.
MASTERMAIL
Largest movements
- Receivables within one year -€193,101
down €193,101 (-42.7%), from €452,149 to €259,048
of which Trade receivables: -€121,614
- Cash -€139,764
down €139,764 (-29.4%), from €474,882 to €335,118
mainly Contributions, distributions and other (-€300,000) and Net result for the year (-€265,299)
- Receivables after one year -€110,552
down €110,552 (-98.2%), from €112,552 to €2,000
- Tangible fixed assets -€103,923
down €103,923 (-28.6%), from €363,024 to €259,101
of which Leasing and similar rights: -€62,051
- Intangible fixed assets +€77,051
up €77,051 (+124.7%), from €61,773 to €138,824
- Profit (loss) carried forward -€565,299
down €565,299, from €418,277 to -€147,022
- Other debts +€86,483
up €86,483 (+180.7%), from €47,857 to €134,340
- Trade debts -€75,378
down €75,378 (-27.1%), from €278,117 to €202,740
- Short-term financial debts +€65,000
new in 2025: €65,000
- Current portion of long-term debt +€57,066
up €57,066 (+64.5%), from €88,496 to €145,562
- Gross operating margin -€357,501
down €357,501 (-51.4%), from €696,138 to €338,637
- Depreciation +€44,317
up €44,317 (+36.5%), from €121,537 to €165,854
- Taxes -€41,881
down €41,881 (-98.3%), from €42,591 to €709
- Staff costs +€25,662
up €25,662 (+6.5%), from €396,979 to €422,640
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 | €1,561,652 | €1,046,547 | -€515,105 | -33.0% |
| Fixed assets | 21/28 | €425,657 | €398,785 | -€26,873 | -6.3% |
| Intangible fixed assets | 21 | €61,773 | €138,824 | +€77,051 | +124.7% |
| Tangible fixed assets | 22/27 | €363,024 | €259,101 | -€103,923 | -28.6% |
| Land and buildings | 22 | €110,589 | €87,359 | -€23,231 | -21.0% |
| Plant, machinery and equipment | 23 | €61,992 | €53,600 | -€8,391 | -13.5% |
| Furniture and vehicles | 24 | €62,086 | €51,835 | -€10,250 | -16.5% |
| Leasing and similar rights | 25 | €128,357 | €66,306 | -€62,051 | -48.3% |
| Financial fixed assets | 28 | €860 | €860 | = | 0.0% |
| Current assets | 29/58 | €1,135,995 | €647,763 | -€488,232 | -43.0% |
| Amounts receivable after more than one year | 29 | €112,552 | €2,000 | -€110,552 | -98.2% |
| Other amounts receivable | 291 | €112,552 | €2,000 | -€110,552 | -98.2% |
| Stocks and contracts in progress | 3 | €36,644 | €35,000 | -€1,644 | -4.5% |
| Stocks | 30/36 | €36,644 | €35,000 | -€1,644 | -4.5% |
| Amounts receivable within one year | 40/41 | €452,149 | €259,048 | -€193,101 | -42.7% |
| Trade receivables | 40 | €327,612 | €205,998 | -€121,614 | -37.1% |
| Other amounts receivable | 41 | €124,537 | €53,050 | -€71,487 | -57.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €474,882 | €335,118 | -€139,764 | -29.4% |
| Deferred charges and accrued income | 490/1 | €59,769 | €16,597 | -€43,171 | -72.2% |
| Total equity and liabilities | 10/49 | €1,561,652 | €1,046,547 | -€515,105 | -33.0% |
| Equity | 10/15 | €996,580 | €431,281 | -€565,299 | -56.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €559,703 | €559,703 | = | 0.0% |
| Distributable reserves | 133 | €559,703 | €559,703 | = | 0.0% |
| Profit (loss) carried forward | 14 | €418,277 | -€147,022 | -€565,299 | |
| Amounts payable | 17/49 | €565,072 | €615,266 | +€50,194 | +8.9% |
| Amounts payable after more than one year | 17 | €67,177 | €28,209 | -€38,968 | -58.0% |
| Financial debts | 170/4 | €67,177 | €28,209 | -€38,968 | -58.0% |
| Amounts payable within one year | 42/48 | €480,836 | €586,873 | +€106,037 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €88,496 | €145,562 | +€57,066 | +64.5% |
| Financial debts | 43 | - | €65,000 | +€65,000 | |
| Credit institutions | 430/8 | - | €65,000 | +€65,000 | |
| Trade debts | 44 | €278,117 | €202,740 | -€75,378 | -27.1% |
| Suppliers | 440/4 | €278,117 | €202,740 | -€75,378 | -27.1% |
| Taxes, remuneration and social security | 45 | €66,365 | €39,231 | -€27,134 | -40.9% |
| Taxes | 450/3 | €14,275 | €10,978 | -€3,297 | -23.1% |
| Remuneration and social security | 454/9 | €52,091 | €28,253 | -€23,838 | -45.8% |
| Other amounts payable | 47/48 | €47,857 | €134,340 | +€86,483 | +180.7% |
| Accrued charges and deferred income | 492/3 | €17,059 | €185 | -€16,874 | -98.9% |
| Remuneration, social security and pensions | 62 | €396,979 | €422,640 | +€25,662 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,537 | €165,854 | +€44,317 | +36.5% |
| Other operating charges | 640/8 | €3,473 | €7,076 | +€3,604 | +103.8% |
| Non-recurring operating charges | 66A | - | €5,971 | +€5,971 | |
| Gross operating margin | 9900 | €696,138 | €338,637 | -€357,501 | -51.4% |
| Operating profit (loss) | 9901 | €174,149 | -€262,906 | -€437,055 | |
| Financial income | 75/76B | €7,840 | €5,299 | -€2,542 | -32.4% |
| Recurring financial income | 75 | €7,840 | €5,299 | -€2,542 | -32.4% |
| Financial charges | 65/66B | €6,710 | €6,983 | +€273 | +4.1% |
| Recurring financial charges | 65 | €6,710 | €6,983 | +€273 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €175,280 | -€264,590 | -€439,869 | |
| Income taxes | 67/77 | €42,591 | €709 | -€41,881 | -98.3% |
| Profit (loss) for the period | 9904 | €132,689 | -€265,299 | -€397,988 | |
| Profit (loss) for the period to be appropriated | 9905 | €132,689 | -€265,299 | -€397,988 |
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 11 October 2026 via checked.be.