Mastermind: 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.
Mastermind
Largest movements
- Deferred charges and accrued income +€384,872
up €384,872 (+29.1%), from €1.3m to €1.7m
- Receivables within one year +€305,012
up €305,012 (+583%), from €52,299 to €357,310
of which Trade receivables: +€183,665
- Cash +€291,078
up €291,078 (+769%), from €37,867 to €328,945
mainly Other debts (+€458,409) and Net result for the year (+€284,568)
- Receivables after one year -€160,589
down €160,589 (-100%), from €160,589 to €0
- Stocks and contracts -€91,423
down €91,423 (-10.3%), from €891,253 to €799,830
- Other debts +€458,409
new in 2025: €458,409
- Short-term financial debts +€276,516
up €276,516 (+25.0%), from €1.1m to €1.4m
- Accrued charges and deferred income +€159,431
up €159,431 (+99.3%), from €160,569 to €320,000
- Reserves -€144,378
down €144,378 (-19.2%), from €750,778 to €606,400
- Debts after one year -€115,323
down €115,323 (-43.3%), from €266,521 to €151,198
- Gross operating margin -€85,428
down €85,428 (-14.3%), from €596,204 to €510,775
- Staff costs +€51,712
up €51,712 (+1,304%), from €3,965 to €55,677
- Taxes -€41,931
down €41,931 (-30.6%), from €136,919 to €94,989
- Financial charges +€19,168
up €19,168 (+48.1%), from €39,857 to €59,026
- Other operating charges +€7,302
up €7,302 (+87.4%), from €8,358 to €15,660
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.
Derived cash bridge
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 | €2,467,765 | €3,211,831 | +€744,066 | +30.2% |
| Fixed assets | 21/28 | €3,000 | €18,117 | +€15,117 | +504% |
| Intangible fixed assets | 21 | - | €4,796 | +€4,796 | |
| Tangible fixed assets | 22/27 | - | €10,321 | +€10,321 | |
| Other tangible fixed assets | 26 | - | €10,321 | +€10,321 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €2,464,765 | €3,193,714 | +€728,949 | +29.6% |
| Amounts receivable after more than one year | 29 | €160,589 | €0 | -€160,589 | -100% |
| Other amounts receivable | 291 | €160,589 | €0 | -€160,589 | -100% |
| Stocks and contracts in progress | 3 | €891,253 | €799,830 | -€91,423 | -10.3% |
| Stocks | 30/36 | €891,253 | €799,830 | -€91,423 | -10.3% |
| Amounts receivable within one year | 40/41 | €52,299 | €357,310 | +€305,012 | +583% |
| Trade receivables | 40 | €43,775 | €227,440 | +€183,665 | +420% |
| Other amounts receivable | 41 | €8,524 | €129,870 | +€121,347 | +1,424% |
| Cash at bank and in hand | 54/58 | €37,867 | €328,945 | +€291,078 | +769% |
| Deferred charges and accrued income | 490/1 | €1,322,757 | €1,707,629 | +€384,872 | +29.1% |
| Total equity and liabilities | 10/49 | €2,467,765 | €3,211,831 | +€744,066 | +30.2% |
| Equity | 10/15 | €769,378 | €625,000 | -€144,378 | -18.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €750,778 | €606,400 | -€144,378 | -19.2% |
| Distributable reserves | 133 | €750,778 | €606,400 | -€144,378 | -19.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,698,387 | €2,586,831 | +€888,444 | +52.3% |
| Amounts payable after more than one year | 17 | €266,521 | €151,198 | -€115,323 | -43.3% |
| Financial debts | 170/4 | €266,521 | €151,198 | -€115,323 | -43.3% |
| Amounts payable within one year | 42/48 | €1,271,297 | €2,115,633 | +€844,336 | +66.4% |
| Financial debts | 43 | €1,107,154 | €1,383,670 | +€276,516 | +25.0% |
| Credit institutions | 430/8 | €1,107,154 | €1,383,670 | +€276,516 | +25.0% |
| Trade debts | 44 | €134,721 | €249,202 | +€114,481 | +85.0% |
| Suppliers | 440/4 | €134,721 | €249,202 | +€114,481 | +85.0% |
| Taxes, remuneration and social security | 45 | €29,422 | €24,352 | -€5,070 | -17.2% |
| Taxes | 450/3 | €29,422 | €22,761 | -€6,661 | -22.6% |
| Remuneration and social security | 454/9 | - | €1,591 | +€1,591 | |
| Other amounts payable | 47/48 | - | €458,409 | +€458,409 | |
| Accrued charges and deferred income | 492/3 | €160,569 | €320,000 | +€159,431 | +99.3% |
| Remuneration, social security and pensions | 62 | €3,965 | €55,677 | +€51,712 | +1,304% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €1,176 | +€1,176 | |
| Other operating charges | 640/8 | €8,358 | €15,660 | +€7,302 | +87.4% |
| Gross operating margin | 9900 | €596,204 | €510,775 | -€85,428 | -14.3% |
| Operating profit (loss) | 9901 | €583,881 | €438,263 | -€145,618 | -24.9% |
| Financial income | 75/76B | €3,625 | €319 | -€3,305 | -91.2% |
| Recurring financial income | 75 | €3,625 | €319 | -€3,305 | -91.2% |
| Financial charges | 65/66B | €39,857 | €59,026 | +€19,168 | +48.1% |
| Recurring financial charges | 65 | €39,857 | €59,026 | +€19,168 | +48.1% |
| Profit (loss) for the period before taxes | 9903 | €547,648 | €379,556 | -€168,092 | -30.7% |
| Income taxes | 67/77 | €136,919 | €94,989 | -€41,931 | -30.6% |
| Profit (loss) for the period | 9904 | €410,729 | €284,568 | -€126,161 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €410,729 | €284,568 | -€126,161 | -30.7% |
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 13 October 2026 via checked.be.