MASTERMINDS: 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.
MASTERMINDS
Largest movements
- Receivables within one year +€102,473
up €102,473 (+101%), from €101,142 to €203,615
of which Other amounts receivable: +€120,430
- Cash -€9,345
down €9,345 (-43.6%), from €21,437 to €12,092
mainly Receivables within one year (-€102,473) and Investment in fixed assets (net) (-€6,469)
- Reserves +€57,620
up €57,620 (+80.0%), from €71,984 to €129,604
of which Distributable reserves: +€57,620
- Tax, wage and social debts +€26,346
up €26,346 (+64.8%), from €40,655 to €67,001
- Profit (loss) carried forward +€5,859
new in 2025: €5,859
- Gross operating margin +€51,648
up €51,648 (+76.7%), from €67,327 to €118,974
- Taxes +€26,005
up €26,005 (+114%), from €22,870 to €48,875
- Financial income +€4,433
up €4,433 (+144%), from €3,071 to €7,504
- Financial charges +€4,111
up €4,111 (+3,330%), from €123 to €4,234
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 | €137,005 | €228,902 | +€91,897 | +67.1% |
| Fixed assets | 21/28 | €14,426 | €13,015 | -€1,411 | -9.8% |
| Tangible fixed assets | 22/27 | €14,426 | €13,015 | -€1,411 | -9.8% |
| Plant, machinery and equipment | 23 | €1,025 | €593 | -€432 | -42.2% |
| Furniture and vehicles | 24 | €11,392 | €10,915 | -€476 | -4.2% |
| Other tangible fixed assets | 26 | €2,009 | €1,507 | -€502 | -25.0% |
| Current assets | 29/58 | €122,579 | €215,887 | +€93,308 | +76.1% |
| Amounts receivable within one year | 40/41 | €101,142 | €203,615 | +€102,473 | +101% |
| Trade receivables | 40 | €17,958 | - | -€17,958 | |
| Other amounts receivable | 41 | €83,185 | €203,615 | +€120,430 | +145% |
| Cash at bank and in hand | 54/58 | €21,437 | €12,092 | -€9,345 | -43.6% |
| Deferred charges and accrued income | 490/1 | - | €180 | +€180 | |
| Total equity and liabilities | 10/49 | €137,005 | €228,902 | +€91,897 | +67.1% |
| Equity | 10/15 | €90,584 | €154,063 | +€63,479 | +70.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,984 | €129,604 | +€57,620 | +80.0% |
| Non-distributable reserves | 130/1 | €63 | €63 | = | 0.0% |
| Reserves not available under the articles | 1311 | €63 | €63 | = | 0.0% |
| Distributable reserves | 133 | €71,921 | €129,541 | +€57,620 | +80.1% |
| Profit (loss) carried forward | 14 | - | €5,859 | +€5,859 | |
| Amounts payable | 17/49 | €46,421 | €74,839 | +€28,418 | +61.2% |
| Amounts payable within one year | 42/48 | €46,421 | €74,839 | +€28,418 | +61.2% |
| Trade debts | 44 | €5,766 | €7,838 | +€2,072 | +35.9% |
| Suppliers | 440/4 | €5,766 | €7,838 | +€2,072 | +35.9% |
| Taxes, remuneration and social security | 45 | €40,655 | €67,001 | +€26,346 | +64.8% |
| Taxes | 450/3 | €40,655 | €67,001 | +€26,346 | +64.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,180 | €7,880 | +€700 | +9.7% |
| Other operating charges | 640/8 | €1,239 | €2,010 | +€770 | +62.2% |
| Non-recurring operating charges | 66A | €855 | - | -€855 | |
| Gross operating margin | 9900 | €67,327 | €118,974 | +€51,648 | +76.7% |
| Operating profit (loss) | 9901 | €58,052 | €109,085 | +€51,033 | +87.9% |
| Financial income | 75/76B | €3,071 | €7,504 | +€4,433 | +144% |
| Recurring financial income | 75 | €3,071 | €7,504 | +€4,433 | +144% |
| Financial charges | 65/66B | €123 | €4,234 | +€4,111 | +3,330% |
| Recurring financial charges | 65 | €123 | €4,234 | +€4,111 | +3,330% |
| Profit (loss) for the period before taxes | 9903 | €60,999 | €112,355 | +€51,356 | +84.2% |
| Income taxes | 67/77 | €22,870 | €48,875 | +€26,005 | +114% |
| Profit (loss) for the period | 9904 | €38,129 | €63,479 | +€25,350 | +66.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,129 | €63,479 | +€25,350 | +66.5% |
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 25 October 2026 via checked.be.