MASTEROAK: 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.
MASTEROAK
Largest movements
- Tangible fixed assets -€19,537
down €19,537 (-52.0%), from €37,551 to €18,013
- Stocks and contracts +€7,554
up €7,554 (+101%), from €7,515 to €15,069
of which Contracts in progress: +€5,966
- Cash -€7,060
down €7,060 (-36.1%), from €19,580 to €12,519
mainly Debts after one year (-€11,142) and Trade debts (-€7,881)
- Deferred charges and accrued income +€2,139
up €2,139 (+47.2%), from €4,530 to €6,669
- Debts after one year -€11,142
down €11,142 (-45.3%), from €24,618 to €13,476
- Trade debts -€7,881
down €7,881 (-82.4%), from €9,567 to €1,687
- Reserves +€6,435
up €6,435 (+9.0%), from €71,715 to €78,150
of which Distributable reserves: +€6,435
- Tax, wage and social debts -€4,945
down €4,945 (-78.2%), from €6,324 to €1,379
of which Remuneration and social security: -€3,431
- Gross operating margin -€58,620
down €58,620 (-50.4%), from €116,223 to €57,603
- Staff costs -€18,096
down €18,096 (-38.4%), from €47,184 to €29,088
- Other operating charges -€14,282
down €14,282 (-92.9%), from €15,379 to €1,097
- Taxes -€8,284
down €8,284 (-66.7%), from €12,415 to €4,131
- Depreciation -€2,862
down €2,862 (-17.4%), from €16,427 to €13,566
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 | €129,203 | €112,034 | -€17,169 | -13.3% |
| Fixed assets | 21/28 | €37,551 | €18,013 | -€19,537 | -52.0% |
| Tangible fixed assets | 22/27 | €37,551 | €18,013 | -€19,537 | -52.0% |
| Furniture and vehicles | 24 | €37,551 | €18,013 | -€19,537 | -52.0% |
| Current assets | 29/58 | €91,652 | €94,020 | +€2,368 | +2.6% |
| Stocks and contracts in progress | 3 | €7,515 | €15,069 | +€7,554 | +101% |
| Stocks | 30/36 | €2,435 | €4,023 | +€1,588 | +65.2% |
| Contracts in progress | 37 | €5,080 | €11,046 | +€5,966 | +117% |
| Amounts receivable within one year | 40/41 | €60,028 | €59,763 | -€264 | -0.4% |
| Trade receivables | 40 | €51,506 | €47,935 | -€3,571 | -6.9% |
| Other amounts receivable | 41 | €8,522 | €11,829 | +€3,307 | +38.8% |
| Cash at bank and in hand | 54/58 | €19,580 | €12,519 | -€7,060 | -36.1% |
| Deferred charges and accrued income | 490/1 | €4,530 | €6,669 | +€2,139 | +47.2% |
| Total equity and liabilities | 10/49 | €129,203 | €112,034 | -€17,169 | -13.3% |
| Equity | 10/15 | €77,915 | €84,350 | +€6,435 | +8.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €71,715 | €78,150 | +€6,435 | +9.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €69,855 | €76,290 | +€6,435 | +9.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,288 | €27,684 | -€23,604 | -46.0% |
| Amounts payable after more than one year | 17 | €24,618 | €13,476 | -€11,142 | -45.3% |
| Financial debts | 170/4 | €24,618 | €13,476 | -€11,142 | -45.3% |
| Amounts payable within one year | 42/48 | €26,670 | €14,208 | -€12,462 | -46.7% |
| Current portion of amounts payable after more than one year | 42 | €10,778 | €11,142 | +€364 | +3.4% |
| Trade debts | 44 | €9,567 | €1,687 | -€7,881 | -82.4% |
| Suppliers | 440/4 | €9,567 | €1,687 | -€7,881 | -82.4% |
| Taxes, remuneration and social security | 45 | €6,324 | €1,379 | -€4,945 | -78.2% |
| Taxes | 450/3 | €2,894 | €1,379 | -€1,514 | -52.3% |
| Remuneration and social security | 454/9 | €3,431 | €0 | -€3,431 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €2,708 | +€2,708 | |
| Remuneration, social security and pensions | 62 | €47,184 | €29,088 | -€18,096 | -38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,427 | €13,566 | -€2,862 | -17.4% |
| Other operating charges | 640/8 | €15,379 | €1,097 | -€14,282 | -92.9% |
| Gross operating margin | 9900 | €116,223 | €57,603 | -€58,620 | -50.4% |
| Operating profit (loss) | 9901 | €37,232 | €13,853 | -€23,380 | -62.8% |
| Financial income | 75/76B | €1,083 | €854 | -€229 | -21.2% |
| Recurring financial income | 75 | €1,083 | €854 | -€229 | -21.2% |
| Financial charges | 65/66B | €2,552 | €4,141 | +€1,589 | +62.3% |
| Recurring financial charges | 65 | €2,552 | €4,141 | +€1,589 | +62.3% |
| Profit (loss) for the period before taxes | 9903 | €35,763 | €10,565 | -€25,198 | -70.5% |
| Income taxes | 67/77 | €12,415 | €4,131 | -€8,284 | -66.7% |
| Profit (loss) for the period | 9904 | €23,348 | €6,435 | -€16,914 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €23,348 | €6,435 | -€16,914 | -72.4% |
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 28 October 2026 via checked.be.