MASTERPLAN: 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.
MASTERPLAN
Largest movements
- Tangible fixed assets +€109,178
up €109,178 (+30.2%), from €361,775 to €470,953
of which Land and buildings: +€95,356
- Cash +€94,965
up €94,965 (+96.7%), from €98,198 to €193,164
mainly Net result for the year (+€149,713) and Receivables within one year (+€85,605)
- Receivables within one year -€85,605
down €85,605 (-37.2%), from €229,815 to €144,210
of which Trade receivables: -€72,751
- Current investments +€10,757
up €10,757 (+11.1%), from €97,000 to €107,757
- Reserves +€90,000
up €90,000 (+24.3%), from €370,000 to €460,000
- Debts after one year +€76,058
up €76,058 (+30.3%), from €250,745 to €326,803
- Tax, wage and social debts -€18,719
down €18,719 (-24.4%), from €76,672 to €57,953
of which Remuneration and social security: -€12,157
- Short-term financial debts -€11,830
no longer reported in 2025 (was €11,830)
- Gross operating margin +€118,407
up €118,407 (+25.1%), from €470,981 to €589,388
- Taxes +€29,432
up €29,432 (+151.0%), from €19,485 to €48,917
- Staff costs -€24,066
down €24,066 (-6.8%), from €353,914 to €329,848
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 | €820,770 | €959,177 | +€138,407 | +16.9% |
| Fixed assets | 21/28 | €388,012 | €497,190 | +€109,178 | +28.1% |
| Tangible fixed assets | 22/27 | €361,775 | €470,953 | +€109,178 | +30.2% |
| Land and buildings | 22 | €348,588 | €443,944 | +€95,356 | +27.4% |
| Plant, machinery and equipment | 23 | €2,873 | €8,868 | +€5,995 | +208.7% |
| Furniture and vehicles | 24 | €10,314 | €18,142 | +€7,827 | +75.9% |
| Financial fixed assets | 28 | €26,237 | €26,237 | = | 0.0% |
| Current assets | 29/58 | €432,758 | €461,986 | +€29,229 | +6.8% |
| Amounts receivable after more than one year | 29 | - | €7,000 | +€7,000 | |
| Trade receivables | 290 | - | €7,000 | +€7,000 | |
| Amounts receivable within one year | 40/41 | €229,815 | €144,210 | -€85,605 | -37.2% |
| Trade receivables | 40 | €208,932 | €136,181 | -€72,751 | -34.8% |
| Other amounts receivable | 41 | €20,883 | €8,029 | -€12,854 | -61.6% |
| Current investments | 50/53 | €97,000 | €107,757 | +€10,757 | +11.1% |
| Cash at bank and in hand | 54/58 | €98,198 | €193,164 | +€94,965 | +96.7% |
| Deferred charges and accrued income | 490/1 | €7,744 | €9,856 | +€2,112 | +27.3% |
| Total equity and liabilities | 10/49 | €820,770 | €959,177 | +€138,407 | +16.9% |
| Equity | 10/15 | €391,502 | €481,216 | +€89,713 | +22.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €370,000 | €460,000 | +€90,000 | +24.3% |
| Distributable reserves | 133 | €370,000 | €460,000 | +€90,000 | +24.3% |
| Profit (loss) carried forward | 14 | €2,902 | €2,616 | -€287 | -9.9% |
| Amounts payable | 17/49 | €429,267 | €477,961 | +€48,693 | +11.3% |
| Amounts payable after more than one year | 17 | €250,745 | €326,803 | +€76,058 | +30.3% |
| Financial debts | 170/4 | €250,745 | €326,803 | +€76,058 | +30.3% |
| Amounts payable within one year | 42/48 | €176,601 | €151,158 | -€25,443 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €14,642 | €20,499 | +€5,856 | +40.0% |
| Financial debts | 43 | €11,830 | - | -€11,830 | |
| Credit institutions | 430/8 | €11,830 | - | -€11,830 | |
| Trade debts | 44 | €67,112 | €67,189 | +€77 | +0.1% |
| Suppliers | 440/4 | €67,112 | €67,189 | +€77 | +0.1% |
| Taxes, remuneration and social security | 45 | €76,672 | €57,953 | -€18,719 | -24.4% |
| Taxes | 450/3 | €34,923 | €28,361 | -€6,562 | -18.8% |
| Remuneration and social security | 454/9 | €41,748 | €29,592 | -€12,157 | -29.1% |
| Other amounts payable | 47/48 | €6,345 | €5,517 | -€827 | -13.0% |
| Accrued charges and deferred income | 492/3 | €1,921 | - | -€1,921 | |
| Remuneration, social security and pensions | 62 | €353,914 | €329,848 | -€24,066 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,303 | €17,321 | +€1,018 | +6.2% |
| Other operating charges | 640/8 | €11,186 | €10,931 | -€255 | -2.3% |
| Non-recurring operating charges | 66A | - | €18,628 | +€18,628 | |
| Gross operating margin | 9900 | €470,981 | €589,388 | +€118,407 | +25.1% |
| Operating profit (loss) | 9901 | €89,578 | €212,660 | +€123,081 | +137.4% |
| Financial income | 75/76B | €402 | €836 | +€434 | +108.0% |
| Recurring financial income | 75 | €402 | €836 | +€434 | +108.0% |
| Financial charges | 65/66B | €13,596 | €14,865 | +€1,269 | +9.3% |
| Recurring financial charges | 65 | €13,596 | €14,865 | +€1,269 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €76,384 | €198,630 | +€122,246 | +160.0% |
| Income taxes | 67/77 | €19,485 | €48,917 | +€29,432 | +151.0% |
| Profit (loss) for the period | 9904 | €56,899 | €149,713 | +€92,814 | +163.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,899 | €149,713 | +€92,814 | +163.1% |
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 12 October 2026 via checked.be.