MASTERS: what changed
Two fiscal 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.
MASTERS
Largest movements
- Receivables after one year +€70,000
new in 2025: €70,000
- Receivables within one year +€56,977
up €56,977 (+124.4%), from €45,810 to €102,787
of which Trade receivables: +€64,253
- Cash -€11,362
down €11,362 (-51.3%), from €22,130 to €10,768
mainly Receivables after one year (-€70,000) and Receivables within one year (-€56,977)
- Tangible fixed assets -€7,848
down €7,848 (-49.2%), from €15,945 to €8,097
of which Plant, machinery and equipment: -€4,829
- Stocks and contracts -€5,375
down €5,375 (-12.4%), from €43,360 to €37,985
of which Stocks: -€4,195
- Trade debts +€65,809
up €65,809 (+782.9%), from €8,406 to €74,215
- Reserves +€33,819
up €33,819 (+37.0%), from €91,349 to €125,168
of which Distributable reserves: +€33,819
- Accrued charges and deferred income -€9,142
no longer reported in 2025 (was €9,142)
- Other debts +€8,963
new in 2025: €8,963
- Gross operating margin +€38,937
up €38,937 (+134.3%), from €28,991 to €67,929
- Taxes +€10,329
up €10,329 (+354.4%), from €2,915 to €13,244
- Other operating charges +€4,706
up €4,706 (+122.4%), from €3,845 to €8,551
- Depreciation -€3,123
down €3,123 (-27.9%), from €11,204 to €8,081
- Financial charges -€890
down €890 (-56.7%), from €1,570 to €680
of which Financial charges: -€595
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 | €133,612 | €233,790 | +€100,178 | +75.0% |
| Fixed assets | 21/28 | €16,536 | €8,688 | -€7,848 | -47.5% |
| Tangible fixed assets | 22/27 | €15,945 | €8,097 | -€7,848 | -49.2% |
| Plant, machinery and equipment | 23 | €10,696 | €5,867 | -€4,829 | -45.1% |
| Furniture and vehicles | 24 | €4,883 | €2,083 | -€2,799 | -57.3% |
| Other tangible fixed assets | 26 | €367 | €147 | -€220 | -60.0% |
| Financial fixed assets | 28 | €591 | €591 | = | 0.0% |
| Current assets | 29/58 | €117,076 | €225,102 | +€108,026 | +92.3% |
| Amounts receivable after more than one year | 29 | - | €70,000 | +€70,000 | |
| Other amounts receivable | 291 | - | €70,000 | +€70,000 | |
| Stocks and contracts in progress | 3 | €43,360 | €37,985 | -€5,375 | -12.4% |
| Stocks | 30/36 | €7,180 | €2,985 | -€4,195 | -58.4% |
| Contracts in progress | 37 | €36,180 | €35,000 | -€1,180 | -3.3% |
| Amounts receivable within one year | 40/41 | €45,810 | €102,787 | +€56,977 | +124.4% |
| Trade receivables | 40 | €20,598 | €84,851 | +€64,253 | +311.9% |
| Other amounts receivable | 41 | €25,212 | €17,935 | -€7,276 | -28.9% |
| Cash at bank and in hand | 54/58 | €22,130 | €10,768 | -€11,362 | -51.3% |
| Deferred charges and accrued income | 490/1 | €5,776 | €3,562 | -€2,214 | -38.3% |
| Total equity and liabilities | 10/49 | €133,612 | €233,790 | +€100,178 | +75.0% |
| Equity | 10/15 | €97,549 | €131,368 | +€33,819 | +34.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €91,349 | €125,168 | +€33,819 | +37.0% |
| 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 | €89,489 | €123,308 | +€33,819 | +37.8% |
| Amounts payable | 17/49 | €36,063 | €102,422 | +€66,359 | +184.0% |
| Amounts payable within one year | 42/48 | €26,921 | €102,422 | +€75,501 | +280.5% |
| Trade debts | 44 | €8,406 | €74,215 | +€65,809 | +782.9% |
| Suppliers | 440/4 | €8,406 | €74,215 | +€65,809 | +782.9% |
| Advances received on contracts in progress | 46 | €3,000 | €3,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €15,515 | €16,244 | +€729 | +4.7% |
| Taxes | 450/3 | €15,515 | €16,244 | +€729 | +4.7% |
| Other amounts payable | 47/48 | - | €8,963 | +€8,963 | |
| Accrued charges and deferred income | 492/3 | €9,142 | - | -€9,142 | |
| Remuneration, social security and pensions | 62 | €767 | €833 | +€66 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,204 | €8,081 | -€3,123 | -27.9% |
| Other operating charges | 640/8 | €3,845 | €8,551 | +€4,706 | +122.4% |
| Non-recurring operating charges | 66A | €1,761 | €2,725 | +€965 | +54.8% |
| Gross operating margin | 9900 | €28,991 | €67,929 | +€38,937 | +134.3% |
| Operating profit (loss) | 9901 | €11,414 | €47,738 | +€36,324 | +318.2% |
| Financial income | 75/76B | €6 | €5 | -€1 | -21.9% |
| Recurring financial income | 75 | €6 | €5 | -€1 | -21.9% |
| Financial charges | 65/66B | €1,570 | €680 | -€890 | -56.7% |
| Recurring financial charges | 65 | €1,276 | €680 | -€595 | -46.7% |
| Non-recurring financial charges | 66B | €295 | - | -€295 | |
| Profit (loss) for the period before taxes | 9903 | €9,850 | €47,063 | +€37,213 | +377.8% |
| Income taxes | 67/77 | €2,915 | €13,244 | +€10,329 | +354.4% |
| Profit (loss) for the period | 9904 | €6,935 | €33,819 | +€26,884 | +387.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,935 | €33,819 | +€26,884 | +387.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.