Masters 247: 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.
Masters 247
Largest movements
- Receivables within one year +€723,047
up €723,047 (+138.1%), from €523,653 to €1.2m
of which Trade receivables: +€713,650
- Cash +€357,323
up €357,323 (+1335.3%), from €26,760 to €384,083
mainly Other debts (+€976,014) and Trade debts (+€221,041)
- Stocks and contracts +€125,099
up €125,099 (+14.4%), from €867,117 to €992,216
- Deferred charges and accrued income -€43,702
down €43,702 (-92.4%), from €47,317 to €3,615
- Other debts +€976,014
up €976,014 (+76.1%), from €1.3m to €2.3m
- Trade debts +€221,041
up €221,041 (+313.1%), from €70,604 to €291,645
- Accrued charges and deferred income -€172,205
down €172,205 (-28.1%), from €612,510 to €440,305
- Profit (loss) carried forward +€132,106
up €132,106 (+28.7%), from -€460,072 to -€327,966
- Gross operating margin +€727,394
up €727,394, from -€510,970 to €216,424
- Taxes -€108,082
down €108,082, from €107,816 to -€266
- Staff costs -€40,675
down €40,675 (-36.4%), from €111,731 to €71,055
- Financial income +€15,866
up €15,866 (+1379.7%), from €1,150 to €17,015
- Write-downs +€12,664
new in 2025: €12,664
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 | €1,585,553 | €2,734,455 | +€1.1m | +72.5% |
| Fixed assets | 21/28 | €120,707 | €107,841 | -€12,866 | -10.7% |
| Tangible fixed assets | 22/27 | €120,707 | €107,841 | -€12,866 | -10.7% |
| Plant, machinery and equipment | 23 | €79,115 | €77,348 | -€1,767 | -2.2% |
| Furniture and vehicles | 24 | €41,592 | €30,493 | -€11,099 | -26.7% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €1,464,847 | €2,626,614 | +€1.2m | +79.3% |
| Stocks and contracts in progress | 3 | €867,117 | €992,216 | +€125,099 | +14.4% |
| Stocks | 30/36 | €867,117 | €992,216 | +€125,099 | +14.4% |
| Amounts receivable within one year | 40/41 | €523,653 | €1,246,700 | +€723,047 | +138.1% |
| Trade receivables | 40 | €434,224 | €1,147,873 | +€713,650 | +164.4% |
| Other amounts receivable | 41 | €89,430 | €98,827 | +€9,397 | +10.5% |
| Cash at bank and in hand | 54/58 | €26,760 | €384,083 | +€357,323 | +1335.3% |
| Deferred charges and accrued income | 490/1 | €47,317 | €3,615 | -€43,702 | -92.4% |
| Total equity and liabilities | 10/49 | €1,585,553 | €2,734,455 | +€1.1m | +72.5% |
| Equity | 10/15 | -€392,422 | -€260,316 | +€132,106 | +33.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€460,072 | -€327,966 | +€132,106 | +28.7% |
| Amounts payable | 17/49 | €1,977,975 | €2,994,771 | +€1.0m | +51.4% |
| Amounts payable within one year | 42/48 | €1,365,465 | €2,554,466 | +€1.2m | +87.1% |
| Trade debts | 44 | €70,604 | €291,645 | +€221,041 | +313.1% |
| Suppliers | 440/4 | €70,604 | €291,645 | +€221,041 | +313.1% |
| Taxes, remuneration and social security | 45 | €12,975 | €4,921 | -€8,054 | -62.1% |
| Taxes | 450/3 | €43 | €0 | -€43 | -100.0% |
| Remuneration and social security | 454/9 | €12,931 | €4,921 | -€8,011 | -61.9% |
| Other amounts payable | 47/48 | €1,281,887 | €2,257,901 | +€976,014 | +76.1% |
| Accrued charges and deferred income | 492/3 | €612,510 | €440,305 | -€172,205 | -28.1% |
| Remuneration, social security and pensions | 62 | €111,731 | €71,055 | -€40,675 | -36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,673 | €12,866 | -€2,807 | -17.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,664 | +€12,664 | |
| Other operating charges | 640/8 | €13,200 | €1,312 | -€11,888 | -90.1% |
| Gross operating margin | 9900 | -€510,970 | €216,424 | +€727,394 | |
| Operating profit (loss) | 9901 | -€651,573 | €118,527 | +€770,100 | |
| Financial income | 75/76B | €1,150 | €17,015 | +€15,866 | +1379.7% |
| Recurring financial income | 75 | €1,150 | €17,015 | +€15,866 | +1379.7% |
| Financial charges | 65/66B | €13,410 | €3,703 | -€9,707 | -72.4% |
| Recurring financial charges | 65 | €13,410 | €3,703 | -€9,707 | -72.4% |
| Profit (loss) for the period before taxes | 9903 | -€663,834 | €131,839 | +€795,673 | |
| Income taxes | 67/77 | €107,816 | -€266 | -€108,082 | |
| Profit (loss) for the period | 9904 | -€771,649 | €132,106 | +€903,755 | |
| Profit (loss) for the period to be appropriated | 9905 | -€771,649 | €132,106 | +€903,755 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.