MASTERS COMMUNICATION: 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 COMMUNICATION
Largest movements
- Cash +€188,252
up €188,252 (+275.9%), from €68,234 to €256,487
mainly Net result for the year (+€181,975) and Investment in fixed assets (net) (+€61,828)
- Current investments +€117,300
up €117,300 (+20.1%), from €585,000 to €702,300
- Tangible fixed assets -€102,547
down €102,547 (-9.5%), from €1.1m to €974,747
of which Land and buildings: -€108,960
- Reserves +€181,142
up €181,142 (+11.8%), from €1.5m to €1.7m
- Trade debts +€26,389
up €26,389 (+177.5%), from €14,871 to €41,260
- Gross operating margin +€222,786
up €222,786 (+196.7%), from €113,252 to €336,038
- Taxes +€65,302
up €65,302 (+431.8%), from €15,123 to €80,425
- Financial charges +€40,115
up €40,115 (+1140.7%), from €3,517 to €43,631
of which Non-recurring financial charges: +€36,431
- Depreciation -€14,028
down €14,028 (-25.6%), from €54,746 to €40,718
- Other operating charges -€8,677
down €8,677 (-46.2%), from €18,774 to €10,098
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 | €1,753,416 | €1,967,458 | +€214,042 | +12.2% |
| Fixed assets | 21/28 | €1,077,294 | €974,747 | -€102,547 | -9.5% |
| Tangible fixed assets | 22/27 | €1,077,294 | €974,747 | -€102,547 | -9.5% |
| Land and buildings | 22 | €1,075,378 | €966,417 | -€108,960 | -10.1% |
| Plant, machinery and equipment | 23 | €872 | €7,330 | +€6,459 | +740.9% |
| Furniture and vehicles | 24 | €1,045 | €1,000 | -€45 | -4.3% |
| Current assets | 29/58 | €676,122 | €992,711 | +€316,589 | +46.8% |
| Amounts receivable within one year | 40/41 | €14,992 | €24,147 | +€9,154 | +61.1% |
| Trade receivables | 40 | €7,944 | €4,802 | -€3,143 | -39.6% |
| Other amounts receivable | 41 | €7,048 | €19,345 | +€12,297 | +174.5% |
| Current investments | 50/53 | €585,000 | €702,300 | +€117,300 | +20.1% |
| Cash at bank and in hand | 54/58 | €68,234 | €256,487 | +€188,252 | +275.9% |
| Deferred charges and accrued income | 490/1 | €7,896 | €9,778 | +€1,882 | +23.8% |
| Total equity and liabilities | 10/49 | €1,753,416 | €1,967,458 | +€214,042 | +12.2% |
| Equity | 10/15 | €1,625,231 | €1,805,943 | +€180,712 | +11.1% |
| Contributions | 10/11 | €73,750 | €73,750 | = | 0.0% |
| Revaluation surpluses | 12 | €11,370 | €11,370 | = | 0.0% |
| Reserves | 13 | €1,534,950 | €1,716,092 | +€181,142 | +11.8% |
| Distributable reserves | 133 | €1,534,950 | €1,716,092 | +€181,142 | +11.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €5,161 | €4,731 | -€430 | -8.3% |
| Provisions and deferred taxes | 16 | €2,657 | €2,436 | -€221 | -8.3% |
| Deferred taxes | 168 | €2,657 | €2,436 | -€221 | -8.3% |
| Amounts payable | 17/49 | €125,528 | €159,079 | +€33,552 | +26.7% |
| Amounts payable within one year | 42/48 | €125,528 | €159,079 | +€33,552 | +26.7% |
| Trade debts | 44 | €14,871 | €41,260 | +€26,389 | +177.5% |
| Suppliers | 440/4 | €14,871 | €41,260 | +€26,389 | +177.5% |
| Taxes, remuneration and social security | 45 | €10,422 | €17,001 | +€6,579 | +63.1% |
| Taxes | 450/3 | €5,772 | €7,295 | +€1,522 | +26.4% |
| Remuneration and social security | 454/9 | €4,649 | €9,706 | +€5,057 | +108.8% |
| Other amounts payable | 47/48 | €100,235 | €100,818 | +€583 | +0.6% |
| Non-recurring operating income | 76A | - | €234,455 | +€234,455 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,746 | €40,718 | -€14,028 | -25.6% |
| Other operating charges | 640/8 | €18,774 | €10,098 | -€8,677 | -46.2% |
| Gross operating margin | 9900 | €113,252 | €336,038 | +€222,786 | +196.7% |
| Operating profit (loss) | 9901 | €39,731 | €285,222 | +€245,490 | +617.9% |
| Financial income | 75/76B | €14,181 | €20,589 | +€6,408 | +45.2% |
| Recurring financial income | 75 | €14,181 | €20,589 | +€6,408 | +45.2% |
| Financial charges | 65/66B | €3,517 | €43,631 | +€40,115 | +1140.7% |
| Recurring financial charges | 65 | €3,517 | €7,200 | +€3,683 | +104.7% |
| Non-recurring financial charges | 66B | - | €36,431 | +€36,431 | |
| Profit (loss) for the period before taxes | 9903 | €50,395 | €262,179 | +€211,784 | +420.2% |
| Transfer from deferred taxes | 780 | €221 | €221 | = | 0.0% |
| Income taxes | 67/77 | €15,123 | €80,425 | +€65,302 | +431.8% |
| Profit (loss) for the period | 9904 | €35,494 | €181,975 | +€146,481 | +412.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,494 | €181,975 | +€146,481 | +412.7% |
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 10 October 2026 via checked.be.