MASTERS OP: 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 OP
Largest movements
- Stocks and contracts +€1,988
up €1,988 (+22.0%), from €9,022 to €11,010
- Receivables within one year +€761
up €761 (+354%), from €215 to €975
of which Trade receivables: +€767
- Cash -€218
down €218 (-12.7%), from €1,708 to €1,490
mainly Net result for the year (-€5,941) and Stocks and contracts (-€1,988)
- Tax, wage and social debts +€8,372
up €8,372 (+43.3%), from €19,318 to €27,690
of which Remuneration and social security: +€8,194
- Profit (loss) carried forward -€5,941
down €5,941 (-30.0%), from -€19,821 to -€25,762
- Gross operating margin +€13,736
up €13,736 (+70.2%), from -€19,574 to -€5,838
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 | €10,945 | €13,476 | +€2,531 | +23.1% |
| Current assets | 29/58 | €10,945 | €13,476 | +€2,531 | +23.1% |
| Stocks and contracts in progress | 3 | €9,022 | €11,010 | +€1,988 | +22.0% |
| Stocks | 30/36 | €9,022 | €11,010 | +€1,988 | +22.0% |
| Amounts receivable within one year | 40/41 | €215 | €975 | +€761 | +354% |
| Trade receivables | 40 | €209 | €975 | +€767 | +367% |
| Other amounts receivable | 41 | €6 | - | -€6 | |
| Cash at bank and in hand | 54/58 | €1,708 | €1,490 | -€218 | -12.7% |
| Total equity and liabilities | 10/49 | €10,945 | €13,476 | +€2,531 | +23.1% |
| Equity | 10/15 | -€9,821 | -€15,762 | -€5,941 | -60.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,821 | -€25,762 | -€5,941 | -30.0% |
| Amounts payable | 17/49 | €20,766 | €29,238 | +€8,472 | +40.8% |
| Amounts payable within one year | 42/48 | €20,766 | €29,238 | +€8,472 | +40.8% |
| Taxes, remuneration and social security | 45 | €19,318 | €27,690 | +€8,372 | +43.3% |
| Taxes | 450/3 | €1,606 | €1,784 | +€178 | +11.1% |
| Remuneration and social security | 454/9 | €17,712 | €25,906 | +€8,194 | +46.3% |
| Other amounts payable | 47/48 | €1,448 | €1,548 | +€100 | +6.9% |
| Gross operating margin | 9900 | -€19,574 | -€5,838 | +€13,736 | +70.2% |
| Operating profit (loss) | 9901 | -€19,574 | -€5,838 | +€13,736 | +70.2% |
| Financial income | 75/76B | €105 | €13 | -€93 | -87.8% |
| Recurring financial income | 75 | €105 | €13 | -€93 | -87.8% |
| Financial charges | 65/66B | €233 | €116 | -€118 | -50.4% |
| Recurring financial charges | 65 | €233 | €116 | -€118 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | -€19,702 | -€5,941 | +€13,761 | +69.8% |
| Profit (loss) for the period | 9904 | -€19,702 | -€5,941 | +€13,761 | +69.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,702 | -€5,941 | +€13,761 | +69.8% |
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 24 October 2026 via checked.be.