MASTERS@WORK: 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@WORK
Largest movements
- Receivables within one year -€26,962
down €26,962 (-63.1%), from €42,762 to €15,800
of which Trade receivables: -€26,208
- Deferred charges and accrued income -€3,357
down €3,357 (-65.4%), from €5,132 to €1,774
- Stocks and contracts -€2,500
down €2,500 (-100.0%), from €2,500 to €0
of which Stocks: -€2,500
- Tangible fixed assets -€821
down €821 (-45.8%), from €1,794 to €972
of which Furniture and vehicles: -€662
- Cash -€767
down €767 (-41.2%), from €1,861 to €1,095
mainly Trade debts (-€33,443) and Net result for the year (-€14,980)
- Trade debts -€33,443
down €33,443 (-80.8%), from €41,393 to €7,950
- Profit (loss) carried forward -€14,980
down €14,980 (-22.8%), from -€65,740 to -€80,719
- Short-term financial debts +€10,176
up €10,176, from €0 to €10,176
- Debts after one year -€9,920
down €9,920 (-29.8%), from €33,310 to €23,390
- Other debts +€8,485
up €8,485 (+356.7%), from €2,379 to €10,864
- Gross operating margin +€24,499
up €24,499, from -€5,040 to €19,459
- Other operating charges +€9,209
up €9,209 (+1054.1%), from €874 to €10,082
- Financial charges -€3,220
down €3,220 (-59.3%), from €5,425 to €2,205
- Staff costs -€3,019
down €3,019 (-12.8%), from €23,580 to €20,561
- Depreciation -€2,015
down €2,015 (-58.6%), from €3,438 to €1,424
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 | €54,651 | €19,642 | -€35,009 | -64.1% |
| Fixed assets | 21/28 | €2,396 | €972 | -€1,424 | -59.4% |
| Intangible fixed assets | 21 | €603 | €0 | -€603 | -100.0% |
| Tangible fixed assets | 22/27 | €1,794 | €972 | -€821 | -45.8% |
| Plant, machinery and equipment | 23 | €479 | €319 | -€160 | -33.3% |
| Furniture and vehicles | 24 | €1,315 | €653 | -€662 | -50.3% |
| Current assets | 29/58 | €52,255 | €18,669 | -€33,586 | -64.3% |
| Stocks and contracts in progress | 3 | €2,500 | €0 | -€2,500 | -100.0% |
| Stocks | 30/36 | €2,500 | €0 | -€2,500 | -100.0% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €42,762 | €15,800 | -€26,962 | -63.1% |
| Trade receivables | 40 | €39,601 | €13,393 | -€26,208 | -66.2% |
| Other amounts receivable | 41 | €3,161 | €2,407 | -€754 | -23.8% |
| Cash at bank and in hand | 54/58 | €1,861 | €1,095 | -€767 | -41.2% |
| Deferred charges and accrued income | 490/1 | €5,132 | €1,774 | -€3,357 | -65.4% |
| Total equity and liabilities | 10/49 | €54,651 | €19,642 | -€35,009 | -64.1% |
| Equity | 10/15 | -€40,813 | -€55,792 | -€14,980 | -36.7% |
| Contributions | 10/11 | €16,019 | €16,019 | = | 0.0% |
| Reserves | 13 | €8,908 | €8,908 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €8,908 | €8,908 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,740 | -€80,719 | -€14,980 | -22.8% |
| Amounts payable | 17/49 | €95,463 | €75,434 | -€20,030 | -21.0% |
| Amounts payable after more than one year | 17 | €33,310 | €23,390 | -€9,920 | -29.8% |
| Financial debts | 170/4 | €33,310 | €23,390 | -€9,920 | -29.8% |
| Amounts payable within one year | 42/48 | €62,137 | €48,146 | -€13,991 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €9,639 | €9,920 | +€281 | +2.9% |
| Financial debts | 43 | €0 | €10,176 | +€10,176 | |
| Credit institutions | 430/8 | €0 | €10,176 | +€10,176 | |
| Trade debts | 44 | €41,393 | €7,950 | -€33,443 | -80.8% |
| Suppliers | 440/4 | €41,393 | €7,950 | -€33,443 | -80.8% |
| Taxes, remuneration and social security | 45 | €8,726 | €9,236 | +€510 | +5.8% |
| Taxes | 450/3 | €3,409 | €1,631 | -€1,777 | -52.1% |
| Remuneration and social security | 454/9 | €5,317 | €7,604 | +€2,287 | +43.0% |
| Other amounts payable | 47/48 | €2,379 | €10,864 | +€8,485 | +356.7% |
| Accrued charges and deferred income | 492/3 | €16 | €3,897 | +€3,881 | +24151.8% |
| Non-recurring operating income | 76A | €283 | €13,237 | +€12,954 | +4570.4% |
| Remuneration, social security and pensions | 62 | €23,580 | €20,561 | -€3,019 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,438 | €1,424 | -€2,015 | -58.6% |
| Other operating charges | 640/8 | €874 | €10,082 | +€9,209 | +1054.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€5,040 | €19,459 | +€24,499 | |
| Operating profit (loss) | 9901 | -€32,932 | -€12,608 | +€20,323 | +61.7% |
| Financial income | 75/76B | €1,761 | €624 | -€1,137 | -64.6% |
| Recurring financial income | 75 | €1,761 | €624 | -€1,137 | -64.6% |
| Financial charges | 65/66B | €5,425 | €2,205 | -€3,220 | -59.3% |
| Recurring financial charges | 65 | €5,425 | €2,205 | -€3,220 | -59.3% |
| Profit (loss) for the period before taxes | 9903 | -€36,595 | -€14,189 | +€22,406 | +61.2% |
| Income taxes | 67/77 | - | €790 | +€790 | |
| Profit (loss) for the period | 9904 | -€36,595 | -€14,980 | +€21,616 | +59.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,595 | -€14,980 | +€21,616 | +59.1% |
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 3 October 2026 via checked.be.