MASTERSHOOT: 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.
MASTERSHOOT
Largest movements
- Cash +€8,201
up €8,201 (+6.6%), from €124,866 to €133,067
mainly Depreciation (+€31,430) and Net result for the year (+€30,199)
- Tangible fixed assets +€7,636
up €7,636 (+19.6%), from €38,927 to €46,563
of which Other tangible fixed assets: +€7,896
- Intangible fixed assets -€7,500
down €7,500 (-20.0%), from €37,500 to €30,000
- Receivables within one year -€2,642
down €2,642 (-31.6%), from €8,362 to €5,720
- Other debts +€12,414
up €12,414 (+30.5%), from €40,694 to €53,108
- Debts after one year -€7,601
down €7,601 (-85.6%), from €8,875 to €1,274
- Gross operating margin +€15,455
up €15,455 (+27.4%), from €56,396 to €71,851
- Taxes +€1,492
up €1,492 (+21.4%), from €6,968 to €8,460
- Financial income -€1,018
down €1,018 (-85.9%), from €1,185 to €167
of which Non-recurring financial income: -€1,157
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 | €211,380 | €216,848 | +€5,468 | +2.6% |
| Fixed assets | 21/28 | €76,427 | €76,563 | +€136 | +0.2% |
| Intangible fixed assets | 21 | €37,500 | €30,000 | -€7,500 | -20.0% |
| Tangible fixed assets | 22/27 | €38,927 | €46,563 | +€7,636 | +19.6% |
| Plant, machinery and equipment | 23 | €17,960 | €24,467 | +€6,507 | +36.2% |
| Furniture and vehicles | 24 | €19,080 | €12,313 | -€6,767 | -35.5% |
| Other tangible fixed assets | 26 | €1,887 | €9,784 | +€7,896 | +418.4% |
| Current assets | 29/58 | €134,953 | €140,285 | +€5,332 | +4.0% |
| Amounts receivable within one year | 40/41 | €8,362 | €5,720 | -€2,642 | -31.6% |
| Trade receivables | 40 | €8,362 | €5,720 | -€2,642 | -31.6% |
| Cash at bank and in hand | 54/58 | €124,866 | €133,067 | +€8,201 | +6.6% |
| Deferred charges and accrued income | 490/1 | €1,725 | €1,498 | -€227 | -13.2% |
| Total equity and liabilities | 10/49 | €211,380 | €216,848 | +€5,468 | +2.6% |
| Equity | 10/15 | €136,193 | €136,193 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €133,693 | €133,693 | = | 0.0% |
| Distributable reserves | 133 | €133,693 | €133,693 | = | 0.0% |
| Amounts payable | 17/49 | €75,187 | €80,656 | +€5,468 | +7.3% |
| Amounts payable after more than one year | 17 | €8,875 | €1,274 | -€7,601 | -85.6% |
| Financial debts | 170/4 | €8,875 | €1,274 | -€7,601 | -85.6% |
| Amounts payable within one year | 42/48 | €64,662 | €77,681 | +€13,020 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €7,528 | €7,601 | +€73 | +1.0% |
| Trade debts | 44 | €4,708 | €5,861 | +€1,153 | +24.5% |
| Suppliers | 440/4 | €4,708 | €5,861 | +€1,153 | +24.5% |
| Taxes, remuneration and social security | 45 | €11,732 | €11,112 | -€620 | -5.3% |
| Taxes | 450/3 | €11,732 | €11,112 | -€620 | -5.3% |
| Other amounts payable | 47/48 | €40,694 | €53,108 | +€12,414 | +30.5% |
| Accrued charges and deferred income | 492/3 | €1,650 | €1,700 | +€50 | +3.0% |
| Non-recurring operating income | 76A | €1,346 | €1,757 | +€411 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,395 | €31,430 | +€34 | +0.1% |
| Other operating charges | 640/8 | €1,722 | €1,546 | -€176 | -10.2% |
| Non-recurring operating charges | 66A | €1,961 | - | -€1,961 | |
| Gross operating margin | 9900 | €56,396 | €71,851 | +€15,455 | +27.4% |
| Operating profit (loss) | 9901 | €21,317 | €38,875 | +€17,558 | +82.4% |
| Financial income | 75/76B | €1,185 | €167 | -€1,018 | -85.9% |
| Recurring financial income | 75 | €28 | €167 | +€139 | +486.7% |
| Non-recurring financial income | 76B | €1,157 | - | -€1,157 | |
| Financial charges | 65/66B | €300 | €383 | +€83 | +27.5% |
| Recurring financial charges | 65 | €300 | €383 | +€83 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €22,202 | €38,659 | +€16,457 | +74.1% |
| Income taxes | 67/77 | €6,968 | €8,460 | +€1,492 | +21.4% |
| Profit (loss) for the period | 9904 | €15,234 | €30,199 | +€14,965 | +98.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,234 | €30,199 | +€14,965 | +98.2% |
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 5 October 2026 via checked.be.