Masterss Equipment: 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.
Masterss Equipment
Largest movements
- Tangible fixed assets +€120,408
up €120,408 (+29.9%), from €402,538 to €522,946
- Cash +€69,711
up €69,711 (+84.8%), from €82,163 to €151,873
mainly Depreciation (+€275,432) and Net result for the year (+€80,596)
- Receivables within one year -€44,697
down €44,697 (-10.8%), from €413,350 to €368,654
of which Other amounts receivable: -€250,000
- Profit (loss) carried forward +€80,596
up €80,596 (+7.1%), from €1.1m to €1.2m
- Debts after one year +€74,997
up €74,997 (+176.4%), from €42,515 to €117,512
- Trade debts -€35,137
down €35,137 (-20.7%), from €169,345 to €134,209
- Gross operating margin +€56,150
up €56,150 (+17.1%), from €327,805 to €383,955
- Depreciation +€49,923
up €49,923 (+22.1%), from €225,509 to €275,432
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 | €1,505,367 | €1,644,057 | +€138,690 | +9.2% |
| Fixed assets | 21/28 | €1,003,259 | €1,123,531 | +€120,272 | +12.0% |
| Intangible fixed assets | 21 | €721 | €585 | -€136 | -18.9% |
| Tangible fixed assets | 22/27 | €402,538 | €522,946 | +€120,408 | +29.9% |
| Plant, machinery and equipment | 23 | €275,994 | €330,910 | +€54,916 | +19.9% |
| Furniture and vehicles | 24 | €48,033 | €100,094 | +€52,061 | +108.4% |
| Leasing and similar rights | 25 | €76,649 | €91,675 | +€15,027 | +19.6% |
| Other tangible fixed assets | 26 | €1,863 | €266 | -€1,596 | -85.7% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €502,108 | €520,527 | +€18,418 | +3.7% |
| Amounts receivable within one year | 40/41 | €413,350 | €368,654 | -€44,697 | -10.8% |
| Trade receivables | 40 | €163,350 | €368,654 | +€205,304 | +125.7% |
| Other amounts receivable | 41 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €82,163 | €151,873 | +€69,711 | +84.8% |
| Deferred charges and accrued income | 490/1 | €6,596 | - | -€6,596 | |
| Total equity and liabilities | 10/49 | €1,505,367 | €1,644,057 | +€138,690 | +9.2% |
| Equity | 10/15 | €1,200,894 | €1,281,491 | +€80,596 | +6.7% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €27,736 | €27,736 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €8,986 | €8,986 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,135,959 | €1,216,555 | +€80,596 | +7.1% |
| Amounts payable | 17/49 | €304,473 | €362,567 | +€58,094 | +19.1% |
| Amounts payable after more than one year | 17 | €42,515 | €117,512 | +€74,997 | +176.4% |
| Financial debts | 170/4 | €42,515 | €117,512 | +€74,997 | +176.4% |
| Amounts payable within one year | 42/48 | €261,958 | €245,054 | -€16,903 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €65,358 | €71,636 | +€6,278 | +9.6% |
| Trade debts | 44 | €169,345 | €134,209 | -€35,137 | -20.7% |
| Suppliers | 440/4 | €169,345 | €134,209 | -€35,137 | -20.7% |
| Taxes, remuneration and social security | 45 | €27,254 | €39,210 | +€11,956 | +43.9% |
| Taxes | 450/3 | €27,254 | €39,210 | +€11,956 | +43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €225,509 | €275,432 | +€49,923 | +22.1% |
| Other operating charges | 640/8 | €9,518 | €9,802 | +€284 | +3.0% |
| Gross operating margin | 9900 | €327,805 | €383,955 | +€56,150 | +17.1% |
| Operating profit (loss) | 9901 | €92,778 | €98,721 | +€5,943 | +6.4% |
| Financial income | 75/76B | €2,219 | €4,955 | +€2,736 | +123.3% |
| Recurring financial income | 75 | €2,219 | €4,955 | +€2,736 | +123.3% |
| Financial charges | 65/66B | €5,567 | €6,188 | +€620 | +11.1% |
| Recurring financial charges | 65 | €5,567 | €6,188 | +€620 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €89,429 | €97,488 | +€8,059 | +9.0% |
| Income taxes | 67/77 | €20,319 | €16,892 | -€3,428 | -16.9% |
| Profit (loss) for the period | 9904 | €69,110 | €80,596 | +€11,487 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,110 | €80,596 | +€11,487 | +16.6% |
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.