Masterss Property: 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.
Masterss Property
Largest movements
- Tangible fixed assets +€147,722
up €147,722 (+6.2%), from €2.4m to €2.5m
of which Plant, machinery and equipment: +€304,157
- Cash +€40,678
up €40,678 (+180.4%), from €22,548 to €63,226
mainly Depreciation (+€203,336) and Debts after one year (+€70,877)
- Receivables within one year -€29,792
down €29,792 (-59.4%), from €50,192 to €20,400
- Debts after one year +€70,877
up €70,877 (+4.0%), from €1.8m to €1.8m
- Other debts +€50,000
up €50,000 (+20.0%), from €250,000 to €300,000
- Profit (loss) carried forward +€27,042
up €27,042 (+10.9%), from €247,187 to €274,229
- Gross operating margin +€166,696
up €166,696 (+102.8%), from €162,109 to €328,805
- Depreciation +€74,826
up €74,826 (+58.2%), from €128,510 to €203,336
- Financial charges +€58,984
up €58,984 (+307.0%), from €19,211 to €78,195
- Other operating charges +€7,964
up €7,964 (+64.2%), from €12,396 to €20,360
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 | €2,452,189 | €2,610,797 | +€158,608 | +6.5% |
| Fixed assets | 21/28 | €2,379,448 | €2,527,171 | +€147,722 | +6.2% |
| Tangible fixed assets | 22/27 | €2,379,448 | €2,527,171 | +€147,722 | +6.2% |
| Land and buildings | 22 | €2,319,218 | €2,185,527 | -€133,691 | -5.8% |
| Plant, machinery and equipment | 23 | €24,321 | €328,478 | +€304,157 | +1250.6% |
| Furniture and vehicles | 24 | €35,909 | €13,165 | -€22,743 | -63.3% |
| Current assets | 29/58 | €72,740 | €83,626 | +€10,886 | +15.0% |
| Amounts receivable within one year | 40/41 | €50,192 | €20,400 | -€29,792 | -59.4% |
| Trade receivables | 40 | €50,192 | €20,400 | -€29,792 | -59.4% |
| Cash at bank and in hand | 54/58 | €22,548 | €63,226 | +€40,678 | +180.4% |
| Total equity and liabilities | 10/49 | €2,452,189 | €2,610,797 | +€158,608 | +6.5% |
| Equity | 10/15 | €307,394 | €334,436 | +€27,042 | +8.8% |
| Contributions | 10/11 | €45,789 | €45,789 | = | 0.0% |
| Reserves | 13 | €14,418 | €14,418 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,093 | €3,093 | = | 0.0% |
| Distributable reserves | 133 | €11,325 | €11,325 | = | 0.0% |
| Profit (loss) carried forward | 14 | €247,187 | €274,229 | +€27,042 | +10.9% |
| Amounts payable | 17/49 | €2,144,795 | €2,276,361 | +€131,566 | +6.1% |
| Amounts payable after more than one year | 17 | €1,755,134 | €1,826,011 | +€70,877 | +4.0% |
| Financial debts | 170/4 | €1,755,134 | €1,826,011 | +€70,877 | +4.0% |
| Amounts payable within one year | 42/48 | €389,661 | €450,350 | +€60,689 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €107,852 | €121,624 | +€13,772 | +12.8% |
| Trade debts | 44 | €9,059 | €2,694 | -€6,365 | -70.3% |
| Suppliers | 440/4 | €9,059 | €2,694 | -€6,365 | -70.3% |
| Taxes, remuneration and social security | 45 | €22,750 | €26,032 | +€3,282 | +14.4% |
| Taxes | 450/3 | €22,750 | €26,032 | +€3,282 | +14.4% |
| Other amounts payable | 47/48 | €250,000 | €300,000 | +€50,000 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,510 | €203,336 | +€74,826 | +58.2% |
| Other operating charges | 640/8 | €12,396 | €20,360 | +€7,964 | +64.2% |
| Gross operating margin | 9900 | €162,109 | €328,805 | +€166,696 | +102.8% |
| Operating profit (loss) | 9901 | €21,203 | €105,109 | +€83,906 | +395.7% |
| Financial income | 75/76B | - | €128 | +€128 | |
| Recurring financial income | 75 | - | €128 | +€128 | |
| Financial charges | 65/66B | €19,211 | €78,195 | +€58,984 | +307.0% |
| Recurring financial charges | 65 | €19,211 | €78,195 | +€58,984 | +307.0% |
| Profit (loss) for the period before taxes | 9903 | €1,992 | €27,042 | +€25,050 | +1257.4% |
| Profit (loss) for the period | 9904 | €1,992 | €27,042 | +€25,050 | +1257.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,992 | €27,042 | +€25,050 | +1257.4% |
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.