Mastertrucks: 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.
Mastertrucks
Largest movements
- Receivables after one year -€57,900
no longer reported in 2025 (was €57,900)
- Cash -€10,741
down €10,741 (-82.5%), from €13,013 to €2,272
mainly Current portion of long-term debt (-€82,031) and Other debts (-€56,098)
- Tangible fixed assets -€10,357
down €10,357 (-63.3%), from €16,364 to €6,006
of which Leasing and similar rights: -€7,601
- Receivables within one year -€9,908
down €9,908 (-5.9%), from €167,662 to €157,754
of which Trade receivables: -€19,061
- Current portion of long-term debt -€82,031
down €82,031 (-92.9%), from €88,302 to €6,270
- Other debts -€56,098
down €56,098 (-18.7%), from €300,605 to €244,506
- Profit (loss) carried forward +€42,994
up €42,994 (+21.4%), from -€201,003 to -€158,009
- Trade debts +€8,681
up €8,681 (+22.1%), from €39,220 to €47,902
- Debts after one year -€6,270
no longer reported in 2025 (was €6,270)
- Financial income -€35,684
down €35,684 (-96.1%), from €37,116 to €1,432
of which Non-recurring financial income: -€35,092
- Gross operating margin -€28,945
down €28,945 (-17.6%), from €164,018 to €135,073
- Financial charges -€10,941
down €10,941 (-77.0%), from €14,202 to €3,261
- Depreciation -€10,111
down €10,111 (-49.4%), from €20,468 to €10,357
- Other operating charges -€9,572
down €9,572 (-70.7%), from €13,548 to €3,976
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 | €344,936 | €253,935 | -€91,001 | -26.4% |
| Fixed assets | 21/28 | €19,609 | €10,211 | -€9,397 | -47.9% |
| Tangible fixed assets | 22/27 | €16,364 | €6,006 | -€10,357 | -63.3% |
| Furniture and vehicles | 24 | €8,763 | €6,006 | -€2,756 | -31.5% |
| Leasing and similar rights | 25 | €7,601 | - | -€7,601 | |
| Financial fixed assets | 28 | €3,245 | €4,205 | +€960 | +29.6% |
| Current assets | 29/58 | €325,327 | €243,723 | -€81,604 | -25.1% |
| Amounts receivable after more than one year | 29 | €57,900 | - | -€57,900 | |
| Other amounts receivable | 291 | €57,900 | - | -€57,900 | |
| Stocks and contracts in progress | 3 | €83,698 | €83,698 | = | 0.0% |
| Stocks | 30/36 | €83,698 | €83,698 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €167,662 | €157,754 | -€9,908 | -5.9% |
| Trade receivables | 40 | €166,384 | €147,322 | -€19,061 | -11.5% |
| Other amounts receivable | 41 | €1,278 | €10,431 | +€9,153 | +716.0% |
| Cash at bank and in hand | 54/58 | €13,013 | €2,272 | -€10,741 | -82.5% |
| Deferred charges and accrued income | 490/1 | €3,055 | - | -€3,055 | |
| Total equity and liabilities | 10/49 | €344,936 | €253,935 | -€91,001 | -26.4% |
| Equity | 10/15 | -€101,169 | -€58,175 | +€42,994 | +42.5% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €62,634 | €62,634 | = | 0.0% |
| Distributable reserves | 133 | €62,634 | €62,634 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€201,003 | -€158,009 | +€42,994 | +21.4% |
| Amounts payable | 17/49 | €446,104 | €312,110 | -€133,995 | -30.0% |
| Amounts payable after more than one year | 17 | €6,270 | - | -€6,270 | |
| Financial debts | 170/4 | €6,270 | - | -€6,270 | |
| Amounts payable within one year | 42/48 | €439,077 | €311,941 | -€127,136 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €88,302 | €6,270 | -€82,031 | -92.9% |
| Trade debts | 44 | €39,220 | €47,902 | +€8,681 | +22.1% |
| Suppliers | 440/4 | €39,220 | €47,902 | +€8,681 | +22.1% |
| Taxes, remuneration and social security | 45 | €10,951 | €13,263 | +€2,313 | +21.1% |
| Taxes | 450/3 | €2,163 | €5,118 | +€2,955 | +136.7% |
| Remuneration and social security | 454/9 | €8,788 | €8,145 | -€643 | -7.3% |
| Other amounts payable | 47/48 | €300,605 | €244,506 | -€56,098 | -18.7% |
| Accrued charges and deferred income | 492/3 | €757 | €168 | -€588 | -77.7% |
| Non-recurring operating income | 76A | €2,000 | - | -€2,000 | |
| Remuneration, social security and pensions | 62 | €73,625 | €74,668 | +€1,043 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,468 | €10,357 | -€10,111 | -49.4% |
| Other operating charges | 640/8 | €13,548 | €3,976 | -€9,572 | -70.7% |
| Non-recurring operating charges | 66A | - | €1,250 | +€1,250 | |
| Gross operating margin | 9900 | €164,018 | €135,073 | -€28,945 | -17.6% |
| Operating profit (loss) | 9901 | €56,377 | €44,822 | -€11,555 | -20.5% |
| Financial income | 75/76B | €37,116 | €1,432 | -€35,684 | -96.1% |
| Recurring financial income | 75 | €2,024 | €1,432 | -€592 | -29.2% |
| Non-recurring financial income | 76B | €35,092 | - | -€35,092 | |
| Financial charges | 65/66B | €14,202 | €3,261 | -€10,941 | -77.0% |
| Recurring financial charges | 65 | €14,202 | €3,261 | -€10,941 | -77.0% |
| Profit (loss) for the period before taxes | 9903 | €79,291 | €42,994 | -€36,298 | -45.8% |
| Profit (loss) for the period | 9904 | €79,291 | €42,994 | -€36,298 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €79,291 | €42,994 | -€36,298 | -45.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.