MASTERVENDING: 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.
MASTERVENDING
Largest movements
- Tangible fixed assets -€235,670
down €235,670 (-11.2%), from €2.1m to €1.9m
of which Plant, machinery and equipment: -€301,478
- Receivables within one year +€178,473
up €178,473 (+16.6%), from €1.1m to €1.3m
of which Trade receivables: +€160,981
- Cash -€165,681
down €165,681 (-48.7%), from €339,884 to €174,204
mainly Investment in fixed assets (net) (-€635,630) and Contributions, distributions and other (-€500,000)
- Debts after one year -€371,673
down €371,673 (-25.1%), from €1.5m to €1.1m
- Reserves +€135,000
up €135,000 (+17.6%), from €767,500 to €902,500
of which Distributable reserves: +€135,000
- Trade debts +€71,798
up €71,798 (+22.6%), from €317,921 to €389,719
- Turnover -€9.4m
no longer reported in 2025 (was €9.4m)
- Purchases and services -€6.6m
no longer reported in 2025 (was €6.6m)
- Gross operating margin +€369,283
up €369,283 (+12.8%), from €2.9m to €3.2m
- Staff costs +€267,882
up €267,882 (+20.9%), from €1.3m to €1.6m
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 | €4,179,028 | €3,974,275 | -€204,753 | -4.9% |
| Fixed assets | 21/28 | €2,110,001 | €1,868,685 | -€241,316 | -11.4% |
| Tangible fixed assets | 22/27 | €2,102,159 | €1,866,490 | -€235,670 | -11.2% |
| Land and buildings | 22 | €190,522 | €168,377 | -€22,145 | -11.6% |
| Plant, machinery and equipment | 23 | €795,252 | €493,774 | -€301,478 | -37.9% |
| Furniture and vehicles | 24 | €4,010 | €5,666 | +€1,656 | +41.3% |
| Leasing and similar rights | 25 | €1,112,375 | €1,198,672 | +€86,297 | +7.8% |
| Financial fixed assets | 28 | €7,842 | €2,195 | -€5,646 | -72.0% |
| Current assets | 29/58 | €2,069,027 | €2,105,591 | +€36,563 | +1.8% |
| Stocks and contracts in progress | 3 | €645,221 | €669,289 | +€24,068 | +3.7% |
| Stocks | 30/36 | €645,221 | €669,289 | +€24,068 | +3.7% |
| Amounts receivable within one year | 40/41 | €1,076,421 | €1,254,894 | +€178,473 | +16.6% |
| Trade receivables | 40 | €1,076,421 | €1,237,402 | +€160,981 | +15.0% |
| Other amounts receivable | 41 | - | €17,492 | +€17,492 | |
| Cash at bank and in hand | 54/58 | €339,884 | €174,204 | -€165,681 | -48.7% |
| Deferred charges and accrued income | 490/1 | €7,501 | €7,204 | -€297 | -4.0% |
| Total equity and liabilities | 10/49 | €4,179,028 | €3,974,275 | -€204,753 | -4.9% |
| Equity | 10/15 | €795,235 | €930,921 | +€135,686 | +17.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €767,500 | €902,500 | +€135,000 | +17.6% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €765,000 | €900,000 | +€135,000 | +17.6% |
| Profit (loss) carried forward | 14 | €2,735 | €3,421 | +€686 | +25.1% |
| Amounts payable | 17/49 | €3,383,794 | €3,043,355 | -€340,439 | -10.1% |
| Amounts payable after more than one year | 17 | €1,481,142 | €1,109,469 | -€371,673 | -25.1% |
| Financial debts | 170/4 | €1,481,142 | €1,109,469 | -€371,673 | -25.1% |
| Amounts payable within one year | 42/48 | €1,902,652 | €1,933,886 | +€31,234 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €889,814 | €874,504 | -€15,310 | -1.7% |
| Trade debts | 44 | €317,921 | €389,719 | +€71,798 | +22.6% |
| Suppliers | 440/4 | €317,921 | €389,719 | +€71,798 | +22.6% |
| Taxes, remuneration and social security | 45 | €194,917 | €169,663 | -€25,254 | -13.0% |
| Taxes | 450/3 | €64,194 | €9,500 | -€54,694 | -85.2% |
| Remuneration and social security | 454/9 | €130,723 | €160,163 | +€29,440 | +22.5% |
| Other amounts payable | 47/48 | €500,000 | €500,000 | = | 0.0% |
| Turnover | 70 | €9,354,047 | - | -€9.4m | |
| Non-recurring operating income | 76A | €95,730 | €5,990 | -€89,740 | -93.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €6,641,342 | - | -€6.6m | |
| Remuneration, social security and pensions | 62 | €1,283,911 | €1,551,793 | +€267,882 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €848,354 | €876,946 | +€28,592 | +3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,260 | +€18,260 | |
| Other operating charges | 640/8 | €18,471 | €18,487 | +€16 | +0.1% |
| Gross operating margin | 9900 | €2,877,911 | €3,247,193 | +€369,283 | +12.8% |
| Operating profit (loss) | 9901 | €727,175 | €781,708 | +€54,533 | +7.5% |
| Financial income | 75/76B | €3,497 | €2,413 | -€1,084 | -31.0% |
| Recurring financial income | 75 | €3,497 | €2,413 | -€1,084 | -31.0% |
| Financial charges | 65/66B | €103,847 | €93,317 | -€10,530 | -10.1% |
| Recurring financial charges | 65 | €103,847 | €93,317 | -€10,530 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €626,825 | €690,803 | +€63,979 | +10.2% |
| Income taxes | 67/77 | €45,649 | €55,117 | +€9,468 | +20.7% |
| Profit (loss) for the period | 9904 | €581,175 | €635,686 | +€54,511 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €581,175 | €635,686 | +€54,511 | +9.4% |
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 3 October 2026 via checked.be.