MASTERVOICE: 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.
MASTERVOICE
Largest movements
- Financial fixed assets -€252,808
no longer reported in 2025 (was €252,808)
- Receivables after one year +€252,808
new in 2025: €252,808
- Cash +€94,308
up €94,308 (+25.1%), from €376,180 to €470,489
mainly Investment in fixed assets (net) (+€240,902) and Net result for the year (+€143,868)
- Receivables within one year -€74,346
down €74,346 (-17.6%), from €423,333 to €348,987
of which Trade receivables: -€98,018
- Tangible fixed assets -€55,817
down €55,817 (-9.6%), from €579,942 to €524,125
of which Land and buildings: -€50,494
- Profit (loss) carried forward +€143,868
up €143,868 (+79.7%), from €180,607 to €324,475
- Debts after one year -€134,116
down €134,116 (-62.1%), from €215,939 to €81,823
- Current portion of long-term debt -€27,405
down €27,405 (-19.0%), from €144,082 to €116,677
- Turnover +€2.2m
new in 2025: €2.2m
- Purchases and services +€1.8m
new in 2025: €1.8m
- Gross operating margin -€53,771
down €53,771 (-11.5%), from €466,434 to €412,662
- Financial income -€26,587
down €26,587 (-93.1%), from €28,561 to €1,974
- Staff costs -€24,954
down €24,954 (-18.1%), from €137,521 to €112,567
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.
Derived cash bridge
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 | €1,695,821 | €1,672,342 | -€23,479 | -1.4% |
| Fixed assets | 21/28 | €832,750 | €524,125 | -€308,625 | -37.1% |
| Tangible fixed assets | 22/27 | €579,942 | €524,125 | -€55,817 | -9.6% |
| Land and buildings | 22 | €530,138 | €479,644 | -€50,494 | -9.5% |
| Plant, machinery and equipment | 23 | €28,930 | €32,983 | +€4,053 | +14.0% |
| Furniture and vehicles | 24 | €20,874 | €11,498 | -€9,376 | -44.9% |
| Financial fixed assets | 28 | €252,808 | - | -€252,808 | |
| Current assets | 29/58 | €863,071 | €1,148,218 | +€285,147 | +33.0% |
| Amounts receivable after more than one year | 29 | - | €252,808 | +€252,808 | |
| Other amounts receivable | 291 | - | €252,808 | +€252,808 | |
| Amounts receivable within one year | 40/41 | €423,333 | €348,987 | -€74,346 | -17.6% |
| Trade receivables | 40 | €318,385 | €220,368 | -€98,018 | -30.8% |
| Other amounts receivable | 41 | €104,947 | €128,619 | +€23,672 | +22.6% |
| Current investments | 50/53 | €50,281 | €68,381 | +€18,100 | +36.0% |
| Cash at bank and in hand | 54/58 | €376,180 | €470,489 | +€94,308 | +25.1% |
| Deferred charges and accrued income | 490/1 | €13,277 | €7,554 | -€5,724 | -43.1% |
| Total equity and liabilities | 10/49 | €1,695,821 | €1,672,342 | -€23,479 | -1.4% |
| Equity | 10/15 | €1,000,701 | €1,144,569 | +€143,868 | +14.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €758,594 | €758,594 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,812 | €12,812 | = | 0.0% |
| Legal reserve | 130 | €12,812 | €12,812 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €708,282 | €708,282 | = | 0.0% |
| Profit (loss) carried forward | 14 | €180,607 | €324,475 | +€143,868 | +79.7% |
| Amounts payable | 17/49 | €695,120 | €527,773 | -€167,346 | -24.1% |
| Amounts payable after more than one year | 17 | €215,939 | €81,823 | -€134,116 | -62.1% |
| Financial debts | 170/4 | €215,939 | €81,823 | -€134,116 | -62.1% |
| Amounts payable within one year | 42/48 | €465,374 | €432,144 | -€33,230 | -7.1% |
| Current portion of amounts payable after more than one year | 42 | €144,082 | €116,677 | -€27,405 | -19.0% |
| Financial debts | 43 | €9,543 | - | -€9,543 | |
| Credit institutions | 430/8 | €9,543 | - | -€9,543 | |
| Trade debts | 44 | €252,797 | €254,948 | +€2,151 | +0.9% |
| Suppliers | 440/4 | €252,797 | €254,948 | +€2,151 | +0.9% |
| Taxes, remuneration and social security | 45 | €58,952 | €60,519 | +€1,566 | +2.7% |
| Taxes | 450/3 | €43,913 | €48,185 | +€4,272 | +9.7% |
| Remuneration and social security | 454/9 | €15,039 | €12,334 | -€2,705 | -18.0% |
| Accrued charges and deferred income | 492/3 | €13,806 | €13,806 | = | 0.0% |
| Turnover | 70 | - | €2,197,819 | +€2.2m | |
| Non-recurring operating income | 76A | - | €6,500 | +€6,500 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,821,362 | +€1.8m | |
| Remuneration, social security and pensions | 62 | €137,521 | €112,567 | -€24,954 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,963 | €67,723 | -€20,240 | -23.0% |
| Other operating charges | 640/8 | €12,055 | €12,629 | +€574 | +4.8% |
| Gross operating margin | 9900 | €466,434 | €412,662 | -€53,771 | -11.5% |
| Operating profit (loss) | 9901 | €228,895 | €219,743 | -€9,151 | -4.0% |
| Financial income | 75/76B | €28,561 | €1,974 | -€26,587 | -93.1% |
| Recurring financial income | 75 | €28,561 | €1,974 | -€26,587 | -93.1% |
| Financial charges | 65/66B | €30,905 | €18,914 | -€11,990 | -38.8% |
| Recurring financial charges | 65 | €30,905 | €18,914 | -€11,990 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €226,550 | €202,802 | -€23,748 | -10.5% |
| Income taxes | 67/77 | €71,979 | €58,935 | -€13,044 | -18.1% |
| Profit (loss) for the period | 9904 | €154,571 | €143,868 | -€10,704 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €154,571 | €143,868 | -€10,704 | -6.9% |
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 14 October 2026 via checked.be.