Masterwatt BE: 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.
Masterwatt BE
Largest movements
- Stocks and contracts -€22,469
down €22,469 (-55.5%), from €40,504 to €18,035
- Receivables within one year -€5,143
down €5,143 (-33.7%), from €15,284 to €10,140
of which Trade receivables: -€5,143
- Cash -€3,428
down €3,428 (-33.8%), from €10,147 to €6,719
mainly Trade debts (-€27,611) and Debts after one year (-€17,000)
- Tangible fixed assets -€1,476
down €1,476 (-14.7%), from €10,069 to €8,594
of which Plant, machinery and equipment: -€776
- Deferred charges and accrued income -€1,076
down €1,076 (-100.0%), from €1,076 to €0
- Trade debts -€27,611
down €27,611 (-19.2%), from €144,056 to €116,445
- Debts after one year -€17,000
down €17,000 (-20.5%), from €83,000 to €66,000
- Profit (loss) carried forward +€11,685
up €11,685 (+6.5%), from -€179,113 to -€167,428
- Gross operating margin +€45,308
up €45,308, from -€30,894 to €14,414
- Financial charges +€1,648
up €1,648 (+7062.2%), from €23 to €1,672
- Other operating charges -€1,401
down €1,401 (-65.2%), from €2,147 to €747
- Financial income +€1,165
new in 2025: €1,165
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 | €81,130 | €47,794 | -€33,336 | -41.1% |
| Fixed assets | 21/28 | €14,119 | €12,900 | -€1,220 | -8.6% |
| Tangible fixed assets | 22/27 | €10,069 | €8,594 | -€1,476 | -14.7% |
| Plant, machinery and equipment | 23 | €4,011 | €3,235 | -€776 | -19.3% |
| Other tangible fixed assets | 26 | €6,058 | €5,358 | -€700 | -11.6% |
| Financial fixed assets | 28 | €4,050 | €4,306 | +€256 | +6.3% |
| Current assets | 29/58 | €67,011 | €34,894 | -€32,116 | -47.9% |
| Stocks and contracts in progress | 3 | €40,504 | €18,035 | -€22,469 | -55.5% |
| Stocks | 30/36 | €40,504 | €18,035 | -€22,469 | -55.5% |
| Amounts receivable within one year | 40/41 | €15,284 | €10,140 | -€5,143 | -33.7% |
| Trade receivables | 40 | €15,284 | €10,140 | -€5,143 | -33.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €10,147 | €6,719 | -€3,428 | -33.8% |
| Deferred charges and accrued income | 490/1 | €1,076 | €0 | -€1,076 | -100.0% |
| Total equity and liabilities | 10/49 | €81,130 | €47,794 | -€33,336 | -41.1% |
| Equity | 10/15 | -€149,113 | -€137,428 | +€11,685 | +7.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€179,113 | -€167,428 | +€11,685 | +6.5% |
| Amounts payable | 17/49 | €230,243 | €185,222 | -€45,021 | -19.6% |
| Amounts payable after more than one year | 17 | €83,000 | €66,000 | -€17,000 | -20.5% |
| Financial debts | 170/4 | €83,000 | €66,000 | -€17,000 | -20.5% |
| Amounts payable within one year | 42/48 | €147,234 | €118,822 | -€28,412 | -19.3% |
| Trade debts | 44 | €144,056 | €116,445 | -€27,611 | -19.2% |
| Suppliers | 440/4 | €144,056 | €116,445 | -€27,611 | -19.2% |
| Taxes, remuneration and social security | 45 | €3,133 | €2,377 | -€755 | -24.1% |
| Taxes | 450/3 | €3,133 | €2,377 | -€755 | -24.1% |
| Other amounts payable | 47/48 | €45 | €0 | -€45 | -100.0% |
| Accrued charges and deferred income | 492/3 | €9 | €400 | +€391 | +4416.7% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,659 | €1,476 | -€183 | -11.0% |
| Other operating charges | 640/8 | €2,147 | €747 | -€1,401 | -65.2% |
| Gross operating margin | 9900 | -€30,894 | €14,414 | +€45,308 | |
| Operating profit (loss) | 9901 | -€34,700 | €12,191 | +€46,891 | |
| Financial income | 75/76B | - | €1,165 | +€1,165 | |
| Recurring financial income | 75 | - | €1,165 | +€1,165 | |
| Financial charges | 65/66B | €23 | €1,672 | +€1,648 | +7062.2% |
| Recurring financial charges | 65 | €23 | €1,672 | +€1,648 | +7062.2% |
| Profit (loss) for the period before taxes | 9903 | -€34,723 | €11,685 | +€46,408 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€34,723 | €11,685 | +€46,408 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,723 | €11,685 | +€46,408 |
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 6 October 2026 via checked.be.