Masterworkx: 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.
Masterworkx
Largest movements
- Cash +€79,978
up €79,978 (+435.8%), from €18,354 to €98,331
mainly Net result for the year (+€51,404) and Trade debts (+€49,416)
- Receivables within one year +€30,228
up €30,228 (+62.4%), from €48,469 to €78,697
of which Trade receivables: +€23,982
- Current investments -€22,402
down €22,402 (-100.0%), from €22,402 to €0
- Deferred charges and accrued income +€19,292
up €19,292 (+1071.8%), from €1,800 to €21,092
- Profit (loss) carried forward +€51,404
up €51,404 (+97.7%), from €52,594 to €103,998
- Trade debts +€49,416
up €49,416, from €0 to €49,416
- Advances received -€19,387
down €19,387 (-100.0%), from €19,387 to €0
- Debts after one year +€16,236
new in 2025: €16,236
- Tax, wage and social debts +€6,495
up €6,495 (+36.0%), from €18,042 to €24,537
- Gross operating margin +€18,131
up €18,131 (+35.7%), from €50,785 to €68,916
- Taxes +€4,005
up €4,005 (+39.7%), from €10,094 to €14,099
- Financial charges +€1,257
up €1,257 (+157.8%), from €797 to €2,053
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 | €91,024 | €198,952 | +€107,928 | +118.6% |
| Fixed assets | 21/28 | - | €832 | +€832 | |
| Tangible fixed assets | 22/27 | - | €832 | +€832 | |
| Plant, machinery and equipment | 23 | - | €832 | +€832 | |
| Current assets | 29/58 | €91,024 | €198,120 | +€107,096 | +117.7% |
| Amounts receivable within one year | 40/41 | €48,469 | €78,697 | +€30,228 | +62.4% |
| Trade receivables | 40 | €41,625 | €65,608 | +€23,982 | +57.6% |
| Other amounts receivable | 41 | €6,843 | €13,089 | +€6,246 | +91.3% |
| Current investments | 50/53 | €22,402 | €0 | -€22,402 | -100.0% |
| Cash at bank and in hand | 54/58 | €18,354 | €98,331 | +€79,978 | +435.8% |
| Deferred charges and accrued income | 490/1 | €1,800 | €21,092 | +€19,292 | +1071.8% |
| Total equity and liabilities | 10/49 | €91,024 | €198,952 | +€107,928 | +118.6% |
| Equity | 10/15 | €53,594 | €104,998 | +€51,404 | +95.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,594 | €103,998 | +€51,404 | +97.7% |
| Amounts payable | 17/49 | €37,429 | €93,953 | +€56,524 | +151.0% |
| Amounts payable after more than one year | 17 | - | €16,236 | +€16,236 | |
| Financial debts | 170/4 | - | €16,236 | +€16,236 | |
| Amounts payable within one year | 42/48 | €37,429 | €77,718 | +€40,288 | +107.6% |
| Current portion of amounts payable after more than one year | 42 | - | €3,764 | +€3,764 | |
| Trade debts | 44 | €0 | €49,416 | +€49,416 | |
| Suppliers | 440/4 | €0 | €49,416 | +€49,416 | |
| Advances received on contracts in progress | 46 | €19,387 | €0 | -€19,387 | -100.0% |
| Taxes, remuneration and social security | 45 | €18,042 | €24,537 | +€6,495 | +36.0% |
| Taxes | 450/3 | €18,042 | €24,537 | +€6,495 | +36.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €173 | +€173 | |
| Other operating charges | 640/8 | €1,483 | €1,764 | +€281 | +19.0% |
| Gross operating margin | 9900 | €50,785 | €68,916 | +€18,131 | +35.7% |
| Operating profit (loss) | 9901 | €49,302 | €66,978 | +€17,676 | +35.9% |
| Financial income | 75/76B | €108 | €578 | +€470 | +435.7% |
| Recurring financial income | 75 | €108 | €578 | +€470 | +435.7% |
| Financial charges | 65/66B | €797 | €2,053 | +€1,257 | +157.8% |
| Recurring financial charges | 65 | €797 | €2,053 | +€1,257 | +157.8% |
| Profit (loss) for the period before taxes | 9903 | €48,614 | €65,503 | +€16,889 | +34.7% |
| Income taxes | 67/77 | €10,094 | €14,099 | +€4,005 | +39.7% |
| Profit (loss) for the period | 9904 | €38,519 | €51,404 | +€12,885 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,519 | €51,404 | +€12,885 | +33.4% |
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 7 October 2026 via checked.be.