MASTR: 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.
MASTR
Largest movements
- Receivables within one year +€164,003
up €164,003 (+75.4%), from €217,560 to €381,563
of which Trade receivables: +€168,179
- Tangible fixed assets -€21,635
down €21,635 (-81.5%), from €26,539 to €4,905
- Cash +€20,261
up €20,261 (+55.5%), from €36,522 to €56,783
mainly Net result for the year (+€138,359) and Tax, wage and social debts (+€52,940)
- Reserves +€138,359
up €138,359 (+152%), from €91,222 to €229,580
- Tax, wage and social debts +€52,940
up €52,940 (+6,583%), from €804 to €53,744
of which Taxes: +€45,895
- Other debts -€39,948
down €39,948 (-99.7%), from €40,072 to €124
- Trade debts +€13,621
up €13,621 (+11.0%), from €123,490 to €137,111
- Gross operating margin +€144,004
up €144,004 (+122%), from €117,941 to €261,946
- Taxes +€39,710
up €39,710 (+355%), from €11,173 to €50,883
- Staff costs +€31,254
up €31,254 (+105%), from €29,829 to €61,084
- Depreciation -€4,231
down €4,231 (-65.5%), from €6,459 to €2,227
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 | €280,621 | €446,324 | +€165,703 | +59.0% |
| Fixed assets | 21/28 | €26,539 | €4,905 | -€21,635 | -81.5% |
| Tangible fixed assets | 22/27 | €26,539 | €4,905 | -€21,635 | -81.5% |
| Furniture and vehicles | 24 | €26,539 | €4,905 | -€21,635 | -81.5% |
| Current assets | 29/58 | €254,082 | €441,420 | +€187,338 | +73.7% |
| Amounts receivable within one year | 40/41 | €217,560 | €381,563 | +€164,003 | +75.4% |
| Trade receivables | 40 | €209,644 | €377,823 | +€168,179 | +80.2% |
| Other amounts receivable | 41 | €7,916 | €3,739 | -€4,177 | -52.8% |
| Cash at bank and in hand | 54/58 | €36,522 | €56,783 | +€20,261 | +55.5% |
| Deferred charges and accrued income | 490/1 | €0 | €3,075 | +€3,075 | |
| Total equity and liabilities | 10/49 | €280,621 | €446,324 | +€165,703 | +59.0% |
| Equity | 10/15 | €116,222 | €254,580 | +€138,359 | +119% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €91,222 | €229,580 | +€138,359 | +152% |
| Distributable reserves | 133 | €91,222 | €229,580 | +€138,359 | +152% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €164,399 | €191,744 | +€27,345 | +16.6% |
| Amounts payable within one year | 42/48 | €164,399 | €191,744 | +€27,345 | +16.6% |
| Financial debts | 43 | €33 | €766 | +€732 | +2,186% |
| Credit institutions | 430/8 | €33 | €766 | +€732 | +2,186% |
| Trade debts | 44 | €123,490 | €137,111 | +€13,621 | +11.0% |
| Suppliers | 440/4 | €123,490 | €137,111 | +€13,621 | +11.0% |
| Taxes, remuneration and social security | 45 | €804 | €53,744 | +€52,940 | +6,583% |
| Taxes | 450/3 | €582 | €46,477 | +€45,895 | +7,885% |
| Remuneration and social security | 454/9 | €222 | €7,267 | +€7,045 | +3,171% |
| Other amounts payable | 47/48 | €40,072 | €124 | -€39,948 | -99.7% |
| Remuneration, social security and pensions | 62 | €29,829 | €61,084 | +€31,254 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,459 | €2,227 | -€4,231 | -65.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €600 | +€600 | |
| Other operating charges | 640/8 | €758 | €639 | -€119 | -15.7% |
| Non-recurring operating charges | 66A | - | €7,684 | +€7,684 | |
| Gross operating margin | 9900 | €117,941 | €261,946 | +€144,004 | +122% |
| Operating profit (loss) | 9901 | €80,896 | €189,711 | +€108,816 | +135% |
| Financial income | 75/76B | €50 | €0 | -€50 | -100.0% |
| Recurring financial income | 75 | €50 | €0 | -€50 | -100.0% |
| Financial charges | 65/66B | €265 | €470 | +€205 | +77.6% |
| Recurring financial charges | 65 | €265 | €470 | +€205 | +77.6% |
| Profit (loss) for the period before taxes | 9903 | €80,681 | €189,241 | +€108,560 | +135% |
| Income taxes | 67/77 | €11,173 | €50,883 | +€39,710 | +355% |
| Profit (loss) for the period | 9904 | €69,508 | €138,359 | +€68,850 | +99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €69,508 | €138,359 | +€68,850 | +99.1% |
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 26 October 2026 via checked.be.