MASTRO: 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.
MASTRO
Largest movements
- Receivables within one year +€72,956
up €72,956 (+204%), from €35,841 to €108,797
of which Other amounts receivable: +€67,343
- Cash -€31,304
down €31,304 (-13.3%), from €235,582 to €204,278
mainly Receivables within one year (-€72,956) and Debts after one year (-€68,385)
- Tangible fixed assets -€4,203
down €4,203 (-3.9%), from €106,576 to €102,373
of which Land and buildings: -€5,532
- Debts after one year -€68,385
down €68,385 (-89.4%), from €76,474 to €8,090
- Profit (loss) carried forward +€64,687
up €64,687 (+37.2%), from €173,855 to €238,542
- Current portion of long-term debt +€60,393
up €60,393 (+756%), from €7,992 to €68,385
- Other debts -€40,000
no longer reported in 2025 (was €40,000)
- Trade debts +€17,017
up €17,017 (+1,829,818%), from €1 to €17,018
- Staff costs -€20,664
down €20,664 (-47.5%), from €43,504 to €22,839
- Gross operating margin -€19,868
down €19,868 (-14.1%), from €140,832 to €120,964
- Depreciation -€3,917
down €3,917 (-35.4%), from €11,050 to €7,133
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 | €378,403 | €415,880 | +€37,477 | +9.9% |
| Fixed assets | 21/28 | €106,576 | €102,373 | -€4,203 | -3.9% |
| Tangible fixed assets | 22/27 | €106,576 | €102,373 | -€4,203 | -3.9% |
| Land and buildings | 22 | €103,682 | €98,150 | -€5,532 | -5.3% |
| Furniture and vehicles | 24 | €2,894 | €4,223 | +€1,329 | +45.9% |
| Current assets | 29/58 | €271,827 | €313,507 | +€41,680 | +15.3% |
| Amounts receivable within one year | 40/41 | €35,841 | €108,797 | +€72,956 | +204% |
| Trade receivables | 40 | €10,967 | €16,580 | +€5,613 | +51.2% |
| Other amounts receivable | 41 | €24,875 | €92,218 | +€67,343 | +271% |
| Cash at bank and in hand | 54/58 | €235,582 | €204,278 | -€31,304 | -13.3% |
| Deferred charges and accrued income | 490/1 | €403 | €432 | +€28 | +7.0% |
| Total equity and liabilities | 10/49 | €378,403 | €415,880 | +€37,477 | +9.9% |
| Equity | 10/15 | €219,928 | €284,615 | +€64,687 | +29.4% |
| Contributions | 10/11 | €6,800 | €6,800 | = | 0.0% |
| Reserves | 13 | €39,273 | €39,273 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,273 | €19,273 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Other | 1319 | €17,273 | €17,273 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,855 | €238,542 | +€64,687 | +37.2% |
| Amounts payable | 17/49 | €158,475 | €131,265 | -€27,210 | -17.2% |
| Amounts payable after more than one year | 17 | €76,474 | €8,090 | -€68,385 | -89.4% |
| Financial debts | 170/4 | €76,474 | €8,090 | -€68,385 | -89.4% |
| Amounts payable within one year | 42/48 | €82,000 | €123,175 | +€41,175 | +50.2% |
| Current portion of amounts payable after more than one year | 42 | €7,992 | €68,385 | +€60,393 | +756% |
| Trade debts | 44 | €1 | €17,018 | +€17,017 | +1,829,818% |
| Suppliers | 440/4 | €1 | €17,018 | +€17,017 | +1,829,818% |
| Taxes, remuneration and social security | 45 | €34,008 | €37,772 | +€3,765 | +11.1% |
| Taxes | 450/3 | €27,772 | €37,443 | +€9,671 | +34.8% |
| Remuneration and social security | 454/9 | €6,236 | €330 | -€5,906 | -94.7% |
| Other amounts payable | 47/48 | €40,000 | - | -€40,000 | |
| Remuneration, social security and pensions | 62 | €43,504 | €22,839 | -€20,664 | -47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,050 | €7,133 | -€3,917 | -35.4% |
| Other operating charges | 640/8 | €2,134 | €852 | -€1,282 | -60.1% |
| Gross operating margin | 9900 | €140,832 | €120,964 | -€19,868 | -14.1% |
| Operating profit (loss) | 9901 | €84,144 | €90,139 | +€5,995 | +7.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,825 | €1,741 | -€84 | -4.6% |
| Recurring financial charges | 65 | €1,825 | €1,741 | -€84 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €82,320 | €88,399 | +€6,078 | +7.4% |
| Income taxes | 67/77 | €23,731 | €23,712 | -€19 | -0.1% |
| Profit (loss) for the period | 9904 | €58,589 | €64,687 | +€6,098 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €58,589 | €64,687 | +€6,098 | +10.4% |
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 13 October 2026 via checked.be.