THE MASTERS: 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.
THE MASTERS
Largest movements
- Stocks and contracts -€15,562
down €15,562 (-16.7%), from €93,044 to €77,482
- Tangible fixed assets +€7,999
up €7,999 (+56.4%), from €14,179 to €22,178
of which Other tangible fixed assets: +€5,363
- Cash +€4,903
up €4,903 (+13.0%), from €37,686 to €42,589
mainly Stocks and contracts (+€15,562) and Net result for the year (+€5,736)
- Receivables within one year +€1,474
new in 2025: €1,474
- Reserves +€5,736
up €5,736 (+5.5%), from €103,549 to €109,285
of which Distributable reserves: +€5,736
- Tax, wage and social debts -€4,207
down €4,207 (-64.5%), from €6,522 to €2,315
of which Remuneration and social security: -€3,000
- Other debts -€2,360
down €2,360 (-81.8%), from €2,886 to €526
- Gross operating margin +€5,044
up €5,044 (+29.0%), from €17,379 to €22,423
- Financial charges +€1,157
up €1,157 (+22.6%), from €5,121 to €6,278
- Taxes +€771
up €771 (+49.9%), from €1,544 to €2,315
- Depreciation +€717
up €717 (+17.1%), from €4,202 to €4,919
- Other operating charges -€495
down €495 (-13.0%), from €3,807 to €3,312
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 | €144,909 | €143,723 | -€1,187 | -0.8% |
| Fixed assets | 21/28 | €14,179 | €22,178 | +€7,999 | +56.4% |
| Tangible fixed assets | 22/27 | €14,179 | €22,178 | +€7,999 | +56.4% |
| Plant, machinery and equipment | 23 | €65 | - | -€65 | |
| Furniture and vehicles | 24 | - | €2,700 | +€2,700 | |
| Other tangible fixed assets | 26 | €14,114 | €19,477 | +€5,363 | +38.0% |
| Current assets | 29/58 | €130,730 | €121,545 | -€9,185 | -7.0% |
| Stocks and contracts in progress | 3 | €93,044 | €77,482 | -€15,562 | -16.7% |
| Stocks | 30/36 | €93,044 | €77,482 | -€15,562 | -16.7% |
| Amounts receivable within one year | 40/41 | - | €1,474 | +€1,474 | |
| Other amounts receivable | 41 | - | €1,474 | +€1,474 | |
| Cash at bank and in hand | 54/58 | €37,686 | €42,589 | +€4,903 | +13.0% |
| Total equity and liabilities | 10/49 | €144,909 | €143,723 | -€1,187 | -0.8% |
| Equity | 10/15 | €122,149 | €127,885 | +€5,736 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €103,549 | €109,285 | +€5,736 | +5.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €101,689 | €107,425 | +€5,736 | +5.6% |
| Amounts payable | 17/49 | €22,761 | €15,838 | -€6,923 | -30.4% |
| Amounts payable within one year | 42/48 | €22,761 | €15,838 | -€6,923 | -30.4% |
| Trade debts | 44 | €13,353 | €12,997 | -€355 | -2.7% |
| Suppliers | 440/4 | €13,353 | €12,997 | -€355 | -2.7% |
| Taxes, remuneration and social security | 45 | €6,522 | €2,315 | -€4,207 | -64.5% |
| Taxes | 450/3 | €3,522 | €2,315 | -€1,207 | -34.3% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €2,886 | €526 | -€2,360 | -81.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,202 | €4,919 | +€717 | +17.1% |
| Other operating charges | 640/8 | €3,807 | €3,312 | -€495 | -13.0% |
| Gross operating margin | 9900 | €17,379 | €22,423 | +€5,044 | +29.0% |
| Operating profit (loss) | 9901 | €9,371 | €14,192 | +€4,821 | +51.4% |
| Financial income | 75/76B | €78 | €137 | +€60 | +76.8% |
| Recurring financial income | 75 | €78 | €137 | +€60 | +76.8% |
| Financial charges | 65/66B | €5,121 | €6,278 | +€1,157 | +22.6% |
| Recurring financial charges | 65 | €5,121 | €6,278 | +€1,157 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €4,328 | €8,051 | +€3,723 | +86.0% |
| Income taxes | 67/77 | €1,544 | €2,315 | +€771 | +49.9% |
| Profit (loss) for the period | 9904 | €2,783 | €5,736 | +€2,953 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €2,783 | €5,736 | +€2,953 | +106% |
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 16 October 2026 via checked.be.