TWO MASTERS LTD: 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.
TWO MASTERS LTD
Largest movements
- Receivables within one year -€28,794
down €28,794 (-46.5%), from €61,979 to €33,185
- Profit (loss) carried forward -€17,738
down €17,738 (-5.9%), from -€302,157 to -€319,895
- Other debts -€8,362
down €8,362 (-6.2%), from €135,292 to €126,930
- Trade debts -€2,693
down €2,693 (-0.7%), from €409,689 to €406,996
- Gross operating margin +€4,894
up €4,894, from -€2,693 to €2,201
- Financial charges +€48
up €48, from €0 to €48
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 | €244,364 | €215,571 | -€28,794 | -11.8% |
| Current assets | 29/58 | €244,364 | €215,571 | -€28,794 | -11.8% |
| Amounts receivable within one year | 40/41 | €61,979 | €33,185 | -€28,794 | -46.5% |
| Other amounts receivable | 41 | €61,979 | €33,185 | -€28,794 | -46.5% |
| Current investments | 50/53 | €180,000 | €180,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,385 | €2,385 | = | 0.0% |
| Total equity and liabilities | 10/49 | €244,364 | €215,571 | -€28,794 | -11.8% |
| Equity | 10/15 | -€300,617 | -€318,355 | -€17,738 | -5.9% |
| Contributions | 10/11 | €1,540 | €1,540 | = | 0.0% |
| Outside capital | 11 | €1,540 | €1,540 | = | 0.0% |
| Other | 1109/19 | €1,540 | €1,540 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€302,157 | -€319,895 | -€17,738 | -5.9% |
| Amounts payable | 17/49 | €544,981 | €533,926 | -€11,055 | -2.0% |
| Amounts payable within one year | 42/48 | €544,981 | €533,926 | -€11,055 | -2.0% |
| Trade debts | 44 | €409,689 | €406,996 | -€2,693 | -0.7% |
| Suppliers | 440/4 | €409,689 | €406,996 | -€2,693 | -0.7% |
| Other amounts payable | 47/48 | €135,292 | €126,930 | -€8,362 | -6.2% |
| Non-recurring operating charges | 66A | €22,125 | €19,892 | -€2,233 | -10.1% |
| Gross operating margin | 9900 | -€2,693 | €2,201 | +€4,894 | |
| Operating profit (loss) | 9901 | -€24,818 | -€17,691 | +€7,127 | +28.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €0 | €48 | +€48 | |
| Recurring financial charges | 65 | €0 | €48 | +€48 | |
| Profit (loss) for the period before taxes | 9903 | -€24,818 | -€17,738 | +€7,080 | +28.5% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€24,818 | -€17,738 | +€7,080 | +28.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,818 | -€17,738 | +€7,080 | +28.5% |
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 5 October 2026 via checked.be.