TYCOON AND MASTER: 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.
TYCOON AND MASTER
Largest movements
- Receivables within one year +€27,625
up €27,625 (+16.6%), from €166,826 to €194,451
of which Other amounts receivable: +€26,104
- Receivables after one year -€16,239
down €16,239 (-4.4%), from €369,701 to €353,462
- Cash +€12,470
up €12,470 (+10.7%), from €116,110 to €128,580
mainly Net result for the year (+€103,384) and Receivables after one year (+€16,239)
- Tangible fixed assets +€7,333
up €7,333 (+179%), from €4,093 to €11,426
- Reserves +€24,683
up €24,683 (+5.3%), from €461,632 to €486,315
of which Distributable reserves: +€24,683
No income-statement line moved by more than 1% of the activity.
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €657,391 | €688,576 | +€31,186 | +4.7% |
| Fixed assets | 21/28 | €4,293 | €11,626 | +€7,333 | +171% |
| Tangible fixed assets | 22/27 | €4,093 | €11,426 | +€7,333 | +179% |
| Furniture and vehicles | 24 | €4,093 | €11,426 | +€7,333 | +179% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €653,098 | €676,950 | +€23,852 | +3.7% |
| Amounts receivable after more than one year | 29 | €369,701 | €353,462 | -€16,239 | -4.4% |
| Other amounts receivable | 291 | €369,701 | €353,462 | -€16,239 | -4.4% |
| Amounts receivable within one year | 40/41 | €166,826 | €194,451 | +€27,625 | +16.6% |
| Trade receivables | 40 | €26,853 | €28,374 | +€1,521 | +5.7% |
| Other amounts receivable | 41 | €139,973 | €166,077 | +€26,104 | +18.6% |
| Cash at bank and in hand | 54/58 | €116,110 | €128,580 | +€12,470 | +10.7% |
| Deferred charges and accrued income | 490/1 | €460 | €456 | -€4 | -0.8% |
| Total equity and liabilities | 10/49 | €657,391 | €688,576 | +€31,186 | +4.7% |
| Equity | 10/15 | €559,165 | €582,248 | +€23,083 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €461,632 | €486,315 | +€24,683 | +5.3% |
| 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 | €459,772 | €484,455 | +€24,683 | +5.4% |
| Profit (loss) carried forward | 14 | €78,933 | €77,333 | -€1,600 | -2.0% |
| Amounts payable | 17/49 | €98,225 | €106,328 | +€8,103 | +8.2% |
| Amounts payable within one year | 42/48 | €98,225 | €106,328 | +€8,103 | +8.2% |
| Trade debts | 44 | €1,095 | €2,212 | +€1,117 | +102% |
| Suppliers | 440/4 | €1,095 | €2,212 | +€1,117 | +102% |
| Taxes, remuneration and social security | 45 | €27,444 | €28,230 | +€785 | +2.9% |
| Taxes | 450/3 | €27,444 | €28,230 | +€785 | +2.9% |
| Other amounts payable | 47/48 | €69,686 | €75,886 | +€6,200 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,500 | €2,667 | +€1,167 | +77.8% |
| Other operating charges | 640/8 | €742 | €959 | +€216 | +29.1% |
| Gross operating margin | 9900 | €141,247 | €141,807 | +€559 | +0.4% |
| Operating profit (loss) | 9901 | €139,005 | €138,181 | -€824 | -0.6% |
| Financial income | 75/76B | €9,579 | €8,168 | -€1,410 | -14.7% |
| Recurring financial income | 75 | €9,579 | €8,168 | -€1,410 | -14.7% |
| Financial charges | 65/66B | €588 | €380 | -€208 | -35.4% |
| Recurring financial charges | 65 | €588 | €380 | -€208 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €147,995 | €145,970 | -€2,026 | -1.4% |
| Income taxes | 67/77 | €42,955 | €42,586 | -€369 | -0.9% |
| Profit (loss) for the period | 9904 | €105,041 | €103,384 | -€1,657 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €105,041 | €103,384 | -€1,657 | -1.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.