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.
Masters
Largest movements
- Receivables within one year +€65,605
up €65,605 (+58.5%), from €112,142 to €177,747
of which Other amounts receivable: +€53,935
- Cash +€21,252
up €21,252 (+198%), from €10,718 to €31,970
mainly Net result for the year (+€50,899) and Trade debts (+€31,768)
- Tangible fixed assets +€11,189
up €11,189 (+83.2%), from €13,446 to €24,636
of which Furniture and vehicles: +€9,674
- Profit (loss) carried forward +€50,899
up €50,899 (+62.1%), from €82,027 to €132,927
- Trade debts +€31,768
up €31,768 (+74.8%), from €42,475 to €74,243
- Tax, wage and social debts +€15,379
up €15,379 (+265%), from €5,804 to €21,183
of which Taxes: +€14,350
- Gross operating margin +€48,920
up €48,920 (+49.5%), from €98,853 to €147,773
- Taxes +€9,775
up €9,775 (+214%), from €4,575 to €14,350
- Staff costs +€5,884
up €5,884 (+9.2%), from €64,098 to €69,982
- Depreciation +€4,100
up €4,100 (+78.7%), from €5,211 to €9,311
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €136,306 | €234,353 | +€98,046 | +71.9% |
| Fixed assets | 21/28 | €13,446 | €24,636 | +€11,189 | +83.2% |
| Tangible fixed assets | 22/27 | €13,446 | €24,636 | +€11,189 | +83.2% |
| Plant, machinery and equipment | 23 | €6,311 | €7,827 | +€1,516 | +24.0% |
| Furniture and vehicles | 24 | €7,135 | €16,809 | +€9,674 | +136% |
| Current assets | 29/58 | €122,860 | €209,717 | +€86,857 | +70.7% |
| Amounts receivable within one year | 40/41 | €112,142 | €177,747 | +€65,605 | +58.5% |
| Trade receivables | 40 | €18,365 | €30,036 | +€11,670 | +63.5% |
| Other amounts receivable | 41 | €93,777 | €147,712 | +€53,935 | +57.5% |
| Cash at bank and in hand | 54/58 | €10,718 | €31,970 | +€21,252 | +198% |
| Total equity and liabilities | 10/49 | €136,306 | €234,353 | +€98,046 | +71.9% |
| Equity | 10/15 | €88,027 | €138,927 | +€50,899 | +57.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Capital | 10 | €6,000 | €6,000 | = | 0.0% |
| Issued capital | 100 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,027 | €132,927 | +€50,899 | +62.1% |
| Amounts payable | 17/49 | €48,279 | €95,426 | +€47,147 | +97.7% |
| Amounts payable within one year | 42/48 | €48,279 | €95,426 | +€47,147 | +97.7% |
| Trade debts | 44 | €42,475 | €74,243 | +€31,768 | +74.8% |
| Suppliers | 440/4 | €42,475 | €74,243 | +€31,768 | +74.8% |
| Taxes, remuneration and social security | 45 | €5,804 | €21,183 | +€15,379 | +265% |
| Taxes | 450/3 | €4,575 | €18,925 | +€14,350 | +314% |
| Remuneration and social security | 454/9 | €1,229 | €2,258 | +€1,029 | +83.7% |
| Non-recurring operating income | 76A | €2,082 | - | -€2,082 | |
| Remuneration, social security and pensions | 62 | €64,098 | €69,982 | +€5,884 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,211 | €9,311 | +€4,100 | +78.7% |
| Other operating charges | 640/8 | €4,402 | €2,970 | -€1,432 | -32.5% |
| Gross operating margin | 9900 | €98,853 | €147,773 | +€48,920 | +49.5% |
| Operating profit (loss) | 9901 | €25,143 | €65,510 | +€40,368 | +161% |
| Financial charges | 65/66B | €200 | €261 | +€61 | +30.7% |
| Recurring financial charges | 65 | €200 | €261 | +€61 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | €24,943 | €65,249 | +€40,306 | +162% |
| Income taxes | 67/77 | €4,575 | €14,350 | +€9,775 | +214% |
| Profit (loss) for the period | 9904 | €20,368 | €50,899 | +€30,531 | +150% |
| Profit (loss) for the period to be appropriated | 9905 | €20,368 | €50,899 | +€30,531 | +150% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.