Master Construct Global: 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.
Master Construct Global
Largest movements
- Receivables within one year -€54,238
down €54,238 (-19.9%), from €273,007 to €218,769
of which Trade receivables: -€65,364
- Cash +€5,540
up €5,540 (+680%), from €815 to €6,355
mainly Receivables within one year (+€54,238) and Net result for the year (+€20,672)
- Tangible fixed assets -€4,359
down €4,359 (-50.0%), from €8,719 to €4,360
- Trade debts -€62,765
down €62,765 (-59.2%), from €106,045 to €43,280
of which Bills of exchange payable: -€78,131
- Profit (loss) carried forward +€20,672
up €20,672 (+13.8%), from €150,227 to €170,899
- Tax, wage and social debts -€10,965
down €10,965 (-60.2%), from €18,210 to €7,245
- Gross operating margin +€5,646
up €5,646 (+19.3%), from €29,239 to €34,885
- Depreciation +€1,429
up €1,429 (+48.8%), from €2,930 to €4,359
- Taxes +€1,295
up €1,295 (+16.1%), from €8,027 to €9,322
- Other operating charges -€1,259
down €1,259 (-93.6%), from €1,345 to €86
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 | €282,542 | €229,484 | -€53,058 | -18.8% |
| Fixed assets | 21/28 | €8,719 | €4,360 | -€4,359 | -50.0% |
| Tangible fixed assets | 22/27 | €8,719 | €4,360 | -€4,359 | -50.0% |
| Furniture and vehicles | 24 | €8,719 | €4,360 | -€4,359 | -50.0% |
| Current assets | 29/58 | €273,822 | €225,124 | -€48,699 | -17.8% |
| Amounts receivable within one year | 40/41 | €273,007 | €218,769 | -€54,238 | -19.9% |
| Trade receivables | 40 | €101,701 | €36,337 | -€65,364 | -64.3% |
| Other amounts receivable | 41 | €171,306 | €182,432 | +€11,125 | +6.5% |
| Cash at bank and in hand | 54/58 | €815 | €6,355 | +€5,540 | +680% |
| Total equity and liabilities | 10/49 | €282,542 | €229,484 | -€53,058 | -18.8% |
| Equity | 10/15 | €158,287 | €178,959 | +€20,672 | +13.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €150,227 | €170,899 | +€20,672 | +13.8% |
| Amounts payable | 17/49 | €124,255 | €50,525 | -€73,730 | -59.3% |
| Amounts payable within one year | 42/48 | €124,255 | €50,525 | -€73,730 | -59.3% |
| Trade debts | 44 | €106,045 | €43,280 | -€62,765 | -59.2% |
| Suppliers | 440/4 | €12,700 | €28,066 | +€15,366 | +121% |
| Bills of exchange payable | 441 | €93,345 | €15,214 | -€78,131 | -83.7% |
| Taxes, remuneration and social security | 45 | €18,210 | €7,245 | -€10,965 | -60.2% |
| Taxes | 450/3 | €18,210 | €7,245 | -€10,965 | -60.2% |
| Remuneration, social security and pensions | 62 | - | €262 | +€262 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,930 | €4,359 | +€1,429 | +48.8% |
| Other operating charges | 640/8 | €1,345 | €86 | -€1,259 | -93.6% |
| Gross operating margin | 9900 | €29,239 | €34,885 | +€5,646 | +19.3% |
| Operating profit (loss) | 9901 | €24,964 | €30,177 | +€5,213 | +20.9% |
| Financial charges | 65/66B | €188 | €183 | -€5 | -2.4% |
| Recurring financial charges | 65 | €188 | €183 | -€5 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €24,777 | €29,994 | +€5,218 | +21.1% |
| Income taxes | 67/77 | €8,027 | €9,322 | +€1,295 | +16.1% |
| Profit (loss) for the period | 9904 | €16,749 | €20,672 | +€3,923 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,749 | €20,672 | +€3,923 | +23.4% |
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 23 October 2026 via checked.be.