All MaS: 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.
All MaS
Largest movements
- Intangible fixed assets -€40,250
down €40,250 (-11.0%), from €367,098 to €326,848
- Cash -€31,016
down €31,016 (-83.3%), from €37,240 to €6,224
mainly Trade debts (-€334,938) and Other debts (-€2,951)
- Tangible fixed assets -€22,697
down €22,697 (-6.3%), from €361,794 to €339,097
of which Furniture and vehicles: -€38,201
- Trade debts -€334,938
down €334,938 (-79.9%), from €419,407 to €84,469
- Debts after one year +€165,031
up €165,031 (+52.4%), from €314,700 to €479,731
- Profit (loss) carried forward +€34,419
up €34,419, from -€690 to €33,730
- Current portion of long-term debt +€29,608
up €29,608 (+200.9%), from €14,738 to €44,346
- Tax, wage and social debts +€13,649
up €13,649 (+90.6%), from €15,072 to €28,721
of which Taxes: +€12,450
- Gross operating margin +€41,141
up €41,141 (+52.9%), from €77,796 to €118,938
- Taxes +€8,938
up €8,938 (+6356.3%), from €141 to €9,078
- Financial charges +€4,931
up €4,931 (+40.0%), from €12,328 to €17,259
- Depreciation +€2,788
up €2,788 (+5.1%), from €54,368 to €57,156
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 | €820,023 | €724,841 | -€95,181 | -11.6% |
| Fixed assets | 21/28 | €728,892 | €665,945 | -€62,947 | -8.6% |
| Intangible fixed assets | 21 | €367,098 | €326,848 | -€40,250 | -11.0% |
| Tangible fixed assets | 22/27 | €361,794 | €339,097 | -€22,697 | -6.3% |
| Land and buildings | 22 | €320,183 | €336,187 | +€16,004 | +5.0% |
| Plant, machinery and equipment | 23 | €1,082 | €582 | -€500 | -46.2% |
| Furniture and vehicles | 24 | €40,529 | €2,328 | -€38,201 | -94.3% |
| Current assets | 29/58 | €91,130 | €58,897 | -€32,234 | -35.4% |
| Amounts receivable within one year | 40/41 | €53,081 | €51,880 | -€1,201 | -2.3% |
| Trade receivables | 40 | €46,494 | €45,379 | -€1,114 | -2.4% |
| Other amounts receivable | 41 | €6,588 | €6,501 | -€87 | -1.3% |
| Cash at bank and in hand | 54/58 | €37,240 | €6,224 | -€31,016 | -83.3% |
| Deferred charges and accrued income | 490/1 | €809 | €793 | -€17 | -2.1% |
| Total equity and liabilities | 10/49 | €820,023 | €724,841 | -€95,181 | -11.6% |
| Equity | 10/15 | €1,810 | €36,230 | +€34,419 | +1901.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€690 | €33,730 | +€34,419 | |
| Amounts payable | 17/49 | €818,212 | €688,612 | -€129,600 | -15.8% |
| Amounts payable after more than one year | 17 | €314,700 | €479,731 | +€165,031 | +52.4% |
| Financial debts | 170/4 | €314,700 | €479,731 | +€165,031 | +52.4% |
| Amounts payable within one year | 42/48 | €503,512 | €208,880 | -€294,632 | -58.5% |
| Current portion of amounts payable after more than one year | 42 | €14,738 | €44,346 | +€29,608 | +200.9% |
| Trade debts | 44 | €419,407 | €84,469 | -€334,938 | -79.9% |
| Suppliers | 440/4 | €419,407 | €84,469 | -€334,938 | -79.9% |
| Taxes, remuneration and social security | 45 | €15,072 | €28,721 | +€13,649 | +90.6% |
| Taxes | 450/3 | €15,072 | €27,522 | +€12,450 | +82.6% |
| Remuneration and social security | 454/9 | - | €1,199 | +€1,199 | |
| Other amounts payable | 47/48 | €54,295 | €51,345 | -€2,951 | -5.4% |
| Non-recurring operating income | 76A | - | €547 | +€547 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,368 | €57,156 | +€2,788 | +5.1% |
| Other operating charges | 640/8 | €1,285 | €1,066 | -€219 | -17.0% |
| Gross operating margin | 9900 | €77,796 | €118,938 | +€41,141 | +52.9% |
| Operating profit (loss) | 9901 | €22,144 | €60,716 | +€38,572 | +174.2% |
| Financial income | 75/76B | €6 | €41 | +€35 | +610.0% |
| Recurring financial income | 75 | €6 | €41 | +€35 | +610.0% |
| Financial charges | 65/66B | €12,328 | €17,259 | +€4,931 | +40.0% |
| Recurring financial charges | 65 | €12,328 | €17,259 | +€4,931 | +40.0% |
| Profit (loss) for the period before taxes | 9903 | €9,821 | €43,497 | +€33,676 | +342.9% |
| Income taxes | 67/77 | €141 | €9,078 | +€8,938 | +6356.3% |
| Profit (loss) for the period | 9904 | €9,681 | €34,419 | +€24,738 | +255.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,681 | €34,419 | +€24,738 | +255.5% |
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 9 October 2026 via checked.be.