B-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.
B-MAS
Largest movements
- Cash +€258,899
up €258,899 (+138%), from €187,702 to €446,601
mainly Current investments (+€200,000) and Net result for the year (+€94,272)
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Receivables within one year +€27,594
up €27,594 (+1,404%), from €1,965 to €29,558
of which Other amounts receivable: +€25,670
- Receivables after one year -€15,500
down €15,500 (-14.7%), from €105,500 to €90,000
- Tangible fixed assets +€8,625
up €8,625 (+109%), from €7,911 to €16,536
- Reserves +€65,140
up €65,140 (+17.4%), from €373,860 to €439,000
- Other debts -€16,198
down €16,198 (-34.2%), from €47,392 to €31,194
- Accrued charges and deferred income +€16,168
up €16,168 (+190%), from €8,500 to €24,668
- Trade debts +€10,430
up €10,430 (+87.8%), from €11,879 to €22,309
- Current portion of long-term debt +€8,473
up €8,473 (+129%), from €6,578 to €15,051
- Staff costs +€68,588
up €68,588 (+60.2%), from €113,959 to €182,547
- Taxes -€34,334
down €34,334 (-55.9%), from €61,401 to €27,067
- Gross operating margin +€17,185
up €17,185 (+5.8%), from €298,379 to €315,564
- Other operating charges +€6,906
up €6,906 (+154%), from €4,494 to €11,400
- Financial income +€5,490
up €5,490 (+88.4%), from €6,210 to €11,700
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 | €518,590 | €603,380 | +€84,790 | +16.4% |
| Fixed assets | 21/28 | €11,417 | €20,007 | +€8,590 | +75.2% |
| Tangible fixed assets | 22/27 | €7,911 | €16,536 | +€8,625 | +109% |
| Furniture and vehicles | 24 | €7,911 | €16,536 | +€8,625 | +109% |
| Financial fixed assets | 28 | €3,506 | €3,471 | -€34 | -1.0% |
| Current assets | 29/58 | €507,173 | €583,373 | +€76,200 | +15.0% |
| Amounts receivable after more than one year | 29 | €105,500 | €90,000 | -€15,500 | -14.7% |
| Other amounts receivable | 291 | €105,500 | €90,000 | -€15,500 | -14.7% |
| Amounts receivable within one year | 40/41 | €1,965 | €29,558 | +€27,594 | +1,404% |
| Trade receivables | 40 | €1,965 | €3,888 | +€1,923 | +97.9% |
| Other amounts receivable | 41 | - | €25,670 | +€25,670 | |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €187,702 | €446,601 | +€258,899 | +138% |
| Deferred charges and accrued income | 490/1 | €12,006 | €17,213 | +€5,207 | +43.4% |
| Total equity and liabilities | 10/49 | €518,590 | €603,380 | +€84,790 | +16.4% |
| Equity | 10/15 | €397,289 | €461,561 | +€64,272 | +16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €373,860 | €439,000 | +€65,140 | +17.4% |
| Distributable reserves | 133 | €373,860 | €439,000 | +€65,140 | +17.4% |
| Profit (loss) carried forward | 14 | €4,829 | €3,961 | -€868 | -18.0% |
| Amounts payable | 17/49 | €121,301 | €141,819 | +€20,518 | +16.9% |
| Amounts payable after more than one year | 17 | - | €6,870 | +€6,870 | |
| Financial debts | 170/4 | - | €6,870 | +€6,870 | |
| Amounts payable within one year | 42/48 | €112,801 | €110,281 | -€2,520 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €6,578 | €15,051 | +€8,473 | +129% |
| Trade debts | 44 | €11,879 | €22,309 | +€10,430 | +87.8% |
| Suppliers | 440/4 | €11,879 | €22,309 | +€10,430 | +87.8% |
| Taxes, remuneration and social security | 45 | €46,951 | €41,726 | -€5,225 | -11.1% |
| Taxes | 450/3 | €36,562 | €23,971 | -€12,591 | -34.4% |
| Remuneration and social security | 454/9 | €10,389 | €17,755 | +€7,366 | +70.9% |
| Other amounts payable | 47/48 | €47,392 | €31,194 | -€16,198 | -34.2% |
| Accrued charges and deferred income | 492/3 | €8,500 | €24,668 | +€16,168 | +190% |
| Remuneration, social security and pensions | 62 | €113,959 | €182,547 | +€68,588 | +60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,631 | €10,573 | +€1,942 | +22.5% |
| Other operating charges | 640/8 | €4,494 | €11,400 | +€6,906 | +154% |
| Gross operating margin | 9900 | €298,379 | €315,564 | +€17,185 | +5.8% |
| Operating profit (loss) | 9901 | €171,295 | €111,044 | -€60,251 | -35.2% |
| Financial income | 75/76B | €6,210 | €11,700 | +€5,490 | +88.4% |
| Recurring financial income | 75 | €6,210 | €11,700 | +€5,490 | +88.4% |
| Financial charges | 65/66B | €863 | €1,405 | +€542 | +62.8% |
| Recurring financial charges | 65 | €863 | €1,405 | +€542 | +62.8% |
| Profit (loss) for the period before taxes | 9903 | €176,642 | €121,339 | -€55,303 | -31.3% |
| Income taxes | 67/77 | €61,401 | €27,067 | -€34,334 | -55.9% |
| Profit (loss) for the period | 9904 | €115,241 | €94,272 | -€20,969 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €115,241 | €94,272 | -€20,969 | -18.2% |
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 14 October 2026 via checked.be.