BNM MASAR: what changed
BNM MASAR
Largest movements
- Receivables within one year -€3,950
down €3,950 (-6.1%), from €64,626 to €60,677
of which Trade receivables: -€2,466
- Tangible fixed assets +€3,072
up €3,072 (+62.3%), from €4,929 to €8,001
of which Plant, machinery and equipment: +€3,687
- Deferred charges and accrued income +€1,500
new in 2025: €1,500
- Short-term financial debts -€20,439
down €20,439 (-87.3%), from €23,410 to €2,971
- Current portion of long-term debt +€10,000
new in 2025: €10,000
- Reserves +€8,702
up €8,702 (+58.0%), from €15,003 to €23,705
- Trade debts +€2,360
up €2,360 (+31.9%), from €7,397 to €9,757
- Gross operating margin -€1,665
down €1,665 (-7.1%), from €23,391 to €21,726
- Financial income -€1,318
no longer reported in 2025 (was €1,318)
- Other operating charges +€1,249
up €1,249 (+131%), from €950 to €2,199
- Financial charges -€732
down €732 (-29.3%), from €2,498 to €1,766
of which Non-recurring financial charges: -€553
- Depreciation +€292
up €292 (+12.6%), from €2,321 to €2,613
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts. So the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €69,555 | €70,177 | +€622 | +0.9% |
| Fixed assets | 21/28 | €4,929 | €8,001 | +€3,072 | +62.3% |
| Tangible fixed assets | 22/27 | €4,929 | €8,001 | +€3,072 | +62.3% |
| Plant, machinery and equipment | 23 | €3,113 | €6,800 | +€3,687 | +118% |
| Furniture and vehicles | 24 | €1,816 | €1,200 | -€615 | -33.9% |
| Current assets | 29/58 | €64,626 | €62,177 | -€2,450 | -3.8% |
| Amounts receivable within one year | 40/41 | €64,626 | €60,677 | -€3,950 | -6.1% |
| Trade receivables | 40 | €45,470 | €43,004 | -€2,466 | -5.4% |
| Other amounts receivable | 41 | €19,156 | €17,672 | -€1,484 | -7.7% |
| Deferred charges and accrued income | 490/1 | - | €1,500 | +€1,500 | |
| Total equity and liabilities | 10/49 | €69,555 | €70,177 | +€622 | +0.9% |
| Equity | 10/15 | €33,603 | €42,305 | +€8,702 | +25.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,003 | €23,705 | +€8,702 | +58.0% |
| Distributable reserves | 133 | €15,003 | €23,705 | +€8,702 | +58.0% |
| Amounts payable | 17/49 | €35,952 | €27,872 | -€8,079 | -22.5% |
| Amounts payable within one year | 42/48 | €35,952 | €27,872 | -€8,079 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | - | €10,000 | +€10,000 | |
| Financial debts | 43 | €23,410 | €2,971 | -€20,439 | -87.3% |
| Credit institutions | 430/8 | €23,410 | €2,971 | -€20,439 | -87.3% |
| Trade debts | 44 | €7,397 | €9,757 | +€2,360 | +31.9% |
| Suppliers | 440/4 | €7,397 | €9,757 | +€2,360 | +31.9% |
| Taxes, remuneration and social security | 45 | €5,144 | €5,144 | = | 0.0% |
| Taxes | 450/3 | €5,144 | €5,144 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,321 | €2,613 | +€292 | +12.6% |
| Other operating charges | 640/8 | €950 | €2,199 | +€1,249 | +131% |
| Gross operating margin | 9900 | €23,391 | €21,726 | -€1,665 | -7.1% |
| Operating profit (loss) | 9901 | €20,119 | €16,913 | -€3,206 | -15.9% |
| Financial income | 75/76B | €1,318 | - | -€1,318 | |
| Recurring financial income | 75 | €1,318 | - | -€1,318 | |
| Financial charges | 65/66B | €2,498 | €1,766 | -€732 | -29.3% |
| Recurring financial charges | 65 | €1,945 | €1,766 | -€179 | -9.2% |
| Non-recurring financial charges | 66B | €553 | - | -€553 | |
| Profit (loss) for the period before taxes | 9903 | €18,939 | €15,148 | -€3,791 | -20.0% |
| Income taxes | 67/77 | €6,644 | €6,446 | -€198 | -3.0% |
| Profit (loss) for the period | 9904 | €12,295 | €8,702 | -€3,593 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,295 | €8,702 | -€3,593 | -29.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.