M.A.S.: 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.
M.A.S.
Largest movements
- Tangible fixed assets -€77,167
down €77,167 (-3.8%), from €2.0m to €1.9m
of which Land and buildings: -€421,485
- Stocks and contracts +€46,290
new in 2025: €46,290
- Cash +€42,322
up €42,322 (+48.3%), from €87,557 to €129,879
mainly Other debts (+€834,542) and Depreciation (+€110,210)
- Short-term financial debts -€854,546
no longer reported in 2025 (was €854,546)
- Other debts +€834,542
new in 2025: €834,542
- Gross operating margin -€212,888
down €212,888 (-38.7%), from €549,929 to €337,041
- Staff costs -€153,503
down €153,503 (-47.3%), from €324,342 to €170,839
- Depreciation -€80,638
down €80,638 (-42.3%), from €190,849 to €110,210
- Financial charges +€30,450
up €30,450 (+7,495%), from €406 to €30,857
- Other operating charges -€6,981
down €6,981 (-24.4%), from €28,669 to €21,688
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 | €2,219,795 | €2,227,786 | +€7,991 | +0.4% |
| Fixed assets | 21/28 | €2,013,609 | €1,936,442 | -€77,167 | -3.8% |
| Tangible fixed assets | 22/27 | €2,013,423 | €1,936,256 | -€77,167 | -3.8% |
| Land and buildings | 22 | €2,013,423 | €1,591,938 | -€421,485 | -20.9% |
| Plant, machinery and equipment | 23 | - | €344,318 | +€344,318 | |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €206,186 | €291,344 | +€85,158 | +41.3% |
| Stocks and contracts in progress | 3 | - | €46,290 | +€46,290 | |
| Stocks | 30/36 | - | €46,290 | +€46,290 | |
| Amounts receivable within one year | 40/41 | €110,000 | €100,000 | -€10,000 | -9.1% |
| Trade receivables | 40 | €110,000 | €100,000 | -€10,000 | -9.1% |
| Cash at bank and in hand | 54/58 | €87,557 | €129,879 | +€42,322 | +48.3% |
| Deferred charges and accrued income | 490/1 | €8,629 | €15,174 | +€6,546 | +75.9% |
| Total equity and liabilities | 10/49 | €2,219,795 | €2,227,786 | +€7,991 | +0.4% |
| Equity | 10/15 | €1,279,687 | €1,278,120 | -€1,566 | -0.1% |
| Contributions | 10/11 | €894,794 | €894,794 | = | 0.0% |
| Reserves | 13 | €53,563 | €53,563 | = | 0.0% |
| Distributable reserves | 133 | €53,563 | €53,563 | = | 0.0% |
| Profit (loss) carried forward | 14 | €330,021 | €328,455 | -€1,566 | -0.5% |
| Investment grants | 15 | €1,309 | €1,309 | = | 0.0% |
| Provisions and deferred taxes | 16 | €879 | €879 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | - | €879 | +€879 | |
| Taxes | 161 | - | €879 | +€879 | |
| Deferred taxes | 168 | €879 | - | -€879 | |
| Amounts payable | 17/49 | €939,229 | €948,786 | +€9,557 | +1.0% |
| Amounts payable within one year | 42/48 | €939,229 | €927,553 | -€11,676 | -1.2% |
| Financial debts | 43 | €854,546 | - | -€854,546 | |
| Other loans | 439 | €854,546 | - | -€854,546 | |
| Trade debts | 44 | €38,795 | €46,129 | +€7,335 | +18.9% |
| Suppliers | 440/4 | €38,795 | €46,129 | +€7,335 | +18.9% |
| Taxes, remuneration and social security | 45 | €45,889 | €46,882 | +€993 | +2.2% |
| Taxes | 450/3 | €24,225 | €26,717 | +€2,492 | +10.3% |
| Remuneration and social security | 454/9 | €21,663 | €20,164 | -€1,499 | -6.9% |
| Other amounts payable | 47/48 | - | €834,542 | +€834,542 | |
| Accrued charges and deferred income | 492/3 | - | €21,233 | +€21,233 | |
| Non-recurring operating income | 76A | €781 | €735 | -€46 | -5.9% |
| Remuneration, social security and pensions | 62 | €324,342 | €170,839 | -€153,503 | -47.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,849 | €110,210 | -€80,638 | -42.3% |
| Other operating charges | 640/8 | €28,669 | €21,688 | -€6,981 | -24.4% |
| Gross operating margin | 9900 | €549,929 | €337,041 | -€212,888 | -38.7% |
| Operating profit (loss) | 9901 | €6,069 | €34,304 | +€28,235 | +465% |
| Financial income | 75/76B | €308 | €252 | -€55 | -18.0% |
| Recurring financial income | 75 | €308 | €252 | -€55 | -18.0% |
| Financial charges | 65/66B | €406 | €30,857 | +€30,450 | +7,495% |
| Recurring financial charges | 65 | €406 | €30,857 | +€30,450 | +7,495% |
| Profit (loss) for the period before taxes | 9903 | €5,970 | €3,700 | -€2,270 | -38.0% |
| Income taxes | 67/77 | €8,878 | €5,266 | -€3,612 | -40.7% |
| Profit (loss) for the period | 9904 | -€2,908 | -€1,566 | +€1,341 | +46.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,908 | -€1,566 | +€1,341 | +46.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.