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
- Cash +€157,034
up €157,034 (+90.3%), from €173,878 to €330,911
mainly Investment in fixed assets (net) (+€97,311) and Net result for the year (+€94,268)
- Tangible fixed assets -€117,382
down €117,382 (-42.8%), from €274,001 to €156,619
of which Land and buildings: -€157,418
- Deferred charges and accrued income -€8,922
down €8,922 (-15.1%), from €59,235 to €50,313
- Debts after one year +€19,435
up €19,435 (+138.7%), from €14,008 to €33,444
- Tax, wage and social debts -€16,217
down €16,217 (-29.9%), from €54,318 to €38,101
of which Taxes: -€16,295
- Reserves +€11,760
up €11,760 (+2.2%), from €532,100 to €543,860
- Current portion of long-term debt +€8,227
up €8,227 (+182.6%), from €4,504 to €12,731
- Gross operating margin +€22,761
up €22,761 (+8.8%), from €259,940 to €282,700
- Taxes +€7,983
up €7,983 (+28.6%), from €27,873 to €35,855
- Staff costs -€7,422
down €7,422 (-5.5%), from €134,278 to €126,856
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 | €661,107 | €692,158 | +€31,051 | +4.7% |
| Fixed assets | 21/28 | €274,001 | €156,619 | -€117,382 | -42.8% |
| Tangible fixed assets | 22/27 | €274,001 | €156,619 | -€117,382 | -42.8% |
| Land and buildings | 22 | €185,332 | €27,914 | -€157,418 | -84.9% |
| Plant, machinery and equipment | 23 | €1,008 | €796 | -€212 | -21.1% |
| Furniture and vehicles | 24 | €28,392 | €67,754 | +€39,361 | +138.6% |
| Other tangible fixed assets | 26 | €59,269 | €60,155 | +€886 | +1.5% |
| Current assets | 29/58 | €387,106 | €535,539 | +€148,433 | +38.3% |
| Amounts receivable within one year | 40/41 | €153,993 | €154,315 | +€321 | +0.2% |
| Trade receivables | 40 | €142,305 | €145,948 | +€3,643 | +2.6% |
| Other amounts receivable | 41 | €11,688 | €8,367 | -€3,321 | -28.4% |
| Cash at bank and in hand | 54/58 | €173,878 | €330,911 | +€157,034 | +90.3% |
| Deferred charges and accrued income | 490/1 | €59,235 | €50,313 | -€8,922 | -15.1% |
| Total equity and liabilities | 10/49 | €661,107 | €692,158 | +€31,051 | +4.7% |
| Equity | 10/15 | €550,879 | €562,647 | +€11,768 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €532,100 | €543,860 | +€11,760 | +2.2% |
| Distributable reserves | 133 | €532,100 | €543,860 | +€11,760 | +2.2% |
| Profit (loss) carried forward | 14 | €179 | €187 | +€8 | +4.5% |
| Amounts payable | 17/49 | €110,228 | €129,510 | +€19,283 | +17.5% |
| Amounts payable after more than one year | 17 | €14,008 | €33,444 | +€19,435 | +138.7% |
| Financial debts | 170/4 | €14,008 | €33,444 | +€19,435 | +138.7% |
| Amounts payable within one year | 42/48 | €96,112 | €96,067 | -€45 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €4,504 | €12,731 | +€8,227 | +182.6% |
| Trade debts | 44 | €22,208 | €24,454 | +€2,245 | +10.1% |
| Suppliers | 440/4 | €22,208 | €24,454 | +€2,245 | +10.1% |
| Taxes, remuneration and social security | 45 | €54,318 | €38,101 | -€16,217 | -29.9% |
| Taxes | 450/3 | €43,424 | €27,129 | -€16,295 | -37.5% |
| Remuneration and social security | 454/9 | €10,894 | €10,972 | +€78 | +0.7% |
| Other amounts payable | 47/48 | €15,081 | €20,781 | +€5,699 | +37.8% |
| Accrued charges and deferred income | 492/3 | €108 | €0 | -€108 | -100.0% |
| Non-recurring operating income | 76A | - | €73,747 | +€73,747 | |
| Remuneration, social security and pensions | 62 | €134,278 | €126,856 | -€7,422 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,080 | €20,072 | -€8 | 0.0% |
| Other operating charges | 640/8 | €3,785 | €3,976 | +€191 | +5.0% |
| Gross operating margin | 9900 | €259,940 | €282,700 | +€22,761 | +8.8% |
| Operating profit (loss) | 9901 | €101,797 | €131,797 | +€30,000 | +29.5% |
| Financial income | 75/76B | €32 | €26 | -€6 | -18.7% |
| Recurring financial income | 75 | €32 | €26 | -€6 | -18.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,963 | €1,700 | -€263 | -13.4% |
| Recurring financial charges | 65 | €1,963 | €1,700 | -€263 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €99,866 | €130,123 | +€30,257 | +30.3% |
| Income taxes | 67/77 | €27,873 | €35,855 | +€7,983 | +28.6% |
| Profit (loss) for the period | 9904 | €71,994 | €94,268 | +€22,274 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €71,994 | €94,268 | +€22,274 | +30.9% |
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 10 October 2026 via checked.be.