M.A.S.E.: 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.E.
Largest movements
- Tangible fixed assets -€18,026
down €18,026 (-3.2%), from €569,259 to €551,234
of which Land and buildings: -€12,982
- Debts after one year -€32,724
down €32,724 (-7.8%), from €422,167 to €389,443
- Other debts +€21,547
up €21,547 (+100.2%), from €21,513 to €43,060
- Current portion of long-term debt -€11,353
down €11,353 (-23.4%), from €48,549 to €37,196
- Gross operating margin -€69,981
down €69,981 (-68.9%), from €101,578 to €31,597
- Taxes -€14,884
down €14,884 (-88.9%), from €16,737 to €1,852
- Financial income -€4,259
down €4,259 (-99.1%), from €4,297 to €38
- Depreciation -€3,967
down €3,967 (-18.0%), from €21,993 to €18,026
- Other operating charges -€2,896
down €2,896 (-55.9%), from €5,185 to €2,288
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 | €624,313 | €602,874 | -€21,439 | -3.4% |
| Fixed assets | 21/28 | €573,009 | €554,984 | -€18,026 | -3.1% |
| Tangible fixed assets | 22/27 | €569,259 | €551,234 | -€18,026 | -3.2% |
| Land and buildings | 22 | €301,851 | €288,869 | -€12,982 | -4.3% |
| Furniture and vehicles | 24 | €32,117 | €27,074 | -€5,043 | -15.7% |
| Other tangible fixed assets | 26 | €235,291 | €235,291 | = | 0.0% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €51,304 | €47,891 | -€3,413 | -6.7% |
| Amounts receivable within one year | 40/41 | €40,024 | €41,406 | +€1,382 | +3.5% |
| Trade receivables | 40 | €28,652 | €29,672 | +€1,019 | +3.6% |
| Other amounts receivable | 41 | €11,372 | €11,734 | +€363 | +3.2% |
| Current investments | 50/53 | €1,070 | €457 | -€613 | -57.3% |
| Cash at bank and in hand | 54/58 | €3,106 | €1,359 | -€1,748 | -56.3% |
| Deferred charges and accrued income | 490/1 | €7,103 | €4,669 | -€2,434 | -34.3% |
| Total equity and liabilities | 10/49 | €624,313 | €602,874 | -€21,439 | -3.4% |
| Equity | 10/15 | €104,164 | €106,065 | +€1,901 | +1.8% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €104,064 | €105,965 | +€1,901 | +1.8% |
| Distributable reserves | 133 | €104,064 | €105,965 | +€1,901 | +1.8% |
| Amounts payable | 17/49 | €520,149 | €496,810 | -€23,340 | -4.5% |
| Amounts payable after more than one year | 17 | €422,167 | €389,443 | -€32,724 | -7.8% |
| Financial debts | 170/4 | €422,167 | €389,443 | -€32,724 | -7.8% |
| Amounts payable within one year | 42/48 | €97,125 | €107,366 | +€10,241 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €48,549 | €37,196 | -€11,353 | -23.4% |
| Financial debts | 43 | €1 | €1,128 | +€1,127 | +112698.0% |
| Credit institutions | 430/8 | €1 | €1,128 | +€1,127 | +112698.0% |
| Trade debts | 44 | €8,518 | €3,333 | -€5,185 | -60.9% |
| Suppliers | 440/4 | €8,518 | €3,333 | -€5,185 | -60.9% |
| Taxes, remuneration and social security | 45 | €18,544 | €22,649 | +€4,105 | +22.1% |
| Taxes | 450/3 | €18,544 | €22,649 | +€4,105 | +22.1% |
| Other amounts payable | 47/48 | €21,513 | €43,060 | +€21,547 | +100.2% |
| Accrued charges and deferred income | 492/3 | €857 | €0 | -€857 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,993 | €18,026 | -€3,967 | -18.0% |
| Other operating charges | 640/8 | €5,185 | €2,288 | -€2,896 | -55.9% |
| Gross operating margin | 9900 | €101,578 | €31,597 | -€69,981 | -68.9% |
| Operating profit (loss) | 9901 | €74,400 | €11,283 | -€63,117 | -84.8% |
| Financial income | 75/76B | €4,297 | €38 | -€4,259 | -99.1% |
| Recurring financial income | 75 | €4,297 | €38 | -€4,259 | -99.1% |
| Financial charges | 65/66B | €7,052 | €7,567 | +€515 | +7.3% |
| Recurring financial charges | 65 | €7,052 | €7,567 | +€515 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €71,644 | €3,754 | -€67,890 | -94.8% |
| Income taxes | 67/77 | €16,737 | €1,852 | -€14,884 | -88.9% |
| Profit (loss) for the period | 9904 | €54,907 | €1,901 | -€53,006 | -96.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,907 | €1,901 | -€53,006 | -96.5% |
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 10 October 2026 via checked.be.