M.A.S.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.S.
Largest movements
- Tangible fixed assets +€103,112
up €103,112 (+4.1%), from €2.5m to €2.6m
of which Land and buildings: +€135,758
- Receivables within one year -€29,881
down €29,881 (-22.7%), from €131,379 to €101,499
of which Other amounts receivable: -€29,538
- Profit (loss) carried forward +€75,027
up €75,027 (+18.4%), from €408,845 to €483,872
- Gross operating margin -€149,186
down €149,186 (-37.5%), from €398,330 to €249,144
- Financial income +€105,805
up €105,805 (+153,875%), from €69 to €105,873
of which Non-recurring financial income: +€105,867
- Depreciation +€77,905
up €77,905 (+57.8%), from €134,733 to €212,638
- Taxes -€29,044
down €29,044 (-53.2%), from €54,564 to €25,520
- Financial charges -€5,413
down €5,413 (-14.2%), from €38,070 to €32,657
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 | €2,788,992 | €2,856,028 | +€67,035 | +2.4% |
| Fixed assets | 21/28 | €2,638,099 | €2,741,211 | +€103,112 | +3.9% |
| Tangible fixed assets | 22/27 | €2,488,099 | €2,591,211 | +€103,112 | +4.1% |
| Land and buildings | 22 | €2,396,212 | €2,531,970 | +€135,758 | +5.7% |
| Plant, machinery and equipment | 23 | €88,128 | €58,425 | -€29,703 | -33.7% |
| Furniture and vehicles | 24 | €3,759 | €816 | -€2,943 | -78.3% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €150,894 | €114,817 | -€36,077 | -23.9% |
| Amounts receivable within one year | 40/41 | €131,379 | €101,499 | -€29,881 | -22.7% |
| Trade receivables | 40 | €1,666 | €1,324 | -€342 | -20.6% |
| Other amounts receivable | 41 | €129,713 | €100,175 | -€29,538 | -22.8% |
| Cash at bank and in hand | 54/58 | €17,278 | €10,701 | -€6,577 | -38.1% |
| Deferred charges and accrued income | 490/1 | €2,237 | €2,617 | +€381 | +17.0% |
| Total equity and liabilities | 10/49 | €2,788,992 | €2,856,028 | +€67,035 | +2.4% |
| Equity | 10/15 | €649,845 | €724,872 | +€75,027 | +11.5% |
| Contributions | 10/11 | €241,000 | €241,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €408,845 | €483,872 | +€75,027 | +18.4% |
| Amounts payable | 17/49 | €2,139,148 | €2,131,156 | -€7,992 | -0.4% |
| Amounts payable after more than one year | 17 | €712,499 | €699,581 | -€12,918 | -1.8% |
| Financial debts | 170/4 | €712,499 | €699,581 | -€12,918 | -1.8% |
| Amounts payable within one year | 42/48 | €1,424,591 | €1,428,314 | +€3,723 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €125,082 | €131,828 | +€6,745 | +5.4% |
| Financial debts | 43 | €5,231 | €0 | -€5,231 | -100% |
| Credit institutions | 430/8 | €5,231 | €0 | -€5,231 | -100% |
| Trade debts | 44 | €172 | €3,760 | +€3,589 | +2,089% |
| Suppliers | 440/4 | €172 | €3,760 | +€3,589 | +2,089% |
| Advances received on contracts in progress | 46 | - | €137 | +€137 | |
| Taxes, remuneration and social security | 45 | €10,212 | €35,052 | +€24,839 | +243% |
| Taxes | 450/3 | €10,212 | €35,052 | +€24,839 | +243% |
| Other amounts payable | 47/48 | €1,283,894 | €1,257,538 | -€26,356 | -2.1% |
| Accrued charges and deferred income | 492/3 | €2,057 | €3,260 | +€1,203 | +58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,733 | €212,638 | +€77,905 | +57.8% |
| Other operating charges | 640/8 | €9,458 | €9,175 | -€284 | -3.0% |
| Gross operating margin | 9900 | €398,330 | €249,144 | -€149,186 | -37.5% |
| Operating profit (loss) | 9901 | €254,139 | €27,331 | -€226,808 | -89.2% |
| Financial income | 75/76B | €69 | €105,873 | +€105,805 | +153,875% |
| Recurring financial income | 75 | €69 | €6 | -€62 | -90.8% |
| Non-recurring financial income | 76B | - | €105,867 | +€105,867 | |
| Financial charges | 65/66B | €38,070 | €32,657 | -€5,413 | -14.2% |
| Recurring financial charges | 65 | €38,070 | €32,657 | -€5,413 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €216,137 | €100,547 | -€115,590 | -53.5% |
| Income taxes | 67/77 | €54,564 | €25,520 | -€29,044 | -53.2% |
| Profit (loss) for the period | 9904 | €161,573 | €75,027 | -€86,546 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €161,573 | €75,027 | -€86,546 | -53.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.