M.A.SH: 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.SH
Largest movements
- Cash +€70,857
up €70,857 (+45.0%), from €157,516 to €228,373
mainly Net result for the year (+€54,467) and Stocks and contracts (+€26,500)
- Stocks and contracts -€26,500
down €26,500 (-84.1%), from €31,512 to €5,012
- Receivables within one year +€25,941
up €25,941 (+889%), from €2,920 to €28,861
of which Trade receivables: +€20,795
- Profit (loss) carried forward +€54,467
up €54,467 (+43.5%), from €125,100 to €179,568
- Trade debts +€12,118
up €12,118 (+65.6%), from €18,461 to €30,579
- Other debts +€4,437
up €4,437 (+62.1%), from €7,142 to €11,579
- Staff costs +€43,587
up €43,587 (+89.5%), from €48,724 to €92,311
- Gross operating margin +€21,525
up €21,525 (+15.9%), from €135,757 to €157,282
- Taxes -€17,789
no longer reported in 2025 (was €17,789)
- Depreciation -€6,554
down €6,554 (-68.3%), from €9,593 to €3,039
- Financial charges +€5,840
up €5,840 (+1,327%), from €440 to €6,280
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 | €192,992 | €263,680 | +€70,688 | +36.6% |
| Fixed assets | 21/28 | €1,044 | €1,434 | +€389 | +37.3% |
| Tangible fixed assets | 22/27 | €1,044 | €1,434 | +€389 | +37.3% |
| Plant, machinery and equipment | 23 | €644 | €244 | -€400 | -62.1% |
| Furniture and vehicles | 24 | €400 | €133 | -€267 | -66.6% |
| Other tangible fixed assets | 26 | - | €1,056 | +€1,056 | |
| Current assets | 29/58 | €191,947 | €262,246 | +€70,299 | +36.6% |
| Stocks and contracts in progress | 3 | €31,512 | €5,012 | -€26,500 | -84.1% |
| Stocks | 30/36 | €31,512 | €5,012 | -€26,500 | -84.1% |
| Amounts receivable within one year | 40/41 | €2,920 | €28,861 | +€25,941 | +889% |
| Trade receivables | 40 | - | €20,795 | +€20,795 | |
| Other amounts receivable | 41 | €2,920 | €8,066 | +€5,147 | +176% |
| Cash at bank and in hand | 54/58 | €157,516 | €228,373 | +€70,857 | +45.0% |
| Total equity and liabilities | 10/49 | €192,992 | €263,680 | +€70,688 | +36.6% |
| Equity | 10/15 | €145,100 | €199,568 | +€54,467 | +37.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €20,000 | +€20,000 | |
| Other | 1109/19 | - | €20,000 | +€20,000 | |
| Profit (loss) carried forward | 14 | €125,100 | €179,568 | +€54,467 | +43.5% |
| Amounts payable | 17/49 | €47,892 | €64,112 | +€16,221 | +33.9% |
| Amounts payable within one year | 42/48 | €47,892 | €62,612 | +€14,721 | +30.7% |
| Trade debts | 44 | €18,461 | €30,579 | +€12,118 | +65.6% |
| Suppliers | 440/4 | €18,461 | €30,579 | +€12,118 | +65.6% |
| Taxes, remuneration and social security | 45 | €22,289 | €20,454 | -€1,835 | -8.2% |
| Taxes | 450/3 | €18,488 | €13,444 | -€5,043 | -27.3% |
| Remuneration and social security | 454/9 | €3,801 | €7,010 | +€3,209 | +84.4% |
| Other amounts payable | 47/48 | €7,142 | €11,579 | +€4,437 | +62.1% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €48,724 | €92,311 | +€43,587 | +89.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,593 | €3,039 | -€6,554 | -68.3% |
| Other operating charges | 640/8 | €3,711 | €4,145 | +€434 | +11.7% |
| Gross operating margin | 9900 | €135,757 | €157,282 | +€21,525 | +15.9% |
| Operating profit (loss) | 9901 | €73,728 | €57,787 | -€15,941 | -21.6% |
| Financial income | 75/76B | - | €2,961 | +€2,961 | |
| Recurring financial income | 75 | - | €2,961 | +€2,961 | |
| Non-recurring financial income | 76B | - | €2,961 | +€2,961 | |
| Financial charges | 65/66B | €440 | €6,280 | +€5,840 | +1,327% |
| Recurring financial charges | 65 | €440 | €6,280 | +€5,840 | +1,327% |
| Profit (loss) for the period before taxes | 9903 | €73,288 | €54,467 | -€18,821 | -25.7% |
| Income taxes | 67/77 | €17,789 | - | -€17,789 | |
| Profit (loss) for the period | 9904 | €55,499 | €54,467 | -€1,032 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,499 | €54,467 | -€1,032 | -1.9% |
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 25 October 2026 via checked.be.