MAASDAL: what changed
Two fiscal 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.
MAASDAL
Largest movements
- Tangible fixed assets +€40,722
up €40,722 (+18.0%), from €226,359 to €267,081
of which Land and buildings: +€57,715
- Cash -€16,560
down €16,560 (-65.5%), from €25,286 to €8,726
mainly Investment in fixed assets (net) (-€53,486) and Net result for the year (-€41,493)
- Receivables within one year +€10,548
up €10,548 (+344.4%), from €3,063 to €13,610
- Deferred charges and accrued income -€10,135
down €10,135 (-93.0%), from €10,902 to €767
- Debts after one year +€62,382
new in 2025: €62,382
- Profit (loss) carried forward -€41,493
new in 2025: -€41,493
- Trade debts -€34,090
down €34,090 (-75.4%), from €45,196 to €11,106
- Current portion of long-term debt +€17,370
new in 2025: €17,370
- Accrued charges and deferred income +€16,066
up €16,066 (+179.7%), from €8,941 to €25,008
- Gross operating margin -€57,216
down €57,216 (-63.7%), from €89,834 to €32,618
- Financial income -€10,840
down €10,840 (-92.5%), from €11,713 to €873
- Taxes -€9,468
no longer reported in 2025 (was €9,468)
- Financial charges -€3,088
down €3,088 (-6.0%), from €51,178 to €48,090
- Depreciation -€2,327
down €2,327 (-15.4%), from €15,091 to €12,764
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 | €893,581 | €918,169 | +€24,588 | +2.8% |
| Fixed assets | 21/28 | €226,359 | €267,081 | +€40,722 | +18.0% |
| Tangible fixed assets | 22/27 | €226,359 | €267,081 | +€40,722 | +18.0% |
| Land and buildings | 22 | €209,366 | €267,081 | +€57,715 | +27.6% |
| Furniture and vehicles | 24 | €16,993 | - | -€16,993 | |
| Current assets | 29/58 | €667,222 | €651,088 | -€16,134 | -2.4% |
| Stocks and contracts in progress | 3 | €627,971 | €627,984 | +€13 | 0.0% |
| Stocks | 30/36 | €627,971 | €627,984 | +€13 | 0.0% |
| Amounts receivable within one year | 40/41 | €3,063 | €13,610 | +€10,548 | +344.4% |
| Other amounts receivable | 41 | €3,063 | €13,610 | +€10,548 | +344.4% |
| Cash at bank and in hand | 54/58 | €25,286 | €8,726 | -€16,560 | -65.5% |
| Deferred charges and accrued income | 490/1 | €10,902 | €767 | -€10,135 | -93.0% |
| Total equity and liabilities | 10/49 | €893,581 | €918,169 | +€24,588 | +2.8% |
| Equity | 10/15 | €244,332 | €202,839 | -€41,493 | -17.0% |
| Contributions | 10/11 | €73,450 | €73,450 | = | 0.0% |
| Capital | 10 | €73,450 | €73,450 | = | 0.0% |
| Issued capital | 100 | €73,450 | €73,450 | = | 0.0% |
| Reserves | 13 | €170,882 | €170,882 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,073 | €30,073 | = | 0.0% |
| Legal reserve | 130 | €30,073 | €30,073 | = | 0.0% |
| Distributable reserves | 133 | €140,808 | €140,808 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€41,493 | -€41,493 | |
| Amounts payable | 17/49 | €649,249 | €715,330 | +€66,081 | +10.2% |
| Amounts payable after more than one year | 17 | - | €62,382 | +€62,382 | |
| Financial debts | 170/4 | - | €62,382 | +€62,382 | |
| Amounts payable within one year | 42/48 | €640,308 | €627,941 | -€12,367 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | - | €17,370 | +€17,370 | |
| Financial debts | 43 | €540,000 | €540,000 | = | 0.0% |
| Credit institutions | 430/8 | €540,000 | €540,000 | = | 0.0% |
| Trade debts | 44 | €45,196 | €11,106 | -€34,090 | -75.4% |
| Suppliers | 440/4 | €45,196 | €11,106 | -€34,090 | -75.4% |
| Taxes, remuneration and social security | 45 | €9,468 | - | -€9,468 | |
| Taxes | 450/3 | €9,468 | - | -€9,468 | |
| Other amounts payable | 47/48 | €45,644 | €59,465 | +€13,821 | +30.3% |
| Accrued charges and deferred income | 492/3 | €8,941 | €25,008 | +€16,066 | +179.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,091 | €12,764 | -€2,327 | -15.4% |
| Other operating charges | 640/8 | €5,857 | €6,036 | +€178 | +3.0% |
| Non-recurring operating charges | 66A | - | €8,094 | +€8,094 | |
| Gross operating margin | 9900 | €89,834 | €32,618 | -€57,216 | -63.7% |
| Operating profit (loss) | 9901 | €68,885 | €5,724 | -€63,162 | -91.7% |
| Financial income | 75/76B | €11,713 | €873 | -€10,840 | -92.5% |
| Recurring financial income | 75 | €11,713 | €873 | -€10,840 | -92.5% |
| Financial charges | 65/66B | €51,178 | €48,090 | -€3,088 | -6.0% |
| Recurring financial charges | 65 | €51,178 | €48,090 | -€3,088 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €29,420 | -€41,493 | -€70,913 | |
| Income taxes | 67/77 | €9,468 | - | -€9,468 | |
| Profit (loss) for the period | 9904 | €19,952 | -€41,493 | -€61,445 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,952 | -€41,493 | -€61,445 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.