MAASFORT: 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.
MAASFORT
Largest movements
- Deferred charges and accrued income +€110,000
new in 2025: €110,000
- Cash -€33,046
down €33,046 (-35.1%), from €94,134 to €61,088
mainly Deferred charges and accrued income (-€110,000) and Receivables within one year (-€1,132)
- Tangible fixed assets -€13,624
down €13,624 (-5.4%), from €251,880 to €238,256
of which Land and buildings: -€12,657
- Other debts +€44,614
up €44,614 (+250%), from €17,872 to €62,486
- Reserves +€19,848
up €19,848 (+6.9%), from €288,830 to €308,677
- Financial income +€17,814
new in 2025: €17,814
of which Financial income: +€17,814
- Taxes +€5,905
new in 2025: €5,905
- Gross operating margin +€2,123
up €2,123 (+9.6%), from €22,195 to €24,318
- Other operating charges +€1,427
up €1,427 (+118%), from €1,207 to €2,634
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 | €350,102 | €414,563 | +€64,462 | +18.4% |
| Fixed assets | 21/28 | €251,880 | €238,256 | -€13,624 | -5.4% |
| Tangible fixed assets | 22/27 | €251,880 | €238,256 | -€13,624 | -5.4% |
| Land and buildings | 22 | €249,947 | €237,290 | -€12,657 | -5.1% |
| Plant, machinery and equipment | 23 | €1,933 | €967 | -€967 | -50.0% |
| Current assets | 29/58 | €98,222 | €176,307 | +€78,086 | +79.5% |
| Amounts receivable within one year | 40/41 | €4,087 | €5,219 | +€1,132 | +27.7% |
| Other amounts receivable | 41 | €4,087 | €5,219 | +€1,132 | +27.7% |
| Cash at bank and in hand | 54/58 | €94,134 | €61,088 | -€33,046 | -35.1% |
| Deferred charges and accrued income | 490/1 | - | €110,000 | +€110,000 | |
| Total equity and liabilities | 10/49 | €350,102 | €414,563 | +€64,462 | +18.4% |
| Equity | 10/15 | €332,230 | €352,077 | +€19,848 | +6.0% |
| Contributions | 10/11 | €43,400 | €43,400 | = | 0.0% |
| Reserves | 13 | €288,830 | €308,677 | +€19,848 | +6.9% |
| Distributable reserves | 133 | €288,830 | €308,677 | +€19,848 | +6.9% |
| Amounts payable | 17/49 | €17,872 | €62,486 | +€44,614 | +250% |
| Amounts payable within one year | 42/48 | €17,872 | €62,486 | +€44,614 | +250% |
| Other amounts payable | 47/48 | €17,872 | €62,486 | +€44,614 | +250% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,624 | €13,624 | = | 0.0% |
| Other operating charges | 640/8 | €1,207 | €2,634 | +€1,427 | +118% |
| Gross operating margin | 9900 | €22,195 | €24,318 | +€2,123 | +9.6% |
| Operating profit (loss) | 9901 | €7,364 | €8,060 | +€696 | +9.5% |
| Financial income | 75/76B | - | €17,814 | +€17,814 | |
| Recurring financial income | 75 | - | €17,814 | +€17,814 | |
| Non-recurring financial income | 76B | - | €17,814 | +€17,814 | |
| Financial charges | 65/66B | €119 | €121 | +€3 | +2.1% |
| Recurring financial charges | 65 | €119 | €121 | +€3 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €7,245 | €25,753 | +€18,508 | +255% |
| Income taxes | 67/77 | - | €5,905 | +€5,905 | |
| Profit (loss) for the period | 9904 | €7,245 | €19,848 | +€12,603 | +174% |
| Profit (loss) for the period to be appropriated | 9905 | €7,245 | €19,848 | +€12,603 | +174% |
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 21 October 2026 via checked.be.