MAASH: 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.
MAASH
Largest movements
- Financial fixed assets -€6.1m
down €6.1m (-31.5%), from €19.4m to €13.3m
- Cash -€414,873
down €414,873 (-90.5%), from €458,411 to €43,538
mainly Contributions, distributions and other (-€6.2m) and Net result for the year (-€390,562)
- Revaluation surpluses -€6.3m
down €6.3m (-37.1%), from €16.9m to €10.6m
- Profit (loss) carried forward -€390,562
down €390,562 (-110%), from -€354,898 to -€745,461
- Gross operating margin -€69,694
down €69,694 (-49.4%), from €140,996 to €71,302
- Depreciation +€39,404
up €39,404 (+48.4%), from €81,353 to €120,757
- Staff costs +€35,796
up €35,796 (+11.8%), from €302,325 to €338,121
- Financial charges -€15,904
down €15,904 (-85.0%), from €18,703 to €2,799
- Taxes -€6,623
down €6,623 (-100%), from €6,623 to €0
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 | €20,792,786 | €14,185,313 | -€6.6m | -31.8% |
| Formation expenses | 20 | €5,406 | €2,899 | -€2,507 | -46.4% |
| Fixed assets | 21/28 | €20,160,760 | €14,099,343 | -€6.1m | -30.1% |
| Intangible fixed assets | 21 | €659,714 | €720,292 | +€60,577 | +9.2% |
| Tangible fixed assets | 22/27 | €135,649 | €107,805 | -€27,844 | -20.5% |
| Plant, machinery and equipment | 23 | €122,206 | €95,621 | -€26,586 | -21.8% |
| Furniture and vehicles | 24 | €13,443 | €12,184 | -€1,259 | -9.4% |
| Financial fixed assets | 28 | €19,365,396 | €13,271,247 | -€6.1m | -31.5% |
| Current assets | 29/58 | €626,620 | €83,071 | -€543,549 | -86.7% |
| Amounts receivable within one year | 40/41 | €165,196 | €34,490 | -€130,706 | -79.1% |
| Trade receivables | 40 | - | €3,954 | +€3,954 | |
| Other amounts receivable | 41 | €165,196 | €30,537 | -€134,659 | -81.5% |
| Cash at bank and in hand | 54/58 | €458,411 | €43,538 | -€414,873 | -90.5% |
| Deferred charges and accrued income | 490/1 | €3,013 | €5,042 | +€2,029 | +67.4% |
| Total equity and liabilities | 10/49 | €20,792,786 | €14,185,313 | -€6.6m | -31.8% |
| Equity | 10/15 | €20,723,904 | €14,115,192 | -€6.6m | -31.9% |
| Contributions | 10/11 | €4,225,580 | €4,261,580 | +€36,000 | +0.9% |
| Capital | 10 | €4,225,580 | €4,261,580 | +€36,000 | +0.9% |
| Issued capital | 100 | €4,261,580 | €4,261,580 | = | 0.0% |
| Uncalled capital | 101 | €36,000 | €0 | -€36,000 | -100% |
| Revaluation surpluses | 12 | €16,851,592 | €10,597,443 | -€6.3m | -37.1% |
| Reserves | 13 | €1,630 | €1,630 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,630 | €1,630 | = | 0.0% |
| Legal reserve | 130 | €1,630 | €1,630 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€354,898 | -€745,461 | -€390,562 | -110% |
| Amounts payable | 17/49 | €68,882 | €70,121 | +€1,239 | +1.8% |
| Amounts payable within one year | 42/48 | €68,882 | €70,121 | +€1,239 | +1.8% |
| Trade debts | 44 | €12,752 | €33,792 | +€21,040 | +165% |
| Suppliers | 440/4 | €12,752 | €33,792 | +€21,040 | +165% |
| Taxes, remuneration and social security | 45 | €55,398 | €35,597 | -€19,801 | -35.7% |
| Taxes | 450/3 | €15,491 | €0 | -€15,491 | -100% |
| Remuneration and social security | 454/9 | €39,907 | €35,597 | -€4,310 | -10.8% |
| Other amounts payable | 47/48 | €733 | €733 | = | 0.0% |
| Non-recurring operating income | 76A | €404,598 | - | -€404,598 | |
| Remuneration, social security and pensions | 62 | €302,325 | €338,121 | +€35,796 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,353 | €120,757 | +€39,404 | +48.4% |
| Other operating charges | 640/8 | €511 | €223 | -€289 | -56.4% |
| Gross operating margin | 9900 | €140,996 | €71,302 | -€69,694 | -49.4% |
| Operating profit (loss) | 9901 | -€243,194 | -€387,799 | -€144,605 | -59.5% |
| Financial income | 75/76B | - | €36 | +€36 | |
| Recurring financial income | 75 | - | €36 | +€36 | |
| Financial charges | 65/66B | €18,703 | €2,799 | -€15,904 | -85.0% |
| Recurring financial charges | 65 | €18,703 | €2,799 | -€15,904 | -85.0% |
| Profit (loss) for the period before taxes | 9903 | -€261,897 | -€390,562 | -€128,666 | -49.1% |
| Income taxes | 67/77 | €6,623 | €0 | -€6,623 | -100% |
| Profit (loss) for the period | 9904 | -€268,520 | -€390,562 | -€122,043 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€268,520 | -€390,562 | -€122,043 | -45.5% |
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 17 October 2026 via checked.be.