MAS: 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.
MAS
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+1092.8%), from €114,666 to €1.4m
of which Other amounts receivable: +€1.3m
- Tangible fixed assets +€253,955
up €253,955 (+116.6%), from €217,837 to €471,792
of which Land and buildings: +€254,055
- Financial fixed assets -€250,000
down €250,000 (-100.0%), from €250,000 to €0
- Cash -€102,977
down €102,977 (-84.8%), from €121,369 to €18,393
mainly Receivables within one year (-€1.3m) and Other debts (-€45,691)
- Current portion of long-term debt +€1.2m
new in 2025: €1.2m
- Trade debts +€58,234
up €58,234 (+2351.8%), from €2,476 to €60,711
- Other debts -€45,691
down €45,691 (-91.2%), from €50,091 to €4,400
- Profit (loss) carried forward -€25,382
down €25,382, from €13,702 to -€11,681
- Gross operating margin -€67,595
down €67,595 (-57.0%), from €118,538 to €50,944
- Financial charges +€26,111
up €26,111 (+3473.6%), from €752 to €26,862
- Taxes -€20,120
down €20,120 (-100.0%), from €20,120 to €0
- Depreciation +€6,833
up €6,833 (+23.9%), from €28,544 to €35,376
- Other operating charges +€4,278
up €4,278 (+43.6%), from €9,810 to €14,088
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 | €709,210 | €1,857,983 | +€1.1m | +162.0% |
| Fixed assets | 21/28 | €467,837 | €471,792 | +€3,955 | +0.8% |
| Tangible fixed assets | 22/27 | €217,837 | €471,792 | +€253,955 | +116.6% |
| Land and buildings | 22 | €192,001 | €446,056 | +€254,055 | +132.3% |
| Plant, machinery and equipment | 23 | €24,029 | €24,381 | +€352 | +1.5% |
| Furniture and vehicles | 24 | €1,807 | €1,355 | -€452 | -25.0% |
| Financial fixed assets | 28 | €250,000 | €0 | -€250,000 | -100.0% |
| Current assets | 29/58 | €241,373 | €1,386,190 | +€1.1m | +474.3% |
| Amounts receivable within one year | 40/41 | €114,666 | €1,367,733 | +€1.3m | +1092.8% |
| Trade receivables | 40 | €74,434 | €5,566 | -€68,868 | -92.5% |
| Other amounts receivable | 41 | €40,232 | €1,362,167 | +€1.3m | +3285.7% |
| Cash at bank and in hand | 54/58 | €121,369 | €18,393 | -€102,977 | -84.8% |
| Deferred charges and accrued income | 490/1 | €5,337 | €65 | -€5,272 | -98.8% |
| Total equity and liabilities | 10/49 | €709,210 | €1,857,983 | +€1.1m | +162.0% |
| Equity | 10/15 | €650,109 | €624,727 | -€25,382 | -3.9% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €36,407 | €36,407 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,407 | €36,407 | = | 0.0% |
| Legal reserve | 130 | €36,407 | €36,407 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,702 | -€11,681 | -€25,382 | |
| Amounts payable | 17/49 | €59,101 | €1,233,256 | +€1.2m | +1986.7% |
| Amounts payable within one year | 42/48 | €56,876 | €1,225,111 | +€1.2m | +2054.0% |
| Current portion of amounts payable after more than one year | 42 | - | €1,160,000 | +€1.2m | |
| Trade debts | 44 | €2,476 | €60,711 | +€58,234 | +2351.8% |
| Suppliers | 440/4 | €2,476 | €60,711 | +€58,234 | +2351.8% |
| Taxes, remuneration and social security | 45 | €4,309 | €0 | -€4,309 | -100.0% |
| Taxes | 450/3 | €4,309 | €0 | -€4,309 | -100.0% |
| Other amounts payable | 47/48 | €50,091 | €4,400 | -€45,691 | -91.2% |
| Accrued charges and deferred income | 492/3 | €2,225 | €8,145 | +€5,920 | +266.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,544 | €35,376 | +€6,833 | +23.9% |
| Other operating charges | 640/8 | €9,810 | €14,088 | +€4,278 | +43.6% |
| Gross operating margin | 9900 | €118,538 | €50,944 | -€67,595 | -57.0% |
| Operating profit (loss) | 9901 | €80,184 | €1,479 | -€78,705 | -98.2% |
| Financial income | 75/76B | €767 | €1 | -€765 | -99.8% |
| Recurring financial income | 75 | €767 | €1 | -€765 | -99.8% |
| Financial charges | 65/66B | €752 | €26,862 | +€26,111 | +3473.6% |
| Recurring financial charges | 65 | €752 | €26,862 | +€26,111 | +3473.6% |
| Profit (loss) for the period before taxes | 9903 | €80,199 | -€25,382 | -€105,581 | |
| Income taxes | 67/77 | €20,120 | €0 | -€20,120 | -100.0% |
| Profit (loss) for the period | 9904 | €60,079 | -€25,382 | -€85,461 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,079 | -€25,382 | -€85,461 |
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 11 October 2026 via checked.be.