!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 +€101,202
up €101,202 (+53.1%), from €190,624 to €291,826
of which Trade receivables: +€104,593
- Cash +€30,761
up €30,761 (+101.7%), from €30,261 to €61,022
mainly Trade debts (+€142,197) and Current portion of long-term debt (+€71,426)
- Tangible fixed assets +€26,895
up €26,895 (+20.5%), from €131,414 to €158,310
of which Furniture and vehicles: +€24,507
- Stocks and contracts +€17,074
up €17,074 (+24.6%), from €69,292 to €86,365
- Trade debts +€142,197
up €142,197 (+78.2%), from €181,946 to €324,143
- Current portion of long-term debt +€71,426
up €71,426 (+121.9%), from €58,608 to €130,035
- Debts after one year -€29,541
down €29,541 (-44.9%), from €65,781 to €36,240
- Tax, wage and social debts -€14,489
down €14,489 (-30.7%), from €47,270 to €32,781
of which Taxes: -€23,585
- Reserves +€9,339
up €9,339 (+17.2%), from €54,189 to €63,528
of which Distributable reserves: +€9,339
- Staff costs +€120,930
up €120,930 (+65.7%), from €184,119 to €305,049
- Gross operating margin +€52,066
up €52,066 (+16.0%), from €326,209 to €378,275
- Taxes -€21,620
down €21,620 (-81.9%), from €26,401 to €4,781
- Depreciation +€11,446
up €11,446 (+32.1%), from €35,687 to €47,132
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 | €439,913 | €610,882 | +€170,969 | +38.9% |
| Fixed assets | 21/28 | €140,564 | €167,460 | +€26,895 | +19.1% |
| Tangible fixed assets | 22/27 | €131,414 | €158,310 | +€26,895 | +20.5% |
| Plant, machinery and equipment | 23 | €37,699 | €58,572 | +€20,873 | +55.4% |
| Furniture and vehicles | 24 | €25,559 | €50,066 | +€24,507 | +95.9% |
| Other tangible fixed assets | 26 | €68,156 | €49,672 | -€18,485 | -27.1% |
| Financial fixed assets | 28 | €9,150 | €9,150 | = | 0.0% |
| Current assets | 29/58 | €299,349 | €443,422 | +€144,073 | +48.1% |
| Stocks and contracts in progress | 3 | €69,292 | €86,365 | +€17,074 | +24.6% |
| Stocks | 30/36 | €69,292 | €86,365 | +€17,074 | +24.6% |
| Amounts receivable within one year | 40/41 | €190,624 | €291,826 | +€101,202 | +53.1% |
| Trade receivables | 40 | €178,014 | €282,608 | +€104,593 | +58.8% |
| Other amounts receivable | 41 | €12,610 | €9,219 | -€3,391 | -26.9% |
| Cash at bank and in hand | 54/58 | €30,261 | €61,022 | +€30,761 | +101.7% |
| Deferred charges and accrued income | 490/1 | €9,173 | €4,209 | -€4,963 | -54.1% |
| Total equity and liabilities | 10/49 | €439,913 | €610,882 | +€170,969 | +38.9% |
| Equity | 10/15 | €72,789 | €82,128 | +€9,339 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €54,189 | €63,528 | +€9,339 | +17.2% |
| Non-distributable reserves | 130/1 | €60 | €60 | = | 0.0% |
| Other | 1319 | €60 | €60 | = | 0.0% |
| Distributable reserves | 133 | €54,129 | €63,468 | +€9,339 | +17.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €367,124 | €528,754 | +€161,630 | +44.0% |
| Amounts payable after more than one year | 17 | €65,781 | €36,240 | -€29,541 | -44.9% |
| Financial debts | 170/4 | €65,781 | €36,240 | -€29,541 | -44.9% |
| Amounts payable within one year | 42/48 | €300,674 | €492,514 | +€191,840 | +63.8% |
| Current portion of amounts payable after more than one year | 42 | €58,608 | €130,035 | +€71,426 | +121.9% |
| Trade debts | 44 | €181,946 | €324,143 | +€142,197 | +78.2% |
| Suppliers | 440/4 | €181,946 | €324,143 | +€142,197 | +78.2% |
| Taxes, remuneration and social security | 45 | €47,270 | €32,781 | -€14,489 | -30.7% |
| Taxes | 450/3 | €35,488 | €11,903 | -€23,585 | -66.5% |
| Remuneration and social security | 454/9 | €11,782 | €20,878 | +€9,096 | +77.2% |
| Other amounts payable | 47/48 | €12,849 | €5,555 | -€7,294 | -56.8% |
| Accrued charges and deferred income | 492/3 | €670 | €0 | -€670 | -100.0% |
| Non-recurring operating income | 76A | €0 | €8,484 | +€8,484 | |
| Remuneration, social security and pensions | 62 | €184,119 | €305,049 | +€120,930 | +65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,687 | €47,132 | +€11,446 | +32.1% |
| Other operating charges | 640/8 | €2,043 | €1,669 | -€374 | -18.3% |
| Non-recurring operating charges | 66A | €400 | €0 | -€400 | -100.0% |
| Gross operating margin | 9900 | €326,209 | €378,275 | +€52,066 | +16.0% |
| Operating profit (loss) | 9901 | €103,960 | €24,425 | -€79,535 | -76.5% |
| Financial income | 75/76B | €625 | €321 | -€304 | -48.7% |
| Recurring financial income | 75 | €625 | €321 | -€304 | -48.7% |
| Financial charges | 65/66B | €8,583 | €10,626 | +€2,043 | +23.8% |
| Recurring financial charges | 65 | €8,583 | €10,626 | +€2,043 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €96,002 | €14,120 | -€81,882 | -85.3% |
| Income taxes | 67/77 | €26,401 | €4,781 | -€21,620 | -81.9% |
| Profit (loss) for the period | 9904 | €69,602 | €9,339 | -€60,262 | -86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €69,602 | €9,339 | -€60,262 | -86.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.