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
- Tangible fixed assets +€237,671
up €237,671 (+1,113%), from €21,354 to €259,024
of which Land and buildings: +€197,570
- Cash -€93,310
down €93,310 (-55.9%), from €166,990 to €73,679
mainly Investment in fixed assets (net) (-€254,234) and Receivables within one year (-€40,391)
- Receivables within one year +€40,391
up €40,391 (+216%), from €18,710 to €59,101
of which Other amounts receivable: +€46,137
- Debts after one year +€176,628
new in 2025: €176,628
- Profit (loss) carried forward +€32,517
up €32,517 (+123%), from €26,544 to €59,061
- Tax, wage and social debts -€19,425
no longer reported in 2025 (was €19,425)
- Other debts -€11,009
down €11,009 (-8.1%), from €135,158 to €124,149
- Trade debts +€4,447
up €4,447 (+73.0%), from €6,095 to €10,542
- Gross operating margin -€4,184
down €4,184 (-6.5%), from €64,573 to €60,389
- Taxes -€3,771
down €3,771 (-34.7%), from €10,876 to €7,105
- Depreciation +€1,619
up €1,619 (+10.8%), from €14,945 to €16,563
- Financial charges +€724
up €724 (+28.6%), from €2,534 to €3,258
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 | €207,053 | €392,379 | +€185,326 | +89.5% |
| Fixed assets | 21/28 | €21,354 | €259,024 | +€237,671 | +1,113% |
| Tangible fixed assets | 22/27 | €21,354 | €259,024 | +€237,671 | +1,113% |
| Land and buildings | 22 | - | €197,570 | +€197,570 | |
| Plant, machinery and equipment | 23 | €6,481 | €8,909 | +€2,428 | +37.5% |
| Furniture and vehicles | 24 | €14,872 | €52,545 | +€37,672 | +253% |
| Current assets | 29/58 | €185,699 | €133,355 | -€52,344 | -28.2% |
| Amounts receivable within one year | 40/41 | €18,710 | €59,101 | +€40,391 | +216% |
| Trade receivables | 40 | €11,113 | €5,367 | -€5,745 | -51.7% |
| Other amounts receivable | 41 | €7,597 | €53,734 | +€46,137 | +607% |
| Cash at bank and in hand | 54/58 | €166,990 | €73,679 | -€93,310 | -55.9% |
| Deferred charges and accrued income | 490/1 | - | €575 | +€575 | |
| Total equity and liabilities | 10/49 | €207,053 | €392,379 | +€185,326 | +89.5% |
| Equity | 10/15 | €38,998 | €71,515 | +€32,517 | +83.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €54 | €54 | = | 0.0% |
| Non-distributable reserves | 130/1 | €54 | €54 | = | 0.0% |
| Reserves not available under the articles | 1311 | €54 | €54 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,544 | €59,061 | +€32,517 | +123% |
| Amounts payable | 17/49 | €168,055 | €320,865 | +€152,809 | +90.9% |
| Amounts payable after more than one year | 17 | - | €176,628 | +€176,628 | |
| Financial debts | 170/4 | - | €176,628 | +€176,628 | |
| Amounts payable within one year | 42/48 | €164,830 | €141,011 | -€23,818 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €4,151 | €6,320 | +€2,169 | +52.2% |
| Trade debts | 44 | €6,095 | €10,542 | +€4,447 | +73.0% |
| Suppliers | 440/4 | €6,095 | €10,542 | +€4,447 | +73.0% |
| Taxes, remuneration and social security | 45 | €19,425 | - | -€19,425 | |
| Taxes | 450/3 | €19,425 | - | -€19,425 | |
| Other amounts payable | 47/48 | €135,158 | €124,149 | -€11,009 | -8.1% |
| Accrued charges and deferred income | 492/3 | €3,226 | €3,226 | = | 0.0% |
| Non-recurring operating income | 76A | - | €5,278 | +€5,278 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,945 | €16,563 | +€1,619 | +10.8% |
| Other operating charges | 640/8 | €976 | €1,272 | +€296 | +30.4% |
| Gross operating margin | 9900 | €64,573 | €60,389 | -€4,184 | -6.5% |
| Operating profit (loss) | 9901 | €48,653 | €42,554 | -€6,099 | -12.5% |
| Financial income | 75/76B | €0 | €327 | +€327 | +816,550% |
| Recurring financial income | 75 | €0 | €327 | +€327 | +816,550% |
| Financial charges | 65/66B | €2,534 | €3,258 | +€724 | +28.6% |
| Recurring financial charges | 65 | €2,534 | €3,258 | +€724 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €46,118 | €39,622 | -€6,496 | -14.1% |
| Income taxes | 67/77 | €10,876 | €7,105 | -€3,771 | -34.7% |
| Profit (loss) for the period | 9904 | €35,242 | €32,517 | -€2,725 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,242 | €32,517 | -€2,725 | -7.7% |
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 14 October 2026 via checked.be.