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
- Stocks and contracts +€213,717
up €213,717 (+9.3%), from €2.3m to €2.5m
- Debts after one year +€282,965
up €282,965 (+12.1%), from €2.3m to €2.6m
- Short-term financial debts -€46,524
no longer reported in 2025 (was €46,524)
- Trade debts -€27,085
down €27,085 (-90.6%), from €29,894 to €2,809
- Gross operating margin +€1,679
up €1,679 (+16.8%), from -€10,013 to -€8,334
- Financial charges +€558
up €558 (+10.1%), from €5,537 to €6,095
- Financial income -€252
no longer reported in 2025 (was €252)
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 | €2,301,690 | €2,515,907 | +€214,217 | +9.3% |
| Current assets | 29/58 | €2,301,690 | €2,515,907 | +€214,217 | +9.3% |
| Stocks and contracts in progress | 3 | €2,301,690 | €2,515,407 | +€213,717 | +9.3% |
| Stocks | 30/36 | €2,301,690 | €2,515,407 | +€213,717 | +9.3% |
| Cash at bank and in hand | 54/58 | - | €78 | +€78 | |
| Deferred charges and accrued income | 490/1 | - | €423 | +€423 | |
| Total equity and liabilities | 10/49 | €2,301,690 | €2,515,907 | +€214,217 | +9.3% |
| Equity | 10/15 | -€108,545 | -€127,743 | -€19,198 | -17.7% |
| Profit (loss) carried forward | 14 | -€108,545 | -€127,743 | -€19,198 | -17.7% |
| Amounts payable | 17/49 | €2,410,235 | €2,643,650 | +€233,414 | +9.7% |
| Amounts payable after more than one year | 17 | €2,333,817 | €2,616,782 | +€282,965 | +12.1% |
| Financial debts | 170/4 | €2,333,817 | €2,616,782 | +€282,965 | +12.1% |
| Amounts payable within one year | 42/48 | €76,418 | €2,809 | -€73,609 | -96.3% |
| Financial debts | 43 | €46,524 | - | -€46,524 | |
| Credit institutions | 430/8 | €46,524 | - | -€46,524 | |
| Trade debts | 44 | €29,894 | €2,809 | -€27,085 | -90.6% |
| Suppliers | 440/4 | €29,894 | €2,809 | -€27,085 | -90.6% |
| Accrued charges and deferred income | 492/3 | - | €24,059 | +€24,059 | |
| Other operating charges | 640/8 | €4,673 | €4,768 | +€96 | +2.0% |
| Gross operating margin | 9900 | -€10,013 | -€8,334 | +€1,679 | +16.8% |
| Operating profit (loss) | 9901 | -€14,686 | -€13,102 | +€1,583 | +10.8% |
| Financial income | 75/76B | €252 | - | -€252 | |
| Recurring financial income | 75 | €252 | - | -€252 | |
| Financial charges | 65/66B | €5,537 | €6,095 | +€558 | +10.1% |
| Recurring financial charges | 65 | €5,537 | €6,095 | +€558 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | -€19,971 | -€19,198 | +€773 | +3.9% |
| Profit (loss) for the period | 9904 | -€19,971 | -€19,198 | +€773 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,971 | -€19,198 | +€773 | +3.9% |
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.