MAS A.G.: 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 A.G.
Largest movements
- Cash -€14.1m
down €14.1m (-78.2%), from €18.0m to €3.9m
mainly Other debts (-€25.0m) and Contributions, distributions and other (-€5.0m)
- Current investments +€3.1m
up €3.1m (+62.1%), from €5.0m to €8.1m
- Receivables within one year -€1.5m
down €1.5m (-66.9%), from €2.2m to €743,951
of which Other amounts receivable: -€1.5m
- Other debts -€25.0m
down €25.0m (-83.3%), from €30.0m to €5.0m
- Profit (loss) carried forward +€12.8m
up €12.8m (+140%), from €9.2m to €22.0m
- Financial income -€16.6m
down €16.6m (-52.0%), from €31.9m to €15.3m
- Taxes -€584,264
down €584,264 (-37.1%), from €1.6m to €990,499
- Gross operating margin -€149,213
down €149,213 (-4.1%), from €3.6m to €3.5m
- Financial charges -€37,129
down €37,129 (-99.4%), from €37,343 to €214
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 | €47,184,596 | €34,677,014 | -€12.5m | -26.5% |
| Fixed assets | 21/28 | €21,900,000 | €21,900,000 | = | 0.0% |
| Financial fixed assets | 28 | €21,900,000 | €21,900,000 | = | 0.0% |
| Current assets | 29/58 | €25,284,596 | €12,777,014 | -€12.5m | -49.5% |
| Amounts receivable within one year | 40/41 | €2,245,317 | €743,951 | -€1.5m | -66.9% |
| Trade receivables | 40 | €381,680 | €427,045 | +€45,365 | +11.9% |
| Other amounts receivable | 41 | €1,863,636 | €316,906 | -€1.5m | -83.0% |
| Current investments | 50/53 | €5,000,000 | €8,105,612 | +€3.1m | +62.1% |
| Cash at bank and in hand | 54/58 | €18,039,279 | €3,927,426 | -€14.1m | -78.2% |
| Deferred charges and accrued income | 490/1 | - | €25 | +€25 | |
| Total equity and liabilities | 10/49 | €47,184,596 | €34,677,014 | -€12.5m | -26.5% |
| Equity | 10/15 | €16,775,024 | €29,580,465 | +€12.8m | +76.3% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €7,553,020 | €7,553,020 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,229,070 | €1,376,670 | -€1.9m | -57.4% |
| Distributable reserves | 133 | €4,317,650 | €6,170,050 | +€1.9m | +42.9% |
| Profit (loss) carried forward | 14 | €9,159,004 | €21,964,445 | +€12.8m | +140% |
| Amounts payable | 17/49 | €30,409,572 | €5,096,549 | -€25.3m | -83.2% |
| Amounts payable within one year | 42/48 | €30,409,572 | €5,096,549 | -€25.3m | -83.2% |
| Trade debts | 44 | €21,537 | €22,650 | +€1,113 | +5.2% |
| Suppliers | 440/4 | €21,537 | €22,650 | +€1,113 | +5.2% |
| Taxes, remuneration and social security | 45 | €388,035 | €73,899 | -€314,136 | -81.0% |
| Taxes | 450/3 | €388,035 | €73,899 | -€314,136 | -81.0% |
| Other amounts payable | 47/48 | €30,000,000 | €5,000,000 | -€25.0m | -83.3% |
| Other operating charges | 640/8 | €1,173 | €1,086 | -€86 | -7.4% |
| Gross operating margin | 9900 | €3,620,257 | €3,471,044 | -€149,213 | -4.1% |
| Operating profit (loss) | 9901 | €3,619,084 | €3,469,958 | -€149,127 | -4.1% |
| Financial income | 75/76B | €31,944,434 | €15,326,197 | -€16.6m | -52.0% |
| Recurring financial income | 75 | €31,944,434 | €15,326,197 | -€16.6m | -52.0% |
| Financial charges | 65/66B | €37,343 | €214 | -€37,129 | -99.4% |
| Recurring financial charges | 65 | €37,343 | €214 | -€37,129 | -99.4% |
| Profit (loss) for the period before taxes | 9903 | €35,526,176 | €18,795,940 | -€16.7m | -47.1% |
| Income taxes | 67/77 | €1,574,764 | €990,499 | -€584,264 | -37.1% |
| Profit (loss) for the period | 9904 | €33,951,412 | €17,805,441 | -€16.1m | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,951,412 | €17,805,441 | -€16.1m | -47.6% |
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 20 October 2026 via checked.be.